VEON increases Share Buyback and Accelerates share cancellations
VEON lifts its annual capital return commitment with a new USD 200 million buyback equal to 3.9% of outstanding shares.
Rhea-AI Summary
VEON (VEON) has launched a new share buyback program to repurchase 3.9% of its outstanding shares, or 72.5 million shares (about 2.9 million ADSs).
Based on the September 22, 2026 closing price of USD 69.37 per ADS, the program is approximately USD 200 million, and all repurchased shares will be cancelled. This amount represents 27.5% of VEON’s trailing-twelve‑month Equity Free Cash Flow after leases and licenses as of June 30, 2026, and a 5.5% yield on the average closing share price over the prior twelve months. The new program upgrades a previously stated minimum USD 100 million annual buyback target and is in addition to a USD 100 million program completed in November 2025.
Including earlier phases since August 2024, VEON has repurchased 4.46 million ADSs (6.0% of total ADSs outstanding) for USD 227.6 million. The new program will use open market repurchases and proportional share purchases from shareholder LetterOne.
Positive
- New buyback program targeting 3.9% of outstanding shares, about USD 200 million
- Planned repurchases equal 27.5% of trailing-twelve-month Equity Free Cash Flow
- Implied shareholder return yield of 5.5% based on average stock price over prior year
- Buybacks since August 2024 total 4.46 million ADSs (6.0% of ADSs) for USD 227.6 million
- New program upgrades prior USD 100 million minimum annual buyback target
Negative
- None.
News Explained
LetterOne's agreed sale is capped at 32,957,830 shares; the release does not say that the full amount will be purchased.
VEON says the first phase of the new buyback is underway; the program will include open-market purchases and direct purchases from LetterOne, and shares acquired will be cancelled.
LetterOne has agreed to sell proportionally up to 32,957,830 shares, at prices and volumes determined by reference to open-market repurchases.
Key Figures
- Share repurchase target
- 3.9% of outstanding shares
- New buyback program
- Shares covered
- 72.5 million shares or equivalent in shares and ADS
- New buyback program
- Program value
- USD 200 million
- Based on USD 69.37 per ADS; final value varies with purchase prices
- Buyback as share of Equity Free Cash Flow
- 27.5%
- Trailing twelve months ended June 30, 2026; after leases and licenses
- Buyback yield
- 5.5%
- Based on VEON's average closing price over the trailing twelve months as of September 22, 2026
- LetterOne shares eligible for direct repurchase
- Up to 32,957,830 shares
- At prices and volumes determined by reference to open market repurchases
- Prior buyback program
- USD 100 million
- Program announced in November 2025; completed and separate from the new program
Previous Buybacks Reports
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VEON commenced a USD 100 million buyback, with ADS and bond allocation determined later.
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VEON announced a USD 35 million third phase after two earlier ADS repurchase phases.
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VEON allocated USD 35 million to its second phase after completing the first phase.
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VEON launched the initial USD 30 million phase within a USD 100 million plan.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
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VEON increases Share Buyback and Accelerates share cancellations
Group launches new program to repurchase
New York and Dubai, September 23, 2026 — VEON Ltd. (Nasdaq: VEON), a global digital operator, today announced a new program to buy back
Assuming a share repurchase of USD 200 million based on an ADS price of USD 69.37, the new program represents
“Returning cash to shareholders is a core priority for VEON,” said Kaan Terzioglu, Group CEO of VEON. “Having completed USD 200 million in cumulative buybacks since August 2024, we are increasing our annual repurchase program to
Including earlier phases of the program first announced in August 2024, VEON has now repurchased 4.46 million ADSs (
The new program will comprise open market repurchases and direct repurchases of shares from VEON’s shareholder LetterOne, which has agreed to sell proportionally to its existing shareholding and accordingly to sell to VEON up to 32,957,830 shares, at prices and volumes determined by reference to the open market repurchases.
The new program repurchases will be conducted within the parameters of VEON’s broader securities repurchase program and in accordance with applicable laws and regulations.
About VEON
VEON is a digital operator that provides connectivity and digital services to over 150 million connectivity and more than 228 million digital customers. Operating across five countries that are home to 550 million consumers, more than
Forward-Looking Statements
This release contains “forward-looking statements”, within the meaning of the Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements relating to the execution and/or impact of the buyback of the VEON Group’s ADSs and shares and the cancellation of such shares. There are numerous risks, uncertainties that could cause actual results and performance to differ materially from those expressed by such statements, including risks relating to uncertainty over the execution and/or impact of the buyback of the VEON Group’s ADSs and shares, among others discussed in the section entitled “Risk Factors” in VEON’s 2025 Form 20-F filed with the SEC on March 16, 2026 and other public filings made by VEON with the SEC. There is no assurance that the buyback of VEON ADSs and shares and the cancellation of such shares will be completed or that other events described in any forward-looking statement will materialize. The forward-looking statements contained herein speak only as of the date of this release and VEON disclaims any obligation to update them, except as required by law.
Contact Information
VEON
ir@veon.com
FAQ
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