The following is a summary of the VEON Ltd. (VEON) Q4 2023 Earnings Call Transcript:

Financial Performance:

• VEON reported an 18% revenue growth (Q4 2023) and 25% EBITDA growth YoY. This was underpinned by a 53% growth in free cash flow that amounted to $434 million, resulting in a 24% cash flow yield.

• The company's balance sheet remains robust with a cash position of $1.7 billion, with $1.3 billion held at the headquarters.

• The group's revenue reached $953 million in Q4, bolstered by digital platforms expansion and strategic pricing strategies.

• The net leverage ratio has significantly improved, decreasing from 2.36 to 1.42 times, and the gross debt has been reduced considerably from $6.7 billion to $3.7 billion.

• VEON projects a profit of $384 million and an overall equity rise by $300 million for the full year 2023.

Business Progress:

• Sustainable growth seen across several markets, with Kyivstar in Ukraine achieving double-digit growth after upgrading approximately 4,000 4G base stations and establishing 1,000 new 4G sites in 2023.

• Jazz's customer base in Pakistan increased to 44 million users in Q4, a YoY rise of 6%, with 62% 4G penetration rate among customer base, and JazzCash's revenues have risen substantially too.

• In Kazakhstan, Beeline, the leading operator, saw a 21% increase in service revenues led by mobile and other digital offerings growth.

• VEON's new strategy, 'VEON 2.0', aims at double-digit growth, margin expansion, robust balance-sheet, higher cash generation, and furthering their vision of a digital operator.

• The company expects a growth of 16% to 18% in top-line and 18% to 20% growth in EBITDA forecasted for 2024.

• Discussions are ongoing for a digital banking license in Bangladesh to expand the reach of their financial services.

More details: VEON Ltd IR

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