Sony Pixel Power calrec Sony

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...
See more stories from vimpel

Most recent headlines

05/01/2027

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be demoed at CES 2026

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...

04/08/2026

Dalet Announces Commercial Availability of Dalia, Bringing Media-Aware Agentic AI to Enterprise Productions

Dalet, a leading technology and service provider for media-rich organizations, t...

04/07/2026

Detective Conan: Fallen Angel of the Highway Opens in Dolby Cinemas Across Japan, Presented in Dolby Atmos and Dolby ...

April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...

01/06/2026

Dolby Sets the New Standard for Premium Entertainment at CES 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 Flex LTS Delivers Smarter Search, Faster Editing, and an AI-Ready Foundation for Modern Media

Dalet, a leading technology and service provider for media-rich organizations, t...

01/05/2026

NBCUniversal's Peacock to Be First Streamer to Integrate Dolby's Full Suite of Premium Picture and Sound Innovations

January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...

14/04/2026

Stegawave Debuts Real-Time Forensic Watermarking to Tackle Piracy in Live Sports Streaming

Stegawave Debuts Real-Time Forensic Watermarking to Tackle Piracy in Live Sports...

14/04/2026

Living in Boston: A Guide for Incoming Boston Conservatory Students

Living in Boston: A Guide for Incoming Boston Conservatory Students From navigating the T to balancing school with professional gigs, a current student shar...

14/04/2026

Just What Is Genre These Days, Anyway?

Just What Is Genre These Days, Anyway? Understanding the business and art of genre-bending in 2026. April 10, 2026 By Bryan Parys Illustration by Jack Fla...

14/04/2026

Lenora Helm Hammonds Is Turning Passion Into Plan A

Lenora Helm Hammonds Is Turning Passion Into Plan A The dean of the Professional Education Division has seen the industry from all sides. Now shes bringing it...

14/04/2026

How Michelle Zalabak Found Her Dream Career in Music and Finance

How Michelle Zalabak Found Her Dream Career in Music and Finance The Warner Music Group deal analysis manager helps determine what artist catalogs are worth a...

13/04/2026

ToolsOnAir Composition Builder 2026 Boilerplate

ToolsOnAir Composition Builder 2026 Boilerplate More Details: The Composition Builder 2026 application for macOS enables TV stations and Live Event broadcast...

13/04/2026

ToolsOnAr just:live pro 2026 Boilerplate

ToolsOnAr just:live pro 2026 Boilerplate More Details: just:live pro 2026 is a Multi-Channel Live Production Playout solution for video and static or real-ti...

13/04/2026

ToolsOnAr just:play pro 2026 Boilerplate

ToolsOnAr just:play pro 2026 Boilerplate More Details: just:play pro 2026 is a Multi-Channel automated 24/7 Master Control playout solution with SD, HD and U...

13/04/2026

ToolsOnAr live:cut 2026 Boilerplate

ToolsOnAr live:cut 2026 Boilerplate More Details: live:cut is an option to just:in mac pro 2025 and enables multicamera production workflows for up to 16 cam...

13/04/2026

ToolsOnAir Just In Mac Lite NDI 2026 Boilerplate

ToolsOnAir Just In Mac Lite NDI 2026 Boilerplate More Details: The Just In Mac Lite NDI application is a streamlined media capture solution designed specific...

13/04/2026

ToolsOnAir Just In Mac Lite 2026 Boilerplate

ToolsOnAir Just In Mac Lite 2026 Boilerplate More Details: The Just In Mac Lite application is a streamlined media capture solution designed specifically for...

13/04/2026

ToolsOnAir just:in mac pro 2026 Boilerplate

ToolsOnAir just:in mac pro 2026 Boilerplate More Details: just:in mac pro is a macOS-based client-server multichannel capture solution to record SDI, HDMI, N...

13/04/2026

Jnger Audio Joins EBU ADM Implementers Group as Founding Member

Telos Alliance has announced that J nger Audio has joined the EBU ADM Implementers Group (ADM-IG) as a founding member. The group is focused on advancing ADM an...

13/04/2026

NAB 2026: Grass Valley to Showcase Alliance Partner Ecosystem

Grass Valley will demonstrate its Alliance Partner ecosystem at NAB Show 2026 (Booth C2408, Central Hall, April 19-22), showing AMPP integrations across live pr...

13/04/2026

NAB 2026: Media Links to Demonstrate IP Transport Solutions

Media Links will exhibit at NAB Show 2026 (Booth W2033), demonstrating IP transport solutions for live production including hitless protection technology, Xscen...

13/04/2026

NBC Sports Partners with Overtime for OT7 Football League and Navy All-American Bowl

NBC Sports has announced a programming, distribution, and sales partnership with...

13/04/2026

FloSports Promotes Jayar Donlan from COO to President

FloSports has promoted Chief Operating Officer Jayar Donlan to President, effective immediately. In his new role, Donlan will lead the company's commercial,...

13/04/2026

MASV Case Study: PanCam Pictures Uses MASV for Remote Post-Production at Senior Bowl 2026

PanCam Pictures, the documentary production company founded by Paul Camarata, us...

13/04/2026

NAB 2026: Mimir to Showcase Cloud Production Platform

Mimir will exhibit at NAB Show 2026 (North Hall, Booth N2850), demonstrating its cloud-native media production platform with new capabilities including Mimir Cu...

13/04/2026

NAB 2026: BBright Adds RIST Protocol Support to IP Gateway

BBright has announced that its IP Gateway now supports the Reliable Internet Stream Transport (RIST) protocol. The addition will be introduced at NAB Show 2026 ...

13/04/2026

Net Insight Awarded ESA NAVISP Development Project for PNT Technology

Net Insight has been awarded a development project through the European Space Agency's Navigation Innovation and Support Program (NAVISP), with co-funding f...

13/04/2026

NAB 2026: intoPIX to Showcase JPEG XS, IPMX, and SMPTE 2110 Solutions

intoPIX will exhibit at NAB Show 2026, marking the company's 20th anniversary. The company will demonstrate its JPEG XS compression portfolio and IPMX-appro...

13/04/2026

Inside the Launch of BravesVision: How Braves, Raycom Sports Pulled Off One of the Most Ambitious Efforts in Regional-Sports-Media History

Starting from scratch, the team built an in-house content platform comprising ga...

13/04/2026

NAB 2026: AI Will Make Its Presence Felt in Audio Offerings, Presentations

Here's a look at some of the new products and updates, along with audio-centric conferences, that attendees will find next week at the show When the 2026 N...

13/04/2026

NAB 2026: Avid to Demonstrate Integrated Newsroom Capabilities

Avid will launch new integrated newsroom capabilities for Avid for News at NAB Show 2026 (Booth N2226, April 18-22), demonstrating how Avid Content Core connect...

13/04/2026

NAB 2026: Synamedia Launches Cloud-Controlled Edge Playout Version of Quortex PowerVu

Synamedia has announced a new version of Quortex PowerVu, an IP-native, software...

13/04/2026

NAB 2026: Mediaproxy Adds AI Brand and Advertisement Tracking to LogServer

Mediaproxy has developed a suite of AI-powered tools for brand and advertisement tracking, integrated into its LogServer compliance logging and analysis platfor...

13/04/2026

NAB 2026: Disguise to Demonstrate Media Server and Software Integrations

Disguise will demonstrate its media servers and software at NAB Show 2026, appearing across five partner booths in Central Hall: MRMC, B&H, Planar, CarbonBlack,...

13/04/2026

NAB 2026: OpenDrives Introduces Edge Hybrid Cloud-Edge Performance Accelerator

OpenDrives is introducing OpenDrives Edge at NAB Show 2026, a hybrid cloud-edge performance accelerator for distributed video and rich media workflows. The prod...

13/04/2026

ESPN Returns to The Shed for 2026 WNBA Draft, Expanding Camera Arsenal and Deepening Fan Coverage

The show will deploy 18 cameras across two sets and the draft floor, including a...

13/04/2026

Musik Hack update SweetEQ

Intuitive EQ plug-in gets an upgrade Following its official launch back in February 2026, Musik Hack's intuitive EQ plug-in has been treated to its firs...

13/04/2026

Vintage Vault 5 from UVI

Flagship soft synth collection expanded The latest version of UVI's flagship vintage-inspired soft synth collection has just arrived, expanding the suit...

13/04/2026

Sonuscore launch Lux Orchestral Strings Elements

Free version of innovative string library arrives Released in October 2025, Lux Orchestral Strings was said to be Sonuscore's most ambitious library to ...

13/04/2026

Girls' Research Camp at SGL Carbon in Meitingen inspires young women to pursue STEM careers

The Girls' Research Camp is part of the Technology - Future in Bavaria edu...

13/04/2026

Rohde & Schwarz transforms submarine communications for realtime underwater dominance at UDT 2026

Rohde & Schwarz transforms submarine communications for real time underwater dom...

13/04/2026

Rohde & Schwarz enables Pulsar signal simulation to support next-generation navigation devices

Rohde & Schwarz enables Pulsar signal simulation to support next-generation navi...

13/04/2026

When Missiles Move at 5X the Speed of Sound, Timing Is Everything

L3Harris is accelerating the development of infrared payloads for Space Development Agency's Tranche 2 Tracking Layer, to help meet urgent national defense ...

13/04/2026

US Army Selects L3Harris for Next-Generation Night-Vision System

By leveraging cutting-edge unfilmed Gen III image intensifier technology, NOVA delivers unmatched clarity, range, and reliability in low-light environments - en...

13/04/2026

Harvey Arnold Represents the Best of Broadcast Engineering

Share Copy link Facebook X Linkedin Bluesky Email...

13/04/2026

Ross Video and HighField AI to Deliver AI-Assisted Graphics Creation

Share Copy link Facebook X Linkedin Bluesky Email...

13/04/2026

Disguise to Showcase Cutting-Edge Experience Tech for Bro...

Explore new Disguise plugins, including Sony's VP integration; Listen to panels across partner booths at Sony and B&H Disguise, the company powering everyt...

13/04/2026

TAG Video Systems Joins MXL Interoperability Initiative t...

TAG Video Systems, the leading IP-native Realtime Media Platform, has announced its participation in the Media Exchange Layer (MXL) interop initiative. TAG has ...

13/04/2026

Chaos Launches Free V-Ray for Blender Community Edition a...

Today, Chaos launched V-Ray for Blender Community Edition at BCON Austin 2026, making its production-proven 3D renderer free for all Blender users. The same Aca...

13/04/2026

LTN Appoints Mark Romano as Vice President Multichannel P...

Additions strengthen LTN's leadership as broadcasters scale satellite-to-IP transition LTN today announced the appointments of Mark Romano as Vice Presiden...