What were VEON’s (NASDAQ:VEON) financial results for Q4 and the full year 2025?

VEON reported record-breaking fourth-quarter results with total revenue of $1.171 billion, a 17.4% year-over-year increase. EBITDA for the quarter rose 29.1% to $527 million, with margins expanding to 45.0%. For the full year, total revenue reached $4.399 billion, and EBITDA climbed to $2.009 billion. The company's focus on digital services contributed significantly to this growth.

What drove VEON’s revenue growth in Q4 2025?

The revenue growth in Q4 2025 was driven by a rapid expansion into digital financial services and entertainment. The company’s digital segment saw a massive 84.1% increase in revenue, now accounting for over 20% of the total top line. The growth in digital services, combined with strong performance in its core business, contributed to the record results.

How did VEON perform in terms of profitability in Q4?

VEON’s EBITDA for Q4 2025 increased by 29.1% to $527 million, reflecting significant operational efficiency. Margins also expanded by 410 basis points, reaching a robust 45.0%. This profitability growth was driven by the success of its multiplay subscriber model, where customers who use both connectivity and digital services generate higher average revenue per user (ARPU).

What role did "multiplay" subscribers play in VEON's growth?

VEON’s focus on "multiplay" subscribers—those who use both connectivity and digital services—was a key driver of growth. These subscribers generated an average ARPU approximately 50% higher than mobile-only customers, making them an important source of value and helping fuel VEON’s overall revenue and profitability growth.

How did VEON manage its cash flow in 2025?

VEON reported equity free cash flow of $624 million for the year, providing substantial liquidity for the company. This strong cash flow enabled VEON to execute its ongoing $100 million share buyback program and support strategic mergers and acquisitions (M&A), reinforcing its financial flexibility for future growth.

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VEON profit jumps as digital services pivot drives record results

Written by Isaac FrancisPublished Mar 13, 2026, 12:00 AMLast Updated Jul 6, 2026, 10:43 AM

VEON (NASDAQ:VEON) reported a record-breaking finish to 2025, with fourth-quarter results significantly exceeding market expectations on the back of rapid expansion into digital financial services and entertainment.

The Amsterdam-domiciled operator posted total revenue of $1.171 billion for the quarter ended Dec. 31, 2025, a 17.4% increase year-over-year.

The growth was led by the company’s digital segment, where revenue skyrocketed 84.1% to $235 million, now accounting for more than 20% of the group’s total top line.

EBITDA for the quarter rose 29.1% to $527 million, with margins expanding by 410 basis bottoms to a robust 45.0%.

For the full year 2025, VEON’s total revenue reached $4.399 billion, while EBITDA climbed to $2.009 billion.

The company’s focus on "multiplay" subscribers—customers who use both connectivity and digital services—proved to be a primary driver of value, as these users generated an average revenue per user (ARPU) approximately 50% higher than mobile-only customers.

Equity free cash flow for the year surged to $624 million, providing ample liquidity for the company’s ongoing $100 million share buyback program and strategic M&A.

Looking ahead to 2026, VEON issued a positive outlook, forecasting total revenue growth of 9% to 12% and EBITDA growth of 7% to 10% in USD terms.

VEON profit jumps as digital services pivot drives record results

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