VEON Earning Date, Transcript Summary & Report

Earnings Per Share Beat: VEON Ltd. reported an EPS of $0.98, exceeding expectations of $0.77.

Revenue Growth Surpasses Expectations: The company achieved 8.3% revenue growth in 2024, surpassing the 8% to 10% growth expectation.

EBITDA Growth Exceeds Expectations: US dollar EBITDA grew by 4.9%, exceeding the 4% to 6% growth expectation.

Revenue and EBITDA Growth: In local currency terms, revenue growth was 14.6%, outperforming the 12% to 14% expectation, while EBITDA grew by 12%, exceeding the 9% to 11% expectation.

Digital Revenue Surge: Direct digital revenues surged by 63% for the full year and 42% year-on-year in Q4, comprising 12.6% of total revenues in Q4.

Share Price Surge: VEON's share price more than doubled in 2024 and is up 15% year-to-date in 2025.

Share Buyback Program Update: The company announced a $100 million share buyback program, completing Phase 1 with $30 million repurchased.

Debt to EBITDA Improvement: VEON's net debt to EBITDA ratio improved to 1.3, down from over 3 times pre-divestment.

Cash Position Strengthening: The company ended the year with $1.7 billion in cash, strengthening its cash position.

Local Currency Growth and EBITDA: Kyivstar's underlying local currency growth was 13.7%, with EBITDA growing by 10.3% despite challenges.

Revenue and EBITDA Growth: Jazz in Pakistan reported a 23% revenue increase and a 15.6% EBITDA rise, with direct digital revenues growing by 78%.

Telecom Revenue Growth: Beeline in Kazakhstan saw telecom and infrastructure revenues grow by 15.3% when excluding TNS+ deconsolidation, with a strong digital portfolio.

Digital Revenue Surge: Banglalink in Bangladesh achieved a 66% increase in direct digital revenues despite macroeconomic challenges.

Digital Revenue Surge: Beeline Uzbekistan's digital revenues increased by 21%, and the launch of the new SuperApp Hambi saw strong user adoption.

Digital User Growth: VEON's total digital users reached 122 million, reflecting a 27% increase, with digital-only users growing at 37%.

Revenue and EBITDA Growth: The company expects 2025 revenue growth of 12% to 14% and EBITDA growth of 13% to 15%.

Financial Performance Challenges: Financial performance impacted by cyberattack in Ukraine, political unrest in Bangladesh, and HQ restructuring costs.

EBITDA Margin Decline: Despite revenue growth, EBITDA margin decreased by 1.3 percentage points, indicating potential cost pressures.

Capital Intensity and Cash Flow: Capital intensity exceeded guidance at 20.6%, primarily due to escalated investments in Ukraine, affecting equity-free cash flow which declined 2.2% year-on-year.

Political Instability's Economic Impact: Bangladesh business severely impacted by political changes and unrest, leading to unstable revenue base despite some digital revenue growth.

EBITDA Decline Challenges: Uzbekistan's EBITDA declined by 3.7% due to higher operating expenses and tax-related impacts, indicating challenges in maintaining profitability.

Market Challenges Ahead: Overall, the company faced challenges in specific markets, particularly in Bangladesh and Uzbekistan, which could hinder future growth.