
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
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
09/10/2026
September 10 2026, 06:00 (PDT) Dolby Expands Dolby OptiView Platform with New Capabilities at IBC 2026
New Sports Intelligence helps providers better unders...
07/10/2026
Dalet, a leading technology and service provider for media-rich organizations, today announced the latest Long-Term Supported (LTS) release of Dalet Flex. Build...
30/09/2026
Drawn to the many moving pieces of a live broadcast, this Los Angeles native is building a path in production management and technical operations...
30/09/2026
TNT Sports goes big for its season opener in Philadelphia, and REMI workflows at Techwood will again anchor much of regular-season production...
30/09/2026
Qvest has appointed Katlyn Alexander as CEO of Qvest in North America, effective August 16, 2026. Alexander, who previously served as COO of Qvest US, succeeds ...
30/09/2026
The American Association of Professional Baseball (AAPB) has wrapped its 2026 season, with leaguewide attendance surpassing 1.4 million for the fifth consecutiv...
30/09/2026
Veritone has announced a multi-year content licensing agreement with ATP Media, the broadcast production and distribution arm of the ATP Tour, making ATP's ...
30/09/2026
Netflix has announced it will become the exclusive home for WWE programming in Japan beginning October 1, 2026. The lineup includes Raw, SmackDown, NXT, Premium...
30/09/2026
SES and Sky have announced a new multi-year agreement for direct-to-home satellite services across the United Kingdom and Republic of Ireland, running into the ...
30/09/2026
Big Blue Marble has announced the addition of live multiview channels to its Clo...
30/09/2026
The NHRA has announced multi-year media rights agreements with FOX Sports, The C...
30/09/2026
FOX 5 Atlanta (WAGA-TV) will carry Nashville Predators games during the 2026-27 season as part of Scripps Sports' regional broadcast network for the team. G...
30/09/2026
AI was a big buzz on the IBC show floor but there weren't a ton of companies...
30/09/2026
The PGA TOUR has announced the appointment ofRyan Holcomb as Senior Vice President and Head of Original Content, according to The Hollywood Reporter. Holcomb wi...
30/09/2026
The sound will be more immersive, with improved design and more mikes on the ice and the players
The National Hockey League's season opener on Tuesday nigh...
30/09/2026
TNT Sports is dropping the puck on the 2026-27 NHL season in a big way in Philad...
30/09/2026
The International Swimming League ( ISL ) today announced the appointment of Gravity Media, global leader in live production and content and media services and ...
30/09/2026
By Ramona Flume
One of the most exciting things about the Sundance Film Festiva...
30/09/2026
Add an envelope generator to any plug-in
Sync Audio's latest creation is a handy utility plug-in that can be used to combine and modulate other effects ...
30/09/2026
All-analogue tape-style drive joins Series A
Strymon's reputation was built on their digital knowhow, so many were surprised (and intrigued) when they a...
30/09/2026
Two new expansion packs released
Sonuscore have just introduced two new expansion packs for The Pulse, its production engine instrument for modern cinematic...
30/09/2026
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({...
30/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
30/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
30/09/2026
The An Evening with Emerson, Lake and Palmer tour brings one of rock's most iconic bands back to the stage. These performances seamlessly blend live foota...
30/09/2026
Schibsted Media, one of Norways largest and most influential digital media publishers and content producers, has invested in mixers and digital signal processor...
30/09/2026
Big Blue Marble announces the addition of live multiview channels to Cloud Video Kit, its broadcast-grade video processing platform. The feature is powered by A...
30/09/2026
Leading video software provider Synamedia today announced that Telekom Slovenije, Slovenia's largest provider of telecommunications and TV services, is open...
30/09/2026
PODCAST EXPO 2026 Recorded Using Blackmagic Design Workflow
Brie Clayton September 29, 2026
0 Comments
Conference featuring 24 sessions over two days ...
30/09/2026
IBC2026 Show Report
David Kirk September 29, 2026
0 Comments
The International Broadcasting Convention has long been Europe's equivalent of the US...
30/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
30/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
30/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
30/09/2026
Mavis has launched Mavis Camera 8.2, the latest release of its professional camera app for the iPhone and iPad. This update brings support for iPhone 18 Pro and...
30/09/2026
September 30th, 2026
TRIBECA FESTIVAL ANNOUNCES 2027 DATES AND CALLS FOR SUBMISSIONS
Following a Record Box Office Year, the 26th Edition, Presented by OKX,...
30/09/2026
New Solution Expands Harmonic's Network Intelligence Portfolio and Brings Comcast-Developed Fiber Monitoring Technology to Broadband Operators, Providing Re...
30/09/2026
Thank you to Film-TV Video for the original article - you can view it here
It was early 1983. I had just turned 21 when I joined Hitachi Denshi's European...
30/09/2026
How to Shop Well Now starts Monday at 9.35pm
on RT One and RT Player
On the...
30/09/2026
Building on nearly a decade of co-engineering, CoreWeave has built NVIDIA compute, networking and software into a cloud purpose-built for AI that's still re...
29/09/2026
Oak View Group (OVG) has announced Cisco as an Official Technology Partner, with plans to standardize infrastructure across its venue network on Cisco solutions...
29/09/2026
SportsNet Pittsburgh (SNP) won three honors at the 2026 Mid-Atlantic Emmy Awards.
Program awards went to Bucs BP in the Sports Program Live category (produced ...
29/09/2026
The Professional Women's Hockey League has announced home openers for all 12 teams for the 2026-27 season, along with a broadcast partnership with CBC under...
29/09/2026
Manifold technologies has been recognized as a contributor to the Media eXchange...
29/09/2026
FuboTV has announced My Local Sports, allowing subscribers in select markets to add their local regional sports network (RSN) as an add-on to a Fubo Sports subs...
29/09/2026
Asian News International (ANI), a wire agency and video news provider based in India, has deployed Grass Valley's AMPP Media Operating System and Framelight...
29/09/2026
South African Broadcasting Corporation (SABC) has deployed Ikegami UHK-X600 cameras as part of an upgrade to IP-based production infrastructure. The deployment ...
29/09/2026
REMI, REMCO models will drive the bulk of the broadcaster's NHL productions ...
29/09/2026
Three years in, the facility is supporting more centralized race production, com...
29/09/2026
NBC, Peacock, and NBSN are carrying all four Wild Card series with a production ...