VEON 4Q23 trading update

Strong organic growth in revenue and EBITDA, solid execution of VEON 2.0 strategy

VEON 4Q23 trading update: Strong organic growth in revenue and EBITDA, solid execution of VEON 2.0 strategy

Amsterdam, 21 March 2024 07:00AM CET –

VEON Q4 and FY 2023 Highlights

• Q4 revenue of USD 953 million, +1.4% YoY (+17.9% YoY in local currency normalised) and EBITDA of USD 364 million, -20.4% YoY (+24.9% YoY in local currency normalised)
• FY revenue of USD 3,698 million, -1.5% YoY (+17.9% YoY in local currency normalised) and EBITDA of USD 1,609 million, -7.9% (+24.9% YoY in local currency normalised)
• Q4 capex of USD 258 million, -1.8% YoY, with LTM capex intensity of 17.6% and FY capex of USD 651 million, -21.8% YoY, with LTM capex intensity of 17.6%
• Total cash and cash equivalents of USD 1.7 billion, with USD 1.3 billion at HQ and gross debt at USD 4.7 billion (decreased by USD 2.8 billion YoY), with net debt excluding lease liabilities at USD 2.0 billion (decreased by USD 1.7 billion YoY)
• Appoints PwC as 2023 auditor
• Credit ratings of BB- assigned by S&P Global and Fitch
• FY 2024 revenue growth guidance in local currency of 16-18%, EBITDA growth guidance in local currency of 18-20%, and capex intensity of 18-19%

VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, announces selected financial and operating results for the fourth quarter and full year ended 31 December 2023.

In 4Q23, VEON continued to report growth in revenues in reported currency terms with double digit local currency top-line growth. Total revenues reached USD 953 million, an increase of 1.4% YoY in reported currency (+17.9% YoY in local currency normalised for one-offs). Service revenues amounted to USD 915 million, an increase of 1.1% YoY in reported currency (+17.5% YoY in local currency normalised for one-offs), while EBITDA of USD 364 million represented a 20.4% YoY decrease in reported currency terms (+24.9% YoY in local currency normalised for one-offs). Capex in 4Q23 was USD 258 million, a decline of 1.8% YoY, and reported capex intensity for the last twelve months was 17.6%. Total cash and cash equivalents as of 31 December 2023 amounted to USD 1.7 billion with USD 1.3 billion held at the headquarters (“HQ”) level at the end of the quarter.