
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 ...
06/09/2026
June 9 2026, 23:00 (PDT) Dolby and MagentaTV Bring Fans Closer to the FIFA Worl...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
24/06/2026
Plus: VoiceAssist Basic now available to UA LUNA users
NoiseWorks Audio have just released an update that adds a new Mouth De-Click module to the Advanced t...
24/06/2026
New heavy-duty mic stand joins range
The latest arrival to Gator's Frameworks family introduces a new heavy-duty boom stand that's been designed for...
24/06/2026
Latest major plug-in update goes live
Waves have just announced that the latest major update for their hugely popular plug-in range is now officially availa...
24/06/2026
When assessing cellular coverage, many people look at the signal bars displayed on a smartphone, router or modem. More bars are often assumed to mean better per...
24/06/2026
Rohde & Schwarz THORIS sets new standard for counter UAS defense At Eurosatory 2026, Rohde & Schwarz is unveiling THORIS, a German engineered, sovereign count...
24/06/2026
Rohde & Schwarz expands voice communications modernization program for Egyptian ...
24/06/2026
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({...
24/06/2026
Streaming sets record high of 46.6% of ad supported TV viewing, driven by Super Bowl and Winter Olympics; overall share of ad supported TV remains steady
NEW Y...
24/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
24/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
24/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
24/06/2026
RE:Vision Effects Announces Twixtor Standalone v 8.1 and a Sale!
Brie Clayton June 24, 2026
0 Comments
Twixtor v8.1 Standalone adds support for variab...
24/06/2026
Dreamtek Uses Full Blackmagic Workflow for Vercel Next JS Event
Brie Clayton June 24, 2026
0 Comments
Blackmagic cameras, switchers, routers, recorder...
24/06/2026
Chyron LIVE Unveils New Features: Haivision StreamHub Integration, SCTE-35 Ad In...
24/06/2026
Mapping an Education How composer Chloe Clarke Smith navigated her Boston Conservatory experience and brought new meaning to her work
June 24, 2026
By
Sara...
24/06/2026
The Next Act Dean Krisha Marcano's vision for a connected Theater Division, and the fund making it possible
June 24, 2026
Photo by Eric Antoniou
The Or...
24/06/2026
Announcing STAGES Magazine 2026 Marking a decade since Boston Conservatory and Berklee College of Music joined forces, this issue spotlights some of the groun...
24/06/2026
In Brazil's TV 3.0 Trials, Appear's X5 is transporting live signals from Bras lia to S o Paulo over the public internet using secure, reliable next-gene...
24/06/2026
Melbourne, Australia - 24 June 2026: Mediaproxy, the global standard for software-based IP compliance monitoring and multiviewing solutions, has named Heartland...
24/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
24/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
24/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
24/06/2026
First Rush Brings SDI Multicam ProRes Recording to Apple Silicon Macs
Brie Clayton June 23, 2026
0 Comments
First Rush is a native macOS application d...
24/06/2026
Vertical Drama Beneath Crimson Sails Created with Blackmagic Design
Brie Clayton June 23, 2026
0 Comments
Thunder Child Productions relies on cameras&...
24/06/2026
Wednesday 24 June 2026
Sky reveals wild new trailer and images for Shaun the Sh...
24/06/2026
Why Dynamic Media Facilities Matter In this series, we explore the technologies, architectures and operational realities shaping modern media operations. Along ...
24/06/2026
Comscore Announces Partnership with Amazon DSP to Expand Content Addressability ...
24/06/2026
From Cork to Limerick to Earagail:
RT is supporting 21 Arts and Cultural Events all over Ireland this July
RT Supporting the Arts is delighted to spotlight...
23/06/2026
When we began planning our transition from an SDI-based infrastructure to a new ...
23/06/2026
Imagine Communications has announced the appointment of Greg Garmon as Senior Vice President, Americas Video Sales. Garmon will oversee account growth and busin...
23/06/2026
Snap has promoted Emma Wakely to Head of Sports and Media Partnerships, Americas, succeeding Anmol Malhotra, who has been elevated to Global Head of Content and...
23/06/2026
YES Network and The Gotham Sports App will air MI New York's Major League Cr...
23/06/2026
The Universal Talent Identifier (HAND) has issued HAND IDs to 34 top projected prospects in the 2026 NBA Draft class, including AJ Dybantsa, Cameron Boozer, and...
23/06/2026
World Boxing has announced the launch of World Boxing TV, a subscription-based streaming platform built on the Joymo platform, offering live events, on-demand c...
23/06/2026
FloSports will stream 32 off-road motorcycle racing events on FloRacing, includi...
23/06/2026
SES has announced the expansion of its ASTRA TV platform in Spain with the addition of 14 regional channels in HD and UHD quality and the launch of new hybrid s...
23/06/2026
Appear ASA has announced its role in Rede Legislativa de R dio e TV's contri...
23/06/2026
LTN has announced that PBS has selected it as its IP video partner to modernize content distribution and contribution across more than 330 public television sta...
23/06/2026
Ease Live has announced that its graphics overlay platform is powering an interactive fan experience on Rally.TV, the official streaming platform of the FIA Wor...
23/06/2026
Chyron has announced updates to Chyron LIVE, its cloud-native live production pl...
23/06/2026
ESPN has announced ESPN Fan House, a fan engagement hub powered by Flowcode, launching in August ahead of the 2026 college football season. Publicis Sports will...
23/06/2026
The city's solid position in broadcast, entertainment, and sports attracted the major microphone manufacturer
Sennheiser Group is moving its Americas Regio...
23/06/2026
128 channels of signal routing & DSP
Announced just before the NAMM Show 2026, Violet Audio's latest digital audio matrix offers 128 channels of signal ...
23/06/2026
Latest Current expansion created by EPROM
Minimal Audio have just launched the latest Current Expansion, Memory Rites. Designed in collaboration with renown...
23/06/2026
Popular hardware EQ gets official plug-in emulation
Undertone Audio have just launched a new plug-in that brings one of their most popular hardware designs ...
23/06/2026
December 7, 2022
Colorfront (colorfront.com) - the multi-award-winning develope...