Digital Revenue Climbs 53.6%; VEON Raises 2026 Revenue and EBITDA Outlook

Key Highlights 

• Digital revenue¹ climbed 53.6% YoY to USD 342 million, with Digital EBITDA margin at 36.1%, reaching 26.9% of Group revenues. 

• Total revenue reached USD 1,271 million (+17.0% YoY). 

• EBITDA reached USD 552 million (+6.2% YoY), 1H26 EBITDA grew 11.5% YoY to USD 1,069 million. 

• Profit for the period was USD 140 million (-77.0%) and reflects the impact from prior-year provision release of USD 45 million in Bangladesh, the USD 489 million gain on the Pakistan tower sale in 2Q25, and USD 21 million fair value loss on outstanding KGL warrants in 2Q26. 

• Equity FCF³ (after leases and license) reached USD 74 million (-1.4%) in 2Q26; USD 320 million in 1H26, up 47.5% YoY. 

• 2026 guidance raised. Revenue growth now 15%–18% YoY (previously 11% -14%), EBITDA growth now 9%–12% YoY (previously 7% to 10%). 

• Sustaining active buybacks. USD 82.5 million repurchased under the current USD 100 million securities repurchase program. 

• Accelerating capital return. VEON intends to purchase and cancel a minimum of USD 100 million of repurchased shares and ADSs on an annual basis which will comprise of a mix of shares and ADSs purchased in the open market and, on a pari-passu basis, shares from our major shareholders.

<sup>1. Revenues from enterprise identity and credentials management services are reported within the Digital Enterprise vertical starting 1Q26, with 2Q26 (USD 43 million). Prior periods have been reclassified accordingly (2Q25: USD 43 million). 
2. USD 510 million relating to banking operations in Pakistan included in Group Cash but excluded for calculation of net debt. 
3. EFCF excludes banking deposit increases of USD 151 million in 2Q26 and USD 196 million in 1H26.</sup>

Dubai and New York – VEON Ltd. (Nasdaq: VEON) reported results for the second quarter of 2026, with double-digit revenue growth, continued digital scaling, and EBITDA growth of 6.2% (+11.5% for 1H26). On the strength of its first-half performance, VEON has raised its full-year revenue and EBITDA guidance. 

Commenting on the results, VEON Group CEO Kaan Terzioglu said: 
“VEON delivered another quarter of strong, broad-based growth and we are raising our full-year outlook. We are fuelled by our telecom foundation which powers one self-reinforcing flywheel to win us wallet share across every high-growth market we serve. We are also introducing three digital pillars – Financial Services, Digital Life and Digital Enterprise – as a lens through which to view the digital business. As customers adopt more of our digital services, they generate more revenue, stay with us longer and drive stronger cash generation for the group. Digital revenue is growing rapidly and now represents 26.9% of our revenues, up from 20.5% a year ago.”

Telecom & Infrastructure: Growing Sustainably 

• Telecommunications and infrastructure revenue grew 7.6% YoY to USD 929 million in 2Q26, with mobile ARPU increasing 6.3% YoY, reflecting continued pricing discipline and deepening customer engagement. 

Digital Platform Scaling Profitably 

• Digital Customers reached 227.7 million in 2Q26, reflecting sustained adoption of digital products. 

• Financial services revenue grew 48.5% YoY to USD 151 million in 2Q26 and 45.0% YoY to USD 285 million in 1H26. 

• Multiplay customers reached 45.3 million, generating 4.0x the ARPU of voice-only users, reinforcing the flywheel between connectivity, digital adoption and revenue growth. 

Strong Cash Generation and Disciplined, Sustainable Capital Returns 

• Equity free cash flow (after leases & licenses) at USD 74 million (-1.4%) for 2Q26; USD 320 million in 1H26 (+47.5% YoY) 

• Cash and cash equivalents stood at USD 2,193 million, including USD 968 million at HQ. Lease adjusted leverage ratio at 1.10x. 

• USD 82.6 million repurchased under the current USD 100 million securities repurchase program. 

• Going forward, VEON intends to cancel a minimum of USD 100 million of repurchased shares and ADSs on an annual basis which will comprise of a mix of shares and ADSs purchased in the open market and, on a pari-passu basis, shares from our major shareholders. 

Other Significant Developments 

• VEON has completed a USD 1.4 billion bond offering, refinancing almost all debt due in 2027 and nearly doubling average debt maturity to over four years at HQ. 

• VEON has partnered with Mastercard to expand digital financial services across four markets; JazzCash and Mobilink Bank also announced smartphone access to Pakistan Government Treasury Bills. 

• JazzCash has been named among the World's Top Fintech Companies 2026 by CNBC and Statista, in the Payments category 

• VEON expanded and diversified digital ecosystem across footprint (acquisition of 76.3% stake in TPL Insurance in Pakistan, Uklon expansion into e-commerce and multimodal mobility). 

• VEON progressed collaboration with Starlink in Ukraine, Kazakhstan and Bangladesh.

VEON is revising its 2026 outlook