Opportunity grows when innovation leads. At VEON, we bring together digital services, Augmented Intelligence (AI), and strong global partnerships to unlock the potential of frontier markets—advancing our purpose of creating a better life for over 520 million people in our markets while enhancing economic development and entrepreneurship by empowering people.
In 2025, VEON delivered strong financial growth and strategic progress, accelerating our evolution into a digital operator model. By scaling connectivity, digital services, and AI-driven solutions, we are strengthening inclusion, expanding opportunity, and building resilient platforms that improve lives across our markets.
VEON delivered disciplined execution in FY2025 while continuing to make progress towards its ambition of generating 50% of revenue from digital services. In September 2025, monthly digital service users surpassed monthly mobile users for the first time, marking an important milestone in our evolution as a digital operator. This milestone demonstrates the scale of the opportunity ahead and the continued growth potential of our digital platforms.
In 2025, VEON reached transformative milestones, including Kyivstar's Nasdaq listing , while evolving governance to support its AI-powered digital operator strategy. Legal teams enabled key transactions, including the Starlink agreement, the JazzCash carve-out, and the OLX and Uklon acquisition, as well as bonds buyback, ensuring effective oversight, regulatory compliance, and operational agility.
At the heart of VEON's philosophy is a desire to drive positive change and transform people's lives. We do this by connecting millions of customers, in dynamic and often underserved markets, to the power of the digital world.
Our core mission is to provide customers with connectivity, access to information and other vital digital services. We believe that connectivity and communication are essential humanitarian needs, whether it be connecting with loved ones, seeking help or searching for information and news from reliable sources.
Our strategy in 2025 was based on three pillars:
Digital operator 1440 (DO1440)
To provide world-class connectivity and added value services across finance, entertainment, ride‑hailing, healthcare, education and other adjacent markets.
Digital assets
To develop a wide portfolio of market‑leading digital products with profitable and sustainable business models.
Infrastructure
To be an asset‑light provider of high‑quality networks.
Customer obsessed
Entrepreneurial
Collaborative
Innovative
Truthful
ESG ratings by rating agencies are crucial to VEON as they provide an independent assessment of our environment, social, and governance performance, highlighting our commitment to sustainable and ethical business practices.
These ratings enhance our reputation, attract socially conscious investors, and ensure compliance with regulatory expectations, ultimately contributing to our long-term success and stakeholder trust.
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ISS is a global leading provider of corporate governance and responsible investment solutions. As of March 2025, ISS's ESG Rating of VEON for its ESG performance stands at C-.
Read moreAdopted by all its member states, the UN has developed 17 Sustainable Development Goals (SDGs) as the blueprint to achieve a better and more sustainable future for all. The SDGs address the global challenges we face, including those related to poverty, inequality, climate change, environmental degradation, peace and justice.
VEON is committed to making a positive impact on society and acknowledges its role in fundamental social needs such as employment, education, healthcare, digital and financial inclusion, which can be assisted by access to connectivity. We align our sustainability approach with nine SDGs where our business can have the greatest impact. We support these SDGs through our business model, code of conduct, policies, and dedicated initiatives.
SDG 3: Good health and well‑being
SDG 4: Quality education
SDG 5: Gender equality
SDG 8: Decent work and economic growth
SDG 9: Industry, innovation and infrastructure
SDG 10: Reduced inequalities
SDG 12: Responsible consumption and production
SDG 13: Climate action
SDG 16: Peace, justice and strong institutions
Financial
capital
Digital and
technological
capital
Human capital
Intellectual
capital
Social and
relationship capital
Natural capital
Customers
Employees
Communities
Investors and analysts
Authorities and regulators
Advocacy groups
Environment
Climate change
Circular economy
Social
Own workforce and supply chain workers
Affected communities
Consumers and end users
Governance
Business conduct
Business partner conduct
Driving economic growth across five countries that are home to more than 6% of the world's population
Market position: Leader
Market share (by subscribers)
Share of 4G sites
Contribution to Group revenue
Mobile customers
4G population coverage
4G user penetration
Market position: Competing for leadership
Market share (by subscribers)
Share of 4G sites
Contribution to Group revenue
Mobile customers
4G population coverage
4G user penetration
Market position: Leader
Market share (by subscribers)
Share of 4G sites
Contribution to Group revenue
Mobile customers
4G population coverage
4G user penetration
Market position: Competing for leadership
Market share (by subscribers)
Share of 4G sites
Contribution to Group revenue
Mobile customers
4G population coverage
4G user penetration
Market position: Leader
Market share (by subscribers)
Share of 4G sites
Contribution to Group revenue
Mobile customers
4G population coverage
4G user penetration
Expanding digital solutions enhanced by locally trained AI capabilities and supported by networks and infrastructure that deliver to the needs of consumers today.
Unlocking shareholder value through an optimized portfolio of subsidiaries, asset-light operations, strategic listings and disciplined capital allocation.
All forms of money and other financial assets, with a short-term focus on transitioning to an asset-light company and in the long term, investing in digital services. VEON’s strong capital base is supported by long-term investors
Financial capital
Financial capital
VEON’s network footprint, including mobile base transceiver stations (BTS), transmission infrastructure, fiber and our digital services and solutionss
Digital and technological capital
Digital and technological capital
Our high-performing, customer-focused, engaged leaders and people who enable our customers and their communities to develop and thrive from 1,440 minute per day availability of digital services, and network connection
Human capital
Human capital
Our brand, reputation and investment in the latest technologies and modern digital systems
Intellectual capital
Intellectual capital
The quality and strength of our social ties, norms, networks, brands and relationships with a diverse group of stakeholders
Social and relationship capital
Social and relationship capital
The natural resources the Group uses during the normal course of business
Natural capital
Natural capital
VEON connects and empowers individuals through technology‑driven services and a resilient network infrastructure. In line with this mission, VEON is committed to disclosing the economic, social, environmental, and governance matters from its business model that are material to our business and stakeholders.
In 2025, VEON continued to use the 2024 double materiality assessment, with its identified material matters and related IROs, to guide sustainability strategy and disclosures. These material matters are also referenced to the UN SDGs, maintaining consistency with previous reporting periods.
The process consisted of four phases, holding eight steps. The main activities during the assessment process are summarized below.
Understanding the contextIdentify the VEON business model upstream-, downstream- and own operating activities
Locate possible IROs in the VEON business model
Identify business model stakeholders
Inventory stakeholder views and add a list of impacts as required by the GRI
Identification of actual and potential IROs
Complete business model impact inventory with risks and opportunities from risk registers and sector materials
IRO assessment relating to sustainability matters
Assess (potential) business model impacts on society and the environment from answers to questionnaires under stakeholder representatives
Self-assess the severity and likelihood of business model risks and opportunities
Consolidation and validation of results
Validate outcomes with selected stakeholder representatives and by referencing to available peer and sector materials. Present results to management
Our process incorporated feedback from stakeholders and lessons learned from experiences. The 2024 DMA outcomes continue to inform our sustainability approach and the disclosures presented in this report.
Impact
Risks
Decrease in operating margin from an increase in damages and repairs
Opportunities
UN SDGs
Impact
Handling of waste
Risks
Opportunities
UN goals
Impact
Risks
Opportunities
Increase in operating margin from an increase in productivity and inclusions
UN goals
Impact
Risks
Decrease in operating margin from vendor dependencies
Opportunities
UN goals
Impact
Risks
Opportunities
Increase in operating margin from return on CSR activities
UN goals
Impact
Risks
Decrease in operating margin from:
Opportunities
Increase in operating margin from innovation in products and services
UN goals
Impact
Risks
Unfavorable developments in tax regulation or settlements of tax disputes
Opportunities
UN goals
At VEON, we are committed to a better life for all, creating lasting value for our customers, employees, investors, and the communities we serve. We are committed to ethical business conduct and our responsibility to the environment and society. Through our technological expertise, market presence, and digital innovation, we empower individuals and businesses to drive sustainable development and create an inclusive world for our customers.
Download full sectionVEON strives to manage its environmental footprint across all operations. With growing energy demands from expanded data traffic and infrastructure deployment, our GHG emissions also rise. To address this, we focus on energy efficiency measures and selective solarization initiatives. Separately, we support community resilience through programs such as early warning systems. VEON also manages waste in line with local regulations and strives to adopt circular economy principles where feasible.
Human capital is central to VEON's strategy. As we become a digital operator serving customers every minute of the day, our ability to scale digital services, deploy AI responsibly and operate across complex markets depends on leadership, capability, and organizational strength.
In 2025, amid geopolitical uncertainty and rapid technological change, our focus has been clear: delivering the people, skills, and organizational capacity to meet our DO1440 and AI1440 ambitions. This means disciplined investment in leadership and succession, building critical digital and AI capabilities, and fostering a culture of speed, accountability and execution at scale.
The following section outlines how we attract, develop, and engage talent, how our culture enables execution, and how governance aligns strategy with performance and accountability. Together, these elements enable VEON to scale digital services responsibly and deliver sustainable value for all stakeholders.
Asghar Jameel, Chief People Officer VEON Group
In 2025, VEON continued to advance its commitment to Creating an Inclusive World for All—Inside and Beyond VEON, positioning DE&I as both a cultural anchor and a driver of long-term business resilience. VEON's DE&I framework is structured around four strategic pillars—People, Products, Partners and Communities— each designed to reinforce inclusion across the full spectrum of workplace culture, customer experience, external partnerships and societal impact. These pillars collectively address key focus areas including gender representation, generational diversity, disability inclusion, workforce equity and the broader dimensions of diversity that shape employee experience and operational priorities. VEON's DE&I strategy is anchored in six strategic priorities that guide both internal culture-building and external impact. The inward priorities focus on strengthening representation, ensuring an inclusive and safe workplace, and enhancing equitable employee experiences. The outward priorities emphasize empowering communities, developing inclusive digital products and services, and advancing ecosystem-wide inclusion through partnerships. Together, these priorities enable VEON to create “An Inclusive World for All – Inside and Beyond VEON”.
Reaching over 6% of the world’s population, VEON operates across five markets, with 19,000 employees serving 150 million connectivity customers and 205 million Active 3-Month Digital Customers. We design our services with the local context in mind to ensure our solutions reflect the diversity of the people we serve and maintain linguistic, cultural and social relevance in every market.
“By forging trusted government partnerships and shaping the policy environments in which we operate, Corporate Affairs secures VEON’s license to operate and accelerates expansion across high-growth frontier markets—ensuring our AI-enabled digital ecosystems deliver inclusive prosperity and a better life for all.”
Marine Babayan, Chief Corporate Affairs Officer VEON Group
“DO1440 redefined VEON as a digital operator serving people every minute of the day. Across financial services, entertainment, healthcare, education, and enterprise, DO1440 embeds digital services directly into everyday life. AI1440 is a logical continuation. It brings augmented intelligence into these experiences—built on sovereign infrastructure, trained in national languages, and designed to empower people. This is how we make AI trusted, useful, and inclusive at scale.”
Lasha Tabidze, Chief Digital Operations Officer VEON Group
“Across VEON’s markets in FY2025, we moved towards mature security measures, resilient infrastructure, inclusive digital access and an accelerated shift towards AI‑powered operations. Our mission today goes far beyond connecting people through voice or data. We have transitioned into digital experience providers, shaping how people live, work, learn, and interact.”
Inanç Çakiroğlu, Chief Information Officer VEON Group
Business conduct is essential to VEON’s ability to operate responsibly, build trust and manage risk across diverse and evolving markets. It is the standards of integrity, accountability and lawful behavior expected of employees, management and third parties, embedding ethical decision-making into daily operations. VEON positions business conduct within its governance, risk and compliance (GRC) framework, which provides the structure and authority boundaries. The ethics and compliance function ensures the oversight needed to translate these standards into consistent, organization-wide practices.
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VEON operates in a dynamic business environment characterized by rapid regulatory, geopolitical, technological, and market developments. The risk landscape continues to evolve. While such changes can increase uncertainty and risk exposure, they also present opportunities for innovation and value creation, particularly as advancements in AI and the broader technology landscape require us to anticipate and adapt to new developments.
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Guided by VEON’s strategy, Kyivstar—the first Ukrainian company listed on a U.S. stock exchange—is the country’s leading digital operator, providing mobile and fixed connectivity, ride hailing, e-health, digital TV and enterprise services while advancing infrastructure, technology development, strategic acquisitions and nationwide charitable initiatives. As we continue to invest in rebuilding Ukraine, Kyivstar highlights that we can develop our longterm strategic vision with resilient connectivity and expand digital services, even in the most challenging conditions.
“Our focus on digital transformation delivered exceptional growth in FY2025,
reinforcing our reputation as a leading employer, responsible corporate citizen
and one of Ukraine’s largest private-sector investors in a year marked by resilience,
expanding digital scale and the landmark Nasdaq listing.”
Oleksandr Komarov, CEO Kyivstar
In FY2025, Jazz evolved from a traditional telecom operator into an integrated digital service company. In doing this, Jazz has positioned itself as a resilient, responsible, and future-ready business that delivers sustainable long-term value for VEON, our stakeholders, and the communities we serve.
“We have advanced our purpose-driven strategy through scalable digital
transformation, resilient connectivity leadership and inclusive value creation.”
Aamir Ibrahim, Chief Executive Officer Jazz World
Beeline Kazakhstan grew in FY2025 as it expanded across multiple verticals. We believe in contributing to a sustainable future for Kazakhstan, where high-quality connectivity, responsible environmental stewardship and care for people form the foundation of long-term success.
“Beeline Kazakhstan evolved into a holding structure with five business verticals, which
enhanced flexibility, operational efficiency and the ability to scale each business line.”
Jabbor Kayumov, CEO Beeline Kazakhstan
For Banglalink, FY2025 was a year of reset, resilience and reinvention with a decisive turnaround. We believe that Banglalink has the potential to transform economic activities in Bangladesh, and we are well positioned to accelerate our digital expansion strategy and pursue customer-focused, value-creating opportunities.
“We achieved a strong turnaround in 2025, reversing revenue decline by repositioning
our offering around care and quality to unlock momentum toward a sustainable future.
Guided by VEON’s DO1440 and AI1440 strategy, which connects customers with relevant
digital services across all 1,440 minutes of the day, and strengthened by the AI1440 vision
that leverages augmented intelligence and locally relevant AI technologies to empower
individuals and communities, we are accelerating our evolution as a digital operator.
Building on our nationwide reach and Banglalink 2.0 reset, we are delivering better digital
experiences, expanding our ecosystem, and strengthening operations for a rapidly
digitizing Bangladesh. With VEON’s global strengths, we’re driving innovation that
empowers communities and accelerates the country’s digital future.”
Johan Buse, CEO Banglalink
Beeline Uzbekistan was committed to accelerating its shift into a digital-first operator during FY2025. By leveraging the latest AI and machine learning technologies, we focus on improving customer experience and, by investing in network improvements, the Company consistently champions its digital services offerings.
”Beeline Uzbekistan closed FY2025 as a confidently transformed business while
accelerating its shift from a traditional telecom into a digital operator with a telecom
license. Alongside our continued investment in digital infrastructure and services,
Beeline Uzbekistan is focused on delivering exceptional experience for our customers.”
Evgeniy Nastradin, CEO Beeline Uzbekistan
In 2025, VEON reached transformative milestones, including Kyivstar’s Nasdaq listing , while evolving governance to support its AI‑powered digital operator strategy. Legal teams enabled key transactions, including the Starlink agreement, the JazzCash carve-out, and the OLX and Uklon acquisition, as well as bonds buyback, ensuring effective oversight, regulatory compliance, and operational agility. Robust governance, ethics, and compliance continue to guide VEON’s transformation. With embedded legal teams, active Board oversight, and integrated risk management, the Group drives transparency, stakeholder confidence, and effective support for strategic transactions and market growth.
VEON’s remuneration philosophy is founded on the provision of competitive, market-driven reward, aligned with performance and anchored in the Company’s purpose of enabling “Better Life for All”. The Group competes for talent in demanding and fast-moving markets. To attract and retain leaders capable of delivering growth, managing capital responsibly and developing digital platforms, remuneration is externally competitive while remaining proportionate and disciplined.
Integrated Annual Report 2025
