Key Highlights

● Second quarter Revenue was $1,271 million, up 17.0% year over year.

● Net Debt excluding leases was $1.8 billion with lease-adjusted Leverage of 1.10x.

● A second $100 million buyback program was in progress as of July 29, 2026.

● Digital revenue grew 53.6% to $342 million in the second quarter.

VEON Ltd. (NASDAQ:VEON) enters a busy stretch of its corporate calendar this week. The emerging-markets telecom and digital group has scheduled its third-quarter 2026 results for Friday, November 6, followed by a Capital Markets Day in New York on November 16. All figures below come from company disclosures and carry dates.

Revenue Growth and Raised Guidance

According to VEON's second-quarter 2026 presentation dated July 31, group revenue was $1,271 million, up 17.0% year over year, while EBITDA reached $552 million at a 43.4% margin. As of June 30, 2026, net debt excluding leases was $1.8 billion, lease-adjusted leverage stood at 1.10x, and group cash was $2.2 billion, including $968 million at headquarters, excluding $510 million of Pakistan banking cash.

Management raised 2026 guidance, with ranges cited of 15% to 18% for revenue growth and 9% to 12% for EBITDA growth, while capex intensity excluding Ukraine was maintained at 15% to 17%. A $1.4 billion bond offering extended headquarters debt Maturity to more than four years. Those are confirmed company statements, not forecasts by this author. The Capital Markets Day is scheduled for New York City, according to the presentation.

Buybacks and Country Divergence

Capital return is a notable thread. VEON reported that a first $100 million buyback was completed between December 2024 and August 2025, and that a second $100 million program was in progress as of July 29, 2026, with about $82.5 million of ADSs and $3 million of 2027 notes repurchased. The company has also stated a commitment to at least $100 million of annual Buybacks and share cancellation.

Operating subsidiaries paid $98.6 million in dividends Upstream during the second quarter, which helps fund headquarters obligations. Country mix matters too: Pakistan revenue rose 26.6% and Ukraine 19.5%, while Kazakhstan EBITDA fell 10.9% and Bangladesh EBITDA declined against a prior-year provision release. Digital revenue grew 53.6% to $342 million in the second quarter, suggesting the mix is shifting beyond connectivity, although those services still depend on subscriber growth and regulation in each market.

Two Disclosure Dates in November

Investors may watch the November 6 release for confirmation of whether the raised guidance ranges hold, and for any update on headquarters cash after bond activity and buybacks. The November 16 Capital Markets Day could offer fuller detail on long-term priorities, and investors may listen for how management frames the balance between network capex, digital expansion, debt management and Shareholder distributions. Currency swings in Pakistan, Kazakhstan, Bangladesh and Ukraine could affect dollar-reported results, and the ability to move cash from operating companies to headquarters may remain a recurring question. Comparisons also need care, since second-quarter 2025 included a Pakistan tower sale gain and a Bangladesh provision release that distort year-on-year profit trends. Management may also be asked about Dividend capacity at subsidiaries and the pace of share cancellation.

Buybacks and Bonds Set the Frame

VEON's November calendar gives investors two distinct disclosure points within ten days, one covering quarterly numbers and one addressing strategy. The capital allocation record so far, combining buybacks, bond refinancing and modest lease-adjusted leverage, provides a framework for evaluating what management says next. Outcomes will still depend on currencies, regulation and competition across several markets.