29 Jun 2023
VEON reveals faster local currency revenue and EBITDA growth in first five months at AGM Amsterdam, 29 June 2023 07:00 CEST - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, will report its key financial highlights for the first five months of 2023 (5M23) at the annual general meeting of shareholders ( AGM ) being held today.
During April and May 2023, VEON Group demonstrated accelerated growth in local currency revenues, achieving a 19.0% year-on-year increase. These results have solidified the strong year-to-date performance. While reported currency revenues for the first five months of 2023 saw a 7.6% decline compared to the previous year, local currency revenues increased by 16.8% year-on-year. Notably, five out of our six countries experienced double-digit local currency revenue growth during this period. Despite the challenges, Kyivstar showcased resilient growth and continued to serve Ukraine with dedication.
Group CEO Kaan Terzio lu expressed his satisfaction, stating, The robust operating results in April and May reflect the successful execution of VEON Groups Digital Operator strategy, which continues to drive our accelerated top-line growth. Our revenues for the April-May period have increased by an encouraging 19% year-on-year in local currency terms, fueled by strong performance across all our local operations despite the challenging business landscape.
Terzio lu continued, We are actively expanding our portfolio of digital products and services while remaining dedicated to delivering a great customer experience. As a result, we are attracting a larger customer base that embraces our digital services, resulting in improved user engagement, reduced customer turnover, increased average revenue per user ( ARPU ), and expanded market share. These achievements underscore our strong operational performance.
Terzio lu concluded by acknowledging the efforts of the VEON teams across all six countries of operation, expressing gratitude to the Board and shareholders for their ongoing support.
The table below details both the April and May ( QTD ) and 5M23 revenues and EBITDA trends for the Group on a country-by-country basis:
Period ended 31 May 2023
(unaudited) QTD YoY
(reported)
QTD YoY
(local currency)
5M23 YoY
(reported)
5M23 YoY
(local currency)
Total revenue (5.9%)
19.0% (7.6%) 16.8%
Ukraine (7.5%) 15.6% (13.5%) 9.7%
Pakistan (19.8%) 20.2% (20.2%) 17.7%
Kazakhstan 19.7% 21.5% 21.8% 22.5%
Bangladesh (5.5%) 16.0% (4.7%) 17.0%
Uzbekistan 22.0% 24.3% 20.7% 24.1%
Kyrgyzstan 16.2% 23.0% 19.8% 20.6%
Service revenue (5.3%) 19.5% (6.9%) 17.4%
Ukraine (7.7%) 15.3% (13.6%) 9.6%
Pakistan (18.4%) 22.2% (19.2%) 19.2%
Kazakhstan 19.1% 21.0% 22.4% 23.0%
Bangladesh (5.3%) 16.2% (4.5%) 17.2%
Uzbekistan 22.0% 24.3% 20.7% 24.1%
Kyrgyzstan 16.6% 23.4% 19.9% 20.7%
EBITDA (7.3%) 19.6% (11.1%) 14.6%
Ukraine (11.8%) 10.2% (17.7%) 4.5%
Pakistan (16.9%) 24.6% (20.7%) 17.1%
Kazakhstan 19.7% 21.8% 30.4% 30.7%
Bangladesh (4.6%) 17.0% (7.2%) 13.9%
Uzbekistan 8.6% 10.7% 7.0% 10.1%
Kyrgyzstan (8.9%) (4.1%) 13.5% 14.4%
The full AGM presentation is available on the VEON Group website at https://www.veon.com/investors/equity-investors/agm/.
About VEON
VEON is a global digital operator that currently provides converged connectivity and online services to about 160 million customers in six dynamic markets. We transform people's lives, empower individuals, create opportunities for greater digital inclusion and drive economic growth across countries that are home to more than 7% of the world's population. Headquartered in Amsterdam, VEON is listed on NASDAQ and Euronext Amsterdam, and has a broad investor base. For more information visit: https://www.veon.com.
Disclaimer
This press release contains forward-looking statements , as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, expectations regarding management plans and the ability to successfully execute operating model, governance and development plans. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events. Furthermore, elements of this release contain or may contain, inside information as defined under the Market Abuse Regulation (EU) No. 596/2014.
VEON's QTD and 5M23 results presented in this press release are, unless otherwise stated, based on IFRS, using internal management accounts, are the responsibility of management and are subject to financial closing procedures which have not yet been completed and have not been externally audited, reviewed or verified. Although we believe the information to be reasonable, actual results may vary from the information contained above and such variations could be material. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for the quarter or any future period.
Contact Information
VEON
Investor Relations
Nik Kershaw
ir@veon.com
This website stores cookies on your computer. These cookies are used to improve vour website experience and provide mor
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
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...
08/09/2026
Comcast Technology Solutions (CTS) has announced a multi-year agreement with A E...
08/09/2026
Spectra Logic today announced the availability of Media Insight, a new capabilit...
08/09/2026
Rogers Communications and Quebecor have announced a 12-year sublicensing agreement for French-language national NHL games beginning with the 2026-27 season. TVA...
08/09/2026
Skyline Communications and Bridge Technologies will demonstrate two integrations...
08/09/2026
Boland Communications will make the European debut of its 4K55HDR7SNB 55-inch super-narrow-bezel monitor at IBC2026 (Stand 12.C57, RAI Amsterdam, September 11-1...
08/09/2026
Ateme and Comcast Technology Solutions (CTS) have announced a collaboration comb...
08/09/2026
Haivision has joined the IBC Accelerator Media Innovation Programme as part of t...
08/09/2026
Blackmagic Design has announced price reductions on its PYXIS 6K and Cinema Camera 6K models, effective immediately through Blackmagic Design resellers worldwid...
08/09/2026
AI-Media will demonstrate its LEXI Suite at IBC2026 (Booth 5.C34, September 11-1...
08/09/2026
Bitmovin and Ad Insertion Platform (AIP) have announced the first live deploymen...
08/09/2026
Grass Valley will demonstrate story-centric media workflows at IBC2026 (Booth 9.A01, RAI Amsterdam, September 11-14), connecting newsroom production, content ma...
08/09/2026
M2A Media and Ateme have announced a partnership integrating Ateme's video processing solutions into M2A Media's MediaToAnywhere platform for live sport...
08/09/2026
Ikegami will exhibit at IBC2026 (Stand 12.A31, RAI Amsterdam, September 11-14), including a Day 1 introduction of new cameras in the UNICAM XE series. Additiona...
08/09/2026
Broadcast industry analysts will be gathering plenty of insights at the 2026 IBC Show this weekend in Amsterdam, but Caretta Research has offered up some though...
08/09/2026
SENSHI and DAZN have announced a global broadcast partnership that will bring SENSHI's live events free to viewers in more than 200 markets. The partnership...
08/09/2026
New architecture built with Evertz will bring 4K HDR to Monday Night Football, N...
08/09/2026
Built for rap producers, by rap producers
Sauceware Audio, the independent plug-in company founded by Grammy-nominated producer Jacob (Travis Scott, 21 Sava...
08/09/2026
Classic Sound Techniques design revived
Warm Audio's latest release delivers a meticulous recreation of the preamp circuitry employed by the Sound Techn...
08/09/2026
Latest soft synth inspired by the Memorymoog
XILS Lab have just launched a software instrument that draws its inspiration from Moog's iconic Memorymoog,...
08/09/2026
The Airport Chaplain takes off as SBS's biggest launch of 2026
8 September, 2026
Media releases
1.67 million viewers on National Total TV to date
Best...
08/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/09/2026
Mo-Sys, the world-leading developer of virtual production, camera robotics and image tracking technology, has completed a business restructuring, which has incl...
08/09/2026
New York, September 8, 2026 The TSAmediaHUB audiovisual contribution and distribution infrastructure developed by Telef nica's Audiovisual Services area re...
08/09/2026
Expanded Riyadh operation brings Asharq and Thmanyah services together on a resilient on-premises Pebble platform.
Pebble, the leading automation, content mana...
08/09/2026
Techex, a pioneering leader in live video workflows, will showcase its broadest software feature set to date at IBC 2026 (Stand 2.B45), extending its lead in so...
08/09/2026
Visitors to Grass Valley's booth at IBC2026 will be introduced to new Framelight X capabilities that connect content acquisition, management, editing and pu...
08/09/2026
BCNEXXT will showcase the latest evolution of Vipe at IBC2026 (Stand 2.B09), introducing a series of innovations designed to deliver higher-quality audience exp...
08/09/2026
Bitmovin, a provider of video streaming solutions, has partnered with Ad Insertion Platform (AIP), a leading innovator in advanced ad insertion technologies, to...
08/09/2026
Brainstorm, a leading manufacturer of real-time graphics and augmented and virtual production, is announcing a major package of enhancements to its Suite 7 soft...
08/09/2026
Big Blue Marble is supporting TDF, French infrastructure and network operator, broadcasting Digital Terrestrial Television (DTT) and radio services, as a techno...
08/09/2026
Agents work inside a single production environment, from incoming wire copy to a live studio show...
08/09/2026
Building on their strategic partnership, Ceeblue and Layercake make the unthinkable possible: scalable sub-second streaming over standard DRM, SSAI, and CDN wor...
08/09/2026
Brainstorm, a leading manufacturer of real-time graphics, augmented and virtual production, is completing the environment for fast-paced broadcast production wi...
08/09/2026
A SaaS portfolio built to work together, helping operators grow audiences, monetise smarter and run leaner, on their own terms
At IBC 2026 (stand 1.B49) Synam...
08/09/2026
Accedo, global provider of video streaming software and services, has been selected by PlayOn Sports, a national leader in high school sports technology, to exp...
08/09/2026
LiveU, the leader in live IP-video solutions, is enabling The Associated Press to take global newsgathering to the next stage with intelligent connectivity and ...
08/09/2026
Mediagenix, a global leader in smart content solutions to profitably connect the right content to the right audience, today announced the latest evolution of it...
08/09/2026
Compact, power-efficient X Platform performance brings broadcast-grade reliability and ultra-low latency to space-constrained remote production (REMI) workflows...
08/09/2026
Zixi, the leader in live video delivery and workflow orchestration, and Kiloview, a leading provider of professional IP video encoding and decoding solutions, t...
08/09/2026
Collaboration gives content owners scalable CDN capacity and broadcasters enhanced flexibility, including for C-band transition planning
Quortex today announce...
08/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/09/2026
Telos Alliance and Pluxbox Announce Dynamic Media Facility Integration Partnersh...
08/09/2026
J nger Audio Showcases Industry-First S-ADM Cloud Workflow at IBC 2026
Search
Dolby, MainConcept, Techex and J nger Audio will showcase the industry's ...
08/09/2026
Tuesday 8 September 2026
Sky Go gets a major upgrade for Sky Glass and Sky Stream customers
Today, Sky launches a new version of the Sky Go app for Sky Glass ...
08/09/2026
Documentary thriller simulating a Russian attack on UK soil will culminate in a live final episode reuniting the playersTuesday 8 September 2026
Trailer releas...
08/09/2026
Tuesday 8 September 2026
Jamie Demetriou and Amelia Dimoldenberg to host next t...
08/09/2026
Wuppertal September 8, 2026
Riedel Introduces New OnAir Headset PlatformRiedel Communications today announced the launch of its new OnAir headset platform, a...
29 Jun 2023
