VEON FY24 and 4Q24 Trading Update: Strong Delivery in 2024, Digital Services Driving Growth

20/03/2025

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

LINK:	https://www.veon.com/newsroom/press-releases/veon-fy24-and-4q24-tradin...
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