Integrated Annual Report 2020

Our companies are transforming lifestyles through
technology-driven services that empower opportunity
in some of the world’s fastest-growing emerging markets.

As Chairman, I am pleased to present VEON’s Integrated Annual Report for the financial year ended December 31, 2020.


2020 has seen enhanced emphasis on, and continued delivery of, VEON’s turnaround, which was successfully initiated at the end of 2019. During the past year, we have accelerated investments, brought deep changes to our management, both centrally and across our countries, and continued to focus on developing and delivering our business proposition well beyond connectivity. In addition, we have significantly enhanced our Board of Directors, which now includes nine independent members with a highly diverse range of skills and experiences. We have also continued to perfect our governance standards while introducing other important changes across the organisation.


With these changes in place and given progress to date, we look to the future with great anticipation and optimism.

2020 financial highlights

$ 8.0bn

Reported revenue

$ 3.5bn

Reported EBITDA


EBITDA margin

$ 2.6bn

Data revenue

CEO Statement

Kaan Terzioğlu

A year of adversity, transformation and achievement

2020 was the year connectivity and digital services became the bricks and mortar of a transformed, new economy. Having enabled our customers to remain connected to their loved ones, their working environments and their other lifestyle priorities throughout COVID-19, we will continue to empower the building of digitally-focused, resilient economies of the future.


Kaan Terzioğlu


Performance Summary

2020 was a challenging year for the Group operationally as COVID-19 lockdowns interrupted our retail operations and resulted in major shifts in demand for our services. The Group’s financial performance reflects the extremes of the year and our response to its challenges, which helped to bring about a return to growth in the fourth quarter.

Perfromance Review

2020 operational highlights


Active total subscribers


Total digital wallets


4G subscribers


Total active users self-care app 

Reports & Results

All our past reports, and any accompanying data and assurance letters, are available to download in one place. These provide details on our progress as we connect our vision to our actions.

Reports And Data 1050X700 Min

Integrated Annual Report 2020 (PDF – 14.5MB)