VEON has begun a $100 million buyback program authorized by its Board, giving the company the flexibility to repurchase American Depositary Shares (ADSs) and/or outstanding bonds depending on market conditions. The program is designed to strengthen the capital structure and return value to shareholders while preserving liquidity for future growth initiatives.
The buyback comes on the heels of a strong Q3 2025 earnings release in which VEON reported total revenue of $1.115 billion, up 7.5% year‑on‑year, and EBITDA of $219 million, a 19.7% increase. EBITDA margin expanded to 47% from 43% in the prior quarter, driven by a 63.1% jump in direct digital revenues that now represent 17.8% of group revenue. These results demonstrate robust cash‑generation capacity and support the board’s confidence that the share price undervalues the company’s fundamentals.
Segment analysis shows that the company’s core markets—Pakistan, Ukraine, Kazakhstan, Bangladesh, and Uzbekistan—contributed to the revenue growth, with digital services leading the charge. The 63.1% rise in direct digital revenue reflects increased demand for data‑center and cloud services, while traditional voice and mobile services maintained steady growth, underscoring a balanced portfolio and a shift toward higher‑margin digital offerings.
CEO Kaan Terzioglu said the program “reflects continued growth in the Group’s financial and operating performance, as well as our confidence in the future.” He added that the flexibility to buy both equity and debt “will strengthen VEON’s capital structure while reinforcing confidence in long‑term value creation.” The statement signals a disciplined approach to capital allocation and a belief that the company can sustain its earnings momentum.
VEON’s current buyback follows a July 2024 program that authorized up to $100 million. By March 2025 the company had completed a $30 million first phase and began a second phase of $35 million, illustrating a consistent strategy of using share repurchases to manage capital and return value to shareholders. The new program continues that trajectory, reinforcing the company’s commitment to shareholder returns while maintaining flexibility for future investment.
Investors and analysts have responded positively to the announcement, citing the company’s strong earnings, expanding digital revenue base, and improved profitability. The buyback is viewed as a signal of management’s confidence in VEON’s ongoing growth prospects and its ability to generate sufficient cash flow to support such a program.
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