Q4 2025 VEON Ltd Earnings Call Transcript
Key Points
- VEON Ltd (VEON) reported strong financial performance with a 17% increase in Q4 revenues and a 29% growth in EBITDA year-on-year.
- Digital services revenue saw significant growth, increasing by 84% in Q4 and over 62% for the full year, now representing more than 17% of group revenue.
- The company successfully executed an asset-light strategy, including the sale of its Pakistan tower portfolio and the launch of direct-to-cell connectivity with Starlink.
- VEON Ltd (VEON) strengthened its balance sheet, reducing leverage to 1.09x EBITDA and ending the year with $1.73 billion in cash.
- The company announced a policy to continue annual share buybacks of at least $100 million, reflecting confidence in its long-term cash generation capacity.
- Despite strong growth, VEON Ltd (VEON) faces challenges in maintaining EBITDA growth in line with revenue growth, as indicated by the 2026 guidance.
- The geopolitical situation in Ukraine presents uncertainties, although the company remains optimistic about long-term opportunities.
- The company is navigating regulatory approvals for acquisitions, such as the OLX Kazakhstan acquisition, which may impact timelines.
- VEON Ltd (VEON) is addressing upcoming bond maturities, which requires careful financial management to ensure refinancing is completed timely.
- The transition to a digital services model involves managing lower EBITDA margins compared to traditional telecom services, despite higher free cash flow conversion.
Hello and welcome to Veon's FY25 and 4Q '25 results presentation. (Operator Instructions) As a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.
Anand Ramachandran, you may begin.
Good morning, and good afternoon to everyone joining us. Thank you for being with us for VEON's fourth quarter and full year 2025 results for the period ending December 31, 2025. My name is Anand Ramachandran, I'm the Chief Corporate Development Officer for VEON. Joining me today are Kaan Terzioglu, our Group CEO; and Burak Ozer, our Group CFO. As usual, Kaan will begin with the strategic and operational highlights, after which Burak will cover the financial results. We will then open the call for Q&A.
Before we begin, please note that today's presentation includes forward-looking statements, which involve risks and uncertainties. Actual results may differ materially due to the risks detailed in VEON's annual report and Form 20-F and other
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