Abstract

VEON Ltd will release its FY25 earnings update on March 13, 2026 Pre-Market, and this preview details current-quarter projections for revenue, EPS, and EBIT alongside segment trends, last-quarter performance, and the balance of institutional commentary captured year-to-date.

Market Forecast

The prevailing expectation points to VEON Ltd delivering revenue of 1.12 billion in the current quarter, with adjusted EPS estimated at 1.24 and EBIT projected at 276.00 million. Year-over-year, these forecasts imply revenue growth of 12.54%, EPS growth of 61.04%, and EBIT growth of 33.33%. Forecasts for gross profit margin and net margin are not disclosed; the focus remains on topline recovery and earnings leverage according to current-quarter estimates.

The main business is expected to anchor the quarter, with telecom and infrastructure revenue representing the largest portion of the mix and serving as a stable cash-generation engine that supports investment in growth initiatives and product enhancement. The most promising segment is direct digital revenue, which stood at 126.00 million last quarter and is positioned to benefit from new digital partnerships, service bundling, and usage expansion; year-over-year segment growth was not disclosed.

Last Quarter Review

VEON Ltd’s previous quarter delivered revenue of 1.12 billion, a gross profit margin of 88.07%, GAAP net profit attributable to the parent company of -131.00 million, a net profit margin of -11.75%, and adjusted EPS of -0.48, down 116% year-over-year.

One notable highlight was topline resilience versus expectations: revenue exceeded estimates by 22.00 million and the EPS print surpassed consensus by 1.73, indicating expense discipline and operating execution outweighed headwinds in the period. Within the main business, telecom and infrastructure contributed 872.00 million while direct digital revenue reached 126.00 million; the company did not disclose segment-level year-over-year growth.

Current Quarter Outlook (with major analytical insights)

Telecom and Infrastructure

Telecom and infrastructure remain VEON Ltd’s primary revenue base and cash-generation foundation for the quarter. With last quarter’s telecom and infrastructure revenue at 872.00 million and overall gross margin at 88.07%, the business demonstrated pricing power and network cost efficiencies that should support margin traction when revenue expands. The current-quarter revenue estimate of 1.12 billion implies broader demand recovery and continued service adoption across connectivity and bundled offerings. In practical terms, stability in connectivity, incremental enterprise contracts, and ongoing optimization of network deployment costs are likely to underpin revenue quality and EBIT leverage this quarter. While company-level gross and net margins are not forecasted in available guidance, an EBIT estimate of 276.00 million together with a 33.33% year-over-year improvement indicates operating momentum aligned with recovery and cost control in core network services. Execution on service reliability, churn management, and average revenue per user uplift within the telecom footprint will be essential to translating topline growth into earnings expansion.

Direct Digital Revenue

Direct digital revenue, reported at 126.00 million last quarter, is the segment with the greatest near-term expansion potential relative to its size. The company’s recent initiatives—particularly collaborations linking mobile connectivity with digital service ecosystems—should further catalyze adoption. VEON Ltd’s announced partnerships this year highlight efforts to bolster digital user engagement and expand service offerings that monetize usage beyond connectivity. For instance, the group’s collaboration efforts with technology partners indicate a strategic intent to integrate advanced capabilities into consumer and enterprise applications that can make digital packages more compelling and sticky. These moves are aligned with the current quarter’s EPS growth estimate of 61.04% year-over-year, as incremental digital monetization improves revenue quality and supports operating leverage. While segment-specific year-over-year growth rates were not disclosed, the overall revenue forecast suggests digital products are expected to be a meaningful contributor to quarter-on-quarter and year-over-year advances. The main watchpoints will include take-up of bundled plans, conversion into paid tiers, and the cross-sell achieved through new digital service integrations.

Stock Price Drivers This Quarter

The stock will likely be most sensitive to three factors in the current reporting cycle: delivery versus the revenue and EPS estimates, the visibility around EBIT expansion, and the credibility of the digital growth pathway. First, an in-line or better revenue result around 1.12 billion coupled with an EPS outcome near 1.24 would validate market expectations for double-digit topline growth and significant earnings improvement; any notable variance will likely be quickly reflected in the share price. Second, the EBIT estimate of 276.00 million and year-over-year gain of 33.33% set a clear operational benchmark; upside to EBIT would demonstrate stronger-than-anticipated cost discipline and monetization mix, whereas downside would raise questions about expense trajectory or the cadence of investment returns. Third, investors will closely evaluate the narrative around digital expansion—product rollouts, user metrics, and partnership execution—to gauge how much incremental revenue and margin can be expected from these initiatives within the upcoming fiscal periods. Clarity on service adoption, conversion rates, and pricing will be decisive for sustaining multiple expansion or defending valuation amid the broader market’s demand for tangible progress in high-margin digital services.

Beyond these factors, the market will parse any color on capital allocation, especially where investment in network modernization and digital platforms is balanced against deleveraging and cash flow priorities. Since last quarter’s net margin was -11.75%, convincing evidence of a trajectory toward profitability—supported by stable revenue growth of 12.54% year-over-year and improving EBIT—will likely drive market confidence. Investors will also monitor how segment contributions evolve: telecom and infrastructure should continue to anchor cash flows, and direct digital is expected to provide incremental growth that’s measurable and repeatable, reinforcing the EPS outlook.

Analyst Opinions

Within the defined date window from January 1, 2026 to March 6, 2026, formal sell-side previews of VEON Ltd’s upcoming results are comparatively limited, and accessible institutional commentary has been constructive rather than negative. The ratio of bullish to bearish views within this window is weighted toward bullish commentary, with no identifiable bearish calls located during the period. Market participants appear to interpret the company’s revenue, EPS, and EBIT guidance trajectory as supportive of year-over-year improvement, especially given the announced timing of the FY25 earnings update on March 13, 2026 and the emphasis on digital initiatives across the group’s footprint.

The majority view focuses on the potential for earnings leverage as topline expands and digital monetization improves, aligning with the current-quarter revenue estimate of 1.12 billion and an EPS forecast of 1.24. Analysts and institutions tracking the company year-to-date have highlighted the importance of execution in digital partnerships and the rollout of services that can deepen user engagement, promote higher-value plans, and build recurring revenue. Commentary has also suggested that EBIT expansion is a key validation point this quarter; meeting or exceeding the 276.00 million estimate would demonstrate successful management of operating costs and the early fruits of digital growth initiatives.

Based on the net balance of views captured in the specified period, the majority opinion can be summarized as cautiously bullish: the market expects VEON Ltd to deliver a quarter characterized by double-digit revenue growth and substantially improved EPS, with the telecom and infrastructure base providing stability while direct digital continues to scale. The constructive tone is anchored in the tangible forecast metrics—Revenue up 12.54% year-over-year, EBIT up 33.33% year-over-year, and EPS up 61.04% year-over-year—and in the company’s visible efforts to broaden digital capabilities and deepen customer monetization. Should VEON Ltd affirm these trends during its March 13, 2026 Pre-Market update, the majority view anticipates further validation of the turnaround in earnings quality and the sustainability of the growth pathway in the coming quarters.