VEON 2025 Integrated Annual Report: Record Digital Growth, Sovereign AI and Kyivstar Listing Define a Transformative Year
VEON reported robust 2025 full-year results, with revenue increasing 9.9% year-on-year to $4,399 million and EBITDA rising 18.8% to $2,009 million. The company achieved a key milestone as digital service users surpassed connectivity users for the first time, reaching 205.8 million in the fourth quarter. Strategic highlights included the listing of subsidiary Kyivstar on the Nasdaq, marking the first Ukrainian investment opportunity on a U.S. exchange.
Key figures
- Revenue
- $4,399 million
- Revenue Yoy
- 9.9%
- Ebitda
- $2,009 million
- Ebitda growth
- 18.8%
- Buyback amount
- $100 million
- Connectivity users
- 150.2 million
- Digital users q4 2025
- 205.8 million
- Digital revenue growth
- 62.5%
- Local currency ebitda growth
- 24.2%
- Local currency revenue growth
- 14.2%
AI analysis
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