EL7.AI
StocksMedium•6 November 2026•
4 min read

VEON Raises 2026 Revenue Growth Floor to 16% as Digital Profits Increase

Key Facts

1VEON raised its 2026 revenue growth forecast to 16%–18%, from 15%–18% previously.
2Third-quarter revenue rose 17.2% to $1.307 billion.
3Digital revenue grew 45.9% to $355 million, accounting for 27.2% of group revenue.
4Telecom and infrastructure revenue increased 9.2% to $952 million.
5VEON raised its 2026 EBITDA growth forecast to 10%–12%, from 9%–12%.

On November 6, VEON raised the lower end of its 2026 revenue growth forecast to 16% from 15%, keeping the upper end at 18%, in a revision reflecting continued growth in its telecom business and accelerating digital activities. The company said total revenue in the third quarter rose 17.2% year on year to $1.307 billion. In the first nine months of the year, revenue increased 17.1% to $3.779 billion. EBITDA also rose 10.1% in the quarter to $577 million. Net profit was $225 million, of which $187 million was attributable to VEON shareholders.

The revenue forecast floor was raised while the ceiling remained at 18%, and VEON also revised its 2026 EBITDA growth forecast to a range of 10%–12%, from a previous range of 9% to 12%. The company kept its forecast for capital expenditure intensity, excluding Ukraine, at 15%–17% of revenue. The two revisions point to an improved lower end of the annual outlook for revenue and operating earnings, without a change to the upper end of the revenue forecast. Commenting on the results, Chief Executive Kaan Terzioglu said the telecom business "continues to perform" and digital activities are "becoming more profitable as they scale." The company did not attribute the forecast increase to digital services alone, as the CEO cited telecom performance alongside improving profitability in digital activities.

Digital services revenue rose 45.9% year on year to $355 million in the third quarter, accounting for 27.2% of group revenue, up 5.4 percentage points from its share a year earlier. The number of digital services customers increased 8.2% to 221.1 million. In financial services, customer numbers reached 59.7 million, and revenue rose 54.2% to $166 million. These figures show digital activities taking a larger share of VEON's revenue mix, alongside growth in the customer base and financial services. Digital revenue had risen 53.6% to $342 million in the second quarter, when it accounted for 26.9% of group revenue, compared with 20.5% in the second quarter of the previous year.

On the telecom side, telecom and infrastructure revenue rose 9.2% year on year to $952 million in the third quarter. Average mobile revenue per user increased 4.7% to $1.8. The company attributed the improvement to disciplined pricing, customer growth and increased data usage, factors supporting the core business alongside the expansion of digital services. Telecom and infrastructure revenue remained larger than digital revenue in the quarter's figures, while growth in digital activities and their rising share are becoming an increasingly significant part of the group's overall performance. Terzioglu said the telecom business continues to perform while the profitability of digital businesses improves as they scale.

Free cash flow was $201 million in the third quarter, down 33.8% year on year. But the company said it grew 91.8% excluding proceeds from asset sales, putting the reported figure in a different context when the effect of those proceeds is separated from the year-on-year comparison. On earnings, EBITDA grew more slowly than revenue, rising 10.1% to $577 million, while net profit reached $225 million. The indicators show a divergence between growth in revenue and reported earnings on one hand, and the reported free cash flow trajectory on the other. The company did not provide any further explanation in the available figures for the decline in total free cash flow.

VEON raised its 2026 revenue growth forecast in July to a range of 15%–18%, from a previous range of 11%–14%, before raising the lower end again in its November update. This follows growth in digital revenue in the second quarter, then a further increase in the third quarter alongside a larger share of group revenue. The company is scheduled to hold its Capital Markets Day on November 16, 2026, at Nasdaq MarketSite in New York City, with the event beginning at 11:00 Eastern Time. VEON said senior management will present its strategic priorities, performance, outlook and long-term value creation. The meeting follows the release of third-quarter results and the update to the annual outlook.