VEON (VEON) Q2 2026 earnings summary

Executive summary

• Achieved strong financial and operational results in Q2 and 1H26, with revenue up 17% YoY and EBITDA up 11.5% YoY, driven by digital scaling and pricing-led telecom growth.

• Digital platforms, including financial services, digital life, and enterprise, now contribute 26.9% of total revenues, with digital revenue up 53.6% YoY and digital EBITDA up 66.2% YoY.

• Raised full-year 2026 guidance for both revenue and EBITDA, reflecting confidence in business momentum and sustained digital expansion.

• Continued transformation from a traditional telecom to a digital ecosystem provider, leveraging connectivity as a foundation.

• Equity free cash flow for 1H26 reached $320 million, up 47.5% YoY, supporting ongoing capital returns and buyback commitments.

Financial highlights

• Q2 revenue grew 17% YoY to $1.27 billion; first half revenue up 17% to $2.47 billion.

• Digital revenue surged 53.6% YoY to $342 million; digital EBITDA up 66.2% YoY to $124 million.

• EBITDA reached $552 million (up 6.2% YoY, margin 43.4%); first half EBITDA up 11.5% to $1.07 billion.

• Operating cash flow rose 238% in Q2 to $463 million; equity free cash flow after leases/licenses up 47.5% for H1 to $320 million.

• Net debt (ex-leases) at $1.8 billion; lease-adjusted leverage at 1.10x; cash and cash equivalents at $2.2 billion.

Outlook and guidance

• Full-year 2026 revenue growth outlook raised to 15–18%; EBITDA growth outlook raised to 9–12%.

• Capex intensity (ex-Ukraine) maintained at 15–17% for FY26.

• Commitment to cancel at least $100 million of shares/ADSs annually as part of long-term capital allocation.