Jul. 31 at 6:56 PM
$VEON Q2’26 Results - Digital revenue smashing it, up 53.6% YoY to
$342M
Now 27% of Group revenue at a 36% EBITDA margin. The growth engine is scaling, not just talking.
Total revenue +17% to
$1,271M, 1H26 EBITDA +11.5% to
$1,069M, and management just RAISED guidance mid-year: revenue growth now 15-18% (up from 11-14%), EBITDA growth now 9-12% (up from 7-10%). That's conviction.
Net profit looks down but that's pure noise from last year's one-time
$489M Pakistan tower gain — ignore it. Real story: equity FCF up 47.5% YoY to
$320M in 1H26, funding an aggressive buyback push (
$82.5M done under the current
$100M program, plus a new commitment to cancel at least
$100M of repurchased shares on an annual basis).
Growth accelerating + generating cash + shares getting retired. Still feels early.
