Veon lifts revenue forecast as CEO warns of fuel shortages

Dubai-based Veon increased its 2026 revenue growth outlook on November 6, but CEO Kaan Terzioglu identified fuel shortages as a greater threat to the telecom company's business than rising prices.

The company expects revenue to grow 16% to 18% in U.S. dollar terms, raising the lower end from 15%. It said growth in its digital businesses was outpacing its core mobile operations. For the third quarter, Veon reported revenue of $1.31 billion, a 17.2% increase, and EBITDA of $577 million, up 10.1%. Digital operations generated $355 million, an increase of 45.9%, representing 27.2% of group revenue.

Terzioglu said electricity disruptions in Bangladesh had brought factories to a halt and burdened mobile networks. Data usage in the country declined 15% this year, he said, against the roughly 40% increase he said should have occurred.

Across Veon's markets, Starlink's satellite-to-mobile offering now reaches 13.2 million subscribers, Terzioglu said. That includes Kyivstar users in Ukraine. The service operates using Veon's spectrum and network and supports Android devices. Availability on iPhones is expected in about a month, dependent on a software update from Apple.

Pakistan and Uzbekistan have not yet authorized the satellite service. Terzioglu cited government concerns over sovereignty and said Veon continued to seek permission.

Separately, Veon announced an agreement worth about $47.3 million to take a controlling interest in JungoTV, which owns the All Women’s Sports Network. Completion is expected in 2027. Terzioglu said its content would supply Veon's entertainment platforms, with about 30 million diaspora customers from Pakistan, Bangladesh and Ukraine as the target audience.

Terzioglu also committed to annual share buybacks of at least $200 million, saying Veon would not reissue shares canceled through the program.