VEON’s Largest Market Pakistan Almost Triples Mobile Spectrum in Reform Push; Jazz Secures Largest Allocation with 190 MHz

Rhea-AI Summary

VEON (Nasdaq: VEON) reported that Pakistan’s mobile spectrum auction nearly tripled available spectrum from 274 MHz to 754 MHz. VEON subsidiary Jazz secured the largest allocation with 190 MHz (50 MHz @3500, 70 MHz @2600, 50 MHz @2300, 20 MHz @700).

Payments start in 2027; Jazz will pay the PKR equivalent of approximately USD 239.5 million and will use the spectrum to expand nationwide mobile broadband and digital services.

Positive

• Spectrum supply in Pakistan increased from 274 MHz to 754 MHz
• Jazz secured the largest allocation: 190 MHz
• Jazz acquired 40% of spectrum sold, reinforcing market position
• Payment schedule starts in 2027, allowing deployment time
• JazzWorld serves >100 million users, including 74 million mobile customers

Negative

• Cash receipts deferred until 2027, delaying near-term government proceeds
• Jazz’s large share (40%) may raise concentration or regulatory scrutiny risks

Market Context

This announcement centers on Pakistan nearly tripling mobile spectrum and Jazz securing a leading 19...

Analysis

This announcement centers on Pakistan nearly tripling mobile spectrum and Jazz securing a leading 190 MHz allocation, reinforcing VEON’s commitment to its largest market. The move supports faster broadband and AI-enabled services, with payments of about USD 239.5 million beginning in 2027. Recent news flow around acquisitions and AI partnerships shows an ongoing shift toward digital platforms. Investors may watch Pakistan execution, capital commitments, and follow-up disclosures in future reports for further clarity.

Key Figures

Post-auction spectrum: 754 MHz Pre-auction spectrum: 274 MHz Jazz spectrum allocation: 190 MHz +5 more

8 metrics

Post-auction spectrum 754 MHz Total spectrum available to Pakistan mobile operators after auction

Pre-auction spectrum 274 MHz Total spectrum available to Pakistan mobile operators before auction

Jazz spectrum allocation 190 MHz Largest single allocation secured by Jazz in Pakistan auction

Spectrum share 40% Jazz share of total spectrum sold in the auction

Spectrum payment USD 239.5 million PKR-equivalent payment Jazz will make for awarded spectrum

JazzWorld users more than 100 million Total users across connectivity and digital services

Mobile customers 74 million Jazz mobile connectivity customers in Pakistan

Payment start year 2027 Year when spectrum payments in PKR will begin

Historical Context

5 past events · Latest: Mar 06 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 06	Insurance acquisition	Positive	+1.5%	Acquisition of controlling stake in TPL Insurance to expand digital finance.
Mar 04	AI platform participation	Positive	+3.1%	VEON becomes first mobile operator to join ModelChorus language model platform.
Mar 04	Open RAN, AI MoU	Positive	+3.1%	Beeline Uzbekistan and Rakuten Symphony sign MoU on Open RAN and AI collaboration.
Mar 04	Innovation fund partnership	Positive	+3.1%	MoU with GSMA Innovation Fund to support startups in Pakistan and Bangladesh.
Mar 03	Sovereign AI partnership	Positive	-5.3%	Expanded MeetKai partnership to explore sovereign AI infrastructure across markets.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent VEON news, especially partnerships and acquisitions, has generally been followed by positive price reactions, with one notable negative divergence on an AI partnership update.

Recent Company History

Over the past week, VEON has reported multiple strategic initiatives. An acquisition of TPL Insurance in Pakistan for PKR 4.15 billion (USD 14.6 million) and several AI and partnership MoUs around MWC26 Barcelona all saw mostly positive single‑day reactions between 1.54% and 3.15%. One AI‑focused collaboration on Mar 3 coincided with a -5.32% move, showing that not all innovation headlines translate into gains. Today’s Pakistan spectrum win fits the pattern of VEON deepening its digital infrastructure footprint in key markets.

Key Terms

mobile spectrum, spectrum auction, broadband, band, +1 more

5 terms

mobile spectrum technical

"Pakistan almost Triples Mobile Spectrum in Reform Push; Jazz Secures"

Mobile spectrum is the range of radio frequencies that wireless carriers use to send phone calls, texts and data over the air – think of it as lanes on a highway for wireless traffic. It matters to investors because more or better spectrum lets a company offer faster speeds, wider coverage and handle more customers at once, which can boost revenue and reduce churn; limited spectrum can constrain growth and force costly purchases or network upgrades.

spectrum auction financial

"pleased to note the successful mobile spectrum auction held today in its"

A spectrum auction is a government-run sale where companies bid for licenses to use specific radio frequencies needed for wireless services like mobile data and broadband. Think of it as buying exclusive lanes on an invisible highway for carrying phone and internet traffic; the outcome matters to investors because it affects a carrier’s capacity, coverage, costs and competitive position, which in turn can influence future revenue and capital spending.

broadband technical

"supporting faster broadband and next-generation digital services."

Broadband is high-speed internet service that carries large amounts of data quickly over wires, fiber, or wireless networks — think of it as a multi-lane highway for online traffic. For investors it matters because broadband availability, speed, and capacity drive consumer and business demand, influence revenue potential and pricing power, and require significant infrastructure investment and regulatory decisions that affect a provider’s growth and profitability.

band technical

"includes 50 MHz in the 3500 MHz band, 70 MHz in the 2600 MHz band,"

A band is a defined range between an upper and lower limit used to describe where a price, measurement, or outcome is expected to stay. For investors, bands show limits on movement or uncertainty—like a "price band" that caps how far a share can move in a session or a "confidence band" around an estimate—helping assess risk and set expectations much like guardrails on a road guide safe travel.

augmented intelligence technical

"As we upgrade our customer value proposition with augmented intelligence,"

Augmented intelligence combines human skills with advanced technology to enhance decision-making and problem-solving. It acts like a helpful partner that provides insights and suggestions, allowing people to make better choices more quickly. For investors, this means smarter analysis, improved efficiency, and the ability to respond to market changes with greater confidence.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Islamabad, Dubai and New York - March 10, 2026: VEON Ltd. (Nasdaq: VEON, “VEON”), a global digital operator, is pleased to note the successful mobile spectrum auction held today in its largest market Pakistan. With the auction, the Pakistani Government nearly triples the spectrum available to mobile operators, with VEON’s subsidiary Jazz, Pakistan’s leading connectivity provider under JazzWorld, securing the largest allocation of 190 MHz.

The auction increased the spectrum available to mobile operators from 274 MHz to 754 MHz, strengthening Pakistan’s digital infrastructure and supporting faster broadband and next-generation digital services. Jazz’s acquisition includes 50 MHz in the 3500 MHz band, 70 MHz in the 2600 MHz band, 50 MHz in the 2300 MHz band, and 20 MHz in the 700 MHz band.

Kaan Terzioglu, VEON Group CEO, welcomed the government’s reform-driven expansion of national digital infrastructure. “We commend the Government of Pakistan, the Ministry of Information Technology and Telecommunication, and the Pakistan Telecommunication Authority for conducting a forward-looking spectrum auction that strengthens the national digital infrastructure and creates an environment for conducive to investment and innovation. Pakistan is VEON’s largest market with significant untapped potential, and this reform will help accelerate the development of connectivity, digital services and AI-enabled platforms across the country.”

Aamir Ibrahim, CEO of JazzWorld, highlighted the role of additional spectrum in expanding Pakistan’s digital connectivity. “As we upgrade our customer value proposition with augmented intelligence, it is essential to continue investing in technologies that enable superior digital experiences. The additional spectrum secured in this auction allows us to expand connectivity, enhance network capacity and continue scaling high-quality mobile broadband nationwide while progressively introducing new capabilities that support innovation, enterprise growth and digital inclusion.”

Payments for the spectrum awarded in today’s auction will be made in Pakistani Rupees (PKR) beginning in 2027, allowing operators time to deploy the required network technology. Jazz, which acquired 40% of the spectrum sold in the auction, will pay the PKR equivalent of approximately USD 239.5 million at the prevailing exchange rate.

JazzWorld serves more than 100 million users across connectivity and digital services, including 74 million mobile connectivity customers. Jazz will continue to invest in network rollout and optimization to support expanding connectivity and digital services across the country.

VEON and JazzWorld launched their “Invest in Pakistan, NOW!” campaign in February, highlighting the country’s strengthening macroeconomic fundamentals and inviting international investors to explore new opportunities in Pakistan’s digital economy.

About VEON  

VEON is a digital operator that provides connectivity and digital services to nearly 150 million connectivity customers and 140 million digital users. Operating across five countries that are home to more than 6% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: https://www.veon.com/.

About JazzWorld
JazzWorld is Pakistan’s leading integrated digital ServiceCo, serving over 100 million users through a portfolio spanning connectivity (Jazz), fintech (JazzCash), banking (Mobilink Bank), entertainment (Tamasha), ultra-app (SIMOSA), insurtech (FikrFree), enterprise cloud solutions (Garaj), gaming (GameNow), health-tech (Apna Clinic), fashion marketplace (Zarr), and more. This evolution reflects Jazz’s strategic shift from connectivity to capability, enabling platforms that ensure a better life for all through the power of technology. For more information, visit: http://www.jazz.com.pk/

Forward-Looking Statements Disclaimer
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 VEON’s and its subsidiaries’ strategic ambitions and investments. 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 VEON’s and its subsidiaries’ strategic ambitions and investments, among others discussed in the section entitled “Risk Factors” in VEON’s 2024 Form 20-F filed with the SEC on April 25, 2025 and other public filings made by VEON with the SEC. 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
Hande Asik
Chief Communications and Strategy Officer
pr@veon.com

FAQ

How much spectrum did VEON’s Jazz secure in the March 10, 2026 Pakistan auction (VEON)?

Jazz secured 190 MHz of spectrum in the auction. According to the company, that includes 50 MHz at 3500 MHz, 70 MHz at 2600 MHz, 50 MHz at 2300 MHz and 20 MHz at 700 MHz to expand capacity nationwide.

What was the total increase in mobile spectrum available in Pakistan after the March 10, 2026 auction?

The auction increased available mobile spectrum from 274 MHz to 754 MHz. According to the company, that nearly triples capacity and is intended to support faster broadband and next-generation digital services across Pakistan.

When will Jazz pay for the spectrum purchased in the March 2026 Pakistan auction and how much will it pay (VEON)?

Jazz will begin payments in 2027, paid in Pakistani Rupees. According to the company, Jazz will pay the PKR equivalent of approximately USD 239.5 million at the prevailing exchange rate, giving time for network deployment.

How will the additional spectrum impact Jazz’s network and services after the March 2026 auction?

The new spectrum is expected to expand capacity and coverage and support advanced mobile broadband. According to the company, Jazz will use the allocation to enhance network capacity, scale broadband nationwide, and introduce AI-enabled and digital services.

What proportion of the auctioned spectrum did Jazz acquire on March 10, 2026 and what does that mean for VEON (VEON)?

Jazz acquired 40% of the spectrum sold in the auction. According to the company, this sizeable share strengthens Jazz’s market position in Pakistan and supports VEON’s strategy to scale connectivity and digital services in its largest market.