Veon raises outlook, flags digital investments in Ukraine

By Gianluca Lo Nostro

July 31 (Reuters) – Veon, the parent company of Ukraine’s leading mobile operator Kyivstar, raised its earnings outlook on Friday, signalling confidence in its strategy of expanding beyond traditional telecoms services.

Dubai-based Veon, which also owns telecoms brands across Asia, has positioned itself as a vehicle for international investors seeking exposure to Ukraine’s reconstruction. The group is expanding into areas such as entertainment, financial services and superapps, which combine multiple digital services on a single platform, like China’s WeChat.

Here are some details:

• VEON expects 2026 revenue growth of 15% to 18%, up from its previous forecast of 11% to 14%.

• It expects EBITDA growth of 9% to 12%, compared with its previous forecast of 7% to 10%.

• Higher energy prices due to the Iran war affected the guidance issued in the first half, prompting Veon to take a conservative approach, Chief Financial Officer Burak Ozer said

• Chief Executive Kaan Terzioglu said investor appetite for Ukraine was at an all-time high and flagged further digital investments in the country.

• “Our next investments will be around building data inference centers that we can also serve other countries when needed,” he told Reuters.

• Veon’s shares were up 6% in premarket trading.

(Reporting by Gianluca Lo Nostro. Editing by Mark Potter)