Beeline Uzbekistan Increases Revenue by 9.3% in Q3

Tashkent, Uzbekistan (UzDaily.com) — Beeline Uzbekistan, part of the international VEON group, continues to strengthen its position as one of the key growth markets for the global digital operator. The company reported strong financial results for the third quarter and the first nine months of 2025, driven by accelerated development of digital services and a focus on higher-value subscribers.

In Q3 2025, Beeline Uzbekistan’s total revenue reached 967.9 billion soums, up 9.3% year-on-year in local currency. In US dollar terms, growth was even higher at 10.6%, reaching $77 million. This performance contributed to an increase in EBITDA, which amounted to 333.9 billion soums ($27 million), up 5.7% in local currency compared with the same period last year. EBITDA margin was 34.5%, reflecting controlled compression due to active investments in network and digital development.

For the first nine months of 2025 (9M25), growth accelerated further: total revenue reached 2.864 trillion soums, up 12% in local currency. EBITDA grew 14.6% year-on-year to 1.053 trillion soums, demonstrating improved operational efficiency and business scalability.

The main growth driver was the company’s digital transformation. Direct digital revenue in Q3 reached 115.5 billion soums, equivalent to a 242.6% increase in local currency — more than 2.4 times compared to the same period last year. As a result, digital services accounted for 11.9% of total revenue. Over the nine months, digital revenue grew 222.1% (2.2 times), confirming the sustainability of this trend.

Revenue from telecommunications and infrastructure services in Q3 amounted to 852.35 billion soums (up 0.1%), and for the nine months — 2.558 trillion soums (up 3.7%).

Capital expenditures (CAPEX) in Q3 reached 138.87 billion soums, up 5.7% year-on-year in local currency. Investment activity supports a CAPEX intensity of 14.3%, reflecting ongoing network infrastructure modernization and the development of new services.

Beeline Uzbekistan continues to follow a strategy focused on the quality of its subscriber base. The number of mobile users totaled approximately 7.7 million, down 5.5% compared to last year. This reflects a deliberate shift toward higher-value customer segments. The 4G user base declined 4.3% to 5.8 million, while 4G penetration increased to 75.2% of total subscribers.

The number of users of Multiplay bundled offers grew 14.4% year-on-year, reaching 3.7 million and representing 51.3% of the active monthly audience, supporting higher customer engagement and loyalty.

Monthly active users (MAU) of digital services grew 7.6% to 7.9 million. Growth in average revenue per user (ARPU) remained a key factor in strengthening the company’s financial performance. Voice traffic (MOU) data were not disclosed in the report.