
Amsterdam, 7 December 2021 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, has announced a new medium-term financial ambition, including a 10-14% CAGR local currency revenue and EBITDA growth over the next three years.
VEON's new medium-term financial ambition for financial years 2022 to 2024, anticipates an acceleration in Group revenue growth, as the benefits of VEON's recent investments in high-speed 4G networks are realised, supporting the digital operator model. Together with this double digit local currency revenue growth ambition, the Group aspires to achieve a 3 percentage point EBITDA margin expansion over the same period, supported by its group-wide cost efficiency program, that is anticipated to bring annual run rate savings of USD250 million by the end of 2024. The Group's medium term ambition is to reduce USD-denominated debt to below 40% of net debt while increasing the local currency funding and extending the tenor of its debt to 4 years.
As VEON's operations remain focused on disciplined inflationary pricing, this local currency revenue growth is anticipated to correspond to mid-single-digit CAGR for both Group revenue and EBITDA over the same period on a US dollar reported basis, once currency movements have been adjusted.
Also included in VEON's new medium-term financial ambition is for the Group's capex intensity to decline, from current elevated levels of 22%-24% to below 20% by 2024, which will contribute to an improvement in equity free cash flow (EFCF) over the period. The Group dividend policy is to pay out at least 50% of EFCF after licence payments, while keeping leverage at or below its previously stated comfort level of 2.4x on an IFRS basis.
Kaan Terzio lu, VEON's CEO, said: Our new medium-term financial aspiration positions VEON as a growth company with an exciting value creation opportunity across its nine operating markets, led by an executive team vested in the creation of shareholder value. While we expand the reach for our investors through trading in multiple stock markets, we aspire to be included in key indices. By transitioning our businesses to a digital operator model, VEON is entering into an exciting growth phase that realises the benefits of our recent investments in 4G networks and digital services.
VEON will set out its ambitions in detail during an Investor Day hosted virtually from its Amsterdam headquarters at 1400 CET today, Tuesday 7th December 2021. Alongside the Group's new medium-term financial ambition, the event will also provide updates from VEON's operating markets, including:
Russia, where Beeline is improving its network quality and Net Promotor Score, while implementing inflationary pricing and growing its subscriber base. The local currency revenue growth ambition for 2022-2024 is accelerating towards double-digit alongside a decline in capex intensity.
Pakistan, where the success of digital products like JazzCash and Tamasha, is expected to drive a four-fold increase in monthly active users of Jazz's digital users by 2024. The ambition is more than doubling digital revenues over the same period, supporting double-digit local currency growth in revenue between 2022-2024. Pakistan expects to complete the sale of its portfolio of tower assets by the end of 2022.
Ukraine, where Kyivstar's ambition is to reach 8 million users of its digital services by 2024, supporting a double-digit local currency revenue CAGR between 2022-2024. Plans are to complete the sale of its tower asset portfolio during 2023.
Bangladesh, where Banglalink is embarking on a nationwide 4G rollout that is contributing to an ambition of double-digit local currency revenue growth by 2024, which is underpinned by a 30% local currency CAGR in data revenue between 2022-2024. Bangladesh expects to complete the sale of its portfolio of tower assets during 2022 / 2023.
Kazakhstan, where Beeline continues to gain market share in subscribers and revenue as the business moves along the path on its digital operator transformation. This is expected to support ambitions of strong double digit local currency growth in revenue and EBITDA between 2022-2024.
Further information
Download the Investor Day presentation (PDF - 7Mb)
More from VimpelCom
11/04/2022
Amsterdam, 11th April 2022 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides mobile connectivity and services, today...
01/04/2022
Amsterdam, 1st April 2022 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides mobile connectivity and services, today...
22/03/2022
Dhaka, Bangladesh, 22nd March 2022 - VEON Ltd. (NASDAQ and Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, announce...
18/03/2022
Amsterdam, 18 March 2022 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and digital services, today provides so...
16/03/2022
Dear Stakeholders,
VEON is a Nasdaq and Euronext listed major international telecommunications company headquartered in the Netherlands. VEON has a diverse inv...
16/03/2022
Amsterdam, 16 March 2022 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, today announced ...
15/03/2022
Amsterdam, 15 March 2022 -VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, has today, given ...
14/03/2022
Amsterdam, 14 March 2022 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, announces the ap...
14/03/2022
Amsterdam, 14 March 2022 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, announces that F...
11/03/2022
Amsterdam, 11 March 2022 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, today announces ...
08/03/2022
Amsterdam, 8 March 2022 7:00 (CET) - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, today ...
04/03/2022
Amsterdam, 4 March 2022 16:30 (CET) - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, after...
02/03/2022
Amsterdam, 2 March 2022 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, today provides an...
01/03/2022
Barcelona, 1st March 2022 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides mobile connectivity and services, today ...
01/03/2022
Amsterdam, 1 March 2022, 11:15 (CET) - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, toda...
28/02/2022
Amsterdam (28 February 2022) - VEON Ltd. (VEON) announces results for the fourth quarter and full year ended 31 December 2021:
VEON reports FY 2021 results wit...
28/02/2022
Amsterdam, 28 February 2021 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON)...
28/02/2022
Amsterdam, 28 February 2021 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, today announc...
28/02/2022
Barcelona, 28th February 2022 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides mobile connectivity and services, to...
24/02/2022
Barcelona, 24th February 2022 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides mobile connectivity and services, to...
17/02/2022
Amsterdam, 17 February 2021 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON)...
03/02/2022
Amsterdam, 3 February 2022 - VEON Ltd. (NASDAQ and Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, has today announc...
24/01/2022
Amsterdam, 24 January 2022 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, notes that we ...
05/01/2022
Amsterdam, 5 January 2022 - VEON Ltd. (NASDAQ and Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, today announced th...
29/12/2021
Amsterdam, 29 December 2021 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, announces Moh...
27/12/2021
Amsterdam, 27 December 2021 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, announced tod...
24/12/2021
Amsterdam, 24 December 2021 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, announces tha...
20/12/2021
Augmented Reality glasses use IKSAR software and 4G/5G networks to enhance field...
18/12/2021
Amsterdam, 18 December 2021 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, announced tod...
18/12/2021
Amsterdam, 18 December 2021 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, announced tod...
17/12/2021
Amsterdam, 17th December 2021 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, has acquire...
15/12/2021
Islamabad - 14th December, 2021: Pakistan's leading fintech JazzCash has introduced a unique digital-first shopping experience AlaCart powered by TCS on its...
12/12/2021
Islamabad - 12 December 2021: The Jazz Drive-in Concert has set a new Guinness World Records title for the most cars in a Drive-in Music Concert with 1000+ car...
07/12/2021
Amsterdam, 7 December 2021 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, has today anno...
07/12/2021
Amsterdam, 7 December 2021 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, has announced ...
07/12/2021
Watch VEONs Group Chief Executive, Kaan Terzio lu on Sky News. Speaking with Ian King, he discusses VEONs growth strategy and explains why its the right time fo...
07/12/2021
Amsterdam, 7 December 2021 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON),...
07/12/2021
Amsterdam, 7th December 2021 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, today announ...
01/12/2021
Amsterdam, 01 December 2021 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, today announc...
27/11/2021
VEON Group CEO Kaan Terzio lu and Jazz CEO Aamir Ibrahim met with Pakistan Prime Minister Imran Khan yesterday to discuss the progress being made on building di...
10/11/2021
AI and Big Data Analytics Training to be Offered by VEON at New Tertiary Education Institute as Part of Digital Uzbekistan-2030 Programme
Amsterdam, 9th Novemb...
29/10/2021
Execution gains momentum:
Another quarter of double-digit growth
Raising full year EBITDA guidance
Amsterdam (28 October 2021) - VEON Ltd. (VEON) announces...
27/10/2021
Amsterdam & St. Louis, 26 October 2021 - VEON Ltd. (NASDAQ and Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, and A...
22/10/2021
Amsterdam, October 21, 2021 - VEON Ltd. (NASDAQ and Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, has today announ...
13/10/2021
VEON's Beeline Partners with Sechenov University to Create New AI Laboratory...
15/09/2021
Beeline Uzbekistan awarded Best Mobile Network, Fastest Mobile Network and Best ...
09/09/2021
Amsterdam, 01 December 2021 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, hereby makes ...
09/09/2021
Amsterdam, 9 September 2021 - VEON Holdings B.V. (the Issuer ), a subsidiary of...
07/09/2021
Investment strengthens VEON's partnership with Bangladesh's largest full-stack B2B commerce platform
Amsterdam, 7 September 2021 - VEON Ltd. (NASDAQ: V...
07/09/2021
Amsterdam, 7 September 2021 - VEON Holdings B.V. (the Issuer ), a subsidiary of...