20 Mar 2025
VEON FY24 and 4Q24 Trading Update: Strong Delivery in 2024, Digital Services Driving Growth Dubai, March 20, 2025, 10:10 GST
VEON FY24 Highlights
Total revenue growth of 8.3% YoY to USD 4,004 million ( 14.6% YoY in underlying local currency terms)
EBITDA growth of 4.9% YoY to USD 1,691 million ( 12.0% YoY in underlying local currency terms)
Direct digital revenue growth of 63.0% YoY to USD 460 million ( 64.1% YoY in local currency terms), representing 11.5% of revenues for the full year
Total cash and cash equivalents and deposits of USD 1,691 million, with USD 481 million at headquarters ( HQ ); and gross debt at USD 4.4 billion (decreased by USD 311 million YoY), with net debt excluding lease liabilities at USD 1.9 billion
Equity Free Cash Flow of USD 403 million, Capex of USD 826 million
VEON Ltd. (Nasdaq: VEON), a global digital operator, announces selected financial and operating results for the fourth quarter and full year ended 31 December 2024.
For the full year 2024, VEON achieved 8.3% year-on-year growth in revenues and a 4.9% YoY growth in EBITDA in reported currency (USD), meeting our FY24 expectations issued with our 3Q24 results.
Underlying FY24 revenue growth was 14.6% YoY in local currency terms, when adjusted for identified items such as the cyberattack in Ukraine, political unrest in Bangladesh and the deconsolidation of TNS in Kazakhstan effective 4Q24. Our local currency growth rate exceeded the blended weighted average inflation rate in our operating countries of 9.3% in 2024, showcasing our capability to implement fair value pricing across our markets.
VEON's full-year revenue performance was underpinned by robust direct digital revenue growth, which rose by 63.0% YoY in reported currency, and by 64.1% YoY in local currency terms.
EBITDA for the year was USD 1,691 million, representing a 4.9% year-on-year increase in reported currency meeting the FY24 expectations. This represents a 12.0% increase in underlying local currency terms, when adjusted for the identified items and HQ restructuring costs.
Capex in 2024 increased 26.9% YoY, with a capex intensity of 20.6% ( 3.0 p.p. YoY). However, if we were to exclude Ukraine where we had elevated investments, capex intensity for the year would have been in line with our expectation of 18% - 19%. Total cash and cash equivalents and deposits as of December 31, 2024 amounted to USD 1,691 million (including USD 243 million related to customer deposits from our banking operations in Pakistan and excluding USD 30 million in Ukrainian sovereign bonds that are classified as investments) with USD 481 million held at the HQ level. Net debt to EBITDA, excluding lease liabilities, declined to 1.34x from 1.52x as of December 31, 2023.
4Q24 Highlights
Total revenue growth of 4.7% YoY to USD 998 million ( 11.1% YoY in underlying local currency terms)
EBITDA growth of 11.3% YoY to USD 408 million; ( 14.1% YoY in underlying local currency terms)
Direct digital revenue growth of 42.4% to USD 126 million ( 43.5% YoY in local currency terms), representing 12.6% of total revenues for the quarter
In 4Q24, VEON sustained strong growth momentum. VEON's 4Q24 EBITDA was impacted by identified items, including political unrest in Bangladesh, deconsolidation of TNS in Kazakhstan and HQ restructuring costs.
Outlook for 2025
For FY25, VEON is guiding for underlying local currency growth for total revenue of 12% - 14% YoY, and underlying EBITDA growth of 13% - 15% YoY. VEON's outlook for the Group's capex intensity is in the range of 17%-19% for 2025.
VEON will also shortly commence the second phase of its previously announced share buyback program with respect to the Company's American Depositary Shares ( ADS ). This second phase of the buyback will be in the amount of up to USD 35 million.
Commenting on the results, Kaan Terzioglu said:
I am pleased to report that VEON continues to demonstrate robust growth and has delivered on earnings expectations in reported USD terms. We have also succeeded in executing on our strategic priorities in FY24.
2024 was a transformative year for VEON. Our share price more than doubled during the year, reflecting the success of our strategy and our execution. We announced a share buyback, consolidated Nasdaq trading, divested non-core assets, and formed strategic partnerships, notably Kyivstar with Starlink. We have also shifted our headquarters to Dubai.
Our strategy cements our position at the forefront of the digital revolution and ensures sustained growth and success in our rapidly evolving frontier markets. VEON will continue to execute to this strategy in 2025, driving growth and innovation across our markets.
Additional information
View the full 4Q24 trading update
View 4Q24 trading update presentation
View 4Q24 factbook
4Q24 results conference call
VEON will also host a results conference call with senior management at 16:00 GST (13:00 CET, 8:00 EST) today.
To register and access the event, please click here or copy and paste this link to the address bar of your browser: https://veon-Q4-2024-trading-update.open-exchange.net/.
Once registered, you will receive registration confirmation on the email address mentioned during registration with the link to access the webcast and dial-in details to listen to the conference call over the phone.
We strongly encourage you to watch the event through the webcast link, but if you prefer to dial in, then please use the dial-in details.
Q&A
If you want to participate in the Q&A session, we ask that you select the Yes option on the Will you be asking questions live on the call?' dropdown. That will bring you to a page where you can join the Q&A room by clicking Connect to meeting'.
You will be brought into a zoom webinar where you can listen to the presentation and once
Europe Stories
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
01/06/2026
January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026
Throughout the week, Dolby brings to life the latest innovatio...
14/05/2026
At Spotify, we're focused on making every listening experience feel intentio...
14/05/2026
Spotify recently welcomed songwriters, artists, executives, and music students t...
14/05/2026
New articulations, ostinatos, Motion Scoring Articulation Sets & more
Sonuscore's flagship cinematic string library has just been treated to a significa...
14/05/2026
World-class studio opens on T rkiye's Aegean coast
P r Recording & Residence have announced their official opening, introducing a new world-class reside...
14/05/2026
Now supports channel layouts up to 9.1.6
Nugen Audio have just released an update for their AI-powered dialogue intelligibility and compliance tool. Set to ...
14/05/2026
New recordings & one-key chord tool
UVI have just announced the release of Orchestral Suite 2, a ground-up redesign of their all-in-one symphonic orchestra ...
14/05/2026
Two new arrivals & expanded factory content
Rob Papen's all-encompassing plug-in and virtual instrument collection has just been treated to another upda...
14/05/2026
Embed QR codes into DAW sessions
FSK Audio's latest plug-in doesn't process audio, but serves as an organisational tool that allows QR codes to be e...
14/05/2026
Rohde & Schwarz transforms spectrum complexity into situational awareness and ef...
14/05/2026
Rohde & Schwarz and Quantum Systems join forces to redefine EW and C-UAS-enabled...
14/05/2026
Rohde & Schwarz showcases STANAG aligned ARDRONIS Counter UAS capability at NATO...
14/05/2026
Code of Silence has won the BAFTA for Best Drama Series at Sunday night's ceremony at the Royal Festival Hall.
The series, starring Rose Ayling-Ellis and w...
14/05/2026
Vivid Broadcast was embracing remote production long before it became the industry norm. Now, with Calrec's True Control 2.0-enabled Argo M and Type R conso...
14/05/2026
What can I watch on UKTV and stream on U this week?
This week on UKTV and the free streaming service U, viewers can watch a range of new and returning programm...
14/05/2026
The high-stakes chase thriller from Oscar- and BAFTA-nominated writer Matt Charm...
14/05/2026
Back From The Brink airs Sunday 17 May and Sunday 24 May at 6.30pm on RT One an...
13/05/2026
13 May 2026
VEON Delivers Strong Start to 2026 1Q26: Revenue 17.0%, EBITDA 17...
13/05/2026
Thousands of props donated from Skys longest-running original seriesWednesday 13 May 2026
How a neon windmill from A League of Their Own ended up in a dogs'...
13/05/2026
SAN JOSE, Calif. - May 13, 2026 - Harmonic (NASDAQ: HLIT) today announced that I...
13/05/2026
A definitive portrait of one of Ireland's most influential musicians
New TV documentary airs Monday 18 May on RT One and RT Player at 9.35pm
Watch the...
12/05/2026
Spotify is where fans and artists come together, turning discovery into somethin...
12/05/2026
Features patented Marco-MMC clocking technology
Black Lion Audio's latest release combines the company's expertise in clocking with their renowned p...
12/05/2026
New Track Panel, sequencer upgrades & more
Following their recent public beta release, Reason Studios have announced the full release of Reason 14. With the...
12/05/2026
Rohde & Schwarz presents its advanced solutions for power electronics testing at...
12/05/2026
aconnic AG (ISIN: DE000A0LBKW6), Munich, has developed a modified fund raising p...
12/05/2026
FOX Announces Schedule for 2026-27 Season FOX'S POWERFUL NEW SERIES PIPELINE FUELS A BREAKOUT SEASON WITH RETURNING HITS AND BOLD NEW STORYTELLING ACROSS ...
12/05/2026
Customer demand for data continues to grow in the first quarter of 2026 at Magya...
12/05/2026
The latest drama underscores Sky's continued investment in regional production and Welsh creative talent.Tuesday 12 May 2026
Wales takes the spotlight in S...
11/05/2026
As Eurovision fans gear up to celebrate the 70th anniversary of the iconic song ...
11/05/2026
Pela primeira vez na hist ria, o Brasil figura entre os oito maiores mercados de...
11/05/2026
New desktop instrument focused on tactile performance
Bastl Instruments have announced the Kalimba, a new desktop instrument that combines physical modellin...
11/05/2026
Compact sampling workstation gains new features
1010music have announced the blackbox 2, a new version of their compact standalone sampler designed for DAWl...
11/05/2026
Performance-focused sequencer with microtonal control
Berlin-based KOMA Elektronik have announced Monoplex, a new 42HP Eurorack sequencer designed for hands...
11/05/2026
Boasts wireless control from mobile devices
The latest iteration of IK Multimedia's compact amp and effects modelling pedal expands on the capabilities ...
11/05/2026
Spans traditional orchestral and experimental sounds
Sonora Cinematic have recently released the third instalment in their Transfigured Orchestra series, de...
11/05/2026
Our exhibition coverage
Watch all our SUPERBOOTH 2026 video coverage in one place. Check back to this page regularly as we will be updating with more video ...
11/05/2026
aconnic AG (ISIN: DE000A0LBKW6), Munich, is participating in the Equity Forum Ge...
11/05/2026
Bounteous Acquires Cartesian to Accelerate Enterprise AI
May 11, 2026
Business Assurance
News
Acquisition enhances deep data and analytics capabil...
11/05/2026
11 May 2026
VEON Shareholders Re-elect Board and Chairman, Reaffirming Confiden...
11/05/2026
Fox Corporation Reports Third Quarter Fiscal 2026 Financial Results NEW YORK, NY, May 11, 2026 - Fox Corporation (Nasdaq: FOXA, FOX; FOX or the Company ) t...
11/05/2026
Arvato Systems Becomes a Member of InsurLab Germany
Collaboration in the insurance industrys leading innovation network
G tersloh - Arvato Systems has joine...
11/05/2026
Pirate Predator uncovers new information from victims and survivors of abuse on ...
10/05/2026
RT ALL-IRELAND DRAMA FESTIVAL WINNERS ANNOUNCED DURING GALA AWARDS STREAMED LIVE ON RTE.IE/CULTURE
Kilmeen Drama Group hailing from Rossmore, Co. Cork Scoops ...
09/05/2026
New desktop instrument focused on tactile performance
Bastl Instruments have announced Kalimba, a new desktop instrument that combines physical modelling, F...
09/05/2026
Compact sampling workstation gains new features
1010music have announced blackbox 2, a new version of their compact standalone sampler designed for DAWless ...
20 Mar 2025
