VEON Pakistan revenue jumps 27% to Rs145bn in 3QCY26

November 10, 2026 (MLN): Revenue from VEON’s Pakistan operations rose 26.6% YoY to Rs144.94bn in 3QCY26 (July–September), while EBITDA grew 23.9% to Rs65.17bn and EBIT surged 53.1% to Rs44.24bn.

For 9MCY26, revenue climbed 24.2% to Rs414.39bn, EBITDA gained 27.7% to Rs184.07bn and EBIT improved 14.8% to Rs123.33bn.

Within VEON’s Pakistan business, telecom and infrastructure revenue increased 15.5% to Rs86.83bn, whereas digital revenue grew 47.9% to Rs58.11bn. This lifted digital’s share of total revenue to 40.1% from 34.3% a year earlier.

In 9MCY26, telecom and infrastructure revenue rose 15.2% to Rs254.34bn and digital revenue gained 41.9% to Rs160.04bn, accounting for 38.6% of revenue versus 33.8%, according to VEON.

Revenue from enterprise identity and credential management services is now reported under Digital Enterprise at Rs6.5bn in 3QCY26 and Rs19.6bn in 9MCY26, with prior periods reclassified (3QCY25: Rs6.6bn; 9MCY25: Rs19.0bn).

EBITDA margin narrowed to 45.0% in 3QCY26 from 45.9%, as telecom and infrastructure margin slipped to 51.5% from 55.1% despite a 7.9% rise in EBITDA to Rs44.72bn.

Digital EBITDA gained 83.5% to Rs20.45bn, with margin widening to 35.2% from 28.4%. EBIT margin expanded to 30.5% from 25.2%. For 9MCY26, EBITDA margin improved 1.2pp to 44.4%, while EBIT margin declined to 29.8% from 32.2%.

Capex jumped 68.9% to Rs20.95bn in 3QCY26. Telecom and infrastructure capex rose 58.7% to Rs18.62bn, while digital capex more than tripled to Rs2.33bn. Nine-month capex stood at Rs50.15bn, up 32.3%. LTM total capex intensity eased to 13.2% from 13.5%.

On the telecom side, mobile customers grew 5.1% YoY to 76.4m, 4G/5G users rose 8.1% to 59.5m, and multiplay customers edged up 1.6% to 23.2m.

Mobile ARPU increased 7.1% to Rs320.0 and data usage rose 11.7% to 8.4GB per user. Total digital customers stood at 133.8m, including 36.3m on SIMOSA, 33.9m on Tamasha, 30.4m on JazzCash, 16.8m FikrFree policy holders and 3.3m on ROX.

The Pakistan business is now presented as two separate units, Jazz (the digital operator) and the financial services arm comprising Mobilink Microfinance Bank, JazzCash and JazzSure Insurance. Standalone figures may not sum to consolidated results due to intercompany eliminations.

Jazz Digital Operator’s revenue grew 14.6% to Rs103.38bn in 3QCY26. Telecom and infrastructure revenue rose 14.1% to Rs87.63bn and digital revenue gained 17.4% to Rs15.75bn, lifting its share to 15.2% from 14.9%.

Pricing actions, improved prepaid monetisation, subscriber growth, higher data usage and digital contributions supported the growth. EBITDA increased 9.6% to Rs51.27bn, with margin at 49.6% compared to 51.9%, as annual cost escalations and revenue-linked expenses partly offset core gains.

Digital EBITDA surged 49.4% to Rs6.56bn, with margin expanding to 41.6% from 32.7%. EBIT rose 32.6% to Rs31.51bn, with margin at 30.5% against 26.3%.

For 9MCY26, Jazz’s revenue rose 15.9% to Rs303.86bn and EBITDA gained 27.0% to Rs151.33bn, with margin expanding 4.4pp to 49.8%. EBIT grew 8.5% to Rs93.76bn.

Capex increased 61.7% to Rs19.19bn in 3QCY26, reflecting network capacity expansion and 5G deployment following recent spectrum acquisitions, with over 1,000 5G sites rolled out so far. LTM capex intensity stood at 15.7% against 14.7%.

Operationally, 4G/5G penetration increased 2.1pp YoY to 77.9%. Multiplay customers represented 36.4% of the one-month mobile base and generate roughly 3.7 times the ARPU of voice-only users. Jazz’s digital customers reached 103.4m.

Tamasha’s users declined to 33.9m from 38.7m in 2QCY26, reflecting normalisation after the Pakistan Super League season. SIMOSA’s users rose 22.1% YoY to 36.3m, while ROX’s users gained 62.8% to 3.3m.

Pakistan Financial Services’ revenue jumped 67.6% to Rs43.42bn in 3QCY26. Credit-related revenue rose 60.3% to Rs26.09bn, payments and transaction revenue gained 67.8% to Rs9.73bn, investment income grew 62.6% to Rs5.24bn and other revenue increased nearly four-fold to Rs2.37bn.

Operating costs rose 53.2% to Rs23.42bn, taking operating profit before loan loss provisions up 88.3% to Rs20.00bn, a margin of 46.2%. Loan loss provisions increased 33.2% to Rs11.21bn, leaving operating profit at Rs8.80bn, nearly four times the year-earlier level.

Profit before tax also nearly quadrupled to Rs8.94bn and net profit came in at Rs6.80bn after a tax charge of Rs2.15bn. EBITDA more than doubled to Rs13.84bn.

For 9MCY26, financial services’ revenue rose 58.4% to Rs116.19bn, EBITDA more than doubled to Rs32.73bn, and net profit rose more than six-fold to Rs13.30bn.

Branchless bank accounts rose 21.6% YoY to 65.0m, with 30.4m customers active in the quarter, up 15.6%.

Transaction volumes grew 72.8% and transactions per active customer rose 53.5%, lifting gross transaction value 79.2% to Rs6.93tr. Chargeable GTV was Rs3.20tr, or 46% of the total.

LTM GTV rose 72.8% to Rs22.7tr (USD81.2bn). Active merchants more than doubled to 957.1k from 431.3k, against a total merchant network of about 2.0m.

The gross loan portfolio expanded 51.9% to Rs134.64bn, comprising banking loans of Rs88.52bn (up 29.0%) and nano loans of Rs46.12bn (more than doubled). Disbursements rose 80.1% to Rs141.31bn, with over 230k nano loans issued daily.

Average loan sizes were Rs634k for banking loans and Rs5.7k for nano loans, with tenors of about two years and four weeks respectively.

The NPL ratio on banking loans improved to 8.1% from 10.4%, and over 80% of the banking loan portfolio is collateralised through gold or other security.

Nano-loan recovery rate stood at 93.2% against 91.5%, while capital adequacy ratio at Mobilink Bank was 16.8% compared to 18.0. Customer deposits rose 61.6% to Rs287.07bn and average monthly investments gained 54.0% to Rs289.02bn.

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