16 - 19%

Revenue Growth
mid-term CAGR
in local-currency

19 - 22%

mid-term CAGR
in local-currency

USD 900m – 1bn

equity free cash 
by 2027


share of multiplay 
by 2027

VEON Capital Markets Day
6 June 2024

At VEON CMD 2024, we outlined our successful performance in line with the ambitions we set in CMD 2021 and set out our vision for 2027 as a growth company. As we announce our ambition for 16-19% revenue growth in local currency, we remain focused on responding to the demand in our markets for digital services with our Digital Operator model, expanding into adjacent verticals and growing our wallet share, enabling augmented intelligence for all with AI1440, maintaining our disciplined balance sheet management and unlocking investor value through delayering and creating strategic assets.

Our leaders have shared this vision and how we plan to achieve it in each of VEON’s markets during our CMD24, highlights from which we are happy to share.

Read Press Release


Kaan Terzioglu
Group CEO

“Over the past three years, we have transformed our companies into digital operators and demonstrated that emerging markets are in fact an exciting growth opportunity for global investors. Our aspirations from 2023 through 2027 set the bar higher as we aim for 16%-19% CAGR growth in our Group revenues, 19%-22% CAGR growth in our Group EBITDA and close to USD 1 billion in equity free cash flow generation.

“We are optimistic about the potential of our markets, and confident in the foundations that we built with our digital operator strategy to capture wallet share. Furthermore, we are also set to unlock greater growth opportunities with augmented intelligence as we launch our AI1440 focus. We remain focused on turning this operational success vision into investor value with further steps in delayering our business and enhancing the accessibility of our assets to local investors.”

Joop Brakenhoff

Group Chief Financial Officer

“With a laser focus on capital allocation, fair value pricing and efficient balance sheet management, VEON has delivered profitable growth while optimizing its capital structure and reducing debt. The Group’s gross debt decreased from USD 7.6 billion in 2021 to USD 2.7 million in 1Q24. Our leverage ratio has likewise declined from 2.4x to 1.5x over the same period. Our aim is to maintain VEON’s leverage ratio below 1.5x and extend the average tenor of its debt from 3.4 years in Q1 2024 to over 4 years by 2027. Looking ahead, VEON Group will focus on capturing organic growth opportunities accelerated by our DO1440 and AI1440 strategies, while unlocking value in our infrastructure, operator, and digital assets.”

Aamir Ibrahim

Jazz CEO

Pakistan presents a massive digital growth opportunity, with a population of 244 million, 64% of which is under the age of 30. Over 100 million of the adult population remain unbanked and mobile data penetration is only 55%. Closing this digital divide represents vast potential for economic growth and social progress. Jazz is Pakistan’s #1 mobile operator by revenue market share and is strategically positioned to be a key driver of the country’s digital transformation. Jazz already offers a robust digital infrastructure beyond just connectivity. Its portfolio includes Pakistan’s leading fintech JazzCash, the country’s largest OTT platform Tamasha, and the largest onshore cloud & cybersecurity platform Garaj.

Key Ambitions through 2027 

  • Revenue CAGR from 2023 to 2027 of 19-22%
  • 25% of total revenue to come from digital businesses by 2027

Oleksandr Komarov

Kyivstar CEO

As Ukraine’s market-leading operator and a top-5 investor, Kyivstar has invested in not only keeping Ukraine connected but also building its digital future with innovative services since the beginning of the war. As Ukraine rebuilds, a robust digital infrastructure is key to a thriving economy. The company focuses on expanding 4G to virtually every corner of the country, and on serving Ukrainians with the digital services that Ukraine needs, from healthcare platform Helsi to entertainment service KyivstarTV to the MyKyivstar superapp – delivering growth for Ukraine, Kyivstar customers and investors.

Key Ambitions through 2027 

  • Revenue CAGR from 2023 to 2027 of 10-13%
  • Non-connectivity revenue c.10% in total revenue, growth of >50% by 2027
  • EFCF growth of 10-15%

Gaukhar Adilova

Beeline Kazakhstan CFO

Beeline Kazakhstan has a successful track record of consistent double-digit growth, driven by the Digital Operator strategy. With a full range of digital services including BeeTV, the MyBeeline super app, financial services application Simply, BeeCloud, and digital second brand IZI, Beeline Kazakhstan leads the digitalization of the country. The company is currently focused on software developments and AI-first tech solutions with its IT subsidiary Qazcode.

Key Ambitions through 2027*

  • Revenue CAGR from 2023 to 2027 of 14-17% 
  • EBITDA margin increase by 1 p.p. from 2023
  • EFCF growth of 100%

*Note: All figures for Kazakhstan include TNS+ and will be adjusted if the sale completes

Erik Aas

Banglalink CEO

A young population with a hunger for digital services, a rapidly evolving infrastructure and an accelerating economy - these are just some of the factors making Bangladesh a market primed for growth. This represents an opportunity for Banglalink, the country’s leading digital operator, to serve the growing demand and deliver value for the country, the people and investors. Beyond connectivity, Banglalink also leads the way in digital services with Toffee, the leading digital entertainment app in Bangladesh, and the MyBL Super App. With its innovative approach, Banglalink is well-positioned to serve Bangladesh's digital ambitions, generating growth for all.

Key Ambitions through 2027 

  • Revenue CAGR from 2023 to 2027 of 15-18%
  • Digital revenue to reach 20% of total revenue
  • Deliver annual EFCF of USD 100 million

Andrzej Malinowski

Beeline Uzbekistan CEO

Beeline Uzbekistan is Uzbekistan’s leading digital operator, spearheading the digital revolution in a country with a young, fast-growing population that is hungry for digital services. The company serves growing demand with 4G investments and digital services in mobile finance, entertainment and learning with applications like Beepul, Kinom and OQ. It also contributes to the digitalization of Uzbek businesses with big data and adtech solutions, powered by its subsidiary VEON Adtech. The company already serves 40% of its customer base with 4G connectivity and at least one digital service – multiplay customers – and expects to see robust topline performance and exponential growth in non-connectivity revenues.

Key Ambitions through 2027

  • Revenue CAGR from 2023 to 2027 of 26-29% 
  • Data & digital revenue CAGR from 2023 to 2027 of 28-31%
  • AdTech revenue CAGR from 2023-2027 of 101-104%

Hasnain Malik


The presentation outlines the economic trajectory of frontier markets from a period of crisis to recovery. It addresses the recent economic scarring and subsequent policy adjustments aimed at economic improvement. The outlook section discusses short-term high nominal growth with specific risks for countries like Pakistan and Bangladesh, and long-term opportunities and risks for various nations. Additionally, country-specific opportunities and risk factors are highlighted, emphasizing Pakistan's relief from commodity prices, Ukraine's financial support, and Kazakhstan's geopolitical and economic reforms.

Key Takeaways and Ambitions to 2027

Contact us

Hande Asik
Group Director of Communication

Faisal Ghori
Group Director of Investor Relations 


VEON's results and other financial information presented on this webpage, the embedded presentations and/or videos and other media linked thereto (together, the “CMD Site”) are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") and have not been externally reviewed and audited. The financial information included on the CMD Site are preliminary and are based on a number of assumptions that are subject to inherent uncertainties and subject to change. The financial information presented on the CMD Site are based on internal management accounts, are the responsibility of management and are subject to financial closing procedures which have not yet been completed and has not been audited, reviewed or verified. Certain amounts and percentages that appear on the CMD Site have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, including those in the tables, may not be an exact arithmetic aggregation of the figures that precede or follow them. Although we believe the information to be reasonable, actual results may vary from the information contained on the CMD Site and such variations could be material. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for the current period or any future period. 

The CMD Site 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. These forward-looking statements may be identified by words such as “ambitions,” “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” and other similar words. Forward-looking statements include statements relating to, among other things, VEON’s plans to implement its strategic priorities, including operating model and development plans; anticipated performance, including VEON’s ability to generate sufficient cash flow; VEON’s assessment of the impact of the war in Ukraine, including related sanctions and counter-sanctions, on its current and future operations and financial condition; future market developments and trends; operational and network development and network investment, including expectations regarding the roll-out and benefits of 3G/4G/LTE/5G networks, as applicable; spectrum acquisitions and renewals; the effect of the acquisition of additional spectrum on customer experience; VEON’s ability to realize the acquisition and disposition of any of its businesses and assets and to execute its strategic transactions in the timeframes anticipated, or at all; VEON’s ability to realize financial improvements, including an expected reduction of net pro-forma leverage ratio following the successful completion of certain dispositions and acquisitions; our dividends; and VEON’s ability to realize its targets and commercial initiatives in its various countries of operation. The forward-looking statements included on the CMD Site are based on management’s best assessment of VEON’s strategic and financial position and of future market conditions, trends and other potential developments. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of, among other things: further escalation in the war in Ukraine, including further sanctions and counter-sanctions and any related involuntary deconsolidation of our Ukrainian operations; demand for and market acceptance of VEON’s products and services; our plans regarding our dividend payments and policies, as well as our ability to receive dividends, distributions, loans, transfers or other payments or guarantees from our subsidiaries; continued volatility in the economies in VEON’s markets; governmental regulation of the telecommunications industries; general political uncertainties in VEON’s markets; government investigations or other regulatory actions; litigation or disputes with third parties or regulatory authorities or other negative developments regarding such parties; the impact of export controls and laws affecting trade and investment on our and important third-party suppliers' ability to procure goods, software or technology necessary for the services we provide to our customers; risks associated with our material weakness in internal control over financial reporting; risks associated with data protection or cyber security, other risks beyond the parties’ control or a failure to meet expectations regarding various strategic priorities, the effect of foreign currency fluctuations, increased competition in the markets in which VEON operates and the effect of consumer taxes on the purchasing activities of consumers of VEON’s services.

Certain other factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in VEON’s Annual Report on Form 20-F for the year ended 31 December 2022 filed with the U.S. Securities and Exchange Commission (the “SEC”) on 24 July 2023 and other public filings made from time to time by VEON with the SEC. Other unknown or unpredictable factors also could harm our future results. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Under no circumstances should the inclusion of such forward-looking statements in the CMD Site be regarded as a representation or warranty by us or any other person with respect to the achievement of results set out in such statements or that the underlying assumptions used will in fact be the case. Therefore, you are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date hereof. We cannot assure you that any projected results or events will be achieved. Except to the extent required by law, we disclaim any obligation to update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made, or to reflect the occurrence of unanticipated events. 

Furthermore, elements of the CMD Site contain or may contain, “inside information” as defined under the Market Abuse Regulation (EU) No. 596/2014.

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