Jazz Reports 20% Revenue Growth in Q1 2025, Invests PKR 9.5 Billion to Expand Digital Ecosystem

Jazz, Pakistan’s leading digital operator and a part of the VEON Group, reported a 20.3% year-on-year revenue growth in Q1 2025, driven by continued digital diversification and disciplined cost management. During the quarter, Jazz invested PKR 9.5 billion—marking a 78.4% year-on-year increase—to expand 4G capacity and scale its digital platforms. This performance was delivered despite persistent macroeconomic and policy headwinds impacting the telecom sector.

Direct digital revenues grew 49.5% YoY, contributing 27.7% to total revenue, driven by strong fintech and digital services performance and Jazz’s strategic shift to platform-based models. With over 20.6 million monthly active users, Pakistan’s leading fintech JazzCash processed a gross transaction value of PKR 10.7 trillion during the last twelve months as of March 2025. Its extensive network, comprising 121,000 active agents and over 340,000 active merchants, has facilitated considerable digitalization of society, with approximately 142,000 digital loans issued daily. Mobilink Bank also delivered a strong performance, recording 25.5% revenue growth.

Among digital verticals, Tamasha—Pakistan’s largest homegrown streaming platform—grew 37.6% year-on-year to 16.5 million MAUs, driven by exclusive cricket content, including over 57 live match days across the ICC Champions Trophy, PSL, and major bilateral series. SIMOSA, Jazz’s Sim-Care, Lifestyle & Social app, grew to 20.9 million MAUs, with its new social community attracting 1 million users within 23 days of launch in Q1 2025. FikrFree, Jazz’s AI-powered insurance and healthcare marketplace, has surpassed 1 million MAUs and 1.8 million policies sold since its October 2024 launch, with new features underway to expand access to quality healthcare nationwide. ROX—Jazz’s youth-centric digital lifestyle platform—also grew to 700,000 monthly active users.

The company’s mobile customer base reached 73.4 million, with 4G users increasing 16% year-on-year to 53.3 million. Mobile ARPU rose 14.0% to PKR 328, supported by higher data usage and uptake of digital bundles. Multiplay customers—who use more than one Jazz service—grew 33.1% and now account for 37% of the user base. EBITDA grew 13.2% year-on-year, while EBITDA margins slightly declined to 42%, reflecting a shifting revenue mix. As Jazz scales new digital platforms, which have comparatively lower margins than traditional telecom services, investments in innovation and service diversification are expected to drive long-term growth.

Aamir Ibrahim, CEO of Jazz, said: “This growth reflects our successful transformation into a ServiceCo—powered by innovation, financial discipline, and a deep commitment to digital inclusion. We’re building platforms that empower individuals, enable small businesses, and help create a more connected, resilient Pakistan. To sustain this momentum, we urgently need tax and policy reforms that recognize the strategic value of digital infrastructure and foster long-term investment.”

As Pakistan’s top taxpayer, Jazz has contributed over PKR 502 billion to the national exchequer in the past decade. The company continues to advocate for fiscal and regulatory reforms that enable long-term sectoral growth and digital inclusion, urging policies that recognize the strategic value of digital infrastructure.

As a leading ServiceCo, Jazz now serves over 100 million users through a diverse digital portfolio—spanning fintech, entertainment, self-care, InsurTech, cloud, and gaming—marking its shift from connectivity to capability.