Veon lifts 2026 forecasts as digital revenue jumps 58% in first quarter

May 13 (Reuters) - Dubai-based telecoms group Veon VEON.O on Wednesday raised its 2026 revenue growth forecast to between 11% and 14% in U.S. dollar terms, up from a previous range of 9% to 12%, after it reported a 17% jump in first-quarter revenue to $1.2 billion.

The group's earnings before interest, taxes, depreciation and amortisation rose 17.7% from a year ago to $517 million, with the corresponding margin expanding to 43.0%.

Digital revenues, a key focus of Veon's growth strategy, jumped 57.7% to $303 million, making up more than a quarter of the group's total revenue. Digital EBITDA reached $105 million, with a margin of 34.6%.

The group, which operates telecommunications brands in emerging markets such as Ukraine, through its separately listed unit Kyivstar KYIV.O, Pakistan and Bangladesh, also revised its annual capital spending target to 15-17% of revenue, excluding Ukraine, from an earlier range of 14-16%.

It cited spectrum deployment plans following the March 2026 auction in Pakistan for the change.