14 Apr 2025
VEON Publishes 2024 Integrated Annual Report Detailing Commitment to Sustainable Growth and Highlighting Robust Financial Performance Dubai, April 14, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator ( VEON or the Company , and together with its subsidiaries the Group ), today announces the publication of its 2024 Integrated Annual Report ( IAR ), showcasing a year of strong operational and financial performance, and commitment to positive social impact.
The IAR also provides the Company's stakeholders with essential information ahead of the 2025 Annual General Meeting of Shareholders scheduled for May 8, 2025, including a summary of some of our key accomplishments during the 2024 reporting period and details of the Company's corporate governance structure, as well as the Group's unaudited remuneration report for the year ended December 31, 2024.
Our 2024 Integrated Annual Report demonstrates VEON's commitment to delivering sustainable growth for all stakeholders thorough the transformative power of our digital operators, said Kaan Terzioglu, CEO of VEON Group. It is a privilege to rise to challenge of serving the underserved, to turn this opportunity into growth and to commit to do so while upholding high governance standards. I am delighted to see our operating companies deliver on our promises and build the foundations of our future with investments into talent and augmented intelligence-based solutions that empower our customers.
Driving digital transformation in our markets and launching AI1440
As of the end of 2024, VEON served 122 million total monthly active users across its digital services portfolio. These services empowered our customers by providing access to financial services, digital information and entertainment as well as digital healthcare and learning opportunities. We also served businesses of all sizes with our enterprise solutions.
In 2024, we also successfully deployed VEON's AI-based solutions and capabilities, including of the launching of Kaz-LLM, a large language model in Kazakhstan. Driven by our AI1440 ambition - creating solutions that augment human capabilities across our markets - VEON's digital operators also introduced other AI-powered consumer and enterprise offers that support financial and digital inclusion and data-driven business decisions.
Commitment to Ukraine
In 2024, VEON and Kyivstar continued their unwavering support for Ukraine, committing USD 1 billion in investments between 2023-2027 to rebuild Ukraine's digital infrastructure, maintain connectivity, and expand essential digital services. Key milestones included partnering with Starlink for satellite-based Direct-to-Cell services, enhancing energy resilience with expanded generator and battery deployments, and securing additional spectrum in the November 2024 auction. Our Ukrainian operating company, Kyivstar, was ranked as Ukraine's top international investor in 2022-2023 by Forbes Ukraine and New Voice of Ukraine, underscoring VEON's commitment to rebuilding infrastructure, broadening digital access, and supporting the country's long-term resilience and development.
Building efficiencies for responsible growth
In 2024, VEON worked on enhancing energy efficiency across its operations. The number of Base Transceiver Stations (BTS) utilizing power-saving technology grew significantly, from around 63 thousand in 2023 to 70 thousand in 2024. We increased the adoption of renewable energy technologies: the number of base stations powered by solar and/or wind energy increased from 993 in 2023 to 1,085 in 2024. Meanwhile, our offices and other building energy consumption decreased by nearly 28%.
VEON also accelerated the execution of its asset-light strategy, enabling market-wide efficiencies in the management of infrastructure assets. We successfully completed the sale of our 49% stake in TNS+, Kazakhstan's wholesale telecommunications infrastructure provider. Additionally, we entered into a strategic partnership with Engro Corporation Limited with respect to the pooling and management of our infrastructure assets, starting in Pakistan.
Streamlining governance
As highlighted in our IAR, in 2024, VEON took steps to improve accessibility for investors and streamline its governance through the consolidation of trading in its shares to the Nasdaq Stock Market in the United States. We also relocated our headquarters to the Dubai International Financial Center, bringing us closer to the Group's operating markets. These steps make VEON the largest Nasdaq-listed company headquartered in Dubai, offering a unique opportunity for global investors interested in frontier market growth opportunities.
Investing in people and supporting women's inclusion
In 2024, VEON invested USD 4.4 million into employee training and development, a significant increase from USD 2.6 million spent in 2023, highlighting our commitment to continuous learning and personal development. We developed a series of projects to improve the working conditions of employees and workers in our supply chain. We also launched a new policy for supporting the victims of domestic abuse at the Group level.
In addition, in 2024, we introduced new initiatives aimed at supporting women in the broader communities that we serve as well as within VEON Group's workforce. Women representation in leadership roles increased significantly in various operating companies: in Bangladesh from 20 to 25 percent, in Pakistan from 24 to 29 percent, and in Kyrgyzstan from 38 to 44 percent. Supporting equal opportunities for women in society, Banglalink launched Womentor, a program for female STEM students. Mobilink Microfinance Bank's Invisible Heirs campaign and inheritance calculator, which empower women to claim their rightful inheritance in Pakistan, received nu
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