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VEON Reports 2Q26 Results | Digital Revenue Climbs 53.6%; VEON Raises 2026 Revenue and EBITDA Outlook

VEON
  • VEON reported 2Q26 total revenue of USD 1,271 million, a 17.0% increase year-over-year.
  • Digital revenue climbed 53.6% year-over-year to USD 342 million, representing 26.9% of group revenues.
  • EBITDA reached USD 552 million in 2Q26 (up 6.2% YoY), with 1H26 EBITDA growing 11.5% YoY to USD 1,069 million.
  • Period profit was USD 140 million, reflecting a 77.0% decline due to prior-year Bangladesh provision releases, a prior-year Pakistan tower sale gain, & a fair value loss on KGL warrants.
  • Equity free cash flow was USD 74 million in 2Q26 (-1.4% YoY) & USD 320 million in 1H26 (+47.5% YoY).
  • VEON raised its 2026 revenue growth outlook to 15%–18% (previously 11%–14%) & EBITDA growth to 9%–12% (previously 7%–10%).
  • The company repurchased USD 82.5 million of securities under its current USD 100 million program & intends to cancel a minimum of USD 100 million of shares & ADSs annually.
  • Telecom & infrastructure revenue grew 7.6% YoY to USD 929 million, with mobile ARPU increasing 6.3% YoY.
  • Digital customers reached 227.7 million, while financial services revenue grew 48.5% YoY to USD 151 million in 2Q26.
  • VEON completed a USD 1.4 billion bond offering, refinancing debt due in 2027 & extending average debt maturity to over four years.
  • Strategic partnerships & acquisitions include a Mastercard collaboration for digital financial services, a 76.3% stake in TPL Insurance in Pakistan, & Uklon's expansion into e-commerce.
  • VEON is expanding collaboration with Starlink in Ukraine, Kazakhstan, & Bangladesh.
  • Cash & cash equivalents stood at USD 2,193 million, with a lease-adjusted leverage ratio of 1.10x.
  • JazzCash was named among the World's Top Fintech Companies 2026 by CNBC & Statista in the Payments category.