VEON Ltd. announced its FY24 and 4Q24 trading update on March 20, 2025, reporting full-year 2024 revenues up 8.3% year-on-year and EBITDA up 4.9% year-on-year in reported USD terms, meeting expectations. Underlying local currency revenue growth was 14.6% and EBITDA growth was 12.0%, adjusted for identified items like the cyberattack in Ukraine, political unrest in Bangladesh, and the deconsolidation of TNS+.
Direct digital revenues were a primary growth engine, soaring by 63.0% year-on-year in reported currency and 64.1% in local currency, accounting for 11.5% of total Group revenues. The company's local currency growth rate exceeded the blended weighted average inflation rate of 9.3% in its operating countries, demonstrating effective pricing strategies.
VEON's liquidity position strengthened, with net debt to EBITDA (excluding lease liabilities) declining to 1.34x from 1.52x as of December 31, 2023. For FY25, VEON is guiding for underlying local currency revenue growth of 12%-14% and EBITDA growth of 13%-15%, with CapEx intensity expected in the 17%-19% range. The company also announced the second phase of its share buyback program for up to USD 35 million.
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