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...
08/01/2026
An evidence-based analysis on disinformation and information manipulation in Sudan's ongoing conflict is published today. (January 8th 2026).
Thomson Found...
08/01/2026
In 2025 we launched the Spotify Partner Program to give creators more ways to tu...
08/01/2026
On Wednesday in Los Angeles, Spotify welcomed creators and press to a brunch cel...
08/01/2026
TSA awards Rohde & Schwarz contract for advanced airport screening ahead of Socc...
08/01/2026
The review looks back at DPA's miniature microphone development over the years. It compares the evolving technologies from the original mics through CORE an...
08/01/2026
Comscore Launches Audio Targeting and Measurement Capabilities with The Trade De...
08/01/2026
Tonight, on RT Prime Time at 9:35pm on RT One and RT Player
Tonight, Prime T...
08/01/2026
The Late Late Show celebrates the very best of traditional Irish music with its first-ever full special dedicated entirely to the tradition
Lisa Canny | Kevin...
08/01/2026
It will be murder on the dancefloor when Dancing with the Stars returns this S...
07/01/2026
Spotify is launching a week-long celebration spotlighting creators at the center...
07/01/2026
We know people use Spotify not just to listen, but to share the songs, podcasts, and audiobooks they love with their friends and family. When we launched Messag...
07/01/2026
This week, all eyes are on the podcast industry as the Golden Globes recognizes ...
07/01/2026
Podcasts are stepping onto a new stage this week as the Golden Globes recognize the medium for the first time. To mark this milestone moment, we're hosting ...
06/01/2026
Spotify is launching a week-long celebration spotlighting creators at the center...
06/01/2026
Lorde. A$AP Rocky. JENNIE. Baby Keem. KATSEYE. That's just a taste of who...
06/01/2026
Channel 4 and UKTV are giving viewers even more reasons to stream, with UKTV's U service set to feature thousands of hours of free, unmissable and bingeable...
06/01/2026
Tuesday 6 January 2026
An update on our Sky Mobile prices
Devesh Raj, Chief Operating Officer, Sky
Today, we've announced some changes to the prices of ...
06/01/2026
Comscore Launches Daily Program-Level Reporting with Deduplicated Insights on Sh...
06/01/2026
Comscore Completes Recapitalization Transaction with Preferred Stockholders Foll...
05/01/2026
Bad Bunny's DeB TiRAR M S FOToS defined the sound of 2025 for listeners eve...
05/01/2026
As the clock struck midnight and 2026 was born, so was an exciting range of new ...
05/01/2026
These Sacred Vows starring Tom Vaughan-Lawlor, Justine Mitchell and Jason O'...
05/01/2026
DANDANCING WITH THE STARS RETURNS TO SHAKE UP SUNDAY NIGHTS
Reigning Rose of Tr...
02/01/2026
Any Given Day: Cork University Hospital premieres Wednesday 7 January on RT One and RT Player at 9:35pm
RT will debut a powerful new six-part documentary se...
02/01/2026
Friday 2 January 2026
All episodes of Heated Rivalry will be landing on Sky and...
02/01/2026
Sequins, chat shows, live sporting action, ground-breaking docuseries and brand-new Irish drama to kick off 2026
New Year, New Content Coming Soon across RT
...
01/01/2026
The Quantum 852 is situated in the 6,500-seat Seoul-based place of worship, a church which is home to a 1,000-person choir and a 50-piece orchestra. There are f...
01/01/2026
Formed in 2002, OneRepublic have enjoyed huge international success, with over 18 billion streams on Spotify alone. Their current tour, Escape to Europe, contin...
01/01/2026
We had been using the club's previous console for the last ten years, so we researched manufacturer information very carefully, says venue audio manager Mr...
30/12/2025
Your live countdown to 2026 with Inhaler, David Gray, Lyra, Garron Noone, Sharon...
29/12/2025
From crisper Lossless audio and immersive music videos in beta to new Audiobooks+ plans, custom transitions between tracks, and in-app Messages, we keep levelin...
24/12/2025
RT has unveiled an exclusive first look at the new Dancing with the Stars promo...
23/12/2025
The year is winding down, the weather outside is frightful, and it's the perfect time to escape into a story that warms the heart. For listeners looking for...
23/12/2025
23 Dec 2025
VEON's Beeline Kazakhstan and Rakuten Symphony Collaborate to A...
22/12/2025
For a decade, popular German podcast Fest & Flauschig has hosted an annual Chris...
22/12/2025
Monday 22 December 2025
Sky extends PGA TOUR partnership until 2029, as Sky Spo...
22/12/2025
Siobh n McSweeney, Rory McIlroy, Elon Musk, Catherine Connolly, Jim Gavin, Ivan Yates and Traitor Paudie Moloney lead new characters for Callan Kicks the Year 2...
22/12/2025
Winner announced in the picturesque surroundings of Wicklow's Avondale Tower and Treetop Walk
Andrew Trimble wins the show in his first series as coach
Th...
22/12/2025
The 2025 winners have been announced today, Sunday 21 December, for Ireland's largest choral competition Choirs for Christmas hosted by RT lyric fm.
Ove...
21/12/2025
John Shortt named Young Sportsperson of the Year Kerry are the Team of the Year
...
19/12/2025
With Playout Release 2025.4, ToolsOnAir continues to push professional playout w...
19/12/2025
19 Dec 2025
VEON's Mobilink Microfinance Bank Launches Islamic Banking Oper...
19/12/2025
The six-part drama, set in a close-knit Welsh town fractured by an unspeakable c...
19/12/2025
Rohde & Schwarz drives the future of mobility at CES 2026 At the 2026 Consumer Electronics Show in Las Vegas, Rohde & Schwarz will present a powerful lineup o...
19/12/2025
RT is proud to return to the RDS to support the 2026 Stripe Young Scientist & T...
07 Dec 2021
