VEON Ltd. (Nasdaq: VEON), a Dubai-headquartered global digital operator, announced its selected financial and operating results for the second quarter ending June 30, 2025.
For the second quarter, VEON revenues grew 5.9% year-on-year to USD 1,087 million in reported currency (USD). In local currency terms, 2Q25 growth was 11.2% YoY, exceeding the blended weighted average inflation rate in our operating countries of 8.6% in the quarter, showcasing our ability to implement fair pricing and capturing higher consumer wallet share.
VEON’s revenue performance was supported by increasingly robust direct digital revenue growth, which rose by 56.6% YoY in reported currency, and by 62.4% YoY in local currency terms. Direct digital revenues comprised 16.5% of total revenues in 2Q25, up from 5.4% a year ago.
EBITDA reached USD 520 million, up 13.2% year-on-year in reported currency and growing 19.6% in local currency terms.
Capex, at USD 231 million for 2Q25, implies a capex intensity of 21.3% for the quarter and LTM capex intensity of 21.4% (+3.4 p.p. YoY, 18.3% excl. Ukraine) as VEON focused on enhancing network quality and supporting its digital transformation initiatives. Total cash and cash equivalents and deposits as of June 30, 2025 amounted to USD 1,283 million (including USD 326 million related to customer deposits from banking operations in Pakistan) with USD 206 million held at the HQ level. Net debt to EBITDA, excluding lease liabilities, was at 1.32x as of June 30, 2025.
Outlook for 2025
VEON is revising its 2025 outlook and now expects local currency revenue growth of 13% to 15% year-on-year, and local currency EBITDA growth of 14% to 16% year-on-year. The Group’s capex intensity for 2025 is expected to remain within the 17% to 19% range.
VEON’s third and final phase of its previously announced share buyback program, which commenced on 17 June 2025, was completed on 01 August 2025. VEON acquired 722,588 ADSs for a total consideration of US$35 million as part of this third phase of buyback. With this, VEON has completed its previously announced (01 Aug 2024) US$100 million share buyback program.
Commenting on the results, VEON Group CEO Kaan Terzioglu said:
“VEON has continued its strong momentum into the second quarter of 2025, delivering solid results that reflect both disciplined execution and strategic clarity.
“We are making rapid progress in our digital operator strategy. We welcomed Uklon to the VEON family in April, marking a strategic milestone and our commitment to expanding our digital services footprint and unlocking new growth opportunities. We deliver innovative and locally relevant digital services that enhance our customers’ lives every minute of the day. Together, these strategies position VEON as a frontrunner in digital transformation across frontier markets.
“Looking ahead, our teams continue to execute with discipline, and the underlying demand across our markets remains robust. Consequently, we are revising our outlook for 2025 and now expect local currency revenue growth of between 13% to 15% year-on-year and local currency EBITDA growth of between 14% to 16% year-on-year. Capex intensity for 2025 is expected to remain within the range of 17% to 19%. We continue to focus on disciplined execution and innovation to deepen customer impact and enhance long-term shareholder value creation.”
