VEON Reports 2Q26 Results

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, July 31, 2026 – 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

Additional information 

Additional information, including the Earnings Release and the results presentation, is available on VEON’s Investor Relations website at https://www.veon.com/investors 

2Q26 results conference call 

VEON will also host a results conference call with senior management at 17:00 GST (9:00 ET) today. To register and access the event, please click here or copy and paste this link to the address bar of your browser: 

https://veon-2q-2026-results-presentation.open-exchange.net/ 

Once registered, you will receive registration confirmation on the email address mentioned during registration with the link to access the webcast and dial-in details to listen to the conference call over the phone. 

Join the Conversation Live 

In addition to the webcast, the conference call will also be livestreamed on YouTube. This option allows you to follow the discussion in real time from any device without the need for registration or dial-in details. Simply click here or copy and paste this link to the address bar of your browser: https://www.youtube.com/watch?v=Edd_m5JgkY4 

Q&A 

If you want to participate in the Q&A session, we ask that you select the ‘Yes' option on the ‘Will you be asking questions live on the call?’ dropdown. That will bring you to a page where you can join the Q&A room by clicking 'Connect to meeting’. 

You will be brought into a zoom webinar where you can listen to the presentation and once Q&A begins, if you have a question, please use the ‘raise hand button’ on the bottom of your zoom screen. When it is your turn to speak, the moderator will announce your name as well as sending a message to your screen asking you to confirm you want to talk. Once accepted, please unmute your mic and ask your question. You can also submit your questions prior the webcast event to VEON Investor Relations at ir@veon.com.

About VEON 
VEON is a digital operator that provides converged connectivity and digital services to nearly 151 million connectivity and nearly 228 million digital users. Operating across five countries that are home to more than 6% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: https://www.veon.com. 

Notice to reader 
VEON's results and other financial information presented in this document are preliminary and subject to financial closing procedures that have not yet been completed, and are, therefore, subject to change. 

This document contains “forward-looking statements”, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements may be identified by words such as “may,” “will,” “expect,” “plan,” “anticipate,” “potential,” “continue,” and other similar words. Forward-looking statements include statements relating to, among other things, VEON’s plans to implement its strategic priorities, operating model and development plans; VEON's ability to achieve anticipated performance results; VEON’s intended expansion of its digital experience; VEON’s assessment of the impact of the war in Ukraine on its current and future operations and financial condition; VEON’s assessment of the impact of the political conflict in Bangladesh; future market developments and trends; operational and network development and network investment; spectrum acquisitions and renewals; the effect of the acquisition of additional spectrum on customer experience; VEON’s ability to realize the acquisition and disposition of any of its businesses and assets as well as the impact of the consolidation of such newly acquired business and assets, like Uklon into VEON’s financials and results of operations; VEON’s ability to execute its strategic transactions in the timeframes anticipated, or at all; VEON’s ability to realize financial improvements; VEON’s ability to realize its share buyback and cancellation targets; and VEON’s ability to realize its targets and commercial initiatives in its various countries of operation. Forward-looking statements are not historical facts, and are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not anticipate. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. There are numerous risks and uncertainties that could cause actual results and performance to differ materially from those expressed by such statements, such as those discussed in the section entitled “Risk Factors” in VEON’s 2025 Form 20-F filed with the SEC on March 16, 2026 and other public filings made by VEON with the SEC. The forward-looking statements contained in this release speak only as of the date of this release and VEON disclaims any obligation to publicly update them, except to the extent required by law. 

See “Disclaimer and Notice to Readers” in our full 2Q26 Earnings Release for a more fulsome description of the above.

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