The following is a summary of the VEON Ltd. (VEON) Q2 2024 Earnings Call Transcript:

Financial Performance:

• VEON reported robust growth with Q2 2024 revenue up by 12.1% year-on-year in USD.

• EBITDA saw a significant increase of 10.6% in USD for Q2, demonstrating strong financial momentum.

• Local currency revenue growth was 15%, with service revenues up 14.5% year-on-year.

• The company significantly reduced its gross debt by 23% year-on-year, showcasing effective cash management.

• Capital expenditures were 6% higher year-on-year, totaling $181 million in Q2.

Business Progress:

• VEON added $10 million 4G customers year-on-year, with significant improvements in service revenue and EBITDA in key markets like Ukraine and Pakistan.

• Multi-play customer growth and digital services expansion drove enhanced revenue and lowered churn rates.

• The company launched digital services in financial, entertainment, healthcare, and education sectors, significantly boosting direct digital revenue sectors.

Opportunities:

• The strategic expansion into digital services including financial, entertainment, healthcare, and education sectors has both deepened customer engagement and increased company revenue, showing strong potential for further growth in these areas.

• Multi-play and augmented intelligence offerings provide a strong foundation for customer retention and revenue growth.

Risks:

• Operational challenges include increased energy costs and license fees, especially noted in markets like Uzbekistan, potentially impacting margins.

• Economic conditions and regulatory changes in markets like Bangladesh and Ukraine could pose risks regarding service delivery and cost management.

More details: VEON Ltd IR

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