16 May 2024
VEON 1Q24 Trading Update: Accelerating USD Growth, Strong Operational Execution Amsterdam, 16 May 2024 07:00AM CEST -
VEON Q1 2024 Highlights
Q1 revenue of USD 942 million, 6.6% YoY ( 11.6% YoY in local currency) and EBITDA of USD 386 million, 0.2% YoY ( 5.1% YoY in local currency)
Q1 capex of USD 125 million, 38.6% YoY, with LTM capex intensity of 18.3%
Total cash and cash equivalents of USD 632 million, with USD 261 million at HQ; and gross debt at USD 3.7 billion (decreased by USD 2.0 billion YoY), with net debt excluding lease liabilities at USD 2.0 billion; VEON repaid its Revolving Credit Facility
Maintaining FY 2024 revenue growth guidance in local currency of 16-18%, EBITDA growth guidance in local currency of 18-20%, and capex intensity of 18-19%
VEON management increases share ownership; announces its 2024 Annual General Meeting and Capital Markets Day
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 first quarter ended 31 March 2024.
In 1Q24, VEON continued to report growth in revenues in reported currency terms with double digit local currency top-line growth. Total revenues reached USD 942 million, an increase of 6.6% YoY in reported currency ( 11.6% YoY in local currency). Service revenues amounted to USD 903 million, an increase of 5.5% YoY in reported currency ( 10.4% YoY in local currency), and EBITDA of USD 386 million represented a 0.2% YoY increase in reported currency terms ( 5.1% YoY in local currency). Capex in 1Q24 was USD 125 million, an increase of 38.6% YoY, and reported capex intensity for the last twelve months was 18.3% (-2.0p.p. YoY). Total cash and cash equivalents as of 31 March 2024 amounted to USD 632 million with USD 261 million held at the headquarters ( HQ ) level.
For FY 2024, VEON maintains its full-year guidance for revenue of 16%-18% and EBITDA of 18%-20% growth in local currency supported by execution of its digital operator strategy, and for Group capex intensity of 18%-19%.
Commenting on the results, Kaan Terzio lu said:
I am pleased to see balanced organic performance in all our markets, reflecting our ability to serve our customers in both consumer and business segments with digital solutions in finance, entertainment, healthcare, education and enterprise services.
Our operating companies successfully leverage our customer acquisition and engagement capabilities as well as our distribution power to meet the growing demand for digitalization in our markets, where we served a total of 111 million monthly active users across our digital services in March 2024.
I am excited to see the continuation of our growth trend as we deepen our customer engagement through high-quality digital experiences, which are now being strengthened with new technologies including artificial intelligence. We look forward to updating our investors on our upcoming Capital Markets Day on June 6th, 2024.
Additional information
View the full 1Q24 trading update
View 1Q24 trading update presentation
View 1Q24 factbook
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 document 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.
Notice to readers: impact of the war in Ukraine
The ongoing war between Russia and Ukraine and the sanctions imposed by the United States, member states of the European Union, the European Union itself, the United Kingdom, Ukraine and certain other nations, counter-sanctions by Russia and other legal and regulatory responses, as well as responses by our service providers, partners, suppliers and other counterparties, and the other indirect and direct consequences of the war have impacted and, if the war, sanctions and such responses and other consequences continue or escalate, may significantly impact our results and aspects of our operations in Ukraine, and may significantly affect our results and aspects of our operations in the other countries in which we operate. We are closely monitoring events in Russia and Ukraine, as well as the possibility of the imposition of further sanctions in connection with the ongoing war between Russia and Ukraine and any resulting further rise in tensions between Russia and the United States, the United Kingdom and/or the European Union.
Our operations in Ukraine continue to be affected by the war. We are doing everything we can to protect the safety of our employees, while continuing to ensure the uninterrupted operation of our communications, financial and digital services.
Disclaimer
VEONs results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards (IFRS) and have not been externally reviewed and audited. The financial information included in this document is preliminary and is based on a number of assumptions that are subject to inherent uncertainties and subject to
Europe Stories
09/11/2025
Dalet today announced a transformative leap forward for media operations: Agentic Artificial Intelligence (AI) that unifies the Dalet ecosystem under one natura...
06/10/2025
France T l visions, France's leading broadcaster, has received the 2025 EBU ...
15/09/2025
Global K-Pop sensation aespa is redefining what it means to be rich with the r...
15/09/2025
Every day, millions of people around the world turn to Spotify to enjoy the audi...
15/09/2025
After months of intensive planning and implementation, Brembo SGL Carbon Ceramic...
15/09/2025
Unique sports content orchestration platform builds momentum among SES's cus...
15/09/2025
-- Opens door to growth in renewable energy New Delhi, India - 15th September -- Global business and industry leaders from around the world are joining technol...
13/09/2025
Harmonic's Software-Based XOS Advanced Media Processor Provides Unparalleled Efficiency and Unlocks New Business Models SAN JOSE, Calif. - Sept. 13, 2025 -...
12/09/2025
For fans, we know how important it is to stay plugged into music culture and dis...
12/09/2025
Link ping, Sweden and Shipley, United Kingdom, September 12, 2025 - Agama, the expert in video observability and analytics for service quality and customer expe...
12/09/2025
Feature-length retrospective from Studio Crook to air in 2026
Sir David Jason returns to the nation's favourite comedy channel, U&GOLD, for Open All Hours:...
12/09/2025
Friday 12 September 2025
The Boomtown Rats, Nyah Grace, Soweto Kinch, Royal Ballet and Madness also announced to perform at the ceremony on Tuesday
Sky today ...
12/09/2025
Wuppertal September 12, 2025
Riedel Unveils Ultra-Light Bolero Mini Wireless Intercom BeltpackAt IBC2025 in Amsterdam, Riedel Communications unveiled Bolero M...
12/09/2025
Wuppertal September 12, 2025
Riedel Communications Acquires hi human interfaceRiedel Communications today announced the acquisition of hi human interface fro...
12/09/2025
CORE+ virtually removes distortion, setting a new standard for church sound and giving worship teams the clarity and confidence they need.
Read the full artic...
12/09/2025
The Late Late Show is back with a bang after the summer break, and Patrick Kielt...
12/09/2025
The World Athletics Championships, Ireland v France in the Women's Rugby World Cup quarter-final, the Irish Champions Festival, and two Sports Direct Men...
12/09/2025
The Records Show starts Sunday at 6.30pm on RT One and RT Player.
Katie Hanno...
11/09/2025
RADAR, Spotify's program for emerging talent, recently hit a major milestone...
11/09/2025
Link ping, Sweden, September 11, 2025 - Agama, the expert in video observability & analytics for service quality and customer experience, announced today the la...
11/09/2025
Under the USD 89.6 Million award, SES Space & Defense will provide global commer...
11/09/2025
Leading Balkan DTH provider adds capacity to consolidate its m:Sat TV platform at 23.5 degrees East and serve more customers across the region
Luxembourg, 11 S...
11/09/2025
UKTV's free streaming service U launches on Sky Q
Free streaming service U has launched on Sky Q in the UK, UKTV and Sky confirm today, expanding the footp...
11/09/2025
From the discreet 2061 lavaliers to 4099 and 4011 mics, the setup delivered clean, natural sound in one of the most challenging broadcast environments.
Read th...
11/09/2025
From rugged build quality to natural, detailed sound, the verdict is clear: big performance can come in a very small package.
Read the full review here!...
11/09/2025
Tonight on Prime Time
RT One and RT Player at 9:35pm
Tonight RT Prime Time...
11/09/2025
RT Statement: 2026 Eurovision Song Contest
At the General Assembly of the European Broadcasting Union (EBU) in July, a number of EBU members raised concerns ...
10/09/2025
Lossless on Spotify Premium is here.
Lossless audio has been one of the most a...
10/09/2025
The Television Will Be Revolutionised Sep 10, 2025
Written by Sunit Kotecha, Director of Delivery and Operations, YouView
2025 marks a century since the f...
10/09/2025
First of Spains F110 frigates get future-ready with Rohde & Schwarz communicatio...
10/09/2025
Harmonic's cOS Platform Supports DOCSIS and Fiber, Enabling Midco to Deliver Reliable Multi-Gigabit Connectivity to Subscribers SAN JOSE, Calif. - Sept. 10,...
10/09/2025
RT brings three days of live radio, live entertainment, live news, live weather, personal appearances, and more
Join RT Radio 1: Morning Ireland, The Oliver ...
09/09/2025
Since 2020, Spotify's RADAR program has been a launchpad for emerging talent...
09/09/2025
In 2020, Spotify launched RADAR with a clear mission: to identify, nurture, and ...
09/09/2025
If you're on BookTok, you know the drill. You scroll, you tap, and suddenly your To Be Read list is overflowing with trending must-reads. Not unlike Spoti...
09/09/2025
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({ content_source:......
09/09/2025
Harmonic's VOS360 Ad SaaS Enables Personalized Ad Delivery and Seamless Integration with the Ad Tech Ecosystem SAN JOSE, Calif. - Sept. 9, 2025 - Harmonic ...
09/09/2025
St. Luke's Episcopal Church in New Jersey needed audio that truly connects and they found the answer.
Read the full case study here!...
09/09/2025
From AI-driven sound design to adaptable systems and uncompromising audio quality, the discussion highlights how innovation is shaping the future of performance...
09/09/2025
The conversation covers DPA's natural, uncolored sound, how to choose the right mic for any application and the company's latest innovations including C...
09/09/2025
From the origins of CORE to the latest CORE+ upgrade, the article explores how DPA minimizes distortion, expands dynamic range and ensures clarity at every SPL ...
09/09/2025
September 9 2025, 07:22 (PDT) Dolby Revolutionizes Entertainment on Four Wheels...
09/09/2025
The Autumn Schedule has begun on RT Raidi na Gaeltachta, with a feast of music, entertainment, news and current affairs programmes as well as an interesting s...
08/09/2025
The company continues to focus on its own training programs. Recently, 20 new ap...
08/09/2025
How an MVP-first approach helps you move faster, stay flexible, and deliver smarter.
Too often, media technology projects aim to solve everything at once ma...
08/09/2025
Fox Corporation Announces Resolution of Murdoch Family Trust Matter New York, NY and Los Angeles, CA - September 8, 2025 - Fox Corporation ( FOX or the Comp...
08/09/2025
Fox Corporation Announces Secondary Offering of Class B Common Stock New York, NY, and Los Angeles, CA - September 8, 2025 - Fox Corporation ( FOX or the Co...
08/09/2025
Fox Corporation Announces Pricing of Secondary Offering of Class B Common Stock New York, NY, and Los Angeles, CA, September 8, 2025 Fox Corporation ( FOX ...
08/09/2025
PantoneLIVE Adds New Color Libraries to Meet Growing Demand for Two-Piece Alumin...
16 May 2024
