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.