Key Highlights

● Group revenue rose 17.0% to $1,271 million in the second quarter.

● Jazz revenue was $500 million, up 26.6%, with a 43.3% EBITDA margin.

● VEON raised 2026 guidance to revenue growth of 15% to 18%.

● Digital revenue was $342 million, or 26.9% of the group.

Among the five operating markets of VEON (NASDAQ:VEON), Pakistan stands out in the company's second-quarter 2026 results. Jazz reported revenue of $500 million, up 26.6% year on year, and EBITDA of $216 million, up 31.9%, for a 43.3% margin. That made it the largest revenue contributor in a group that generated $1,271 million of total revenue. With 5G rollout expected to raise investment and JazzCash growing as a financial services platform, the question is how much of the group's trajectory could depend on a single market.

Latest Company Context

VEON published its second-quarter results on July 31, 2026. Group revenue rose 17.0% to $1,271 million and EBITDA rose 6.2% to $552 million. Profit for the period was $140 million, down 77.0%, against a prior-year base that included a $489 million Pakistan tower sale gain. The company raised 2026 guidance to revenue growth of 15% to 18% and EBITDA growth of 9% to 12%, with capex intensity unchanged at 15% to 17%. Digital revenue was $342 million, or 26.9% of the group. Lease-adjusted leverage was 1.10x, and the company reported $2,193 million of cash, including $510 million of Pakistan banking deposits excluded from net debt.

Key Business Drivers

VEON has its American depositary shares listed on Nasdaq. Jazz's digital revenue was $193 million, up 45.6%, and telecom revenue was $307 million, up 17.0%. Mobile customers were 75.4 million and JazzCash had 27.7 million customers, with financial services revenue up 53.3% in rupee terms. Mobile ARPU rose 14.0% in local currency. Jazz capex rose 27.4% in rupee terms, with LTM capex intensity of 12.3%, and the company says investment is expected to rise with the 5G rollout. VEON also acquired a 76.33% stake in TPL Insurance for about $16.4 million. Elsewhere, Kyivstar revenue rose 19.5% to $341 million with a 55.5% EBITDA margin, while Beeline Uzbekistan revenue grew 12.2% to $84 million, showing that growth is not confined to one market, even if Jazz is the largest contributor.

What Investors Should Watch

Concentration is the central issue: strength in Pakistan could offset softer results elsewhere, as at Banglalink, where EBITDA fell 44.1% against a base with one-off reversals, and weaken the group if conditions turn. Currency moves between the rupee and dollar could affect reported figures, as local-currency growth of 25.3% in revenue compares with 26.6% in dollars. Watch the pace of 5G spending and whether capex stays within guidance, as well as JazzCash growth under its Mastercard partnership. Net debt of $3,675 million at June 30, 2026, and the company's stated intention to cancel at least $100 million of repurchased shares annually are also part of the capital picture to monitor, alongside the 2031 and 2033 notes issued in the $1.4 billion refinancing.

Pakistan Concentration Cuts Both Ways for VEON

Jazz appears to be a major engine behind VEON's raised 2026 guidance, combining telecom growth, digital financial services and a strong margin. That also concentrates exposure, so changes in Pakistan's economic, regulatory or currency conditions could carry weight at group level.