VEON Ltd. completed a $39 million repurchase of 745,420 American Depositary Shares (ADSs) on March 26 2026, bringing the total amount of the company’s $100 million buy‑back program to $39 million and the cumulative number of ADSs repurchased to 2.89 million.
The transaction follows a series of phased buy‑backs that began in August 2024. The second phase, finished on May 21 2025, repurchased 1.43 million ADSs at an average price of $45.59 per share. A subsequent phase reported on March 10 2026 saw 614,500 ADSs bought for $32.5 million, an average of $52.89 per share. The March 26 2026 buy‑back was reported at an average price of about $52.30 per ADS, consistent with the pricing trend of recent phases.
Management underscored the rationale for the program, with CEO Kaan Terzioglu stating, "Our decision to commence a new buyback program reflects continued growth in the Group’s financial and operating performance, as well as our confidence in the future." The buy‑back is part of VEON’s broader strategy to return capital to shareholders while reinforcing its capital structure as it expands digital services and fintech offerings.
VEON’s strong financial footing—highlighted by a 9%–12% revenue growth outlook for 2026 and a 7%–10% EBITDA growth projection—provides the foundation for the buy‑back. The company’s Q4 2025 results showed a 45.0% EBITDA margin, up 410 basis points from the prior year, driven by robust digital revenue growth of 84.1% YoY. The continued buy‑back signals management’s confidence in sustaining this momentum and in the long‑term value of the company’s shares.
While the buy‑back itself did not trigger an immediate market reaction, it occurs amid a broader positive sentiment that followed VEON’s March 13 2026 earnings announcement, which saw the stock surge 14.20% after the company reported strong Q4 and full‑year 2025 results and optimistic 2026 guidance.
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