
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
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
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...
02/05/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
01/05/2026
January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...
03/04/2026
Michigan's Fab Five will reunite for an alternate presentation of the Mich...
03/04/2026
Avid will exhibit at NAB Show 2026 (April 18-22, Booth N2226, Las Vegas Convention Center), demonstrating its Content Core platform and new AI-driven workflow c...
03/04/2026
Mark Roberts Motion Control (MRMC) has announced the appointment of Nick Barthee as Chief Operating Officer.
The announcement follows MRMC's transition fro...
03/04/2026
Interra Systems has announced that Elite Media Technologies has selected its BATON file-based QC solution for media workflows. Elite Media Technologies speciali...
03/04/2026
Ateme has announced that Moldtelecom has deployed Ateme technologies across its streaming workflow, covering encoding, delivery, operations, and analytics.
Mol...
03/04/2026
Grass Valley will demonstrate Framelight X, its content management platform, at NAB Show 2026. The platform connects capture, ingest, editing, and publishing in...
03/04/2026
Encompass Digital Media and Techex have announced a cloud-native Master Control ...
03/04/2026
Live Vertical Video automatically track the action on the court via AI technology and delivers a fully optimized, 9 16 live feed for viewers...
03/04/2026
As the Illini make their first trip to college basketball's biggest stage si...
03/04/2026
After last summer's Softball National Championship victory and last week'...
03/04/2026
The University of Arizona's Men's Basketball team has only loss twice th...
03/04/2026
Eight games across four tournaments will be played in three venues; accommodatio...
03/04/2026
The Ottawa Senators and Bell Media have announced a long-term rights extension for regional Ottawa Senators games on TSN and RDS. TSN Radio 1200 remains the exc...
03/04/2026
Massive production in Phoenix running out of Flagship Mobile unit, Features 50+ ...
03/04/2026
Iconic guitar pedals now available in plug-in form
Guitar effects experts Electro-Harmonix have teamed up with MixWave to turn a collection of their most pr...
03/04/2026
New multi-band AUv3 plug-in announced
Fred Anton Corvest (FAC) offer an extensive range of AUv3 plug-ins and iOS/iPadOS Apps, and their multiband effects pr...
03/04/2026
Just 84 units to be released in the US
Experimental synthesizer and sound-machine extraordinaires SOMA Laboratory have revealed an upcoming special-edition ...
03/04/2026
Emulates the input section of an Ampex 350
One of the latest arrivals to the Iconic Instruments range delivers a new tube preamp plug-in inspired by the cir...
03/04/2026
New York April 2, 2026 TelevisaUnivision, the world's leading Spanish-la...
03/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/04/2026
CVP, one of Europe's leading suppliers of professional video and broadcast solutions, today announces the launch of its new German operation and the formati...
03/04/2026
Mark Roberts Motion Control (MRMC) today announces the appointment of Nick Barthee as Chief Operating Officer, strengthening its leadership as the company conti...
03/04/2026
Net Insight introduces programmable Trust Boundaries that make live media interconnection predictable as traffic moves between facilities, networks and cloud en...
03/04/2026
Winning in the new media economy: Avid showcases AI-powered, connected intellige...
03/04/2026
NUGEN Audio CEO Dr. Paul Tapper to Lead Presentation About Dialog Intelligibilit...
03/04/2026
NAB Show 2026: PlayBox Neo Highlights Workflow, Security, and IP Advances
Brie Clayton April 2, 2026
0 Comments
PlayBox Neo will showcase the latest i...
03/04/2026
For Taku Hirano, Everything Is Connected From touring and composition to teaching and instrument design, the in-demand percussionist sees it all as one body o...
03/04/2026
Berklee Honors Humberto Ramirez with Master of Latin Music Award The alumnus and acclaimed trumpeter is honored for his influence as a performer, composer, an...
03/04/2026
VIZ Media Lands Rumiko Takahashi's MAO, Sets April 4 Premiere on Hulu in the...
03/04/2026
Back to All News
Competition Heats Up with Intrigue and Spices: Netflix Unveils...
03/04/2026
Back to All News
Radioactive Emergency Ranks #1 On Netflix's Global Top 10 ...
02/04/2026
HBO and NFL Films have announced Hard Knocks: Training Camp with the Seattle Sea...
02/04/2026
Haivision has announced the Makito ONE, a single-blade video encoding and decoding platform, at NAB Show 2026. The platform combines dual-channel video encoding...
02/04/2026
Telestream has introduced UP.Lens, a cloud-based multiviewer and monitoring serv...
02/04/2026
Mark Roberts Motion Control (MRMC) will exhibit at NAB Show 2026 (Booth C5220, April 19-22, Las Vegas Convention Center), marking the company's 60th anniver...
02/04/2026
Net Insight has introduced programmable Trust Boundaries, a feature integrated i...
02/04/2026
Bitmovin has announced support for SGAI (Server-Guided Ad Insertion) in its playback products, using HLS interstitials. SGAI combines elements of client-side an...
02/04/2026
Riedel Communications' SimplyLive RiMotion R12 replay system is supporting B...
02/04/2026
LTN, a managed IP video transport company, and Ateme, a video compression and de...
02/04/2026
Harmonic has announced that TDF, a broadcast infrastructure operator in France, has deployed Harmonic's XOS Advanced Media Processor and ProStream X Video S...
02/04/2026
Eluvio and the United Rugby Championship (URC) have announced first-year results...