VEON Ltd (VEON)
NASDAQ:VEON
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Earnings Data
Report Date
May 13, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.55Last Year’s EPS
1.4Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a strong operational and financial performance with robust revenue and EBITDA growth, meaningful digital revenue acceleration and improving balance sheet metrics. Management highlighted several strategic wins (digital profitability, Kyivstar listing, asset-light actions, Starlink partnership, Pakistan spectrum acquisition) and set a constructive FY2026 outlook. Remaining risks include potential margin compression implied by guidance, inflationary pressures in operating markets, upcoming bond maturities/refinancing needs, regulatory timing on acquisitions, and geopolitical/currency exposures. Overall, positives (sizable growth, digital scale/profitability, improved leverage, capital return policy) materially outweigh the manageable execution and macro risks.Company Guidance
Strong Revenue Growth
Group revenue of $4.4 billion in FY2025, up 9.9% year-on-year in U.S. dollars (approximately 11% on a like-for-like basis). Q4 revenue growth of 17% in U.S. dollars year-on-year.
Record EBITDA and Margin Expansion
FY2025 EBITDA surpassed $2.0 billion (reported $2.01 billion), up ~19% year-on-year (18.8% reported), with EBITDA margin expanding to 45.7% (a 350 basis point expansion). Q4 EBITDA grew 29% in U.S. dollars year-on-year.
Rapid Digital Revenue Acceleration
Digital revenues reached $759 million for FY2025, up >62% year-on-year; Q4 digital revenue grew 84% year-on-year. Digital now represents ~17% of group revenue and exceeded 20% of revenues in Q4.
Digital Profitability at Scale
VEON disclosed EBITDA from direct digital revenues of $207 million for FY2025 with an EBITDA margin of 27.3%, demonstrating the digital ecosystem is contributing materially to profitability.
Large and Growing Digital User Base and Transactions
Over 135 million active digital service users, 3-month active digital service users >200 million (larger than telecom subscriber base), 33 million digital-only customers, and total transaction value across the ecosystem reached $55 billion (growing >50% year-on-year).
Multiplay Customer Monetization
Multiplay customers (connectivity + ≥1 digital service) account for 56% of consumer revenues, generate nearly 4x ARPU vs. voice-only users and exhibit churn ~1/3 that of voice-only customers, driving retention and ARPU uplift.
Strong Pakistan Digital Financial Services Momentum
Pakistan financial services metrics: 21.5 million monthly active users for JazzCash, 511,000+ merchants, transaction value ~53 billion (stated as ~13% of Pakistan's GDP), Mobilink Bank loan portfolio at 264 million with high loan quality.
Improved Balance Sheet and Liquidity
Year-end cash of $1.73 billion (including $557 million at HQ). Net debt excluding leases fell to $1.75 billion and leverage reduced to 1.09x EBITDA (down from ~1.34x).
Capital Return and Shareholder Value Actions
Completed a $100 million buyback in August 2025 and a second $100 million program underway; announced policy to repurchase at least $100 million of shares annually. Kyivstar listed on NASDAQ and currently valued at $2.4 billion, with VEON's stake ~ $2 billion.
Execution of Asset-Light Strategy & Tech Partnerships
Completed Pakistan tower portfolio sale, deconsolidated TNS+, launched direct-to-cell connectivity with Starlink (live in Ukraine and Kazakhstan; expanding to Bangladesh in 2026), and progressed local-language LLMs (Kazakh live; Ukrainian, Urdu, Uzbek, Bengali in development).
2026 Guidance
Provided FY2026 guidance in U.S. dollars: revenue growth 9%–12%, EBITDA growth 7%–10%, and CapEx intensity (ex-Ukraine) expected to decline to 14%–16% of revenue.
VEON Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
VEON Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 13, 2026 | $44.31 | $50.60 | +14.20% |
Nov 10, 2025 | $43.56 | $50.00 | +14.78% |
Aug 07, 2025 | $52.35 | $53.46 | +2.12% |
May 15, 2025 | $48.95 | $54.92 | +12.20% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does VEON Ltd (VEON) report earnings?
VEON Ltd (VEON) is schdueled to report earning on May 13, 2026, Before Open (Confirmed).
What is VEON Ltd (VEON) earnings time?
VEON Ltd (VEON) earnings time is at May 13, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is VEON EPS forecast?
VEON EPS forecast for the fiscal quarter 2026 (Q1) is 1.55.