Veon raises 2026 revenue outlook as digital sales jump 58% in Q1

Veon (VEON) raised its 2026 revenue growth forecast on May 13, 2026, after first-quarter revenue rose 17% to $1.2 billion, driven by rapid growth in digital services. The Dubai-based telecom group now expects 2026 revenue growth of 11% to 14% in U.S. dollar terms, up from its prior forecast of 9% to 12%. EBITDA increased 17.7% year over year to $517 million, while the EBITDA margin widened to 43.0%. Digital revenue rose 57.7% to $303 million, accounting for more than a quarter of total revenue. Digital EBITDA reached $105 million, with a 34.6% margin. Veon also lifted its annual capital spending target to 15% to 17% of revenue, excluding Ukraine, from 14% to 16%, citing spectrum deployment plans after Pakistan’s March 2026 auction.