VEON (VEON US) 3Q25 Preview: Digital Revenue Mix & Margins Expanding

955 Views20 Oct 2025 21:18

Issuer-paid

SUMMARY

Remain long into upcoming earnings release. We maintain our Structural Long rating ahead of VEON’s FY3Q25 results (expected to be released mid-November). Our $78 target price implies 50% upside.
Kyivstar IPO related and Kyrgyztsan divestiture related one-offs. Reported 3Q25E profit likely includes ~US$250m in non-cash one-offs, comprising ~US$150m related to the Kyivstar listing and ~US$100m from VEON’s Kyrgyzstan divestiture.
We expect digital growth to remain in the 50% YoY range. Digital revenue growth should continue at a high rate, led by JazzCash in Pakistan and Uklon in Ukraine.

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