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VEON
(NASDAQ:VEON)
VEON (VEON) vs. SPDR S&P 500 ETF (SPY)
VEON Business Overview & Revenue Model
VEON Earnings Call Summary
VEON Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.15B | 4.00B | 3.70B | 3.75B | 3.85B | 7.98B |
| Gross Profit | 3.38B | 3.49B | 3.26B | 3.28B | 3.37B | 6.09B |
| EBITDA | 2.29B | 1.93B | 1.82B | 2.16B | 1.85B | 2.33B |
| Net Income | 996.00M | 415.00M | -2.53B | -162.00M | 674.00M | -349.00M |
Balance Sheet | ||||||
| Total Assets | 8.46B | 8.04B | 8.22B | 15.10B | 15.92B | 14.55B |
| Cash, Cash Equivalents and Short-Term Investments | 1.28B | 2.05B | 2.33B | 3.23B | 2.34B | 1.76B |
| Total Debt | 0.00 | 4.69B | 5.16B | 8.18B | 10.65B | 10.06B |
| Total Liabilities | 6.97B | 6.78B | 7.15B | 14.32B | 14.42B | 13.54B |
| Stockholders Equity | 1.31B | 1.10B | 858.00M | 569.00M | 586.00M | 163.00M |
Cash Flow | ||||||
| Free Cash Flow | 612.35M | 243.00M | 1.58B | 1.55B | 843.00M | 665.00M |
| Operating Cash Flow | 1.27B | 1.15B | 2.11B | 2.56B | 2.64B | 2.44B |
| Investing Cash Flow | -559.53M | -778.00M | -2.24B | -1.66B | -1.18B | -1.91B |
| Financing Cash Flow | -321.99M | -551.00M | -1.15B | 116.00M | -744.00M | -103.00M |
VEON Technical Analysis
VEON Risk Analysis
VEON Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | 5.12B | 11.93 | 11.17% | 5.37% | 19.25% | 5.69% | |
70 Outperform | $3.81B | 3.87 | 89.94% | ― | 8.66% | ― | |
70 Neutral | 4.23B | 7.55 | 25.78% | 8.52% | 0.35% | 19.08% | |
55 Neutral | 4.10B | -39.77 | -0.82% | 0.42% | -5.62% | 80.09% | |
54 Neutral | 3.04B | -204.86 | 18.66% | 3.02% | 3.89% | -107.44% | |
53 Neutral | 4.18B | -158.49 | -0.54% | 47.58% | -3.65% | -134.04% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% |
VEON Corporate Events
On August 28, 2025, VEON Ltd. and Kyivstar Group Ltd. announced an investor meeting to provide updates on Kyivstar’s strategic initiatives, financial performance, and market outlook. The meeting, held virtually, featured presentations from senior management on key developments from the second quarter of 2025 and included a Q&A session with investors. This event underscores Kyivstar’s commitment to transparency and engagement with stakeholders, as well as its ongoing investment in Ukraine’s digital infrastructure.
On August 22, 2025, VEON Ltd. released its unaudited interim condensed consolidated financial statements for the six-month period ending June 30, 2025. The report highlights the company’s ongoing challenges due to the war in Ukraine, geopolitical tensions, and economic conditions such as inflation and rising interest rates. VEON is focused on generating sufficient cash flow, developing new revenue streams, and optimizing its capital structure to navigate these challenges. The company is also addressing potential cybersecurity threats and environmental factors that could impact its operations.
On August 14, 2025, VEON Ltd. announced the completion of a business combination between its subsidiary, Kyivstar Group Ltd., and Cohen Circle Acquisition Corp. I. This merger will result in Kyivstar Group becoming a U.S.-listed company on Nasdaq, trading under the ticker symbols ‘KYIV’ and ‘KYIVW’. This marks Kyivstar as the first pure-play Ukrainian investment opportunity in the U.S. stock markets. VEON holds an 89.6% stake in Kyivstar, which serves nearly 23 million mobile customers and offers a range of digital services in Ukraine. The move is seen as a significant step in making Ukraine’s success story visible to U.S. investors and highlights VEON’s commitment to investing in Ukraine’s technological and infrastructure development.
VEON Ltd., a telecommunications company, is involved in a significant business combination with Cohen Circle Acquisition Corp. I, announced on March 18, 2025. This transaction involves VEON Holdings B.V., PubCo, and Varna Merger Sub Corp., collectively known as the Kyivstar Group. On August 11, 2025, Cohen Circle revealed that 25.4% of its Class A ordinary shares were redeemed by shareholders ahead of an extraordinary general meeting on August 12, 2025. The business combination, subject to shareholder and regulatory approvals, is expected to close around August 14, 2025, with approximately $178 million remaining in Cohen Circle’s Trust Account. This move is anticipated to position PubCo as a notable U.S.-listed Ukrainian investment opportunity, impacting VEON’s operations and market presence.
On August 7, 2025, VEON Ltd. announced its financial results for the second quarter of 2025, reporting a 5.9% increase in USD revenues and a 13.2% rise in USD EBITDA compared to the previous year. The company achieved significant growth in direct digital revenues, which surged by 56.6% year-over-year, reflecting its strategic focus on digital transformation. VEON’s acquisition of Uklon in April 2025 contributed to this growth, adding $21.7 million to direct digital revenues. The company also completed its share buyback program on August 1, 2025, repurchasing 2.14 million ADSs. VEON has revised its 2025 outlook, expecting local currency revenue growth of 13% to 15% and EBITDA growth of 14% to 16%.
On July 10, 2025, VEON Ltd. and Cohen Circle Acquisition Corp. I announced securing approximately USD 52.3 million in non-redemption agreements with institutional investors for the proposed business combination of Kyivstar Group Ltd and Cohen Circle. This move secures the minimum cash condition for the business combination, expected to close in the third quarter of 2025, subject to shareholder approval. Upon completion, Kyivstar Group will be listed on Nasdaq, marking it as the first pure-play Ukrainian company on a U.S. stock exchange. This development highlights the strong investor confidence in Kyivstar Group’s potential and underscores VEON’s strategic focus on expanding its market presence in Ukraine.
On July 2, 2025, VEON Ltd. announced the successful pricing of a USD 200 million private placement of senior unsecured notes due in 2029, with an annual interest rate of 9.000%. This move marks a significant milestone in VEON’s capital markets strategy, reinforcing its access to global capital markets and reflecting investor confidence in the company’s financial outlook. The proceeds will be used for general corporate purposes and to optimize VEON’s capital structure, with settlement expected on July 15, 2025.
On June 18, 2025, VEON Ltd. released its unaudited interim condensed consolidated financial statements for the three-month period ending March 31, 2025. The company reported an increase in total operating revenues to $1,026 million, up from $942 million in the same period the previous year. Profit for the period rose to $118 million, compared to $78 million in 2024. This financial performance reflects VEON’s continued growth and operational efficiency, potentially strengthening its position in the telecommunications industry and positively impacting stakeholders.
On June 17, 2025, VEON Ltd. announced the appointment of Vitaly Shmakov as Acting General Counsel, effective July 1, 2025. Shmakov, who has been with VEON since 2016, brings nearly 20 years of experience in M&A and corporate law, having previously served in various legal roles within the company. This strategic appointment underscores VEON’s commitment to leveraging internal talent for its transformative growth initiatives, including the planned listing of Kyivstar on the Nasdaq Stock Market.
On June 17, 2025, VEON Ltd. announced that Omiyinka Doris will step down from her role as Group General Counsel effective July 1, 2025, but will continue as a strategic advisor. Doris has been instrumental in guiding VEON through significant geopolitical and economic challenges, including the company’s exit from Russia and the planned listing of Kyivstar on Nasdaq. Her leadership in legal and compliance functions has been pivotal to VEON’s transformation and strategic initiatives.