Veon has announced a share buyback program totaling $200 million, aiming to repurchase 3.9% of its shares, or 72.5 million units. The company will cancel all repurchased shares. This expenditure represents 27.5% of the group's twelve-month cash flow after leases and licenses as of June 30, 2026.
The buyback will occur on the open market and through a transaction with the major shareholder, LetterOne. LetterOne plans to sell 32.9 million shares, representing 1.7% of the total, for approximately $91 million. The investment firm currently holds a 45.5% stake in Veon, with an additional 8% held via a Dutch stichting.
Since August 2024, Veon has spent $227 million on share repurchases, including a $100 million buyback conducted in November 2025. The company reported that its 2025 revenue grew by 9.9% to $4.4 billion, while net profit increased by 28% to $532 million. EBITDA reached $2 billion with a margin of 45.7%.
Veon operates mobile networks in Ukraine, Kazakhstan, Uzbekistan, Pakistan, and Bangladesh. The group was formed in 2009 and previously owned the Russian operator VimpelCom, which it sold to local management in 2023. LetterOne, the primary shareholder, was founded by Mikhail Fridman, Petr Aven, German Khan, and Alexey Kuzmichev.
