Pakistan was Veon’s largest segment in fiscal 2025, bringing in $1.62B of $4.40B (37%).
| Segments [axis] | FY 2015 | FY 2016 | FY 2017 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|
| Russia | — | — | — | |||
| Pakistan | $1.12B | $1.38B | $1.62B | |||
| Algeria | — | — | — | |||
| Ukraine | $919.00M | $925.00M | $1.16B | |||
| Kazakhstan | $774.00M | $854.00M | $816.00M | |||
| Others | — | — | — | |||
| Other | — | — | — | |||
| Bangladesh | $570.00M | $520.00M | $460.00M | |||
| Uzbekistan | $268.00M | $273.00M | $308.00M | |||
| Other & Eliminations | — | — | — | |||
| Hq, Eliminations & Others | $48.00M | $50.00M | $27.00M | |||
| Hq | — | — | — | |||
| Total | $3.70B | $4.00B | $4.40B |
Veon brought in $4.40B from its six segments in fiscal 2025, the year ended December 31, 2025. That was up 9.9% from $4.00B in fiscal 2024. Pakistan was the largest at $1.62B (36.9%), ahead of Ukraine at $1.16B (26.5%) and Kazakhstan at $816.00M (18.5%). The other three segments brought in $795.00M combined.
Compared with fiscal 2024, Ukraine grew fastest, up 25.8% to $1.16B, while Bangladesh fell the most, down 11.5% to $460.00M. From fiscal 2023 to 2025, combined revenue from these segments grew from $3.70B to $4.40B, a compound annual growth rate of 9.1%. Pakistan's share of the total rose from 30.3% to 36.9%.
Telecommunication & Infrastructure was Veon’s largest revenue line in fiscal 2025, bringing in $3.61B of $4.40B (82%).
| Products and services [axis] | FY 2017 | FY 2018 | FY 2019 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|
| Service Revenues | — | — | — | |||
| Telecommunication & Infrastructure | $3.37B | $3.49B | $3.61B | |||
| Sale Of Equipment & Accessories | — | — | — | |||
| Digital Financial Services | $185.00M | $315.00M | $425.00M | |||
| Other Digital | $98.00M | $151.00M | $334.00M | |||
| Other Revenues | — | — | — | |||
| Other Revenues / Other Income | — | — | — | |||
| Hq, Eliminations & Others | $48.00M | $50.00M | $27.00M | |||
| Total | $3.70B | $4.00B | $4.40B |
Veon brought in $4.40B from its four revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 9.9% from $4.00B in fiscal 2024. Telecommunication & Infrastructure was the largest at $3.61B (82.1%), ahead of Digital Financial Services at $425.00M (9.7%) and Other Digital at $334.00M (7.6%). The remaining revenue line, Hq, Eliminations & Others, brought in $27.00M.
Compared with fiscal 2024, Other Digital grew fastest, up 121.2% to $334.00M. Every revenue line above 2% of revenue grew. From fiscal 2023 to 2025, combined revenue from these revenue lines grew from $3.70B to $4.40B, a compound annual growth rate of 9.1%. Telecommunication & Infrastructure's share of the total fell from 91.0% to 82.1%.
Veon (VEON) reports its revenue by segments [axis] and by products and services [axis]. In fiscal 2025, Pakistan was its largest segment, bringing in $1.62B (36.9% of the total), followed by Ukraine at $1.16B (26.5%).
Pakistan was Veon's largest segment in fiscal 2025, bringing in $1.62B, or 36.9% of the $4.40B total across its six segments.
Telecommunication & Infrastructure was Veon's largest revenue line in fiscal 2025, bringing in $3.61B, or 82.1% of the $4.40B total across its four revenue lines.
Among Veon's segments that make up at least 2% of revenue, Ukraine grew fastest in fiscal 2025, up 25.8% from $925.00M to $1.16B.
Every figure comes from Veon's annual financial filings, as reported. Each line keeps the name Veon gives it, and years follow its fiscal calendar.
Veon's revenue by segments [axis] goes back to fiscal 2015, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.