VEON Ltd.VEON
What VEON Ltd. does.
Our reportable segments currently consist of the following five geographic segments: Pakistan; Ukraine; Kazakhstan; Uzbekistan; and Bangladesh. We also present our operations for “HQ” which represents transactions related to management activities within the group in Amsterdam and Dubai and costs relating to centrally managed operations, and reconciles the results of our reportable segments and our total revenue and Adjusted EBITDA. See Item 5—Operating and Financial Review and Prospects—Reportable Segments and Note 2—Segment Information to our Audited Consolidated Financial Statements for further details.
This Item 4, unless indicated otherwise, provides a description of our business as of December 31, 2025. Important aspects of our business operations may be subject to change, including licensing, our product offering, our market position and contractual arrangements with governments and key third parties.
The table below sets forth our significant subsidiaries as of December 31, 2025. The equity interests presented reflect our direct and indirect ownership interest. Our percentage ownership interest is identical to our voting power for each of the subsidiaries listed below:
Revenue and profit, by fiscal year.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $3.5B | $3.9B | $3.8B | $3.7B | $4.0B | $4.4B |
| Net income | -$349.0M | $674.0M | -$162.0M | -$2.5B | $415.0M | $532.0M |
| Free cash flow | $1.9B | — | — | — | — | — |
More on VEON.
- VEON Ltd. summary
- VEON Ltd. financial statements
- VEON Ltd. key metrics
- VEON Ltd. health scores and style box
- VEON Ltd. earnings
- VEON Ltd. dividends
- VEON Ltd. valuation
- VEON Ltd. ownership and insiders
- VEON Ltd. peers
Figures from VEON Ltd.'s filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.