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GlobeNewswire·

3Q26: VEON Delivers Double-Digit Growth as Digital Services Reach 27.2% of Revenue

  • VEON raised its 2026 revenue growth outlook midpoint to 16%-18% YoY (previously 15%-18%) & EBITDA growth midpoint to 10%-12% YoY (previously 9%-12%).
  • Third quarter 2026 total revenue increased 17.2% YoY to USD 1,307 million, with nine-month revenue growing 17.1% YoY to USD 3,779 million.
  • Quarter EBITDA rose 10.1% YoY to USD 577 million, while nine-month EBITDA grew 11.0% YoY to USD 1,645 million.
  • Digital revenue surged 45.9% YoY to USD 355 million, representing 27.2% of total group revenue, with digital EBITDA increasing 54.5% YoY to USD 128 million.
  • Group net profit for the quarter reached USD 225 million, including USD 187 million attributable to shareholders, or USD 2.67 diluted earnings per ADS.
  • Free cash flow was USD 201 million in the quarter; excluding asset disposal proceeds, FCF grew 91.8% YoY.
  • VEON repurchased 1.55 million ADSs for USD 112.5 million, with 1.08 million ADSs (1.5% of issued shares) cancelled effective October 20, 2026.
  • Telecommunications & infrastructure revenue grew 9.2% YoY to USD 952 million, driven by a 4.7% increase in mobile ARPU to USD 1.8.
  • Multiplay customer base reached 44.7 million, up 2.9% YoY, generating 4.2x the ARPU of voice-only users.
  • Digital customers grew 8.2% YoY to 221.1 million, while Financial Services revenue jumped 54.2% YoY to USD 166 million in the quarter.
  • Cash & cash equivalents stood at USD 2,033 million as of September 30, 2026, with a leverage ratio of 1.05x.
  • Strategic developments include the acquisition of Perfectum in Uzbekistan, Starlink service launches in Kazakhstan & Bangladesh, & a digital banking license approval in Bangladesh.
  • VEON strengthened its enterprise cloud via the GigaCloud acquisition, signed a 10-year IT agreement with Amdocs, & announced the Jungo TV transaction to diversify entertainment.
  • Capex intensity excluding Ukraine remains maintained at 15%-17% of revenues for 2026.
Company
VEON Ltd.
Keywords
Nasdaq:VEON, VEON Ltd.