VEON reports Q4 trading update with strong organic revenue growth; initiates FY24 outlook
Press Room
VEON press release (NASDAQ:VEON): Q4 Revenue of $953M, an increase of 1.4% Y/Y in reported currency (+17.9% Y/Y in local currency normalized for one-offs).
EBITDA of $364 million represented a 20.4% Y/Y decrease in reported currency terms (+24.9% Y/Y in local currency normalized for one-offs).
Capex in 4Q23 was $258 million, a decline of 1.8% Y/Y, and reported capex intensity for the last twelve months was 17.6%.
Total cash and cash equivalents as of 31 December 2023 amounted to $1.7 billion with $1.3 billion held at the headquarters level.
In 4Q23, we reported 156.2 million mobile subscribers (- 0.4% YoY). The Group’s 4G user base grew by 10.7% YoY, reaching 93.6 million, with 9.0 million 4G users added over the last 12 months.
Outlook: For 2024, VEON announces its full-year guidance for revenue and EBITDA of 16%-18% and 18%-20% growth in local currency, and for Group capex intensity of 18%-19%. As a result of its digital operator strategy, and expected slowdown in inflation, the company has guided to another year of double digit growth.
