VEON Reports 2Q26 Results | Digital Revenue Climbs 53.6%; VEON Raises 2026 Revenue and EBITDA Outlook

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.”

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 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.

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.