VEON Reports Second Quarter 2026 Results: Digital Revenue Climbs 53.6% Year-over-Year; Company Raises 2026 Revenue and EBITDA Outlook

Key Highlights

Digital revenue increased 53.6% year-over-year to USD 342 million in the second quarter of 2026, with a Digital EBITDA margin of 36.1%. Digital revenue now accounts for 26.9% of total Group revenues, up from 20.5% a year ago.

Total revenue reached USD 1,271 million, up 17.0% year-over-year.

EBITDA amounted to USD 552 million (+6.2% YoY). For the first half of 2026, EBITDA grew 11.5% year-over-year to USD 1,069 million.

Profit for the quarter was USD 140 million, a decline of 77.0% year-over-year. The decrease reflects the prior-year provision release of USD 45 million in Bangladesh, the USD 489 million gain from the Pakistan tower sale recorded in 2Q25, and a USD 21 million fair value loss on outstanding KGL warrants in 2Q26.

Equity free cash flow (after leases and licenses) reached USD 74 million in 2Q26, down 1.4% year-over-year. For 1H26, equity FCF reached USD 320 million, an increase of 47.5% year-over-year.

2026 guidance has been raised. Revenue growth is now projected at 15%–18% year-over-year (previously 11%–14%), and EBITDA growth is now projected at 9%–12% year-over-year (previously 7%–10%).

The company is sustaining active share buybacks, with USD 82.5 million repurchased under its current USD 100 million securities repurchase program.

VEON intends to accelerate capital returns by purchasing and cancelling a minimum of USD 100 million of repurchased shares and ADSs annually, comprising a mix of open-market purchases and, on a pari-passu basis, shares from its major shareholders.

DUBAI and NEW YORK, July 31, 2026 — VEON Ltd. (Nasdaq: VEON) reported its financial results for the second quarter of 2026, posting double-digit revenue growth, continued scaling of its digital platforms, and EBITDA growth of 6.2% for the quarter and 11.5% for the first half. On the basis of its first-half performance, VEON raised its full-year revenue and EBITDA guidance. The results mark a continued pivot for VEON, which operates across five emerging markets — Pakistan, Ukraine, Kazakhstan, Bangladesh, and Uzbekistan — and has been transitioning from a traditional telecom carrier toward a digital services conglomerate. With 26.9% of revenue now generated by digital services, VEON is increasingly positioned alongside global telecom operators leveraging connectivity infrastructure to build adjacent high-margin businesses in financial services, e-commerce, and enterprise solutions.

Commenting on the results, VEON Group CEO Kaan Terzioglu stated:

"VEON delivered another quarter of strong, broad-based growth and we are raising our full-year outlook. We are fuelled by our telecom foundation which powers one self-reinforcing flywheel to win us wallet share across every high-growth market we serve. We are also introducing three digital pillars – Financial Services, Digital Life and Digital Enterprise – as a lens through which to view the digital business. As customers adopt more of our digital services, they generate more revenue, stay with us longer and drive stronger cash generation for the group. Digital revenue is growing rapidly and now represents 26.9% of our revenues, up from 20.5% a year ago."

Telecom and Infrastructure: Sustained Growth

Telecommunications and infrastructure revenue grew 7.6% year-over-year to USD 929 million in 2Q26. Mobile average revenue per user (ARPU) rose 6.3% year-over-year, reflecting continued pricing discipline and deeper customer engagement. This connectivity base remains the foundation of VEON's strategy: the 151 million connectivity customers provide the subscriber pool from which its 227.7 million digital users are drawn.

Digital Platforms Scaling Profitably

Digital customers reached 227.7 million in 2Q26, reflecting sustained adoption of digital products.

Financial services revenue grew 48.5% year-over-year to USD 151 million in 2Q26 and 45.0% year-over-year to USD 285 million in 1H26. VEON's fintech arm JazzCash is among the largest mobile financial platforms in Pakistan, a market where a significant share of the population remains underbanked, giving telecom-led digital wallets substantial room for expansion.

Multiplay customers reached 45.3 million, generating approximately four times the ARPU of voice-only users, reinforcing the flywheel between connectivity, digital adoption, and revenue growth.

Strong Cash Generation and Capital Returns

Equity free cash flow (after leases and licenses) stood at USD 74 million in 2Q26 (-1.4% YoY) and USD 320 million in 1H26 (+47.5% YoY).

Cash and cash equivalents totaled USD 2,193 million, including USD 968 million at headquarters. The lease-adjusted leverage ratio was 1.10x, a conservative level relative to many emerging-market telecom peers.

USD 82.6 million has been repurchased under the current USD 100 million securities repurchase program.

Going forward, VEON intends to cancel a minimum of USD 100 million of repurchased shares and ADSs annually, comprising a mix of open-market purchases and, on a pari-passu basis, shares from major shareholders.

Other Significant Developments

VEON completed a USD 1.4 billion bond offering, refinancing nearly all debt due in 2027 and nearly doubling average debt maturity to over four years at the headquarters level. The refinancing reduces near-term refinancing risk and gives management a longer runway to fund digital growth initiatives.

VEON partnered with Mastercard to expand digital financial services across four markets. JazzCash and Mobilink Bank also announced smartphone access to Pakistan Government Treasury Bills, broadening retail investor access to government securities via mobile devices.

JazzCash was named among the World's Top Fintech Companies 2026 by CNBC and Statista in the Payments category.

VEON expanded and diversified its digital ecosystem across its footprint, including the acquisition of a 76.3% stake in TPL Insurance in Pakistan and Uklon's expansion into e-commerce and multimodal mobility.

VEON advanced its collaboration with Starlink in Ukraine, Kazakhstan, and Bangladesh. The partnerships come as satellite-to-cellular connectivity gains global traction among telecom operators seeking to extend coverage to underserved and remote areas.

VEON revised its 2026 outlook upward based on first-half results.

Additional Information

Additional information, including the earnings release and results presentation, is available on VEON's Investor Relations website at

2Q26 Results Conference Call

VEON hosted a results conference call with senior management at 17:00 GST (9:00 ET) on July 31, 2026. Registration and access were available at

The conference call was also livestreamed on YouTube at https://www.youtube.com/watch?v=Edd_m5JgkY4

Questions could be submitted in advance to VEON Investor Relations at [email protected].

About VEON

VEON is a digital operator providing converged connectivity and digital services to nearly 151 million connectivity customers and nearly 228 million digital users. Operating across five countries that are home to more than 6% of the world's population, VEON aims to transform lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit

Notice to Reader

VEON's results and other financial information presented in this document are preliminary and subject to financial closing procedures that have not yet been completed, and are therefore subject to change.

This document contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by words such as "may," "will," "expect," "plan," "anticipate," "potential," "continue," and other similar terms. These statements relate to VEON's strategic priorities, operating model, development plans, ability to achieve anticipated performance results, digital experience expansion, assessment of the impact of the war in Ukraine on operations and financial condition, assessment of the political conflict in Bangladesh, future market developments and trends, operational and network development, spectrum acquisitions and renewals, the effect of additional spectrum on customer experience, VEON's ability to execute acquisitions and dispositions, the consolidation of newly acquired businesses such as Uklon, VEON's ability to execute strategic transactions within anticipated timeframes, VEON's ability to realize financial improvements, share buyback and cancellation targets, and commercial initiatives across its markets.

Forward-looking statements are not historical facts and are inherently subject to risks and uncertainties. There are numerous factors that could cause actual results to differ materially from those expressed in such statements, as discussed in the "Risk Factors" section of VEON's 2025 Form 20-F filed with the SEC on March 16, 2026, and in other public filings made by VEON with the SEC. The forward-looking statements in this release speak only as of the date of this release, and VEON disclaims any obligation to publicly update them, except to the extent required by law.

Contact Information

VEON Investor Relations: [email protected]