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VEON ( (VEON) ) has shared an update.
VEON reported a strong start to 2026, posting first-quarter revenue of $1.201 billion for the period ended March 31, 2026, up 17% year on year, driven by robust telecom and infrastructure performance and surging digital revenues, which jumped 57.7% to $303 million and reached 25.2% of group revenue. EBITDA grew 17.7% to $517 million with margins improving to 43%, equity free cash flow rose more than 70%, and net debt to EBITDA edged down to 1.07 times, underlining the company’s strengthened balance sheet.
The group raised its 2026 revenue growth guidance to 11%–14% in U.S. dollar terms, kept its EBITDA growth outlook at 7%–10% and slightly increased expected capex intensity outside Ukraine to 15%–17% to fund network and spectrum-driven investments, particularly in Pakistan. Recent strategic moves included share buybacks under a $100 million program, a new capital return policy targeting at least $100 million a year in buybacks, expansion of its Starlink partnership in Bangladesh, Kazakhstan and Ukraine, and M&A activity in Pakistan’s insurance and microfinance sectors aimed at scaling digital banking and financial inclusion.
VEON also refined its reporting by reclassifying enterprise identity and credentials management revenues into its Digital Enterprise vertical and began disclosing digital capex, which totaled $12 million in the quarter with last-twelve-months digital capex intensity at 5.5%. Operationally, the company continued to grow its digital customer base to 228.9 million users, while maintaining telecom ARPU growth and 4G penetration gains across its core markets, positioning the group as a more digitally focused operator with diversified revenue streams and increasing exposure to high-growth online services.
The most recent analyst rating on (VEON) stock is a Buy with a $110.00 price target. To see the full list of analyst forecasts on VEON stock, see the VEON Stock Forecast page.
Spark’s Take on VEON Stock
According to Spark, TipRanks’ AI Analyst, VEON is a Neutral.
The score is primarily supported by strong operating profitability and solid free-cash-flow generation, plus a constructive earnings call with growth guidance and ongoing buybacks. These positives are tempered by elevated leverage and historical earnings volatility, while technicals remain weak (below major moving averages with negative MACD), partially offset by a low P/E valuation.
To see Spark’s full report on VEON stock, click here.
More about VEON
VEON Ltd., headquartered in Dubai and listed on Nasdaq, is a global digital operator that provides converged connectivity and online services across emerging markets. The group combines traditional telecom and infrastructure businesses with a fast-growing digital portfolio spanning financial services, entertainment, healthcare, super apps and enterprise digital solutions, with a notable presence in Pakistan, Ukraine, Kazakhstan, Bangladesh and Uzbekistan.
Average Trading Volume: 110,453
Technical Sentiment Signal: Buy
Current Market Cap: $3.44B
For an in-depth examination of VEON stock, go to TipRanks’ Overview page.