A major telecommunications company based in Dubai announced Wednesday that it has upgraded its financial outlook for 2026 after posting strong first-quarter performance driven by significant digital growth.
Veon has increased its projected revenue growth for 2026 to a range of 11% to 14% in U.S. dollar terms, marking an improvement from its earlier projection of 9% to 12%. This revision follows the company’s announcement of a 17% increase in first-quarter revenue, which reached $1.2 billion.
The company’s earnings before interest, taxes, depreciation and amortization climbed 17.7% compared to the same period last year, totaling $517 million. The corresponding margin expanded to 43.0%.
Particularly noteworthy was the performance of digital revenues, which represent a central component of Veon’s expansion strategy. These revenues surged 57.7% to reach $303 million, now accounting for more than 25% of the company’s total revenue stream. Digital EBITDA hit $105 million with a margin of 34.6%.
Veon operates telecommunications brands across emerging markets including Ukraine through its separately listed subsidiary Kyivstar, as well as in Pakistan and Bangladesh.
The company also adjusted its annual capital expenditure target upward to 15-17% of revenue, excluding Ukraine operations, from its previous range of 14-16%. This modification stems from spectrum deployment plans following a scheduled March 2026 auction in Pakistan.
