VEON Ltd's stock surged 7.86% during intraday trading on Wednesday, following the telecom group's release of robust first-quarter 2026 financial results and an upward revision to its full-year revenue outlook.

The Dubai-based operator reported Q1 revenue increased 17.0% year-over-year to $1.20 billion, with EBITDA rising 17.7% to $517 million. A standout performance came from its digital revenue segment, which surged 57.7% to $303 million and now represents over a quarter of the group's total revenue. The company also reported earnings of $1.39 per American depositary share, beating analyst estimates.

Based on this strong start, VEON raised its 2026 revenue growth guidance to 11-14% in U.S. dollar terms, up from its previous forecast of 9-12%, while maintaining its EBITDA growth guidance of 7-10%. Management cited resilient consumer demand, strong digital momentum, and favorable currency effects from a softer U.S. dollar as key drivers behind the improved outlook. The positive performance was also supported by strong results from its Ukrainian subsidiary, Kyivstar, which similarly raised its annual forecasts.