VEON Pakistan Revenue Reaches 144.935 Billion Rupees, Up 26.6% in Third Quarter

Key Facts

VEON reported that revenue from its Pakistan business reached 144.935 billion rupees in the third quarter of 2026, up 26.6% year on year in local currency, while reported growth after the currency impact was 28.9%. EBITDA rose to 65.172 billion rupees, up 23.9%, while EBIT increased 53.1% to 44.238 billion rupees. The results reflect a broader contribution from digital activities alongside growth in telecoms and infrastructure. The company said revenue growth was supported by disciplined pricing and improved monetization of prepaid services. It added that subscriber base growth and increased data usage also contributed to performance.

Digital services revenue was 58.109 billion rupees, up 47.9% from the same period, and its share of total Pakistan revenue rose to 40.1% from 34.3% in the third quarter of 2025. Meanwhile, telecoms and infrastructure revenue increased 15.5% to 86.826 billion rupees. EBITDA from digital activities grew 83.5% to 20.452 billion rupees. The figures show that digital services grew faster than traditional telecoms during the quarter. Total digital customers also rose to 103.4 million, while 4G and 5G users reached 59.5 million, up 8.1% year on year.

At Jazz, the mobile customer base grew 5.1% to 76.4 million. Average revenue per mobile user increased 7.1% to 320 rupees. Data usage per user also rose 11.7% to 8.4 gigabytes. These indicators are consistent with VEON's comments that subscriber base growth and data usage were among the revenue drivers. Alongside telecoms expansion, financial services data showed an increase in transaction value and active customers during the quarter.

VEON's financial services in Pakistan generated revenue of 43.424 billion rupees, up 67.6%, and recorded net profit of 6.795 billion rupees. Gross transaction value was 6.927 trillion rupees, up 79.2% year on year. Active customers during the quarter reached 30.4 million, an increase of 15.6%. Revenue growth was spread across credit, payments and investment activities: credit revenue rose 60.3% to 26.090 billion rupees. Payments and transactions revenue increased 67.8% to 9.730 billion rupees, while investment income rose 62.6% to 5.236 billion rupees.

Financial services operating profit before loan-loss provisions rose 88.3% to 20.004 billion rupees, while net profit was 6.795 billion rupees. Across the wider group, Pakistan revenue in the first nine months of 2026 reached $1.486 billion, up 25.4%, including digital revenue of $574 million, up 43.2%. For VEON as a whole, third-quarter revenue increased 17.2% to $1.307 billion, and EBITDA rose 10.1% to $577 million. Group revenue for the nine months also reached $3.779 billion, an increase of 17.1%. Digital revenue accounted for 27.2% of group revenue in the quarter, compared with 21.8% a year earlier, after growing 45.9% to $355 million.

VEON's consolidated capital expenditure for its Pakistan operations was 20.947 billion rupees during the quarter, up 68.9% year on year. This included 18.616 billion rupees for telecoms and infrastructure and 2.331 billion rupees for digital activities. The company said the spending reflects continued investment in network capacity and the deployment of 5G services following its acquisition of frequencies. It added that it had launched more than 1,000 5G sites as of the results announcement. Jazz acquired 190 megahertz in Pakistan's 2026 spectrum auction for $239.375 million. The deal increased its total spectrum holdings to 284.4 megahertz from 94.4 megahertz before the acquisition.

VEON raised its 2026 revenue growth outlook to a range of 16%–18% in dollar terms, compared with a previous forecast of 15% to 18%. It also increased its EBITDA growth outlook to 10%–12% from 9%–12%, while keeping its capital intensity guidance at 15%–17% of revenue, excluding Ukraine. The company announced that it would release its third-quarter results on 6 November 2026. Its investor calendar shows a Capital Markets Day scheduled for 16 November 2026. The revised outlook places Pakistan's results in the context of improved group expectations for the year, while the investor day remains the company's next announced event.