VEON boosts 2026 outlook as Q3 revenue grows 17.2% to $1.31 billion

VEON (NASDAQ:VEON) reported third-quarter 2026 revenue of $1.307 billion, representing a 17.2% increase year over year, as expanding digital operations and telecommunications services supported growth across its markets.

EBITDA, an earnings measure before interest, taxes, depreciation and amortization, increased 10.1% to $577 million.

Net profit attributable to shareholders reached $187 million, while diluted earnings per American depositary share (ADS) stood at $2.67.

Digital revenue was a major contributor to the quarterly performance, rising 45.9% to $355 million and accounting for 27.2% of total revenue.

The growth highlights VEON's increasing focus on digital services alongside its traditional telecommunications operations.

Following the quarterly performance, VEON raised its full-year 2026 revenue growth guidance to 16%–18%, compared with its previous range of 15%–18%.

EBITDA growth guidance was increased to 10%–12% from 9%–12%, raising the lower end of both outlook ranges.

Quarterly free cash flow declined 33.8% to $201 million.

However, excluding proceeds from asset disposals, free cash flow increased 91.8%, indicating stronger underlying cash generation after adjusting for those transactions.

VEON also continued its shareholder return programme through an authorized repurchase of 2.9 million ADSs.

By the reporting period, the company had repurchased approximately 1.55 million ADSs for $112.5 million.

The cancellation of 1.08 million ADSs subsequently became effective on October 20, 2026.

The company operates telecommunications and digital service businesses across multiple international markets, including Pakistan, Ukraine, Bangladesh, Kazakhstan and Uzbekistan.