Veon reveals faster local currency revenue and EBITDA growth in first five months at AGM

Amsterdam – 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 Terzioğlu expressed his satisfaction, stating, "The robust operating results in April and May reflect the successful execution of VEON Group's 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, fuelled by strong performance across all our local operations despite the challenging business landscape."

Terzioğlu 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."

Terzioğlu 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     


(local currency)

5M23 YoY 

5M23 YoY 
(local currency)

Total revenue


 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

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