07 Dec 2021
VEON aspires to achieve 10-14% CAGR local currency revenue & EBITDA growth between FY2022 and FY2024 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)
Disclaimer
This release contains forward-looking statements, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, expectations regarding VEON's new medium term financial ambition, which are internal aspirations that will be tested in business plans going forward. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The actual outcome may differ materially from these statements, for example, VEON may still be exposed to relevant foreign exchange risk, even after implementing inflationary pricing and foreign exchange risk management activities. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events. This release also presents certain non-IFRS measures which have important limitations as analytical tools, and should therefore not be considered in isolation or as a substitute for analysis of our results of oper
Europe Stories
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...
01/05/2026
January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...
01/04/2026
January 4 2026, 18:00 (PST) DOLBY AND DOUYIN EMPOWER THE NEXT GENERATON OF CREATORS WITH DOLBY VISION
Douyin Users Can Now Create And Share Videos With Stun...
22/01/2026
Last November, Ed Sheeran returned to his musical roots for an intimate, one-nig...
22/01/2026
Every delay costs. When a subtitle fails QC, even the smallest issue can mean missed deadlines, extra vendor costs, or frustrated teams. The new Accurate.Video ...
22/01/2026
Rohde & Schwarz, Qualcomm, and Motorola demonstrate successful 5G Broadcast comp...
22/01/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
21/01/2026
Wednesday 21 January 2026
Backing Britain on the global stage: Sky becomes an o...
21/01/2026
Fox Corporation Executives to Discuss Second Quarter Fiscal 2026 Financial Resul...
21/01/2026
Baselight v7 brings colourists and post-houses smarter mattes, faster workflows and deeper control
FilmLight, known for its detailed colour toolset and longsta...
21/01/2026
RT News is pleased to announce the appointment of Jackie Fox as its new Washington Correspondent. Jackie is a multimedia journalist with RT News and has repor...
19/01/2026
Monday 19 January 2026
Sky News reinvents News at Ten for the modern audience with The Wrap
Sky News today announces The Wrap, a bold evolution of its 10pm ou...
19/01/2026
DPA Microphones is striking a new chord in piano miking with the debut of its DPK2015 Piano Stereo Kit, an out-of-the-box, plug-and-play miking solution that ta...
19/01/2026
DPA Microphones will present its 4099 CORE Instrument Microphone and redesigned...
19/01/2026
Trianel relies on Arvato Systems for future-proof data center operations
Moving to the cloud: Arvato Systems implements extensive IT migration project
Migrat...
19/01/2026
Celebrating 21 Years of the RT Choice Music Prize
RT Choice Music Prize
In association with IMRO and IRMA
Irish Album of the Year 2025 - Shortlist Announce...
18/01/2026
January 18 2026, 21:30 (PST) Dolby Cinema Arrives in Bengaluru: Dolby Laborator...
16/01/2026
The start of a new year brings fresh possibilities. Whether you're diving in with big goals or simply setting new intentions, audiobooks can bring inspirati...
16/01/2026
In 2025 we launched the Spotify Partner Program to give creators more ways to tu...
15/01/2026
The SGL Carbon site in Bonn has a long tradition of training. For many years, young talent has been successfully trained here, regularly achieving excellent exa...
15/01/2026
The JEC Composites Innovation Awards annually honor the most innovative and ambi...
15/01/2026
X-energy Reactor Company, LLC ( X-energy ) and SGL Carbon LLC ( SGL ) have signed a 10-year framework agreement to provide graphite for the deployment of X-ener...
15/01/2026
RT is tonight announcing that Mari Hurley has decided to leave her role as RT 's Chief Financial Officer to take up a new position outside RT . Mari will r...
15/01/2026
15 Jan 2026
VEON's Kyivstar Reaches 3.0 million Customers with Starlink Dir...
15/01/2026
Views to free streaming service U grew by 15%, average monthly active users by 23% and registrations by 18%
UKTV's channels achieved record viewing share, ...
15/01/2026
Thursday 15 January 2026
Sky Sports to show Final Stage of inaugural FIFA Women's Champions Cup
Sky and FIFA have agreed an exclusive new partnership whi...
15/01/2026
Thursday 15 January 2026
The official trailer for the second season of Seth Mac...
15/01/2026
Wuppertal January 15, 2026
Riedel RefCam Takes Center Court in German Basketba...
15/01/2026
Arvato Systems Named Launch Partner for AWS European Sovereign Cloud
As a launch partner for the AWS European Sovereign Cloud, Arvato Systems enables customer...
14/01/2026
Staines-upon-Thames, UK, 13th January, 2026 ITV, one of the UKs leading broadcasters, has selected Yospace, the global leader in Dynamic Ad Insertion (DAI), to ...
14/01/2026
Steiger Media's adoption of Calrec's compact Argo M console not only makes its innovative new hybrid truck faster, more efficient, and agile, but also e...
14/01/2026
Press Release: The Boston Globe Names Cartesian a Top Place to Work in 2025
January 14, 2026
News
Cartesian - January 14, 2026 - EINPresswire.com - Sp...
14/01/2026
Comscore and Marcus Theatres Announce Five-Year Extension for Cinema ACE and Ent...
14/01/2026
Comscore and Santikos Entertainment Announce Five-Year Circuit Wide Commitment t...
14/01/2026
Wednesday 14 January 2026
Sky News announces Cathy Newman to lead flagship new political programme
Sky News today announces that award-winning journalist and ...
14/01/2026
The first stamp of An Post's 2026 Stamp Programme, marking 100 Years of Broadcasting, was unveiled at the GPO by Patrick O'Donovan TD, Minister for Cult...
14/01/2026
It's official! Beverley Callard has landed in Carrigstown. The beloved actor, known for her unforgettable roles and iconic screen presence, is joining the c...
13/01/2026
Independent media in Brazil and Colombia is facing an urgent crisis of traditional business models alongside a deteriorating security environment, according to ...
13/01/2026
Some days you want your music to reflect a specific feeling, memory, or vibe that goes beyond a single artist or genre. You want to do more than listen. You wan...
13/01/2026
Luxembourg, December 17, 2025 - SES S.A. ( SES or the Company ), a leading spa...
13/01/2026
Written and executive produced by Steve Lightfoot and Angela LaManna, produced b...
13/01/2026
New updates to Hitmaker Expansion from Celemony and Softube Edit pitch-perfect vocals with Melodyne Essential and get radio-ready guitar tones from Softube...
13/01/2026
Live broadcasts from RT 2FM Breakfast with Carl, Roz & Aisling, RT Radio 1 Tod...
12/01/2026
Spotify's new co-CEOs, Alex Norstr m and Gustav S derstr m, start off the new year with a message of renewed leadership, creative responsibility, and what&#...
12/01/2026
At Spotify, we listen to a lot of music. And every year, our global editors and artist partnerships teams come together to spotlight the emerging voices we beli...
12/01/2026
Spotify's global editors and Songwriter & Publisher Partnerships team spend their days immersed in new music, tracking the writers behind the songs breaking...
12/01/2026
Rohde & Schwarz opens larger office in Japan and increases its support for the J...
12/01/2026
X-Rite and Rhopoint Launch Rhopoint PANTORA Aesthetix to Streamline Creation of...
07 Dec 2021
