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VEON Ltd.

VEON Ltd.

NASDAQ•VEON
CEO: Mr. Augie K. Fabela II
Sector: Communication Services
Industry: Telecommunications Services
Listing Date: 1996-11-15
VEON Ltd., a digital operator, provides connectivity and internet services to corporates and individuals in Pakistan, Ukraine, Kazakhstan, Uzbekistan, Bangladesh, and Kyrgyzstan. The company offers fixed-line broadband telecommunication services using fiber optic networks; mobile telecommunications services under prepaid and postpaid subscriptions, including value added and call completion, national and international roaming, wireless Internet access, mobile financial, and mobile bundle services; cross border transit, voice, and data services; mobile connectivity services on 2G, 3G and 4G/LTE networks; prepaid scratch cards and electronic recharge options; customer support through contact centers; and Internet-TV using fiber to the building technology. It also provides Simosa, MyKyivstar, and MyBeeline self-care applications; Kyivstar TV, Tamasha, BeeTV, Toffee, and Beeline TV video streaming platforms; BiP messenger app; Game Now gaming platform; Beeline Music for music streaming, as well as live audio streaming services; Jazz Cricket sports app; JazzCash and Simply financial services platforms that offers mobile wallets, payments, transfers, and digital lending services; BIMA tele-medicine and hospital insurance app; and Helsi digital data management platform for healthcare services. In addition, the company sells equipment, infrastructure, and accessories. It offers its products and services under the Kyivstar, Banglalink, Jazz, JazzCash, Beeline, Beeline Kyrgyzstan, IZI, and OQ brands. The company also distributes its products and services through direct sales force, distributors, third-party retailers, supermarkets, offices, stores, franchises, online, and other distribution channels. The company was formerly known as VimpelCom Ltd. and changed its name to VEON Ltd. in March 2017. VEON Ltd. was founded in 1992 and is headquartered in Amsterdam, the Netherlands.
Contact Information
Claude Debussylaan 88, Amsterdam, 1082 MD, Netherlands
31-20-797-7200
www.veon.com
Market Cap
$3.76B
P/E (TTM)
3.8
11.7
Dividend Yield
--
52W High
$64.00
52W Low
$34.55
52W Range
63%
Rank71Top 96.3%
1.4
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 1.4 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$1.12B+7.52%
4-Quarter Trend

EPS

-$1.91-164.75%
4-Quarter Trend

FCF

$323.00M+84.57%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Revenue and Profit Turnaround Total operating revenue reached US$4.00B, up 8.3% in USD terms; Operating profit increased 19.5% to US$1.11B.
Adjusted EBITDA Growth Total Adjusted EBITDA was US$1.69B, showing 9.8% growth in local currency terms, driven by Pakistan and Kazakhstan.
Ukraine Listing Progress Signed BCA to indirectly list Kyivstar on Nasdaq; reorganization steps completed paving way for expected Q3 2025 listing.
Asset Light Strategy Advances Completed sale of TNS+ in Kazakhstan for US$138M consideration; HQ successfully relocated to Dubai in December 2024.

Risk Factors

Ukraine War Operational Impact Ongoing war severely impacts Ukraine business (23% of 2024 revenue) affecting liquidity, infrastructure, and financing access.
Potential Impairment Charges Risk of substantial impairment charges for Bangladesh CGU following recent political unrest and associated economic decline.
Foreign Currency Exchange Risk Significant exposure exists as most cash flows are in local currencies while substantial debt is denominated in USD.
Cybersecurity and Governance Risks Continual exposure to cyber-attacks; governance structure relies on Bermuda law, potentially affording less protection than US standards.

Outlook

Digital Strategy Execution Focus remains on "digital operator 1440" model, expanding digital services like JazzCash (19.7M users) and MyBeeline.
Capital Expenditure Reconsideration Capital outlay is being reconsidered due to Ukraine war impacts, prioritizing maintenance over discretionary growth investments.
Shareholder Value Focus Completed first phase of US$100M share buyback program; US$8M spent by year-end 2024 to optimize shareholder value.
Asset Monetization Continuation Continue asset-light transition, including finalizing Pakistan tower infrastructure amalgamation with Engro Corp.

Peer Comparison

Revenue (TTM)

América Móvil, S.A.B. de C.V.AMX
$48.23B
+13.8%
Telefónica, S.A.TEF
$42.23B
-5.7%
Telefônica Brasil S.A.VIV
$10.27B
+6.9%

Gross Margin (Latest Quarter)

VEON Ltd.VEON
90.4%
+2.2pp
PLDT Inc.PHI
86.5%
-1.0pp
Telecom Argentina S.A.TEO
74.5%
+0.9pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
AMX$62.76B20.012.6%41.9%
TEF$23.47B-8.2-12.4%46.3%
TLK$21.13B15.216.4%26.6%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
3.8%
Moderate Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Mar 19, 2026
|
EPS:$1.34
|
Revenue:-
Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 25, 2025|
    Revenue: $4.00B+8.3%
    |
    EPS: $5.86+116.3%
    Beat

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Oct 17, 2024|
    Revenue: $3.70B-1.5%
    |
    EPS: $-35.93-1496.9%
    Miss

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Jul 24, 2023|
    Revenue: $3.76B-2.5%
    |
    EPS: $-2.25-123.4%
    Miss

  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: Apr 29, 2022|
    Revenue: $3.85B+10.6%
    |
    EPS: $9.61+292.7%
    Beat

  • Form 20-F - FY 2020

    Period End: Dec 31, 2020|Filed: Mar 15, 2021|
    Revenue: $3.48B-56.8%
    |
    EPS: $-4.99-156.1%
    Miss