Highlights 

  • VEON launches a USD 100 million buyback program covering both equity and debt securities 
  • Company cites undervalued equity as a key driver for selective ADS repurchases 
  • Bond buybacks may help reduce future interest payments and manage maturities 
  • Program offers flexibility via a 10b5-1 plan executed through open-market operations 
  • Management signals confidence in VEON’s financial trajectory and digital-operator strategy 

VEON Ltd. (Nasdaq:VEON), a global digital operator serving millions of users across multiple markets, has initiated the USD 100 millionbuybackprogram previously announced on November 10, 2025. The initiative authorizes VEON to repurchase American Depositary Shares and/or outstanding bonds, with the allocation betweenequityanddebtguided by prevailing market opportunities. 

The company believes that current equity valuations do not reflect its operational progress, expanding the digital-services ecosystem, and improving cash-generation profile. By repurchasing ADSs at what it views as discounted levels, VEON aims to enhance value forshareholderswhile demonstrating a high degree of confidence in its long-term strategy. 

Flexibility to Repurchase Equity and Debt 

A distinguishing feature of the program is the ability to target both equity and debt instruments. According to VEON, this dual-track approach provides optionality. Repurchasing debt allows the company to capture discounts insecondary markets,reduce future interest commitments, and better manage thematurityschedule of its obligations. 

Conversely, acquiring equity in the open market gives VEON the chance to reduce share count at prices management deems attractive. This can support futureearnings per shareand reaffirm the company’s belief that its market valuation does not align with its operational and financial positioning. 

Strategic Significance and Management Perspective 

Kaan Terzioglu, CEO of VEON Group, emphasized that the launch of the buyback program reflects ongoing improvement in financial and operating metrics, as well as the leadership team’s confidence in future performance. He noted that the program’s flexibility allows VEON to strengthen its capital structure while supporting long-term value creation. 

VEON continues to transition from a traditional telecommunications company to a digital operator offering converged connectivity and digital solutions. With approximately 150 million connectivity users and 120 million digital-service users across five populous markets, the company is committed to scaling technology-driven services that contribute to consumer empowerment and economic development. 

Conclusion 

VEON’s USD 100 million buyback program highlights its belief in the value proposition of both its equity and debt instruments. By adopting a balanced approach to capital deployment, the company aims to support shareholder value, optimize its balance sheet, and reinforce confidence in its digital-operator roadmap. The initiative sends a clear signal: VEON sees meaningful upside in its strategy and future growth path.