VEON reports Q2 2022 results
Strong operational results, improved profitability
Amsterdam, 4 August 2022 – VEON Ltd. (VEON) announces its results for the second quarter and half year ended 30 June 2022:
In 2Q22, VEON recorded USD 2,008 million in total revenues, representing +5.6% YoY growth in reported currency (+6.0% YoY in local currency). EBITDA was USD 913 million, increasing by +13.0% YoY in reported currency (+14.1% YoY in local currency). Capex of USD 382 million was 21.5% lower than in 2Q21, with a 3.5 p.p. decrease in capex intensity (21.5%). Total cash and cash equivalents were USD 2.3 billion, with USD 1.9 billion at the HQ level.
Commenting on results, Kaan Terzioğlu said:
“Our second quarter results demonstrate the resilience and the success of VEON Group companies, as our 4G focus and digital operator strategy continued to deliver growth despite unprecedented geopolitical challenges. This quarter, our 4G users reached 50% of our customer base, moving closer to our target of 70% 4G penetration. More subscribers, higher 4G penetration and more digital services together with inflationary pricing and good cost management are driving solid revenue and EBITDA performance across our countries.
We continue to focus on our core priorities of protecting our people and delivering the essential humanitarian services of communication and connectivity. Our liquidity position is strong, with USD 2.3 billion in cash at the end of 2Q22,…
