VEON is a digital operator that currently provides converged connectivity and online services to around 160 million customers. VEON aims to empower customers with converged connectivity and digital services that are relevant for all 1,440 minutes of the day.
“Our journey is defined by resilience and a steadfast belief in the transformative power of connectivity. VEON remains committed to creating value for all – our customers, investors, and communities. As we embrace the future, we do so with the confidence that we are more than a telecom company; we are the backbone of a digital future in frontier markets.” – Kaan Terzioğlu, CEO, VEON
2024 has been a transformative year for VEON, as we continue to redefine the role of digital connectivity across our frontier markets. The year showcased our ability to adapt, innovate, and deliver sustainable growth despite complex macroeconomic, climate-related and geopolitical challenges.
As a global digital operator, VEON remains committed to driving value for stakeholders while improving lives through connectivity, digital services, and enterprise solutions.
Central to this is our DO1440 strategy, which emphasizes enhancing customer engagement throughout all 1,440 minutes of the day. By integrating digital services – spanning financial, entertainment, healthcare, and enterprise sectors – VEON ensures relevance and impact in the daily lives of its users.
Customer obsessed
Collaborative
Entrepreneurial
Innovative
Truthful
ESG ratings by rating agencies are crucial to VEON as they provide an independent assessment of our environment, social, and governance performance, highlighting our commitment to sustainable and ethical business practices. These ratings enhance our reputation, attract socially conscious investors, and ensure compliance with regulatory expectations, ultimately contributing to our long-term success and stakeholder trust.
ISS, a global leading provider of corporate governance and responsible investment solutions, recently upgraded VEON’s ESG rating for its ESG performance to “C-”, from “D+”.
As of February 2024, VEON received an ESG Risk Rating of 39.7 from Morningstar Sustainalytics, a leading provider of ESG research, ratings, and data, and was assessed to be at high risk of experiencing material financial impacts from ESG factors. Notably, as of March 2025, the ESG Risk Rating has improved to 30.1 marking a decrease of 9.6 points compared to that of last year.
Adopted by all its member states, the UN has developed 17 Sustainable Development Goals (SDGs) as the blueprint to achieve a better and more sustainable future for all. The SDGs address the global challenges we face, including those related to poverty, inequality, climate change, environmental degradation, peace and justice.
VEON is committed to making a positive impact on society and acknowledges its role in fundamental social needs such as employment, education, healthcare, digital and financial inclusion, which can be assisted by access to connectivity. We support nine SDGs where our business can have the greatest impact.
As we can have the most substantial impact on the following SDGs, we are supporting these through our business model, code of conduct, and policies as well as with dedicated initiatives.
Financial capital
Digital and technological capital
Human capital
Intellectual capital
Social and relationship capital
Natural capital
Customers
Employees
Communities
Investors and analysts
Authorities and regulators
Advocacy groups
Climate change
Circular economy
Own workforce & supply chain workers
Affected communities
Consumers and end users
Business conduct
Business partner conduct
Ukraine
Market position: Leader
41%
Market share (by subscribers)
95%
Share of 4G sites
62.8%
4G user penetration
23mn
Mobile customers
23.1%
Contribution to Group revenue
95.7%
4G population coverage
Market position: Leader
37%
Market share (by subscribers)
97%
Share of 4G sites
70.7%
4G user penetration
71.5mn
Mobile customers
34.4%
Contribution to Group revenue
68.9%
4G population coverage
Market position: Leader
44%
Market share (by subscribers)
98%
Share of 4G sites
76%
4G user penetration
11.6mn
Mobile customers
21.3%
Contribution to Group revenue
91.6%
4G population coverage
Market position: Challenger
20%
Market share (by subscribers)
100%
Share of 4G sites
50.2%
4G user penetration
35.8mn
Mobile customers
13%
Contribution to Group revenue
92.3%
4G population coverage
Market position: Competing for leadership
26%
Market share (by subscribers)
98%
Share of 4G sites
73.6%
4G user penetration
8.3mn
Mobile customers
6.8%
Contribution to Group revenue
89%
4G population coverage
Market position: Competing for leadership
36%
Market share (by subscribers)
94%
Share of 4G sites
76.5%
4G user penetration
1.7mn
Mobile customers
1.4%
Contribution to Group revenue
94.8%
4G population coverage
*Asset held for sale
Expanding beyond telecom services to deliver digital solutions tailored to the needs of our diverse markets.
Infrastructure “Real Estate”
Net-Co
Consumer Services
Enterprise Services
Tech Companies
All forms of money and other financial assets, with a short-term focus on transitioning to an asset-light company and in the long term, investing in digital services. VEON’s strong capital base is supported by long-term investors
VEON’s network footprint, including mobile base transceiver stations (BTS), transmission infrastructure, fiber and our digital services and solutions
Our high-performing, customer-focused, engaged leaders and people who enable our customers and their communities to develop and thrive from 1,440 minute per day availability of digital services, and network connection
Our brand, reputation and investment in the latest technologies and modern digital systems
The quality and strength of our social ties, norms, networks, brands and relationships with a diverse group of stakeholders
The natural resources the Group uses during the normal course of business
VEON connects and empowers individuals through technology-driven services and a resilient network infrastructure. Related to that mission, VEON is committed to disclosing the economic, social, environmental, and governance matters from its business model that are material to our business and stakeholders.
The process consisted of four phases, holding eight steps. Below the main activities during the assessment process are summarized.
Understanding the context
Identify the VEON-business model upstream-, downstream-and own operating activities
Locate possible IROs in the VEON-business model
Identify business model stakeholders
Inventory stakeholder views and add a list of impacts as required by the GRI
Identification of actual and potential IROs
Complete business model impact inventory with risks and opportunities from risk registers and sector materials
IRO assessment relating to sustainability matters
Assess (potential) business model impacts on society and environment from answers to questionnaires under stakeholder representatives
Self-assess the severity and likelihood of business model risks and opportunities
Consolidation and validation of results
Validate outcomes with selected stakeholder representatives and by referencing to available peer- and sector materials. Present results to management
Our process incorporated feedback from stakeholders and lessons learned from experiences. The last modification was in November 2024. These revisions are aimed at enhancing the effectiveness and relevance of our materiality assessment, ensuring that it remains aligned with the latest developments. The review of the 2025 materiality assessment is planned for November 2025.
CLIMATE CHANGE
ENVIRONMENT
Decrease in operating margin from an increase in damages and repairs
UN Goals
CIRCULAR ECONOMY
ENVIRONMENT
UN Goals
OWN WORKFORCE
SOCIAL
Increase in operating margin from an increase in productivity and inclusion
UN Goals
SUPPLY CHAIN WORKERS
SOCIAL
Decrease in operating margin from vendor dependencies
UN Goals
AFFECTED COMMUNITIES
SOCIAL
Increase in operating margin from return on corporate social responsibility activities
UN Goals
CONSUMERS AND END USERS
SOCIAL
Decrease in operating margin from:
Increase in operating margin from innovation in products and services
UN Goals
BUSINESS CONDUCT
GOVERNANCE
Unfavorable developments in tax regulation or settlements of tax disputes
UN Goals
Message from our Chairman
"2024 has been a year of action and impact for VEON. Amid global challenges and change, we've shown that connectivity is more than technology – it's a lifeline, a bridge, and a force for progress."
Message from our Group CEO
"2024 was a transformative year during which we successfully set the foundations for the next stage of VEON's evolution while adding another year to our track record of delivering robust growth with our DO1440 strategy."
Message from our Group CFO
In 2024, VEON undertook significant strategic projects that have laid a strong foundation for the future. The Company has achieved key milestones, including regaining credit ratings, regaining compliant with Nasdaq listing requirements, and reinforcing its financial stability with the filing of the 20-F. These achievements highlight the Group’s commitment to transparency and robust corporate governance.
Message from our Group General Counsel
In 2024, VEON undertook significant strategic projects that have laid a strong foundation for the future. The Company has achieved key milestones, including regaining credit ratings, securing timely approvals from regulatory bodies such as the SEC and Nasdaq, and reinforcing its financial stability with the filing of the 20-F. These achievements highlight the Group’s commitment to transparency and robust corporate governance.
At VEON, we are committed to driving positive change in frontier markets and creating lasting value for our customers, employees, investors, and the communities we serve. We foster ethical business conduct and embrace our responsibility to the environment and society. By leveraging our technological expertise, market presence, and digital innovation, we empower individuals and businesses to drive sustainable development and create greater opportunities for our customers.
Aligned with this vision, VEON contemplates targets for management in the following key areas:
Empowered communities and equal opportunities for all through innovative technology solutions and services.
Extended lifespan of equipment and reduced waste generated throughout the product lifecycle.
Reduced environmental impact of our network infrastructure and operations while contributing to the global transition to a low-carbon economy.
Improved business model climate resilience.
VEON is committed to reducing energy consumption and increasing sustainable energy generation as part of its climate action efforts, and has a responsibility to both environmental protection and social development. Environmental protection can be furthered in many ways, depending on specific circumstances and local urgent needs. VEON's environmental protection initiatives in 2024 included among other things energy-related initiatives and demining efforts, as shown in the below case studies.
In 2024, VEON was committed to attracting and retaining top talent across our diverse global markets to enable us to drive our digital strategies and businesses forward. Our People teams in our markets diligently partnered with the business to pursue the implementation of VEON's strategic vision, recognizing the critical role that our skilled colleagues have in driving our success within the dynamic and ever-evolving digital business landscape.
It is our belief that greater diversity, enhanced equity and increased inclusion lead to improved innovation, creativity, productivity, engagement and business results, building a reputation that will lead to better decision making, faster problem solving and increased profits.
At VEON, we serve 160 million customers across six countries and multiple communities that are home to more than 7% of the world's population. We operate in markets where the opportunities for growth and transformation are immense. In many communities, 50% of the population is coming online for the first time, and mobile broadband connections are growing at a rapid pace.
“Through our digital operator approach, we strive to engage and support our customers during every one of the 1,440 minutes in a day. In the frontier markets where we operate, mobile application ecosystems are still taking shape. For many of our users, accessing digital banking, entertainment, education, or healthcare via their phones marks a first step into the digital world. We see this not just as an opportunity, but as a responsibility – to empower lives and expand access to essential services through meaningful digital experiences.”
– Lasha Tabidze, Group Digital Operations Officer
“The year 2024 was a transformative one for VEON, marked by significant strides in technology governance, cybersecurity, network modernization, customer-centric operations, and sustainability. Our initiatives were guided by a clear vision: to enhance operational resilience, lead to innovation, and deliver superior value to our customers while advancing sustainability across our global operations.”
– Inanç Çakiroğlu Chief Information Officer
VEON's governance, risk and compliance framework
The GRC framework is VEON's way to organize, govern, monitor and control its business activities, thereby agreeing on the level of control between Board, GEC and OpCo management and defining OpCo's “freedom within the framework”, with Group management able to monitor and support OpCo management teams in realizing their strategic objectives within the boundaries set by the GRC framework.
VEON has adopted the criteria outlined in the publication “Enterprise Risk
Management – Integrating with Strategy and Performance – 2017”, issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO), as
the foundation of our Enterprise Risk Management (ERM) approach.
VEON appreciates the importance of good corporate governance in supporting the resilient delivery of our strategy. We recognize our duties to comply with the requirements of our ultimate parent company, a Bermuda corporation listed on Nasdaq. We aspire to implement best practices in corporate governance as appropriate to our company structure and operating model. Our governance structure reinforces integrity by providing appropriate oversight over the decisions we make and the actions we take. In accordance with applicable Bermuda law, the Company has adopted corporate governance practices and bylaws which establish clear rules of governance, ranging from matters requiring approval of the Company’s shareholders and members of its Board of Directors, conflict of interest requirements, and director and management duties and obligations.
VEON’s remuneration philosophy is guided by its mission to drive positive change and connect millions of customers in dynamic, underserved markets to the digital world. The Company remains committed to fair, responsible, and transparent remuneration practices that align with its purpose-driven business model and the execution of the DO1440/AI1440 strategy. By integrating digital and AI-powered services, including financial, entertainment, healthcare, and enterprise verticals, VEON aims to provide relevant, world-class digital services throughout the 1440 minutes of each day. Long-term value creation is incentivized through the Company’s Long-Term Incentive (LTI) programs.
Integrated Annual Report 2024
