Veon lifts 2026 revenue outlook as Q1 sales jump 17% on digital surge – Image for illustrative purposes only (Image credits: Pixabay)
VEON reported first-quarter revenue growth of 17 percent, driven largely by its expanding digital services. The company responded by lifting its full-year 2026 revenue growth guidance to a range of 11 to 14 percent in dollar terms. This adjustment reflects stronger-than-expected momentum in digital offerings that now represent more than a quarter of total revenue. Operations span key markets including Ukraine and Pakistan, where demand for mobile connectivity and related services continues to rise.
Quarterly Performance Details
Total revenue reached approximately 1.17 billion dollars for the three months ended March 31. EBITDA rose 17.7 percent year over year, supported by improved margins in both core telecom and digital segments. Digital revenue alone climbed 57.7 percent, pushing its share of group revenue to 25.2 percent. These figures mark a clear acceleration from prior periods and highlight the contribution of entertainment, financial services, and super-app platforms.
Updated 2026 Outlook
Management revised the revenue growth target upward from the previous 9 to 12 percent range. EBITDA growth expectations remain unchanged at 7 to 10 percent for the year. Capital expenditure intensity outside Ukraine is projected between 14 and 16 percent of revenue. The changes signal confidence that digital momentum can sustain through the remainder of 2026 despite currency and macroeconomic pressures in operating markets.
| Metric | Prior Guidance | New Guidance |
|---|---|---|
| Revenue Growth (USD) | 9%–12% | 11%–14% |
| EBITDA Growth (USD) | 7%–10% | 7%–10% |
Stakeholder Implications
Investors gain from the raised revenue floor, which supports share-price stability after recent market reactions. Customers in served regions benefit from continued investment in digital tools that bundle payments, content, and connectivity. Employees and local partners see sustained operational focus on high-growth areas. Regulators in Ukraine and Pakistan continue to monitor spectrum and licensing conditions that underpin network expansion.
Forward Path
The results position VEON to maintain its shift toward digital-led growth while preserving core mobile services. Execution will depend on user adoption rates and stable foreign-exchange conditions across its footprint. The company has indicated it will continue integrating artificial-intelligence features into its applications to deepen engagement. Overall, the quarter demonstrates that digital initiatives can deliver measurable scale even in challenging environments.
