VEON Releases 2025 Integrated Annual Report, Digital Service Users Surpass Connectivity Users for the First Time
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 23 2026
0mins
Should l Buy VEON?
Source: Newsfilter
- Digital User Growth: In 2025, VEON's digital service users surpassed connectivity users for the first time, reaching 205.8 million, demonstrating the company's successful digital transformation and enhancing its position as a digital operator in the market.
- Strong Financial Performance: The Group's revenue increased by 9.9% year-on-year to USD 4.399 billion, while EBITDA rose by 18.8% to USD 2.009 billion, reflecting effective strategies in cost management and digital monetization, further solidifying its competitiveness in frontier markets.
- Advancement in ESG Strategy: VEON formally launched its first Group-wide ESG policy and three-year strategy in 2025, strengthening governance structures and integrating ESG factors into its Enterprise Risk Management framework, showcasing the company's commitment to sustainability.
- Shareholder Return Program: The VEON board authorized a share buyback program of up to USD 100 million and established a capital allocation policy targeting at least USD 100 million in annual returns to shareholders, further enhancing its focus on shareholder value and commitment.
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Analyst Views on VEON
Wall Street analysts forecast VEON stock price to rise
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 49.500
Low
75.00
Averages
87.50
High
100.00
Current: 49.500
Low
75.00
Averages
87.50
High
100.00
About VEON
VEON Ltd is a United Arab Emirates–based digital telecommunications operator providing connectivity and internet services to both individual and corporate customers across multiple markets. The Company delivers a comprehensive range of mobile and fixed‑line telecommunications services, leveraging traditional networks as well as broadband mobile technologies, and supports both prepaid and postpaid plans for consumer and enterprise segments. The Company’s mobile offerings include domestic and international roaming, value‑added services, wireless broadband, mobile financial services, and digital applications. Its fixed‑line services encompass voice and data communications, internet connectivity, data transmission, network access, domestic and international voice termination, and international transit services. In addition, the Company is engaged in the sale of telecommunications equipment, infrastructure, and related accessories.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
VEON Re-elects Board and Reports Financials
- Board Re-election: During the 2026 Annual General Meeting, VEON re-elected its seven current directors, including founder Augie K Fabela II, reflecting continued shareholder support for the company's digital services growth strategy.
- Strong Financial Performance: VEON reported total revenue of $4.4 billion for FY25, up 9.9% year-on-year, with EBITDA of $2.0 billion, an 18.8% increase, and an EBITDA margin expanding to 45.7%, demonstrating effective operations and profitability.
- Digital Revenue Growth: Direct digital revenues surged 62.5% year-on-year to $759 million, and in Q4 2025, digital revenues accounted for 20.1% of total revenue, marking a successful transition in the company's digital services sector as active digital service customers surpassed connectivity subscribers for the first time.
- Capital Return Policy: VEON's capital allocation policy targets a return of at least $100 million to shareholders annually, supported by a $100 million share buyback program authorized in November 2025, aimed at achieving long-term value creation through disciplined capital allocation.
See More
Starlink Expands Collaboration with Kyivstar for Ukrainian Connectivity
- Expanded Collaboration: Kyivstar has entered into an agreement with Starlink to resell broadband internet services and hardware, enhancing digital infrastructure for Ukrainian businesses and public institutions like schools and hospitals.
- Rich Service Portfolio: By integrating Starlink's high-speed internet, Kyivstar becomes the only provider in Ukraine capable of offering a multi-layer connectivity solution, addressing coverage gaps in remote areas and enhancing commercial value.
- Increased Business Resilience: This collaboration marks a significant milestone in Kyivstar's transformation into an asset-light digital operator, providing unique service offerings that enhance operational continuity and resilience, driving long-term value creation.
- Market Opportunity Expansion: Kyivstar plans to develop joint offerings that combine Starlink's satellite services with its core telecom services, providing comprehensive solutions backed by high reliability and support, further strengthening the competitiveness of Ukrainian businesses.
See More
Kyivstar Partners with Starlink to Enhance Connectivity in Ukraine
- Service Authorization: Kyivstar Group is authorized to officially resell Starlink services, aiming to provide efficient internet connectivity for Ukrainian businesses and public institutions, which is expected to significantly enhance operational efficiency and service quality.
- Access Simplification: The new agreement allows Ukrainian businesses to order Starlink equipment and services directly from Kyivstar, offering comprehensive business support including connection consultation and 24/7 customer service, thereby enhancing stability under challenging conditions.
- Market Impact: Starlink services will extend to public institutions such as schools and hospitals, expected to improve network resilience and support continuous operations in education and healthcare, further driving social development in Ukraine.
- Future Development: Kyivstar plans to integrate Starlink services with its core telecom offerings to launch joint products, aiming to provide customers with more comprehensive solutions, enhance market competitiveness, and meet evolving customer needs.
See More
Kyivstar Partners with Starlink to Enhance Connectivity in Ukraine
- Service Authorization: Kyivstar has signed an agreement with Starlink to officially resell its services in Ukraine, simplifying access for businesses and public institutions to high-speed internet, which is expected to significantly enhance digital capabilities across various sectors in Ukraine.
- Customer Support: Kyivstar will provide users with comprehensive business services, including connection consultations, warranty support for equipment, and a 24/7 customer support line, aimed at enhancing connectivity stability for businesses in challenging environments and improving customer satisfaction.
- Market Positioning: The new service primarily targets large corporations, mid-sized businesses, and manufacturing companies, ensuring reliable connectivity under any conditions, thereby further solidifying Kyivstar's leadership position in Ukraine's digital communications market.
- Future Development: Kyivstar plans to introduce joint offerings that combine Starlink services with its core telecom services, aiming to provide customers with more comprehensive solutions, enhance market competitiveness, and meet the evolving needs of clients.
See More
Kyivstar Group Completes $1.3 Billion Investment Program
- Investment Exceeded: Kyivstar Group completed a $1.3 billion investment from 2023 to April 2026, exceeding its original $1 billion commitment by 30%, reflecting the company's confidence and commitment to Ukraine's digital future.
- Infrastructure Upgrade: The investment focused on expanding Ukraine's telecommunications infrastructure and digital services ecosystem while enhancing energy resilience to ensure service continuity amid ongoing military conflict.
- Digital Ecosystem Expansion: Kyivstar solidified its position as a multi-service digital operator by acquiring Uklon, Ukraine's leading ride-hailing and delivery platform, and Tabletki.ua, a digital healthcare platform, while also investing in renewable energy through SUNVIN 11 to drive energy transformation.
- Social Responsibility Contribution: Over the past three years, Kyivstar has allocated over UAH 4.4 billion to support defense forces and social projects, demonstrating its commitment to corporate social responsibility as the largest taxpayer in the digital communications market.
See More
Kyivstar Group Completes $1.3 Billion Investment
- Investment Exceeded: Kyivstar Group completed a $1.3 billion investment from 2023 to April 2026, exceeding its $1 billion commitment by 30%, reflecting the company's confidence and commitment to Ukraine's digital future.
- Infrastructure Expansion: The investment focused on enhancing Ukraine's telecommunications infrastructure and digital services ecosystem, particularly improving network resilience and reliability amid ongoing military conflict.
- Digital Ecosystem Growth: Kyivstar strengthened its position as a multi-service digital operator by acquiring Uklon, Ukraine's leading ride-hailing and delivery platform, and Tabletki.ua, a digital healthcare platform, supporting Ukraine's digital and energy transformation.
- Social Responsibility Contribution: Over the past three years, Kyivstar allocated more than UAH 4.4 billion to support defense forces and social projects, demonstrating its social responsibility as the largest taxpayer in the digital communications market and commitment to the nation.
See More
VEON Re-elects Board and Reports Financials
- Board Re-election: During the 2026 Annual General Meeting, VEON re-elected its seven current directors, including founder Augie K Fabela II, reflecting continued shareholder support for the company's digital services growth strategy.
- Strong Financial Performance: VEON reported total revenue of $4.4 billion for FY25, up 9.9% year-on-year, with EBITDA of $2.0 billion, an 18.8% increase, and an EBITDA margin expanding to 45.7%, demonstrating effective operations and profitability.
- Digital Revenue Growth: Direct digital revenues surged 62.5% year-on-year to $759 million, and in Q4 2025, digital revenues accounted for 20.1% of total revenue, marking a successful transition in the company's digital services sector as active digital service customers surpassed connectivity subscribers for the first time.
- Capital Return Policy: VEON's capital allocation policy targets a return of at least $100 million to shareholders annually, supported by a $100 million share buyback program authorized in November 2025, aimed at achieving long-term value creation through disciplined capital allocation.
See More
Starlink Expands Collaboration with Kyivstar for Ukrainian Connectivity
- Expanded Collaboration: Kyivstar has entered into an agreement with Starlink to resell broadband internet services and hardware, enhancing digital infrastructure for Ukrainian businesses and public institutions like schools and hospitals.
- Rich Service Portfolio: By integrating Starlink's high-speed internet, Kyivstar becomes the only provider in Ukraine capable of offering a multi-layer connectivity solution, addressing coverage gaps in remote areas and enhancing commercial value.
- Increased Business Resilience: This collaboration marks a significant milestone in Kyivstar's transformation into an asset-light digital operator, providing unique service offerings that enhance operational continuity and resilience, driving long-term value creation.
- Market Opportunity Expansion: Kyivstar plans to develop joint offerings that combine Starlink's satellite services with its core telecom services, providing comprehensive solutions backed by high reliability and support, further strengthening the competitiveness of Ukrainian businesses.
See More
Kyivstar Partners with Starlink to Enhance Connectivity in Ukraine
- Service Authorization: Kyivstar Group is authorized to officially resell Starlink services, aiming to provide efficient internet connectivity for Ukrainian businesses and public institutions, which is expected to significantly enhance operational efficiency and service quality.
- Access Simplification: The new agreement allows Ukrainian businesses to order Starlink equipment and services directly from Kyivstar, offering comprehensive business support including connection consultation and 24/7 customer service, thereby enhancing stability under challenging conditions.
- Market Impact: Starlink services will extend to public institutions such as schools and hospitals, expected to improve network resilience and support continuous operations in education and healthcare, further driving social development in Ukraine.
- Future Development: Kyivstar plans to integrate Starlink services with its core telecom offerings to launch joint products, aiming to provide customers with more comprehensive solutions, enhance market competitiveness, and meet evolving customer needs.
See More
Kyivstar Partners with Starlink to Enhance Connectivity in Ukraine
- Service Authorization: Kyivstar has signed an agreement with Starlink to officially resell its services in Ukraine, simplifying access for businesses and public institutions to high-speed internet, which is expected to significantly enhance digital capabilities across various sectors in Ukraine.
- Customer Support: Kyivstar will provide users with comprehensive business services, including connection consultations, warranty support for equipment, and a 24/7 customer support line, aimed at enhancing connectivity stability for businesses in challenging environments and improving customer satisfaction.
- Market Positioning: The new service primarily targets large corporations, mid-sized businesses, and manufacturing companies, ensuring reliable connectivity under any conditions, thereby further solidifying Kyivstar's leadership position in Ukraine's digital communications market.
- Future Development: Kyivstar plans to introduce joint offerings that combine Starlink services with its core telecom services, aiming to provide customers with more comprehensive solutions, enhance market competitiveness, and meet the evolving needs of clients.
See More
Kyivstar Group Completes $1.3 Billion Investment Program
- Investment Exceeded: Kyivstar Group completed a $1.3 billion investment from 2023 to April 2026, exceeding its original $1 billion commitment by 30%, reflecting the company's confidence and commitment to Ukraine's digital future.
- Infrastructure Upgrade: The investment focused on expanding Ukraine's telecommunications infrastructure and digital services ecosystem while enhancing energy resilience to ensure service continuity amid ongoing military conflict.
- Digital Ecosystem Expansion: Kyivstar solidified its position as a multi-service digital operator by acquiring Uklon, Ukraine's leading ride-hailing and delivery platform, and Tabletki.ua, a digital healthcare platform, while also investing in renewable energy through SUNVIN 11 to drive energy transformation.
- Social Responsibility Contribution: Over the past three years, Kyivstar has allocated over UAH 4.4 billion to support defense forces and social projects, demonstrating its commitment to corporate social responsibility as the largest taxpayer in the digital communications market.
See More
Kyivstar Group Completes $1.3 Billion Investment
- Investment Exceeded: Kyivstar Group completed a $1.3 billion investment from 2023 to April 2026, exceeding its $1 billion commitment by 30%, reflecting the company's confidence and commitment to Ukraine's digital future.
- Infrastructure Expansion: The investment focused on enhancing Ukraine's telecommunications infrastructure and digital services ecosystem, particularly improving network resilience and reliability amid ongoing military conflict.
- Digital Ecosystem Growth: Kyivstar strengthened its position as a multi-service digital operator by acquiring Uklon, Ukraine's leading ride-hailing and delivery platform, and Tabletki.ua, a digital healthcare platform, supporting Ukraine's digital and energy transformation.
- Social Responsibility Contribution: Over the past three years, Kyivstar allocated more than UAH 4.4 billion to support defense forces and social projects, demonstrating its social responsibility as the largest taxpayer in the digital communications market and commitment to the nation.
See More
