VEON 4Q23 trading update
Strong organic growth in revenue and EBITDA, solid execution of VEON 2.0 strategy - Seite 2
For FY 2023, total revenues amounted USD 3,698 million, a decrease of 1.5% YoY in reported currency (+17.9% YoY in local currency normalised for one-offs). Service revenues reached USD 3,576 million, a decrease of 1.2% YoY in reported currency (+18.1% YoY in local currency normalised for one-offs), while EBITDA of USD 1,609 million represented a 7.9% YoY decrease in reported currency terms (+20.0% YoY in local currency normalised for one-offs). Capex in FY 2023 was USD 651 million, a decline of 21.8% YoY.
VEON has announced its full-year revenue guidance of 16-18% growth in local currency, EBITDA guidance of 18%-20% growth, and outlook for the Group’s capex intensity for 2024 year at 18%-19%. As a result of its digital operator strategy, and expected slowdown in inflation, the company has guided to another year of double digit growth.
Commenting on the results, Kaan Terzioğlu said: “In 2023, we kept our promise to our investors: we delivered on our strategic priorities and operational goals, making VEON a faster growing company with a healthier balance sheet. Our growth has accelerated from mid-teens in FY22 to high-teens in FY23 with an increase of 18% year-on-year in our revenues in local currency, while our leverage ratio improved significantly from 2.4x to 1.4x. We gained not only market share but wallet share, turning the strength of our digital offerings into commercial and financial outcomes.
I am excited for the growth potential in our markets, where we are well positioned to serve unmet demand in digital verticals: financial services, entertainment, healthcare, education. We start
2024 with nearly 100 million cumulative monthly active users of our digital products and a growing set of digital capabilities and services, including in AI-focused initiatives.
We are pleased to guide the market for continued strong and profitable growth in 2024, maintaining our focus on financial discipline and balance sheet management.”
Additional information
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About VEON
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VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. Headquartered in Amsterdam, VEON is listed on NASDAQ and Euronext. For more information, visit: https://www.veon.com.