VEON: Additional Momentum Possible for 2026 — A Detailed News Rewrite in English

Meta description: VEON: additional momentum possible for 2026 as improving fundamentals, faster digital revenue growth, and major corporate catalysts (including Kyivstar’s U.S. listing path) reshape the company’s outlook—alongside clear geopolitical and execution risks.

What’s happening with VEON right now

VEON Ltd. (Nasdaq: VEON) is drawing renewed attention after a stretch of improving operating performance, rising digital revenue contribution, and high-profile strategic moves tied to its Ukrainian business, Kyivstar. The key story is simple: the company has been working to evolve from a “traditional telecom operator” into what it calls a digital operator—a telecom core with fast-growing digital services layered on top.

That shift has started to show up in reported numbers and in investor expectations for 2026. Recent company updates highlighted revenue growth, a stronger EBITDA trend, and a rapid acceleration in direct digital revenue. At the same time, VEON’s footprint in frontier markets means the upside case is paired with real-world risks—especially geopolitical uncertainty and currency/market volatility.

Why the “additional momentum possible for 2026” narrative is gaining traction

The “momentum” thesis is usually built on a combination of: (1) operating acceleration, (2) valuation and price behavior, and (3) identifiable catalysts that can change how investors value a company. For VEON, all three are being discussed more actively going into 2026.

1) Improving fundamentals and a clearer operating story

VEON has pointed to resilience across its markets while emphasizing stronger execution, better margins, and expanding monetization beyond basic connectivity. In its recent quarterly communications, the company reported year-on-year revenue growth and stronger EBITDA growth, alongside a sharp jump in direct digital revenue—suggesting that higher-value services are contributing more meaningfully than before.

2) Direct digital revenue is becoming “real” at group scale

A major highlight in VEON’s recent updates is the speed of its digital expansion. The company reported direct digital revenue growth of over 60% year-on-year in the period it discussed, with digital revenue reaching a notable share of overall group revenue. This matters because digital services can sometimes carry different economics than legacy telecom—often more scalable, more product-driven, and sometimes less capital-intensive once platforms reach size.

VEON also broke out financial services revenue growth as another contributor, reinforcing that the company is trying to monetize its large customer base through multiple product lines rather than relying only on mobile and fixed connectivity.

3) Corporate catalyst: Kyivstar and the U.S. listing path

One of the most closely watched potential catalysts is the effort to list Kyivstar Group on Nasdaq via a business combination. The Kyivstar story is unusual because it is tied to a country operating under extraordinary conditions, and yet it has also become a symbol of resilience and rebuilding potential. A successful listing process can influence investor perception in several ways:

• Visibility: It may increase investor awareness of Kyivstar as a distinct asset with its own fundamentals.
• Valuation framing: A public listing process tends to put more explicit “numbers” around a business unit’s value.
• Capital access narrative: The process can signal greater access to international capital markets.

VEON and Kyivstar communications described progress milestones around the transaction and filings, and media coverage has discussed possible fundraising ranges and post-transaction ownership intentions.

Key numbers investors are focusing on

While investors look at many metrics, the most repeated “headline” indicators in VEON’s recent updates include:

• Revenue growth: VEON reported mid-to-high single-digit revenue growth in U.S. dollars in the quarter it highlighted.
• EBITDA growth: VEON reported a much faster EBITDA growth rate than revenue in that same period, implying margin improvement.
• Direct digital revenue growth: VEON reported direct digital revenue growth above 60% year-on-year in the highlighted period, reaching a meaningful share of group revenue.
• Guidance posture: The company discussed maintaining revenue guidance while revising EBITDA expectations upward within a defined range (in local currency terms).

A simple snapshot table (what these signals usually imply)

Signal	What it can mean for 2026 momentum	What could go wrong
Revenue growing steadily	Core demand holds up; pricing/product mix improves	Currency swings or competitive pricing pressure
EBITDA growing faster than revenue	Operating leverage; better cost control; stronger margins	Inflation, energy costs, network costs, or FX shocks
Digital revenue growing very fast	Multiple expansion potential; stronger investor narrative	Churn, product saturation, regulation, or monetization limits
Kyivstar listing milestones	Catalyst for re-rating; higher visibility and capital access	Regulatory delays, market conditions, geopolitical escalation

Where VEON’s “2026 momentum” could come from

When people talk about “momentum” into a specific year like 2026, they often mean a blend of business momentum (earnings power improving) and market momentum (investor demand pushing valuations higher). For VEON, the following pathways are often discussed:

Pathway A: Digital operator model scales across markets

If VEON can keep growing direct digital revenues at a pace that outperforms the telecom core, the company’s overall growth profile could improve. Investors may then be more willing to value the company less like a slow telecom and more like a hybrid telecom-plus-platform business. The biggest test here is durability: can digital growth remain strong after the “easy wins,” and can VEON keep users engaged without overspending on promotions?

Pathway B: Margins improve and guidance credibility rises

Markets tend to reward companies that (1) guide responsibly and (2) deliver consistently. VEON’s communication about maintaining revenue guidance while adjusting EBITDA expectations can be interpreted as confidence in profitability and execution. If that trend continues, investor trust can build, which sometimes supports stronger valuation even without explosive revenue growth.

Pathway C: Kyivstar visibility and valuation re-framing

A separately visible Kyivstar can change how investors think about VEON’s “sum of the parts.” Even if VEON remains the parent company, the process of a U.S. listing can create clearer benchmarks, peer comparisons, and investor coverage. In some cases, that clarity alone can be a catalyst for re-rating—especially if the market believes the asset is undervalued inside the parent structure.

The risks that could derail the 2026 upside case

No rewrite of this topic is complete without acknowledging the risk stack. VEON operates in frontier and emerging markets, which can offer growth but also produce abrupt shifts in operating conditions. The biggest risks that come up repeatedly include:

1) Geopolitical risk and operational disruption

Kyivstar operates in Ukraine, where conditions can change rapidly. Even when operations demonstrate resilience, disruptions can occur (infrastructure, cyber incidents, power stability, logistics). Geopolitical developments can also influence investor sentiment quickly, regardless of quarterly performance.

2) Currency volatility and inflation pressure

VEON reports results in U.S. dollars, but earns across multiple local currencies. That means FX movement can distort the headline growth rate, even when local performance is strong. Inflation can also raise network and operating costs, testing margin improvements.

3) Regulatory and compliance complexity

Telecom is heavily regulated, and digital services can attract additional scrutiny (data, payments, consumer protection). Expansion into financial services can increase compliance demands and raise the cost of scaling.

4) Execution risk in digital products

Digital revenue growth sounds great—but it has to be repeatable. Products must keep users engaged, fend off competition, and avoid rising customer acquisition costs. A fast-growing platform can also face “growth pains,” from service quality to fraud prevention to customer support.

5) Deal/timeline risk tied to Kyivstar’s listing process

Listings and business combinations depend on many moving parts: filings, approvals, market conditions, investor appetite, and timing. Even if the strategic logic is strong, delays can reduce catalyst value in the short term.

What to watch through 2026 (practical checklist)

For anyone following the “VEON additional momentum possible for 2026” angle, it helps to track a consistent checklist rather than headlines alone:

• Digital revenue share: Does direct digital revenue keep rising as a percent of total revenue?
• Profitability trend: Does EBITDA growth remain stronger than revenue growth?
• Guidance updates: Do guidance ranges narrow (often a sign of higher visibility) or widen (higher uncertainty)?
• Kyivstar milestones: Are there concrete, dated steps (filings, approvals, listing events) rather than only broad statements?
• Balance sheet signals: Cash levels, refinancing actions, and any shifts in leverage.
• Market structure: Competitive intensity in key markets and any meaningful pricing changes.

Context: Why market participants sometimes re-rate “turnaround” telecom stories

Telecom companies often trade on stable cash flows rather than excitement. But a re-rating can happen when the market believes a company is moving into a new category—such as adding scalable digital services or building a “super-app” ecosystem that increases revenue per user and reduces churn.

In VEON’s case, the market conversation has increasingly centered on whether the digital operator model is reaching a point where it changes the company’s long-term identity. When that happens, two things tend to follow:

1. More investor attention: Analysts and investors begin tracking new KPIs (digital revenue, fintech penetration, engagement metrics).
2. A shift in valuation logic: The market may start comparing parts of the business to faster-growing peers.

That said, telecom-plus-digital models only earn premium valuation when the market believes the digital growth is both large enough and durable enough to matter across the full cycle.

FAQs (Frequently Asked Questions)

1) What is VEON best known for today?

VEON is best known as a telecom and digital services operator with major businesses in frontier markets, including Ukraine’s Kyivstar. In recent updates, VEON has emphasized its shift toward a “digital operator” strategy, combining connectivity with digital platforms and services.

2) Why do people think VEON could have more upside into 2026?

The argument is that improving operating results, rapid growth in direct digital revenue, and corporate catalysts (especially Kyivstar’s U.S. listing path) could support a stronger market narrative into 2026—if execution stays consistent and risks don’t spike.

3) What is “direct digital revenue,” and why does it matter?

Direct digital revenue is income from digital services beyond basic telecom connectivity (for example, certain fintech and digital platforms). It matters because it can diversify revenue sources and potentially improve growth and margins if it scales efficiently.

4) What’s the big deal about Kyivstar and Nasdaq?

A Nasdaq listing path can increase Kyivstar’s visibility to global investors and may help the market assign a clearer value to the asset. For VEON, that can be viewed as a catalyst that changes how investors judge the parent company’s overall worth.

5) What are the biggest risks to the 2026 momentum story?

The biggest risks include geopolitical uncertainty, currency volatility, regulatory complexity, digital execution challenges, and deal/timeline risk related to corporate actions like listings or business combinations.

6) Is this article financial advice?

No. This is a detailed news-style rewrite and analysis summary based on publicly available reporting and company communications. It is not investment advice, and it doesn’t account for your personal risk tolerance or financial situation.

Bottom line

VEON is being discussed more often in “2026 momentum” terms because multiple storylines are converging: improving profitability signals, a rapidly expanding digital revenue stream, and a high-visibility strategic catalyst tied to Kyivstar. If the company sustains execution and the operating environment remains manageable, the narrative of “VEON additional momentum possible for 2026” can stay alive.

But the same features that create upside—frontier-market exposure and major geopolitical sensitivity—also create the main downside risks. For anyone tracking VEON through 2026, the most sensible approach is to watch the measurable indicators: digital revenue share, margin trends, guidance credibility, and concrete milestone progress on strategic initiatives.

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