
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...
29/09/2026
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({ content_source:......
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Ikegami announces that the South African Broadcasting Corporation, SABC, has chosen Ikegami UHK-X600 camera systems as part of an advance to IP-based operation ...
29/09/2026
Blendkit Offers 20% Discount to Celebrate Crossing 150K Asset Milestone
Brie Clayton September 29, 2026
0 Comments
Blendkit, the largest 3D asset libr...
29/09/2026
Interactive streaming specialist Ease Live supported more than 76.5 million fan sessions across three major European media operators during this summers FIFA Wo...
29/09/2026
Ease Live has added support for VAST (Video Ad Serving Template) to its graphical overlay technology, opening up new ways for broadcasters, streamers and rights...
29/09/2026
Rise AV has announced the launch of the inaugural Rise AV Awards, a new global awards programme celebrating the women, advocates and organisations across the AV...
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Clear-Com announced that First Baptist Nashville has upgraded its production communications with a Clear-Com intercom solution as part of a comprehensive sanct...
29/09/2026
Blackmagic Cinema Camera 6K Captured Action Shots for Sketch
Brie Clayton September 28, 2026
0 Comments
Camera's portable design and dynamic range...
29/09/2026
Kean Production Services Deploys AJA ColorBox to Deliver Consistent, Accurate Co...
29/09/2026
Berklee Alumni and Faculty Nominated for the 2026 Latin Grammy Awards A total of 28 Berklee alumni and faculty earned nominations across 20 categories this ye...
29/09/2026
Berklee's K-Pop & Beyond Explores Connections Between K-Pop and Hip-Hop Now in its fifth year, the series brings together artists, industry leaders, and s...
29/09/2026
Today, in partnership with the American Academy of Pediatrics (AAP), Apple relea...
29/09/2026
Final Cut Camera, the professional filming app for iPhone, receives a major upda...
29/09/2026
RT lyric fm is proud to announce the annual Choirs for Christmas competition callout. Warm up those vocal chords and join us on RT lyric fm for a celebration ...
28/09/2026
The NHL has announced Adobe as an Official Creative, Marketing and AI Partner beginning with the 2026-27 season. The partnership will provide the league and its...
28/09/2026
MultiDyne will exhibit at CABSAT 2026 (October 5-7, Dubai Exhibition Centre), showcasing an expanded technology portfolio following its June 2026 acquisition of...
28/09/2026
ARRI and HONOR have announced the HONOR Magic9 Pro Max, a flagship smartphone carrying ARRI branding on the device and packaging as the first product-level expr...
28/09/2026
Net Insight has added the Nimbra 1020G to its pan-Asian live media trial network, giving customers and partners in the region a way to evaluate ST 2110 and JPEG...
28/09/2026
Vindral has been named a recipient of a 2026 Technology and Engineering Emmy Award by the National Academy of Television Arts and Sciences in the category of We...
28/09/2026
Interra Systems will exhibit at CABSAT 2026 (Stand B2-37, Dubai Exhibition Centre, October 5-7), demonstrating its BATON QC platform, ORION monitoring solutions...
28/09/2026
Two years into its new production facility, the TOUR is expanding centralized wo...
28/09/2026
In addition to rolling out a new mobile unit for ESPN's Monday Night Countd...
28/09/2026
Bleacher Report and WWE have announced a multi-year content partnership giving Bleacher Report global highlight rights across WWE's programming slate, inclu...
28/09/2026
Behind The Mic provides a roundup of recent news regarding on-air talent, includ...
28/09/2026
FuboTV has announced a multi-year distribution agreement with the NHL to carry four regional sports networks covering the Carolina Hurricanes, Columbus Blue Jac...
28/09/2026
Program Productions (PPI) has announced the appointment of Alan Ostfield as President and Chief Executive Officer, effective September 28, 2026. Ostfield succee...
28/09/2026
Director Josef Kubota Wladyka attends the premiere of Ha-Chan, Shake Your Booty! with the film's cast and crew at Eccles Theatre on January 22, 2026, in P...
28/09/2026
EQ plug-in can now be played via MIDI
Scaler Music have recently released a new and improved version of their patented musical EQ plug-in, kitting it out wi...
28/09/2026
New synth developed in collaboration with philterSoup
Boutique effects pedal and Eurorack manufacturer Animal Factory Amps have announced that the new compa...
28/09/2026
Rohde & Schwarz adds an integrated multi-channel pulse analysis option to its FS...
28/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
28/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
28/09/2026
Autoscript, the leading global provider of professional teleprompting solutions, today announced Voice Controller for WinPlus-IP, a new voice-controlled prompti...
28/09/2026
IBC 2026 Technical Conference Highlights
David Kirk September 28, 2026
0 Comments
Hero image courtesy Deposit Photos
David Kirk reports from the 11-1...
28/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
28/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
28/09/2026
Nakadi, a global streaming technology innovator dedicated to engineering a new era of digital media delivery, today announced its Live to Theater service based ...