VEON Ltd's stock surged 6.73% during intraday trading, reflecting strong investor sentiment following the release of its fourth-quarter and full-year 2025 financial results.

The digital operator reported record growth, with Q4 digital revenues skyrocketing 84.1% year-on-year to $235 million, accounting for 20.1% of total group revenue. This explosive digital performance drove a 17.4% increase in total revenue to $1.171 billion for the quarter, beating analyst estimates of $1.122 billion. EBITDA for the quarter grew 29.1% to $527 million, with the margin expanding by 410 basis points to 45.0%.

For the full year 2025, VEON's revenue increased 9.9% to $4.399 billion, while EBITDA rose 18.8% to $2.009 billion. The company also provided a positive outlook for 2026, expecting total revenue growth of 9%-12% and EBITDA growth of 7%-10% in USD terms. These strong results, combined with disciplined capital allocation including share buyback programs and strategic acquisitions, have bolstered investor confidence in VEON's transformation into a leading digital operator.