Pre-earnings brief
Reports
Fri, Nov 6, 2026
Est. EPS
$1.30
Est. revenue
$1.2B
Implied move
±5.9%
EPS beat rate
0%
VEON Ltd. is a telecommunications company that provides wireless services and digital solutions in various markets. With a market cap of $5 billion, it plays a significant role in the communication services sector, which is increasingly important as consumer demand for connectivity and digital services grows.
Last quarter
In Q3-2025, VEON reported an EPS of -$1.84, significantly missing the estimate of $1.21. Despite this, the stock rose by 14.77% the following day, indicating investor optimism or a potential overreaction.
EPS beat streak
0Q
EPS beat rate
0%
Avg EPS surprise
-55.54%
Avg 1-day reaction
+4.01%
Analysts are cautiously optimistic about VEON's upcoming earnings, expecting a return to profitability with a consensus EPS of $1.30. However, the company's recent performance raises concerns about its ability to meet these expectations.
Bull case
If VEON can successfully leverage its market position and improve operational efficiency, it may exceed EPS expectations, leading to a positive market reaction.
Bear case
Conversely, if VEON fails to show signs of recovery or reports disappointing revenue figures, it could lead to a significant decline in stock price.
Key metrics to watch
EPS
$1.30Earnings per share is a key indicator of the company's profitability and financial health.
Revenue
$1.2BTotal revenue reflects the company's ability to generate sales and is crucial for assessing growth.
The print will turn on these.
Q1
Will VEON report an EPS of at least $1.30?
This figure is critical as it will indicate whether the company is on a recovery path after a significant miss last quarter.
Q2
What is the revenue outlook for this quarter?
Revenue figures will provide insight into the company's growth potential and market demand for its services.
—
Est. EPS
$1.57
Est. Rev
$23.0B
Impl. Move
±4.2%
Why consensus could be wrong
The Street may be underestimating the impact of recent operational improvements that could lead to better-than-expected earnings.
Supporting evidence
The stock has historically reacted positively to earnings surprises, even after misses.
Options pricing suggests a larger move than what has been realized in the past, indicating potential for a surprise.
Recent trends in the telecommunications sector indicate a rebound in demand that may not be fully reflected in current estimates.
Key risk
If VEON's revenue comes in significantly above $1.2 billion, it could challenge the current bearish sentiment.
Pre-commit to what would confirm each case.
The market is debating whether VEON can recover from its recent poor performance and meet or exceed earnings expectations.
Bull confirmed if
Reporting an EPS of $1.30 or better would confirm a positive turnaround.
Bear confirmed if
An EPS below $1.30 would reinforce concerns about the company's profitability.
What the market is pricing for the move.
Implied Move
±5.89%
Historical Avg
±4.2%
The options market is pricing in a potential move of nearly 6% in either direction, suggesting uncertainty about the earnings report.
Options are pricing ±5.9% while VEON has averaged ±4.2% over the last 5 prints — setup is pricing rich.
ATM IV
0.4%
30d HV
38.2%
Smart-money positioning from the most recent 13F filings.
Institutional
24.19%
of float
Insider
2.18%
of float
Holders
142
institutions
Top Holders· as of Jun 2026
Lingotto Investment Management LLP
5,265,123 sh · $406.4M
7.12%
-12.9%
Likely market behavior by outcome. Not investment advice.
Beat & raise
If VEON beats expectations and raises guidance, history suggests a strong positive reaction, potentially around a 7.86% increase.
In line / cautious
If results are in line with expectations, the stock may see a muted response as investors await further clarity from management.
Miss
Should VEON miss earnings expectations, history indicates a potential decline of about 7.86%.
The lines on the call that would change the story.
Shah Capital Management
4,667,578 sh · $360.3M
6.31%
-4.6%
Solus Alternative Asset Management LP
887,002 sh · $68.5M
1.20%
Flat
Wellington Management Group, LLP
779,077 sh · $60.1M
1.05%
-18.4%
Morgan Stanley
747,852 sh · $57.7M
1.01%
-2.6%
13F filings updated quarterly. Position deltas show change in shares vs. the prior quarter.