VEON - VEON to Hold Capital Markets Day 2024 Sharing Mid-Term Ambition to Accelerate Local Currency Topline Growth to 16%-19% CAGR | Benzinga

Dubai and Amsterdam, 6 June 2024: VEON Ltd. (NASDAQ:VEON, Euronext Amsterdam: VEON)), a global digital operator that provides converged connectivity and online services ("VEON" or, together with its subsidiaries, the "Group"), today holds its Capital Markets Day ("CMD 2024"), sharing its medium-term financial and operational ambitions, as well as its growth strategy through 2027.

In its CMD 2024 materials, the Group will disclose the following key ambitions through 2027:

• Medium-term revenue growth at a compound annual growth rate ("CAGR") from 2023 to 2027 of 16%-19% in local currency.
• Medium-term EBITDA growth with a CAGR from 2023 to 2027 of 19%-22% in local currency.
• EBITDA margin expansion by 3 percentage points by 2027.
• USD 900 million to 1.0 billion in equity free cashflow ("EFCF") by 2027.
• Focusing on its DO1440 and AI1440 strategy, increasing the share of multiplay customers to 50% by the end of 2027 and capturing greater wallet share through expansion in adjacent verticals.

The Group's medium-term ambitions also include decreasing leverage; increasing the share of localized debt, with the share of USD and EUR-denominated debt decreasing to below 50%. The Group aims to maintain a 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.

"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. As our investors will hear at our Capital Markets Day, 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," said Kaan Terzioglu, VEON Group CEO. "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."

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