VEON's 3Q and 9M 2024 Financials: A Closer Look

VEON Ltd. (Nasdaq: VEON), a global digital operator, has disclosed its unaudited interim condensed consolidated financial statements for the three-month and nine-month periods ending 30 September 2024. This follows the company's 3Q24 trading update released on 14 November 2024. The Financial Statements are available on the VEON Group website.

In 3Q24, VEON's total revenue grew by 14.1% YoY in local currency, exceeding the blended inflation rate of 8.2% across its markets. EBITDA growth in local currency was 3.5% YoY, also surpassing the inflation rate. This demonstrates VEON's ability to drive revenue growth despite inflationary pressures.



The civil unrest in Bangladesh and the sale of the TNS+ infrastructure asset in Kazakhstan had a notable impact on VEON's financial performance in 2024. Despite these challenges, VEON reported a 14% YoY increase in revenue in local currency terms, exceeding the 8% blended inflation across its markets. However, the company revised its local currency guidance for total revenue and EBITDA growth, reflecting the business impact of these events. The sale of the TNS+ asset in Kazakhstan contributed to a decrease in gross debt by USD 335 million YoY, while the civil unrest in Bangladesh primarily impacted EBITDA through operational pressures.



VEON's 3Q24 revenue growth in local currency of +14.1% YoY exceeds its previous guidance of 12%-14% YoY growth for total revenue in local currency terms. This indicates a strong performance, with actual growth surpassing the company's expectations. However, VEON's 3Q24 EBITDA growth in local currency of +3.5% YoY is a significant improvement from its previous guidance of 18-20% growth for 2024 in local currency terms, which was normalized for the Ukrainian cyberattack. This revision reflects the business impact of civil unrest in Bangladesh and the sale of the TNS+ infrastructure asset in Kazakhstan, as well as a deceleration in blended inflation rates across VEON's operating markets.

In conclusion, VEON's 3Q and 9M 2024 financials show a strong performance in revenue growth, despite inflationary pressures and operational challenges. The company's ability to adapt and innovate in the face of adversity is commendable, and investors should continue to monitor VEON's progress as it navigates the rapidly evolving digital landscape.