VEON misses bottom-line estimates; raises FY outlook

* VEON press release [https://seekingalpha.com/pr/20299794-kyivstar-reports-20-percent-top-line-and-ebitda-growth-as-digital-rises-to-12-percent-of] (VEON [https://seekingalpha.com/symbol/VEON]): Q3 GAAP EPADS of -$1.84 misses by $0.27.
* Revenue of $1.11B (+6.7% Y/Y) in-line.
* In 3Q25, VEON delivered 7.5% year-on-year growth in revenues and a 19.7% increase in EBITDA.
* EBITDA for the quarter was USD 524 million, representing a 19.7% YoY increase. The EBITDA margin improved by 480 basis points YoY to 47.0%.
* As of September 30, 2025, total cash, cash equivalents and deposits stood at USD 1,666 million (including USD 282 million in customer deposits from banking operations in Pakistan), with USD 653 million held at HQ.
* Net debt to LTM EBITDA, excluding lease liabilities, stood at 1.13x (1.32x as of June 30, 2025).
* VEON IS RAISING its EBITDA outlook for 2025 and now expects local currency EBITDA growth of 16% to 18% year-on-year. VEON continues to expect local-currency revenue growth of 13% to 15% year-on-year.
* For 2025, VEON now expects total revenue growth in USD terms of 7% to 8% YoY (VS. ESTIMATED GROWTH OF 7.97% Y/Y) and EBITDA growth in USD terms of 10% to 11% YoY, assuming current FX rates. VEON expects capex intensity for 2025 (excluding Ukraine) to remain within the 17% to 19% range.
* VEON’s board has authorized buyback programs for up to USD 100 million of the Company’s ADSs and/or outstanding bonds. Allocation between the two will be determined by prevailing market conditions.

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* Historical earnings data for VEON [https://seekingalpha.com/symbol/VEON/earnings]