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
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
01/06/2026
January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026
Throughout the week, Dolby brings to life the latest innovatio...
01/05/2026
January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...
01/04/2026
January 4 2026, 18:00 (PST) DOLBY AND DOUYIN EMPOWER THE NEXT GENERATON OF CREATORS WITH DOLBY VISION
Douyin Users Can Now Create And Share Videos With Stun...
23/01/2026
RT is delighted to announce that the RT and F s ireann / Screen Ireland supported short film Retirement Plan has been nominated for Best Animated Short at th...
22/01/2026
Last November, Ed Sheeran returned to his musical roots for an intimate, one-nig...
22/01/2026
Every delay costs. When a subtitle fails QC, even the smallest issue can mean missed deadlines, extra vendor costs, or frustrated teams. The new Accurate.Video ...
22/01/2026
Rohde & Schwarz, Qualcomm, and Motorola demonstrate successful 5G Broadcast comp...
22/01/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
21/01/2026
Wednesday 21 January 2026
Backing Britain on the global stage: Sky becomes an o...
21/01/2026
Fox Corporation Executives to Discuss Second Quarter Fiscal 2026 Financial Resul...
21/01/2026
Baselight v7 brings colourists and post-houses smarter mattes, faster workflows and deeper control
FilmLight, known for its detailed colour toolset and longsta...
21/01/2026
RT News is pleased to announce the appointment of Jackie Fox as its new Washington Correspondent. Jackie is a multimedia journalist with RT News and has repor...
19/01/2026
Monday 19 January 2026
Sky News reinvents News at Ten for the modern audience with The Wrap
Sky News today announces The Wrap, a bold evolution of its 10pm ou...
19/01/2026
DPA Microphones is striking a new chord in piano miking with the debut of its DPK2015 Piano Stereo Kit, an out-of-the-box, plug-and-play miking solution that ta...
19/01/2026
DPA Microphones will present its 4099 CORE Instrument Microphone and redesigned...
19/01/2026
Trianel relies on Arvato Systems for future-proof data center operations
Moving to the cloud: Arvato Systems implements extensive IT migration project
Migrat...
19/01/2026
Celebrating 21 Years of the RT Choice Music Prize
RT Choice Music Prize
In association with IMRO and IRMA
Irish Album of the Year 2025 - Shortlist Announce...
18/01/2026
January 18 2026, 21:30 (PST) Dolby Cinema Arrives in Bengaluru: Dolby Laborator...
16/01/2026
The start of a new year brings fresh possibilities. Whether you're diving in with big goals or simply setting new intentions, audiobooks can bring inspirati...
16/01/2026
In 2025 we launched the Spotify Partner Program to give creators more ways to tu...
15/01/2026
The SGL Carbon site in Bonn has a long tradition of training. For many years, young talent has been successfully trained here, regularly achieving excellent exa...
15/01/2026
The JEC Composites Innovation Awards annually honor the most innovative and ambi...
15/01/2026
X-energy Reactor Company, LLC ( X-energy ) and SGL Carbon LLC ( SGL ) have signed a 10-year framework agreement to provide graphite for the deployment of X-ener...
15/01/2026
RT is tonight announcing that Mari Hurley has decided to leave her role as RT 's Chief Financial Officer to take up a new position outside RT . Mari will r...
15/01/2026
15 Jan 2026
VEON's Kyivstar Reaches 3.0 million Customers with Starlink Dir...
15/01/2026
Views to free streaming service U grew by 15%, average monthly active users by 23% and registrations by 18%
UKTV's channels achieved record viewing share, ...
15/01/2026
Thursday 15 January 2026
Sky Sports to show Final Stage of inaugural FIFA Women's Champions Cup
Sky and FIFA have agreed an exclusive new partnership whi...
15/01/2026
Thursday 15 January 2026
The official trailer for the second season of Seth Mac...
15/01/2026
Wuppertal January 15, 2026
Riedel RefCam Takes Center Court in German Basketba...
15/01/2026
Arvato Systems Named Launch Partner for AWS European Sovereign Cloud
As a launch partner for the AWS European Sovereign Cloud, Arvato Systems enables customer...
14/01/2026
Staines-upon-Thames, UK, 13th January, 2026 ITV, one of the UKs leading broadcasters, has selected Yospace, the global leader in Dynamic Ad Insertion (DAI), to ...
14/01/2026
Steiger Media's adoption of Calrec's compact Argo M console not only makes its innovative new hybrid truck faster, more efficient, and agile, but also e...
14/01/2026
Press Release: The Boston Globe Names Cartesian a Top Place to Work in 2025
January 14, 2026
News
Cartesian - January 14, 2026 - EINPresswire.com - Sp...
14/01/2026
Comscore and Marcus Theatres Announce Five-Year Extension for Cinema ACE and Ent...
14/01/2026
Comscore and Santikos Entertainment Announce Five-Year Circuit Wide Commitment t...
14/01/2026
Wednesday 14 January 2026
Sky News announces Cathy Newman to lead flagship new political programme
Sky News today announces that award-winning journalist and ...
14/01/2026
The first stamp of An Post's 2026 Stamp Programme, marking 100 Years of Broadcasting, was unveiled at the GPO by Patrick O'Donovan TD, Minister for Cult...
14/01/2026
It's official! Beverley Callard has landed in Carrigstown. The beloved actor, known for her unforgettable roles and iconic screen presence, is joining the c...
13/01/2026
Independent media in Brazil and Colombia is facing an urgent crisis of traditional business models alongside a deteriorating security environment, according to ...
13/01/2026
Some days you want your music to reflect a specific feeling, memory, or vibe that goes beyond a single artist or genre. You want to do more than listen. You wan...
13/01/2026
Luxembourg, December 17, 2025 - SES S.A. ( SES or the Company ), a leading spa...
13/01/2026
Written and executive produced by Steve Lightfoot and Angela LaManna, produced b...
13/01/2026
New updates to Hitmaker Expansion from Celemony and Softube Edit pitch-perfect vocals with Melodyne Essential and get radio-ready guitar tones from Softube...
13/01/2026
Live broadcasts from RT 2FM Breakfast with Carl, Roz & Aisling, RT Radio 1 Tod...
12/01/2026
Spotify's new co-CEOs, Alex Norstr m and Gustav S derstr m, start off the new year with a message of renewed leadership, creative responsibility, and what&#...
12/01/2026
At Spotify, we listen to a lot of music. And every year, our global editors and artist partnerships teams come together to spotlight the emerging voices we beli...
12/01/2026
Spotify's global editors and Songwriter & Publisher Partnerships team spend their days immersed in new music, tracking the writers behind the songs breaking...
12/01/2026
Rohde & Schwarz opens larger office in Japan and increases its support for the J...
16 May 2024
