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Equity Bottom-Up

<p>VEON has provided guidance on its Q325 results, which will be unusually complicated due to charges taken in relation to the Kyivstar listing and the loss on the sale of its 51% stake in Sky Mobile (Beeline) in Kyrgyzstan. On an underlying basis, we look for continued growth, particularly on EBITDA, which we expect to rise 14% y-o-y to $498m. We estimate Q325 adjusted net income of $77m, and reported net income of $-143m including $220m of post-tax, non-cash one-off items.</p>

VEON has provided guidance on its Q325 results, which will be unusually complicated due to charges taken in relation to the Kyivstar listing and the loss on the sale of its 51% stake in Sky Mobile (Beeline) in Kyrgyzstan. On an underlying basis, we look for continued growth, particularly on EBITDA, which we expect to rise 14% y-o-y to $498m. We estimate Q325 adjusted net income of $77m, and reported net income of $-143m including $220m of post-tax, non-cash one-off items.

VEON — Q3 preview and changes to FY25 estimates