In 2025, Jazz, part of the VEON Group, reported strong year-over-year revenue growth of 15.3% in local currency, reflecting solid telecom performance and accelerated momentum across digital platforms. The company’s telecom and infrastructure revenue rose 8.9%, supported by a 3.5% increase in total mobile customers and an 8.9% uplift in average revenue per user, driven by successful repricing strategies, stronger prepaid monetization, and consistent differentiation through network quality and digital product offerings.
Direct digital revenue surged by 35.7% year-over-year, accounting for 28.1% of total revenue, up from 23.9% in 2024. This growth was largely attributed to JazzCash, which posted 47.1% year-over-year growth, alongside strong contributions from MMBL with 36.2% growth. Increased digital engagement and higher loan disbursement volumes contributed to this performance. The results demonstrate Jazz’s ongoing efforts to broaden its revenue streams through the expansion of digital financial and platform services alongside its core telecom base.
EBITDA rose by 5.4% year-over-year in 2025, although the EBITDA margin softened to 41.6%. This shift reflects Jazz’s evolving revenue mix, with traditionally high-margin telecom services now accompanied by faster-growing but lower-margin digital services. Marketing, consultancy, and technical support expenses also increased during the second quarter as part of the company’s continued investment in scaling digital platforms, indicating an ongoing commitment to building sustainable digital infrastructure.
As part of its DO1440 strategy, Jazz’s 4G user base grew 15.3% year-over-year to reach 54.6 million, with 4G penetration improving to 73.9%. Multiply customers grew by 29.2%, now accounting for 36.4% of the user base. These users deliver 3.2 times the ARPU compared to voice-only users and continue to be central to Jazz’s bundling strategy across voice, data, and digital services. JazzCash reached approximately 21.1 million monthly active users. A 37.3% rise in transaction volumes and a 15% increase in transactions per user helped drive Gross Transaction Value to PKR 3.2 trillion, a 42.5% increase year-over-year. JazzCash now supports over 367,000 active merchants and nearly 107,000 agents.
JazzCash is currently enabling the issuance of over 140,000 nano-loans daily. Meanwhile, Tamasha, Jazz’s entertainment platform, recorded 17 million monthly active users in April 2025, with numbers slightly adjusting in June due to seasonality. The platform’s late-June content update, including a major TV network and an AI-powered news channel—now the third most-watched feature—is showing promising early engagement. Exclusive broadcasting rights for events like the ICC World Cup and Pakistan Super League, with additions like the Premier League, continue to strengthen Tamasha’s appeal.
SIMOSA, Jazz’s sim-care and lifestyle app, reported 21.2 million monthly active users, up 39.6% year-over-year, offering users access to onboarding, payments, and entertainment services. FikrFree, the insurance and services app, also gained traction with 9.8 million monthly active users, including policy distribution through digital platforms.
Jazz’s premium digital brand ROX experienced a setback with the unsuccessful launch of the Nothing Phone, yet user growth remained steady, reaching 800,000 users in 2025. Overall, Jazz maintained profitability, investing PKR 53.9 billion in 2024, a 46% increase over the previous year, which resulted in 16.6% revenue growth and a 53.1% surge in digital services. In 2023, Jazz had reported 20% local currency revenue growth, although profits declined in USD terms due to rupee depreciation. In Q2 2025, capital expenditure reached PKR 16 billion with a capex intensity of 14.4%, reflecting the company’s continued investment in infrastructure and digital products.
VEON finalized its infrastructure partnership with Engro Corporation, transferring tower assets managed by Deodar into Engro Connect at an enterprise value of USD 562.7 million. Jazz will lease this infrastructure under a long-term agreement, supporting its shift toward a digital-led operating model. Of the transaction amount, USD 187.5 million has been received, with the remaining USD 374.7 million scheduled in equal installments over 18 months.
