VEON Ltd. (VEON): Business Model Canvas [Dec-2025 Updated]

You're looking at VEON Ltd. (VEON) and wondering how a legacy telco is actually navigating the digital shift, right? Well, after two decades analyzing these plays, I can tell you the Q3 2025 numbers are the real story: the pivot is working, with direct digital services now hitting 17.8% of total revenue. This isn't just about keeping the lights on for their 149.5 million mobile subscribers; it's about building out Super Apps like JazzCash and integrating Agentic AI, which is fundamentally changing their value proposition in emerging markets. Dive into the full Business Model Canvas below to see exactly how they are structuring their key activities and revenue streams to make this digital-first future a reality.

VEON Ltd. (VEON) - Canvas Business Model: Key Partnerships

You're looking for the hard numbers on VEON Ltd.'s (VEON) strategic alliances as of late 2025. Here's the breakdown of the key partnerships driving their strategy, grounded in the latest available figures.

Global framework with Starlink for multi-country Direct to Cell connectivity

VEON Ltd. signed a non-exclusive global framework agreement with Starlink, making it the first operator with a multi-country Direct to Cell partnership. This deal grants access to a potential customer base exceeding 150 million across five countries where VEON operates.

The technology allows ordinary smartphones to connect to Starlink's satellite network, directly addressing coverage gaps in remote areas.

Strategic AI cooperation with MeetKai for sovereign, local-language LLMs

VEON's software company, QazCode, entered a strategic cooperation agreement with MeetKai to develop next-generation large language models (LLMs). This is designed to scale safe, locally relevant AI digital services for over 150 million customers across five markets: Kazakhstan, Uzbekistan, Ukraine, Pakistan, and Bangladesh.

• The partnership leverages MeetKai's Sovereign AI platform, enabling countries to govern model training and deployment according to data sovereignty requirements.
• QazCode pioneered KazLLM, the first Kazakh large language model, which received the GSMA Foundry Excellence Award in 2025.
• On November 25, 2025, the announcement saw VEON's stock gain 6.85%, adding approximately $246M to the company's valuation, bringing the market cap to $3.84B.
• Targeted use cases include AI agents for education, healthcare, agritech, public services, and enterprise productivity.

Infrastructure pooling and management with Engro Corporation in Pakistan

VEON completed the partnership for pooling and management of telecommunications infrastructure assets in Pakistan with Engro Corporation, transferring assets under Deodar (Private) Limited to Engro Connect. This move supports VEON's asset-light strategy.

The scheme of arrangement was completed at an enterprise value of USD 562.7 million in June 2025. As part of the deal, Engro will pay Jazz approximately USD 188 million and guarantee the repayment of Deodar's intercompany debt of USD 375 million. Jazz will continue to lease the infrastructure under a long-term agreement.

As of Q4 2024, Jazz, VEON's digital service provider in Pakistan, served over 71.5 million cellular subscribers and had 73 million MAUs for its digital services.

Content and digital service providers for entertainment and health platforms

The growth in digital services is a key focus, as evidenced by the financial performance of content and digital service platforms across VEON's portfolio. Direct digital revenue growth has been substantial.

In Q2 2025, Pakistan, VEON's largest market by revenue, saw its direct digital revenue grow by 35.7% in local currency terms.

Local financial institutions for mobile money and lending services

VEON's digital financial services platform in Pakistan, JazzCash, is a significant partner in the local financial ecosystem, operating under a Branchless Banking charter with Mobilink Microfinance Bank.

• JazzCash serves 54 million customers across payments, lending, insurance, and welfare disbursements.
• The ReadyCash digital lending feature disburses an average of 140,000 digital loans daily, making JazzCash the largest digital lender in Pakistan.
• In Q3 2025, financial services revenues grew 32.6% year-on-year to $107.5 million.
• In Q2 2025, the financial services segment reached 40.7 million users, with JazzCash's gross transaction value rising 43% year-on-year for the quarter.
• This activity supports Pakistan's National Financial Inclusion Strategy goal of reaching 75% formal financial access by 2028.

VEON Ltd. (VEON) - Canvas Business Model: Key Activities

You're looking at the core actions VEON Ltd. is taking right now to drive growth across its emerging markets, which is really about balancing the core telecom business with aggressive digital expansion. It's a complex juggling act, but the numbers from late 2025 show they're gaining traction.

Maintaining and modernizing 4G network infrastructure across five markets

Keeping the pipes full and fast is still the foundation. VEON Ltd. continues to pour capital into network upkeep and upgrades. For the third quarter of 2025, Group Capital Expenditure (Capex) clocked in at USD 223 million. This spend reflects their sustained investment across the footprint. Looking at intensity, the Last Twelve Months (LTM) capex intensity was 21.6%, though it drops to 17.7% when you exclude Ukraine. For the full year 2025, the expectation for capex intensity, outside of Ukraine, is holding steady in the 17% to 19% range. On the technology front, they're pushing forward with next-gen connectivity; for instance, Beeline Kazakhstan is targeting a 2026 launch for messaging services via its Direct-to-Cell partnership with Starlink, with data services to follow.

Developing and scaling digital platforms (JazzCash, Tamasha, Helsi)

This is where the real growth story is, honestly. Direct digital revenues in Q3 2025 hit USD 198 million, marking a massive 63.1% year-on-year jump in USD terms, and now make up 17.8% of the Group's total revenue. Financial services, which is a big part of that, saw revenues grow 32.6% to $107.5 million in the same quarter. You can see the scale in the user numbers and transaction volumes, which are defintely impressive.

Here's a quick look at some of the platform metrics we have from earlier in 2025:

The integration of successful features is also key; the inheritance calculator feature, which is scaling into JazzCash, saw usage that was 161% higher than any other tool on the Dost App.

Executing the AI1440 strategy for local-language Agentic AI integration

VEON Ltd. is moving its AI1440 vision forward, which centers on Augmented Intelligence to enhance customer capabilities, not just cut costs. This isn't just talk; they showcased this at MWC2025, emphasizing local language models. A major deliverable is the Ukrainian Large Language Model (LLM), which is scheduled for release by December 2025. The KazLLM, developed in Kazakhstan, is already operational and empowering millions of Kazakh speakers. The goal is to embed this intelligence across all their digital operator (DO1440) verticals.

Strategic M&A, like the acquisition of Uklon and OLX Kazakhstan

The company is actively expanding its digital footprint through strategic additions. A notable recent move was welcoming Uklon to the VEON family in April 2025. This activity is part of a broader strategy to integrate new services that capture more consumer spending. The Kyivstar Group listing on Nasdaq in August 2025 was a massive capital markets activity, establishing a market valuation for the asset. Post-listing, VEON's 89.6% stake was valued at USD 2.5 billion based on the November 7 closing price of USD 12.16 per share.

Managing regulatory compliance and spectrum licensing in emerging markets

Operating in emerging markets means regulatory navigation is a constant, high-stakes activity. The successful listing of Kyivstar Group on Nasdaq in August 2025 was a significant regulatory and corporate milestone, making it the first Ukrainian company trading on a U.S. stock exchange. Furthermore, spectrum management is critical for network quality; Kyivstar secured additional spectrum in November 2024 to enhance its network capabilities. These compliance and licensing activities directly underpin the ability to execute network modernization and new service rollouts, such as the planned Starlink Direct-to-Cell messaging in Ukraine by Q4 2025.

You should check the latest cash position; Total cash, cash equivalents and deposits stood at USD 1,666 million as of September 30, 2025, with USD 653 million held at Headquarters.

• LTM Equity Free Cash Flow (3Q25): USD 584 million.
• Net Debt (excluding leases, 3Q25): USD 1,729 million.
• Group Leverage (3Q25): 1.13x.

VEON Ltd. (VEON) - Canvas Business Model: Key Resources

You're looking at the core assets VEON Ltd. (VEON) is relying on as of late 2025. These aren't abstract concepts; they are hard numbers reflecting network scale and digital adoption. Honestly, the balance sheet and the subscriber count tell a big part of the story here.

Network and Subscriber Foundation

The physical and user base assets are foundational. VEON Ltd. (VEON) maintains an extensive 4G network and fixed broadband infrastructure across its operating markets. This infrastructure underpins all services, from basic voice to high-speed data and digital platform access. The scale of the user base directly translates to revenue potential and platform adoption.

As of September 30, 2025, the large mobile subscriber base stood at approximately 149.5 million. This base is increasingly sophisticated in its usage patterns. The 4G user base specifically grew 4.0% YoY to reach 103.7 million users. To be fair, the penetration of advanced services is what really matters now.

Here's a quick look at how the network usage breaks down:

• 4G users as a percentage of total base: 69.4% as of 3Q25.
• Year-over-year growth in 4G users: 4.0%.
• Increase in 4G penetration (p.p. YoY): 4.7 p.p..

Furthermore, the company is securing future connectivity assets, having signed a non-exclusive global framework agreement with Starlink to expand direct-to-cell connectivity.

Digital Platforms and Financial Strength

The digital platforms, often branded as Super Apps, are a critical resource driving revenue diversification. These include platforms like JazzCash and the Beeline SuperApp, which are embedding financial services and other online offerings deep into the customer experience. The growth in digital engagement is significant; Total Monthly Active Users (MAUs) reached 143.3 million, a 39.3% YoY increase.

The financial health backing these operations is robust. As of September 30, 2025, VEON Ltd. (VEON) reported cash and deposits of USD 1.666 billion. This liquidity position supports ongoing investment and strategic flexibility. What this estimate hides is the geographic split of that cash.

The digital ecosystem is showing strong monetization. Direct digital revenues grew 63.1% YoY to reach USD 198 million in 3Q25, accounting for 17.8% of total Group revenue. The financial services segment, which includes JazzCash, saw its user base grow by 25% to 42.1 million users across all platforms. Transaction values on these platforms grew 50% over the last 12 months, totaling USD 48.8 billion.

Advanced Capabilities and Human Capital

The intellectual capital driving digital acceleration is focused on advanced technology integration. VEON Ltd. (VEON) is embedding locally trained Large Language Models (LLMs) within select digital platforms as part of its AI1440 strategy. This requires specialized human capital, namely data science teams, to customize and deploy these models for inclusive AI innovation across their markets. The success of the digital segment is directly tied to the expertise of these teams.

The adoption of multiplay services-customers using at least one digital platform alongside 4G-shows the success of integrating these resources. Multiplay customers reached 43.5 million as of September 30, 2025, a 23.3% YoY increase. Multiplay revenues made up 55.4% of consumer revenues in 3Q25. That's a defintely high proportion of consumer spend.

Key Digital Resource Metrics:

• Multiplay Customers (as of 3Q25): 43.5 million.
• Multiplay Customer Growth (YoY): 23.3%.
• Financial Services Users: 42.1 million.
• Financial Services Revenue Growth (YoY): 32.6%.

Finance: draft 13-week cash view by Friday.

VEON Ltd. (VEON) - Canvas Business Model: Value Propositions

You're looking at the core value VEON Ltd. (VEON) is delivering to its customers across its emerging markets footprint as of late 2025. It's a mix of essential connectivity and rapidly growing digital services.

Converged connectivity and online services in emerging markets is the foundation. VEON Ltd. (VEON) is a global digital operator providing these services to nearly 150 million connectivity customers and over 140 million digital users across its six operating countries. This scale in emerging markets is key to their proposition.

The push for digital financial inclusion is heavily exemplified by JazzCash in Pakistan. This platform won the Silver Award for Innovation in Lending at Money20/20 USA 2025 for its pioneering ReadyCash feature. ReadyCash provides instant and accessible credit, disbursing around 140,000 digital loans every day on average. As of Q3 2025, JazzCash had approximately 20.6 million Monthly Active Users (MAUs). The Gross Transaction Value for JazzCash reached PKR 3.9 trillion in Q3 2025, marking a 57.8% YoY growth, supported by over 700K active merchants.

The financial uplift from bundling services is clear. The strategy centers on moving users from basic voice to richer digital experiences. Here's how the ARPU (Average Revenue Per User) stacks up:

The 3.8x multiplier in Q3 2025 shows the value of the digital ecosystem; that segment is driving significant revenue growth, with multiplay revenues growing 23% year-on-year in Q3.

For resilient connectivity, VEON Ltd. (VEON) is deploying advanced solutions. Kyivstar, the operator in Ukraine, launched Starlink's Direct to Cell satellite connectivity in Q4 2025, making it the first mobile operator in Europe to do so. This service initially offers SMS capabilities to all subscribers with a 4G smartphone at no extra cost, with plans to extend to voice and data in 2026. This partnership grants VEON access to over 150 million potential customers across its footprint via the Starlink deal.

The value of locally relevant digital solutions is seen in the accelerating growth of the digital business. Direct digital revenues in Q3 2025 reached $198 million, a 63% year-on-year surge, now representing 17.8% of total group revenues. This digital portfolio is broad:

• Financial services were the largest component, accounting for 57% of total digital revenue in Q2 2025.
• VEON welcomed the ride-hailing service Uklon to its family effective April 2025.
• As of Q3 2025, 69.4% of the total mobile base were 4G users, up 4.7 percentage points YoY, which is the enabler for multiplay adoption.

Finance: draft 13-week cash view by Friday.

VEON Ltd. (VEON) - Canvas Business Model: Customer Relationships

You're looking at how VEON Ltd. (VEON) connects with its massive customer base across six markets as of late 2025. The relationship is heavily digitized, moving from simple connectivity to being an embedded part of daily life through their digital ecosystem.

Digital-first, self-service model via Super Apps

The core of the customer relationship is the digital self-service experience, anchored by country-specific Super Apps. These platforms integrate connectivity with a growing suite of digital products. The reach of these applications is substantial; as of June 2025, total digital multi-active users reached 119.7 million, marking a 7% year-on-year increase. To be fair, the Super App strategy is about embedding services so deeply that the customer experience is seamless. For instance, in Pakistan, the financial services platform, JazzCash, is a key component, disbursing an average of 140,000 digital loans daily. This focus on digital is translating directly to the top line, with Direct Digital Revenues growing 63.1% year-on-year in USD terms in Q3 2025, reaching $198 million, which is 17.8% of Group revenue. That's a significant shift in how value is captured from the customer base.

VEON Ltd. (VEON) is actively expanding these country-specific 'super apps' to bundle services like payments, ride-hailing, entertainment platforms, and delivery solutions across Pakistan, Ukraine, Kazakhstan, Bangladesh, and Uzbekistan. The company stated they serve with their applications more than 100 million people, and one-third of those users aren't even VEON Ltd. (VEON) SIM card holders, showing the apps act as a broad digital gateway.

Automated customer support using Agentic AI-powered solutions

VEON Ltd. (VEON) is accelerating the integration of agentic AI-powered features across its platforms to deliver localized and intuitive user experiences at scale. This is moving beyond simple chatbots to goal-driven, autonomous agents that can handle multi-step processes. While specific VEON Ltd. (VEON) internal automation metrics aren't public, the industry trend shows a massive pivot; for example, some early adopters in the tech sector are seeing an 87% reduction in average resolution time by replacing tier-1 support with agentic AI agents. The goal here is defintely to make customer interactions more efficient while maintaining context across the entire journey. The industry expects agentic AI to handle 68% of customer service and support interactions by 2028.

High engagement and low churn driven by multiplay service bundles

The multiplay strategy-where customers use at least one digital service in addition to voice and data-is the primary driver for stronger customer relationships, evidenced by superior financial and retention metrics. Multiplay customers are simply more sticky. As of September 30, 2025, multiplay customers grew 23.3% year-on-year to 43.5 million, making up 33.7% of the total base. These bundled customers are significantly more valuable and less likely to leave. You can see the direct impact in the ARPU and churn figures.

Here's a quick look at the financial impact of this bundling strategy as of Q3 2025:

Even back in Q2 2025, multiplay customers generated 3.7 times the ARPU of voice-only subscribers. This ratio is holding up even as adoption expands.

Community-focused, personalized offerings based on local context

VEON Ltd. (VEON)'s strategy emphasizes localization, which is key to community focus. The company is committed to delivering user experiences tailored to the local context and in customers' own languages. This is evident in the diverse digital service expansion across its markets, such as the focus on financial services in emerging markets like Pakistan and Bangladesh, and the development of ride-hailing (Uklon) and other services where they fit the local need. The digital operator strategy, DO1440, is built on expanding and localizing these digital applications to meet diverse market needs. This approach helps increase customer loyalty, which is critical in competitive environments.

• Digital services now account for 17.8% of total Group revenue in Q3 2025.
• Financial services revenue in Q3 2025 reached $107.5 million, up 32.6% year-on-year.
• 4G penetration across the base reached 68% in Q2 2025, up 4.6 percentage points, enabling more digital service usage.
• The company is exploring Direct to Cell partnerships, with Beeline Kazakhstan targeting messaging in 2026, showing long-term infrastructure commitment to local service quality.

Finance: draft 13-week cash view by Friday.

VEON Ltd. (VEON) - Canvas Business Model: Channels

You're looking at how VEON Ltd. (VEON) gets its services-from basic connectivity to advanced digital offerings-into the hands of its customers across its markets. It's a mix of traditional telecom infrastructure and a rapidly growing digital ecosystem.

Mobile and fixed network infrastructure (voice, data, SMS)

The foundation remains the physical network. For the Ukrainian operation, Kyivstar Group, as of June 30, 2025, served nearly 22.4 million mobile customers and over 1.1 million home internet fixed line customers. Globally, VEON Ltd. reported 149.5 million mobile subscribers across its footprint as of September 30, 2025, which excludes the subscribers from the recently divested Kyrgyzstan operations. The push for higher-value services is evident in the 4G adoption rate; as of 3Q25, the 4G user base stood at 103.7 million, making up 69.4% of the total mobile base. This connectivity underpins the entire digital channel strategy.

Digital Super Apps (e.g., JazzWorld, MyKyivstar) for service delivery

VEON Ltd. is clearly shifting focus to digital engagement, evidenced by the growth in Multiplay customers-those using at least one digital application alongside their core connectivity. Across the entire VEON Group, this Multiplay customer base grew by 23.3% year-on-year to reach 43.5 million as of September 30, 2025. Multiplay revenues accounted for 55.4% of VEON's consumer revenues for 3Q25. Specifically within the Kyivstar Group, the total digital monthly active users (MAUs) across its key apps-which include MyKyivstar, Kyivstar TV, and Helsi-reached 13.4 million in 2Q25. The Pakistani operator, Jazz, supports its own digital services with a subscriber base of 72 million. The Multiplay customer base for Kyivstar specifically was 6.5 million in 2Q25.

Here's a quick look at the user base growth for the key digital platforms under the Kyivstar umbrella:

Physical retail stores and authorized dealer networks

VEON Ltd. relies on physical touchpoints for sales, support, and device distribution, though the search results don't provide a current count of these points of presence. What is clear is the commitment to the underlying infrastructure these channels serve. VEON, through Kyivstar Group, intends to invest USD 1 billion in Ukraine's digital infrastructure and technological development between 2023 and 2027. This investment supports the network that these physical channels sell access to.

Online platforms for digital services (e.g., Kyivstar TV, Helsi)

The online platforms are a major revenue driver now. VEON's direct digital revenues in 3Q25 hit USD 198 million, marking a 63.1% year-on-year growth. These digital streams now represent 17.8% of the Group's total revenue. The acquisition of Uklon, which is integrated into the digital channel reporting, contributed USD 21.7 million in revenue in 2Q25 alone. The Helsi digital healthcare platform shows massive reach with a registered user base of 29 million. For Kyivstar TV, the streaming platform had 2 million monthly active users as of March 2025. You see the impact of this channel mix when you note that VEON raised its full-year 2025 EBITDA outlook to 16% to 18% in local currency terms, reflecting the strong momentum from these digital services.

The growth in digital is defintely changing the channel mix.

• VEON Group's total cash, cash equivalents and deposits were USD 1,666 million as of September 30, 2025.
• The Group's LTM Equity Free Cash Flow was USD 584 million in 3Q25.
• VEON's Board authorized buyback programs for up to USD 100 million of its ADSs and/or outstanding bonds.

VEON Ltd. (VEON) - Canvas Business Model: Customer Segments

You're looking at the core user base that drives VEON Ltd.'s Digital Operator strategy across its footprint in Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh. This segment is stratified by connectivity adoption and digital service engagement.

The foundation remains the mass-market mobile subscribers across Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh. As of September 30, 2025, VEON Ltd. reported a total of 149.5 million mobile subscribers, which reflects a year-over-year decrease of 3.1%, excluding subscribers from Kyrgyzstan following its sale.

A critical subset driving modern revenue streams is the 4G user base. These customers are the engine for data consumption and the gateway to bundled services. As of Q3 2025, the 4G user base stood at 103.7 million, marking a 4.0% year-on-year growth, with 4.0 million new 4G users added in the last twelve months. This base now represents 69.4% of the total subscriber base, an increase of 4.7 percentage points year-on-year.

The most valuable segment is the Multiplay customer, those engaging with at least one digital platform alongside their 4G voice and data services. This group shows superior economics. Multiplay customers increased by 23.3% year-on-year to reach 43.5 million as of September 30, 2025, making up 33.7% of the total base. These customers are significantly more valuable, generating 3.8x higher Average Revenue Per User (ARPU) and exhibiting 50% lower churn rates compared to voice-only users. For 3Q25, Multiplay revenues accounted for 55.4% of VEON Ltd.'s consumer revenues.

VEON Ltd. also tracks users who access their digital ecosystem without a VEON SIM card, representing a pure digital reach. As of Q1 2025, these digital-only users grew to 32.4 million, an increase of 58.3%.

The financial services arm targets micro-entrepreneurs and general consumers seeking accessible digital credit and financial services. This segment is scaling rapidly. Over the last 12 months leading up to Q3 2025, transaction values across these financial platforms grew 50% to reach $48.8 billion. The overall Financial Services segment reached 42.1 million users across all platforms in 3Q25, with revenues in this vertical growing 32.6% to $107.5 million in 3Q25.

Here's a quick look at the key user metrics as of the latest reported periods:

The customer base is segmented by their level of digital integration, which directly impacts their value to VEON Ltd.:

• Mass-market mobile subscribers in Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh.
• 4G users driving data consumption, totaling 103.7 million as of Q3 2025.
• Multiplay customers using bundled services, at 43.5 million in Q3 2025, delivering 3.8x ARPU uplift.
• Digital-only users accessing apps without a VEON SIM, reaching 32.4 million in Q1 2025.
• Micro-entrepreneurs and others using digital financial services, with the segment reaching 42.1 million users in 3Q25.

If onboarding for digital services takes 14+ days, churn risk rises, especially for the high-value Multiplay segment.

Finance: draft 13-week cash view by Friday.

VEON Ltd. (VEON) - Canvas Business Model: Cost Structure

You're looking at the major outlays for VEON Ltd. as of late 2025, focusing on where the capital is flowing to maintain and grow the network and digital footprint. Honestly, a big part of the cost structure story right now is about balancing heavy network investment with the efficiency gains from digital scale.

The planned Capital expenditures (Capex) for network upgrades and digital infrastructure for the full year 2025, excluding the operations in Ukraine, is guided to fall within a tight range. This intensity reflects sustained modernization efforts across the operating markets.

Here's a quick look at the key investment and efficiency metrics we have for the cost side of the equation, based on the third quarter 2025 results and full-year outlook:

Network operating costs, which cover things like energy and site lease payments, are managed through a focus on cost discipline. The improvement in the EBITDA margin to 47.0% in the third quarter of 2025 shows that operating leverage and cost management are helping to keep these day-to-day expenses in check relative to revenue growth.

Technology and platform development costs for digital services and AI are a significant area of focus, given the acceleration in that segment. Direct digital revenues hit USD 198 million in Q3 2025, representing 17.8% of total Group revenue, up from 11% a year ago. This growth rate was 63.1% YoY in USD terms.

For marketing and sales expenses aimed at customer acquisition and digital adoption, the financial reports indicate that selling, general, and administrative expenses were higher for the six-month period ending June 30, 2025, compared to the prior year period, though a specific breakdown isn't itemized here. The overall EBITDA margin expansion suggests that any increase in these costs is being offset by revenue growth and operational efficiencies.

Regarding regulatory compliance and license fees, we know that during the first six months of 2025, VEON recognized a net gain driven by the derecognition of payables for licenses in Kazakhstan. Specific ongoing compliance costs or expected license fee outlays for the remainder of 2025 are not detailed as a standalone expense line in the latest summaries, but they are factored into the overall operating cost base managed to achieve the 47.0% EBITDA margin.

• Network modernization and digital-infrastructure investments are the primary drivers for the Capex intensity guidance of 17% to 19% (excl. Ukraine) for 2025.
• Digital services, which require investment in technology platforms, are a growing part of the revenue base, accounting for 17.8% of total revenue in Q3 2025.
• Cost discipline across all markets is explicitly cited as supporting the EBITDA margin expansion to 47.0% in Q3 2025.

Finance, draft the 13-week cash view by Friday.

VEON Ltd. (VEON) - Canvas Business Model: Revenue Streams

You're looking at the money coming into VEON Ltd. as of late 2025. It's a mix, but the core connectivity business still brings in the bulk of the cash, even as the digital side accelerates rapidly.

The total revenue for the third quarter ended September 30, 2025, hit USD 1,115 million. This represented a 7.5% year-on-year growth in USD terms.

Here is a breakdown of the key revenue segments reported for that quarter:

Core Mobile Connectivity (Voice, SMS, Data) is represented by the Telecom and Infrastructure Revenue, which was USD 917 million in Q3 2025. This remains the largest component, but the growth story is clearly elsewhere.

Direct Digital Services Revenue is the clear growth engine right now. For Q3 2025, this segment generated USD 198 million. That figure represents 17.8% of the Group's total revenue for the quarter. The growth rate for this segment was significant, rising 63.1% year-on-year in USD terms.

Financial Services Revenue also showed strong momentum, coming in at USD 107.5 million for Q3 2025. This stream grew 32.6% year-on-year.

The company's outlook points to continued top-line expansion. You should note the guidance for the full year 2025:

• Full-year 2025 total revenue growth guidance of 7% to 8% in USD terms.
• Local-currency revenue growth expectation maintained at 13% to 15% Year over Year.
• The EBITDA outlook was raised, now expecting 10% to 11% growth in USD terms for the full year 2025.

Fixed-line and broadband services revenue is embedded within the larger Telecom and Infrastructure bucket of USD 917 million for the quarter. The multiplay customer base, which uses both connectivity and digital services, grew 23.3% Year over Year to 43.5 million as of September 30, 2025. Multiplay revenues accounted for 55.4% of consumer revenues in Q3 2025.