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VEON

VEON Ltd.

VEON

VEON Ltd. • NASDAQ
$53.39 ▲ 0.34% (+0.18)
Market Cap $3.78 B
52w High $64.00
52w Low $33.48
Dividend Yield 0%
P/E 5.89
Volume 37.76K
Outstanding Shares 70.84M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.115B ▲ $923M ▲ $-131M ▼ -11.749% ▼ $-1.91 ▼ $122M ▼
Q2-2025 $1.087B ▲ $163M ▼ $595M ▲ 54.738% ▲ $8.5 ▲ $520M ▲
Q1-2025 $1.026B ▲ $658M ▲ $99M ▲ 9.649% ▲ $1.41 ▲ $439M ▲
Q4-2024 $998M ▼ $637M ▲ $81M ▼ 8.116% ▼ $1.15 ▼ $408M ▼
Q3-2024 $1.037B $492M $209M 20.154% $2.95 $437M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.663B ▼ $8.814B ▲ $7.167B ▲ $1.647B ▲
Q2-2025 $1.786B ▼ $8.463B ▲ $6.968B ▲ $1.306B ▲
Q1-2025 $2.131B ▲ $8.246B ▲ $6.858B ▲ $1.207B ▲
Q4-2024 $2.046B ▲ $8.036B ▲ $6.779B ▲ $1.099B ▲
Q3-2024 $1.625B $7.496B $6.222B $1.071B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-131M ▼ $323M ▲ $-162M ▼ $211M ▲ $381M ▲ $323M ▲
Q2-2025 $595M ▲ $136M ▼ $-108M ▲ $-516M ▼ $-491M ▼ $-48M ▼
Q1-2025 $102.297M ▲ $428M ▲ $-210M ▼ $-146M ▼ $84.089M ▼ $255M ▲
Q4-2024 $80M ▼ $363M ▲ $-27M ▲ $340M ▲ $670M ▲ $226M ▲
Q3-2024 $209M $324M $-205M $18M $157M $175M

Revenue by Products

Product Q3-2022
Equipment And Accessories
Equipment And Accessories
 $30.00M ▲
Other Revenue
Other Revenue
 $130.00M ▲
Service1
Service1
 $3.60Bn ▲

Five-Year Company Overview

Income Statement

Income Statement VEON’s revenue over the past few years has been broadly stable with a mild upward tilt, which is respectable given the markets it operates in and the portfolio changes it has made. Profitability at the operating level looks reasonably healthy, suggesting the core business can generate decent earnings before financing and one‑off items. The headline net profit, however, has been very volatile, swinging from losses to profits and back again, largely driven by disposals, write‑downs, and restructuring tied to its strategic repositioning. The most recent year shows a return to positive earnings after a very large loss, which signals some normalization, but the track record reminds that bottom‑line results can move sharply from year to year.

Balance Sheet

Balance Sheet The balance sheet has been reshaped quite aggressively: total assets have shrunk, and debt has come down materially as VEON exited certain markets and simplified its footprint. This has reduced financial risk compared with a few years ago, but leverage is still meaningful relative to the size of the company’s equity base. Shareholders’ equity remains relatively thin, even though it is now rebuilding from very low levels, which leaves less room to absorb future shocks. On the positive side, cash holdings are solid compared with near‑term needs, giving the company some flexibility to fund operations and its digital pivot while continuing to manage down its obligations.

Cash Flow

Cash Flow Cash generation is a relative bright spot. VEON has consistently produced strong cash from day‑to‑day operations, even in years when accounting earnings looked weak. After investment in its networks and digital platforms, it has still been able to produce positive free cash flow, helped by a gradual shift toward a lighter infrastructure model and more disciplined capital spending. This pattern suggests the business model is cash‑generative, providing internal funding for debt reduction and new digital initiatives, although it still needs to balance investment needs against its leverage and country risks.

Competitive Edge

Competitive Edge VEON holds leading or very strong positions in several of its core markets, particularly in frontier and emerging economies where mobile connectivity and digital services are still growing rapidly. Its strategy goes beyond basic telecom, building integrated ecosystems that combine connectivity with mobile finance, entertainment, and other daily‑use services. Products like JazzCash in Pakistan and super‑app initiatives in Kazakhstan create high customer stickiness and network effects that can be difficult for rivals to match. That said, VEON operates in politically and economically volatile countries, faces regulatory scrutiny, and competes with both local operators and global tech platforms, so its competitive strength is accompanied by significant external risk.

Innovation and R&D

Innovation and R&D Innovation at VEON is focused less on raw technology invention and more on applied digital services tailored to its markets. The company is investing in AI, including local‑language models, to personalize services and improve network efficiency, and it is building “super apps” that bundle payments, content, and other everyday services. Its partnership with satellite providers to extend coverage to remote areas is strategically forward‑looking and fits its frontier‑market footprint. The asset‑light approach—sharing or outsourcing infrastructure—frees capital for these digital bets, but the payoff depends on successful monetization, customer adoption, and navigating data, regulatory, and execution risks across very diverse markets.

Summary

VEON is in the middle of a multi‑year transition from a traditional, infrastructure‑heavy telecom operator to a digital platform player in high‑growth but high‑risk frontier markets. Financially, the core operations appear solid and cash‑generative, while the balance sheet is gradually being de‑risked through lower debt and portfolio simplification, albeit from a leveraged and thin‑equity starting point. The company’s main opportunity lies in deepening its digital ecosystems—especially mobile financial services and super apps—which can build strong customer lock‑in and open new profit pools beyond basic connectivity. The main risks are earnings volatility, geopolitical and regulatory uncertainty in its countries of operation, currency swings, and the need to keep investing in both networks and digital products while still managing leverage. Overall, VEON’s story is one of strategic reinvention: progress is visible, but the outcome still depends heavily on execution in complex and sometimes unstable markets.

NEWS

November 27, 2025 · 10:00 AM UTC

GSMA brings M360 Eurasia 2026 to Samarkand in partnership with VEON's Beeline Uzbekistan and Uzbekistan's Ministry of Digital Technologies

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November 25, 2025 · 6:00 AM UTC

VEON's QazCode Partners with MeetKai to Power AI Digital Services Expansion Across Group

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November 24, 2025 · 9:00 AM UTC

Kyivstar Launches Starlink Direct to Cell Satellite Connectivity in Ukraine

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November 17, 2025 · 1:00 AM UTC

VEON Commences USD 100 million Buyback Program

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November 12, 2025 · 4:30 AM UTC

VEON Wins Corporate Governance Awards for Kyivstar Listing and Technology Leadership in Corporate Governance

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