Veon Estimates 24%-26% Revenue Growth for 2025
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 28 2026
0mins
Should l Buy VEON?
Veon (VEON) notes that Kyivstar Group Ltd. (KYIV) has announced the Group's preliminary estimates of selected unaudited financial information for the year ended December 31, 2025 compared to the Group's actual financial results for the year ended December 31, 2024. Based on information currently available to management, and subject to uncertainties, for the year ended December 31, 2025, the Group estimates that: Revenue growth, measured in U.S. dollars, will fall within the low and high range of 24% and 26% on a year-on-year basis as compared to December 31, 2024. Adjusted EBITDA growth, measured in U.S. dollars, will fall within the low and high range of 24% and 26% on a year-on-year basis as compared to December 31, 2024. Capex Intensity for the year ended December 31, 2025 will fall within the low and high range of 29%and 31%.
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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: 55.590
Low
75.00
Averages
87.50
High
100.00
Current: 55.590
Low
75.00
Averages
87.50
High
100.00
About VEON
VEON Ltd is a United Arab Emirates-based digital operator providing connectivity and Internet services to corporates and individuals. The Company offers mobile and fixed-line telecommunications services through a range of traditional and broadband mobile technologies. Mobile telecommunications services are provided under contract and prepaid plans for corporate and consumer segments, as well as value-added services. It also offers fixed-line telecommunication services, such as voice, data, and Internet services, as well as data transmission and network access, domestic and international voice termination, and international transit services for corporations, operators, and consumers. The Company also sells equipment, infrastructure, and accessories. Its services are offered in Pakistan, Uzbekistan, Kazakhstan, Ukraine, Bangladesh, and Kyrgyzstan. The Company provides its services under the Beeline, Kyivstar, Banglalink, and Jazz brands.
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 Proposed Class Action Settlement Approved
- Settlement Amount Established: VEON Ltd. has proposed a $19.97 million cash settlement to resolve a class action lawsuit for shares purchased between June 30, 2011, and November 3, 2015, which, if approved, will eliminate all related claims, thereby reducing the company's legal risks and restoring investor confidence.
- Court Hearing Scheduled: A hearing is set for May 19, 2026, at 2:00 PM to evaluate the fairness and reasonableness of the proposed settlement, and if approved, it will provide legal clarity for VEON, facilitating its future business development.
- Claim Submission Requirements: Members of the settlement class must submit a claim form by April 28, 2026, to be eligible for settlement payments, emphasizing the importance of timely legal responses to ensure rights are protected.
- Exclusion Rights Explained: Settlement class members can request exclusion by April 28, 2026, and if successful, will not be bound by the settlement agreement, allowing them to participate in any future lawsuits against VEON, highlighting the complexity of legal proceedings and participants' options.
See More
VEON Signs MoU with Hala to Expand Ride-Hailing Services
- MoU Signing: VEON has signed a Memorandum of Understanding with Hala, Dubai's leading e-hailing solution, to explore cooperation in expanding ride-hailing and mobility services across VEON's operating markets, marking a significant step in the company's digital service strategy.
- Market Potential Assessment: The MoU establishes a framework for evaluating joint market entry and expansion opportunities, with VEON planning to leverage its ride-hailing experience in Ukraine and Uzbekistan alongside Hala's operational expertise to enhance competitiveness in new markets.
- User Base Expansion: Operating in Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh, VEON serves 530 million people, approximately 6% of the world's population, and this partnership is expected to further strengthen its digital user base.
- Strategic Integration Potential: The companies will jointly assess the commercial, operational, and technological foundations for locally rooted ride-hailing platforms, exploring customer acquisition strategies and future expansion opportunities to drive integration and growth within VEON's digital ecosystem.
See More
VEON Acquires Tabletki.ua for $160 Million
- Acquisition Completed: VEON's subsidiary Kyivstar has completed the acquisition of the Ukrainian digital platform Tabletki.ua for $160 million, paid in Ukrainian hryvnia, further solidifying Kyivstar's market position in the digital healthcare sector.
- Significant Platform Impact: Tabletki.ua facilitates an average of 14 million medicine reservations per month, with a gross merchandise value of UAH 45 billion (approximately $1.06 billion) in FY2024, highlighting its critical role and user trust in accessing medications in Ukraine.
- Strong Financial Performance: As of September 30, 2025, Tabletki.ua reported LTM EBITDA of $24 million and net profit of $20 million, with the acquisition price reflecting a price to LTM earnings ratio of 8.0X, indicating sound financial rationale for the deal.
- Strategic Development Outlook: This acquisition integrates Tabletki.ua into Kyivstar's digital service portfolio, expected to accelerate the development of innovative healthcare services, enhancing accessibility for Ukrainians, aligning with VEON's long-term strategy to invest $1 billion in Ukraine.
See More
VEON Launches 'Invest in Pakistan, NOW!' Initiative to Attract Foreign Investment
- Investment Initiative: VEON launched the 'Invest in Pakistan, NOW!' initiative at the World Governments Summit in Dubai, aiming to attract international investors to recognize Pakistan's strengthening economic fundamentals, which is expected to drive foreign capital inflow and boost national economic growth.
- MoU Signing: JazzWorld signed a Memorandum of Understanding with Nutshell Group to advance digitalization, inclusive growth, and cross-border investment, marking a significant step in showcasing Pakistan's collaborative potential in the digital economy, likely attracting more foreign investment.
- Macroeconomic Stability: Pakistan's Minister of State for Finance, Bilal Azhar Kiyani, highlighted that government initiatives have achieved macroeconomic stability, enhancing investor confidence and creating a favorable environment for future investments.
- Digital Transformation: VEON's investment in Pakistan exceeds $11 billion, with JazzWorld serving 100 million users as a leading digital services company, driving the country's digital transformation and increasing Pakistan's attractiveness to global investors.
See More
Kyivstar Completes Successful Secondary Offering of 14.375 Million Shares
- Offering Size and Pricing: Kyivstar successfully completed a secondary offering of 14.375 million shares at a price of $10.50 per share, raising approximately $139.8 million, which reflects strong market demand for Ukrainian digital operators.
- Oversubscription Details: The offering was oversubscribed by five times, indicating robust confidence from international investors in Kyivstar's growth potential, thereby expanding its investor base significantly.
- VEON Ownership Adjustment: Following the offering, VEON's ownership in Kyivstar decreased to 83.6%, resulting in net proceeds of $139.8 million for VEON, which plans to utilize these funds for general corporate purposes, enhancing its financial flexibility.
- Future Investment Commitment: Kyivstar and VEON aim to invest $1 billion in Ukraine from 2023 to 2027, focusing on infrastructure and technological development to drive local economic recovery, demonstrating a long-term commitment to the Ukrainian market.
See More
VEON Partners with MindBridge for AI Analytics
- Strategic Collaboration: VEON has partnered with MindBridge to deploy AI analytics tools across its global operations, aiming to enhance standardization and scalability in finance, internal controls, and audits, thereby strengthening its competitive edge in digital services.
- AI Platform Implementation: VEON will adopt MindBridge's Central Insights Factory (CIF) as a group-wide AI-driven platform that analyzes all transactions instead of samples, improving the consistency and efficiency of risk identification and control insights, which promotes transparency in decision-making.
- Market Expansion Potential: The two companies will jointly explore providing AI-powered financial analytics services to business customers and governments, further expanding VEON's digital service portfolio and enhancing its influence across multiple industry markets.
- Support for AI1440 Strategy: This collaboration aligns closely with VEON's AI1440 strategy, aiming to embed augmented intelligence into financial processes to improve decision quality and drive long-term economic value, showcasing the company's commitment to responsible and transparent AI application.
See More
VEON Proposed Class Action Settlement Approved
- Settlement Amount Established: VEON Ltd. has proposed a $19.97 million cash settlement to resolve a class action lawsuit for shares purchased between June 30, 2011, and November 3, 2015, which, if approved, will eliminate all related claims, thereby reducing the company's legal risks and restoring investor confidence.
- Court Hearing Scheduled: A hearing is set for May 19, 2026, at 2:00 PM to evaluate the fairness and reasonableness of the proposed settlement, and if approved, it will provide legal clarity for VEON, facilitating its future business development.
- Claim Submission Requirements: Members of the settlement class must submit a claim form by April 28, 2026, to be eligible for settlement payments, emphasizing the importance of timely legal responses to ensure rights are protected.
- Exclusion Rights Explained: Settlement class members can request exclusion by April 28, 2026, and if successful, will not be bound by the settlement agreement, allowing them to participate in any future lawsuits against VEON, highlighting the complexity of legal proceedings and participants' options.
See More
VEON Signs MoU with Hala to Expand Ride-Hailing Services
- MoU Signing: VEON has signed a Memorandum of Understanding with Hala, Dubai's leading e-hailing solution, to explore cooperation in expanding ride-hailing and mobility services across VEON's operating markets, marking a significant step in the company's digital service strategy.
- Market Potential Assessment: The MoU establishes a framework for evaluating joint market entry and expansion opportunities, with VEON planning to leverage its ride-hailing experience in Ukraine and Uzbekistan alongside Hala's operational expertise to enhance competitiveness in new markets.
- User Base Expansion: Operating in Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh, VEON serves 530 million people, approximately 6% of the world's population, and this partnership is expected to further strengthen its digital user base.
- Strategic Integration Potential: The companies will jointly assess the commercial, operational, and technological foundations for locally rooted ride-hailing platforms, exploring customer acquisition strategies and future expansion opportunities to drive integration and growth within VEON's digital ecosystem.
See More
VEON Acquires Tabletki.ua for $160 Million
- Acquisition Completed: VEON's subsidiary Kyivstar has completed the acquisition of the Ukrainian digital platform Tabletki.ua for $160 million, paid in Ukrainian hryvnia, further solidifying Kyivstar's market position in the digital healthcare sector.
- Significant Platform Impact: Tabletki.ua facilitates an average of 14 million medicine reservations per month, with a gross merchandise value of UAH 45 billion (approximately $1.06 billion) in FY2024, highlighting its critical role and user trust in accessing medications in Ukraine.
- Strong Financial Performance: As of September 30, 2025, Tabletki.ua reported LTM EBITDA of $24 million and net profit of $20 million, with the acquisition price reflecting a price to LTM earnings ratio of 8.0X, indicating sound financial rationale for the deal.
- Strategic Development Outlook: This acquisition integrates Tabletki.ua into Kyivstar's digital service portfolio, expected to accelerate the development of innovative healthcare services, enhancing accessibility for Ukrainians, aligning with VEON's long-term strategy to invest $1 billion in Ukraine.
See More
VEON Launches 'Invest in Pakistan, NOW!' Initiative to Attract Foreign Investment
- Investment Initiative: VEON launched the 'Invest in Pakistan, NOW!' initiative at the World Governments Summit in Dubai, aiming to attract international investors to recognize Pakistan's strengthening economic fundamentals, which is expected to drive foreign capital inflow and boost national economic growth.
- MoU Signing: JazzWorld signed a Memorandum of Understanding with Nutshell Group to advance digitalization, inclusive growth, and cross-border investment, marking a significant step in showcasing Pakistan's collaborative potential in the digital economy, likely attracting more foreign investment.
- Macroeconomic Stability: Pakistan's Minister of State for Finance, Bilal Azhar Kiyani, highlighted that government initiatives have achieved macroeconomic stability, enhancing investor confidence and creating a favorable environment for future investments.
- Digital Transformation: VEON's investment in Pakistan exceeds $11 billion, with JazzWorld serving 100 million users as a leading digital services company, driving the country's digital transformation and increasing Pakistan's attractiveness to global investors.
See More
Kyivstar Completes Successful Secondary Offering of 14.375 Million Shares
- Offering Size and Pricing: Kyivstar successfully completed a secondary offering of 14.375 million shares at a price of $10.50 per share, raising approximately $139.8 million, which reflects strong market demand for Ukrainian digital operators.
- Oversubscription Details: The offering was oversubscribed by five times, indicating robust confidence from international investors in Kyivstar's growth potential, thereby expanding its investor base significantly.
- VEON Ownership Adjustment: Following the offering, VEON's ownership in Kyivstar decreased to 83.6%, resulting in net proceeds of $139.8 million for VEON, which plans to utilize these funds for general corporate purposes, enhancing its financial flexibility.
- Future Investment Commitment: Kyivstar and VEON aim to invest $1 billion in Ukraine from 2023 to 2027, focusing on infrastructure and technological development to drive local economic recovery, demonstrating a long-term commitment to the Ukrainian market.
See More
VEON Partners with MindBridge for AI Analytics
- Strategic Collaboration: VEON has partnered with MindBridge to deploy AI analytics tools across its global operations, aiming to enhance standardization and scalability in finance, internal controls, and audits, thereby strengthening its competitive edge in digital services.
- AI Platform Implementation: VEON will adopt MindBridge's Central Insights Factory (CIF) as a group-wide AI-driven platform that analyzes all transactions instead of samples, improving the consistency and efficiency of risk identification and control insights, which promotes transparency in decision-making.
- Market Expansion Potential: The two companies will jointly explore providing AI-powered financial analytics services to business customers and governments, further expanding VEON's digital service portfolio and enhancing its influence across multiple industry markets.
- Support for AI1440 Strategy: This collaboration aligns closely with VEON's AI1440 strategy, aiming to embed augmented intelligence into financial processes to improve decision quality and drive long-term economic value, showcasing the company's commitment to responsible and transparent AI application.
See More
