VEON Q1 2026 Earnings Call Transcript

VEON (NASDAQ: VEON ) released first-quarter financial results and hosted an earnings call on Wednesday.

Read the complete transcript below.

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For comprehensive financial data and transcripts, visit Access the full call at Summary VEON Ltd reported a strong Q1 2026 with a 17% increase in revenues and a 17.7% rise in EBITDA.

Margins expanded by 20 basis points.

Digital revenues surged 57.7% year-on-year, now representing over 25% of group revenues, with notable contributions from financial services, entertainment, ride-hailing, and healthcare.

The company raised its 2026 revenue growth outlook to 11%-14%, while maintaining EBITDA growth guidance at 7%-10%.

Operational highlights include securing the largest spectrum allocation in Pakistan, expanding financial services, and targeted acquisitions like OLX and Tabletki.

VEON continues its buyback program, emphasizing shareholder value, and reduced leverage with a net debt-to-EBITDA ratio at 1.07 times.

Management remains confident in maintaining margin stability despite geopolitical and market uncertainties, with a focus on pricing control and disciplined execution.

Full Transcript OPERATOR Hello and welcome to VEON's Q1 2026 results presentation.

For those of you who have joined the Zoom webinar, if you would like to ask a question, you can use the Raise Hand button which can be found on the black bar at the bottom of your screen at any time to join the queue to ask a question and you will be called upon during the Q and A session.

For those of you watching on the webcast, if you would like to submit a written question, you can please use the Ask A Question tab at the top right of your screen.

These questions can also be sent in anytime during the presentation.

As a reminder, this conference is being recorded today.

If you have any objections, please disconnect at this time.

Anand Ramachandran, you may begin.

Anand Ramachandran, Chief Corporate Development Officer Thank you.

Good morning and good afternoon to everyone joining us for VEON's first quarter results.

My name is Anand Ramachandran, Chief Corporate Development Officer at VEON.

Joining me today are our group CEO Mr.

Kantar Ziolu and next to him our group CFO Mr.

Burak Uzar.

As usual, Kaan will begin with strategic and operational highlights followed by Burak with a review of our financial performance and we'll then open up the call for Q and A.

Before we begin, please note that today's presentation contains forward-looking statements which involve risks and uncertainties.

Further details are available in all our SEC filings including our Form 20-F.

Our earnings release and presentation are available on our investor relations website.

With that, let me hand it over to Kaan.

Kaan Terzioglu, Group CEO Thank you, Anand.

VEON has entered 2026 with clear momentum, double-digit growth, accelerating digital revenues, stronger cash generation, and continued capital returns.

Revenues in US dollars grew 17% year on year, EBITDA increased 17.7%, and margins expanded by 20 basis points.

Importantly, this growth translated into strong cash generation with equity free cash flow up 73.4% year on year to $246 million.

This performance reflects the strength of our digital operators strategy, combining resilient connectivity, fast-scaling digital platforms, and disciplined capital allocation.

As a result, we are raising our 2026 revenue outlook which I will return to later.

Second, we are seeing strong acceleration across our digital portfolio.

Digital revenues grew 57.7% year on year and now represent over 25% of our group revenues.