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In 2025, the VEON group of companies, including Jazz, experienced a total revenue growth of 15.3 percent year-over-year (YoY) in Pakistan’s local currency, demonstrating a robust telecom performance and significant growth across digital sectors. Telecom and infrastructure revenue rose 8.9% YoY, supported by a 3.5% increase in total mobile customers and an 8.9% uplift in ARPU, driven by effective repricing, improved prepaid monetization, and the continued differentiation with Jazz’s network quality and digital products.
Direct digital revenue grew 35.7% YoY, contributing to 28.1% of total revenue, up from 23.9% in 2024. This was led by JazzCash, which delivered 47.1% YoY growth, and supported by strong momentum at MMBL (YoY growth of 36.2%), underpinned by rising digital engagement and higher loan disbursement volumes. The results reflect the success of Jazz’s growth strategy, steadily expanding its traditional telecom base while rapidly scaling its digital financial and platform services.
Jazz’s EBITDA grew 5.4% YoY in 2025, while EBITDA margin moderated to 41.6%. This performance reflects Jazz’s shifting revenue mix, as high-margin telecom services are increasingly complemented by rapidly growing, yet structurally lower-margin, digital services. The second quarter also saw elevated marketing, consultancy, and technical support costs linked to digital platform growth investment. These trends highlight Jazz’s continued commitment to building a scalable and sustainable digital platform.
Jazz continues to advance its DO1440 strategy. The 4G user base grew to 54.6 million (+15.3% YoY), with 4G penetration rising to 73.9% (+7.6 p.p.). Multiply customers rose 29.2% YoY and now represent 36.4% of total users. These customers generate 3.2x the ARPU of voice-only users and remain a key revenue lever, supported by growing bundling across voice, data, and digital services. JazzCash’s monthly active users reached approximately 21.1 million. Strong growth in transaction volumes (+37.3% YoY) and transactions per user (+15.0% YoY) supported Gross Transaction Value to grow by 42.5% YoY to PKR 3.2 trillion. JazzCash’s expanding footprint now includes 367,000 active merchants (+37.5% YoY) and nearly 107,000 agents.
JazzCash is now enabling the issuance of more than 140k nano-loans per day. Tamasha recorded 17.0 million MAUs for April 2025 on the back of marquee cricket tournaments, with the June 2025 MAUs reflecting typical seasonality in between tournament schedules. The late-June launch of new content, including a major TV network and the platform’s first AI-powered news channel, already the third most-watched feature, is gaining strong early traction and is expected to drive further engagement in the coming quarters. The platform continues to benefit from exclusive rights to marquee cricket events such as the ICC World Cup and Pakistan Super League, with new additions like the Premier League further strengthening its content offering. SIMOSA, Jazz’s Sim-Care and lifestyle app, reported 21.2 million MAUs (+39.6% YoY).
Simosa continues to benefit users through convenient SIM onboarding, easy account and payment management, and access to entertainment and daily services—all in one app. FikrFree reached 9.8 million MAUs, reinforcing the app’s early traction, which includes policies sold via apps and other platforms.
Despite the recent flop of the Nothing Phone launch under Jazz’s premium digital brand, ROX, subscriber momentum remained strong, and ROX reached 800,000 users in 2025. Jazz remains profitable. In 2024, it invested PKR 53.9 billion (a 46% YoY increase), driving 16.6% revenue growth and a 53.1% surge in digital services. In 2023, despite macroeconomic troubles, the company achieved 20% YoY revenue growth in local currency, though profits dipped in USD terms due to the rupee’s depreciation. Capex hit PKR 16 billion in 2Q25, with intensity at 14.4%, reflecting continued infrastructure focus amid product setbacks.
VEON has completed its infrastructure partnership in Pakistan with Engro Corporation, transferring tower assets (via Deodar) into Engro Connect at an enterprise value of USD 562.7 million. Jazz will continue to lease this infrastructure under a long-term partnership agreement, supporting its transition to a digital services-led model. USD 187.5 million of the tower transaction proceeds have been received; the remaining balance of USD 374.7 million is scheduled to be received in equal installments over 18 months.
