VEON 3Q23 trading update: raising full-year revenue and EBITDA guidance, return to USD revenue growth, exit from Russia completed

20/11/2023

20 Nov 2023

VEON 3Q23 trading update: raising full-year revenue and EBITDA guidance, return to USD revenue growth, exit from Russia completed New York, 20 November 2023 6:00AM ET -

VEON Q3 2023 Highlights

Revenue of USD 945 million, 6.1% YoY ( 19.3% YoY in local currency)

Service revenue of USD 913 million, 6.9% YoY ( 19.8% YoY in local currency)

EBITDA of USD 444 million, 17.0% YoY ( 30.6% YoY in local currency)

Capex of USD 131 million, -29.8% YoY, with LTM capex intensity of 17.8%

Revenues generated by 4G and Multiplay users of USD 474 million, 15.4% YoY ( 27.7% YoY in local currency)

Total cash and cash equivalents of USD 2.2 billion, with USD 1.8 billion at HQ

Gross debt at USD 4.3 billion (decreased by USD 7.1 billion YoY), with net debt excluding lease liabilities at USD 1.3 billion (decreased by USD 3.9 billion YoY)

Net debt to EBITDA excluding leases is 0.86x in the current quarter, a reduction from 3.3x from the third quarter of 2022

92 million 4G users, up 12.9% YoY, with 58.8% penetration of customer base

101 million cumulative monthly active users across all digital services and platforms as of 31 October 2023

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 third quarter and nine months ended 30 September 2023.

In 3Q23, total revenues reached USD 945 million, an increase of 6.1% YoY in reported currency, ( 19.3% YoY in local currency). Service revenues amounted to USD 913 million, an increase of 6.9% YoY in reported currency ( 19.8% in local currency), while EBITDA of USD 444 million represented a 17.0% YoY increase in reported currency terms ( 30.6% YoY in local currency). Capex in 3Q23 was USD 131 million, a decline of 29.8% YoY, and reported capex intensity for the last twelve months was 17.8% (13.9% in the third quarter of 2023). Total cash and cash equivalents as of 30 September 2023 amounted to USD 2.2 billion with USD 1.8 billion held at the headquarters ( HQ ) level at the end of the quarter. VEON has raised its full-year local currency revenue growth guidance from 16-19% to 18-20%, its local currency EBITDA growth guidance from 10-14% to 18-20%, and its LTM Capex intensity guidance from 18-20% to 16-18%.

Commenting on the results, Kaan Terzio lu said: In 3Q23, VEON delivered very strong organic growth as well as solid reported currency growth in both revenue and EBITDA, with our digital operator strategy helping to drive market share and wallet share gains across all our operations.

VEONs digital operators are expanding their value propositions by providing digital experiences in financial services, entertainment, education and healthcare. At the end of the third quarter, multiplay customers who benefit from our digital services as well as 4G voice and data accounted for nearly 24% of our subscriber base and 42% of our subscribers revenues in the B2C segment. Beyond our connectivity base, we served nearly 30 million digital-only users with our digital applications.

Following the completion of the sale of Russia operations, financial discipline remains our top priority. We have closed the quarter with a healthy balance sheet position. Net debt excluding leases has reduced from USD 5.1 billion in 3Q22 to USD 1.3 billion in 3Q23, while our net debt excluding leases to EBITDA ratio has declined from 3.3x in 3Q22 to 0.86x in 3Q23. Going forward, we will continue to focus on further optimising our cost structure and capital structure.

Today, VEON also discloses unaudited interim condensed consolidated financial statements as of and for the three-month period ended 30 September 2023 and the nine-month period ended 30 September 2023 for VEON Ltd. and its wholly-owned subsidiary, VEON Holdings B.V. (the Financial Statements ).

Additional information

View the full 3Q23 trading update

View 3Q23 trading update presentation

View 3Q23 factbook

View unaudited interim condensed consolidated financial statements VEON Ltd. and VEON Holdings B.V. (a wholly-owned subsidiary of VEON Ltd.) as of and for the nine-month period ended September 30, 2023

About VEON

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.

Notice to readers: financial information presented

VEONs results and other financial information presented in this press release are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards (IFRS) based on internal management reporting, are the responsibility of management, and have not been externally audited, reviewed, or verified. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for any future period.

On 24 November 2022, VEON Ltd. announced that following a competitive process, it had entered into an agreement to sell its Russian operations. Upon execution of the agreement, the Russian business has been classified as 'held for sale and 'discontinued operations, and accounted for as such, in line with the requirements of IFRS 5. The result is that the Russian operations do not contribute to VEONs comparison base or actual reported results in this press release (except with respect to net debt excluding leases as of 3Q22), however, this classification has no impact on balance sheet amounts in prior periods. On 9 October 2023, VEON Ltd. announced that it completed its exit from Russia with th

LINK:	https://www.veon.com/newsroom/press-releases/veon-3q23-trading-update-...
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