VEON Increases Share Buyback and Cancellation Program

VEON, a global digital operator, announced a new program to repurchase 3.9% of its outstanding shares (2.9 million ADSs), comprising open market repurchases and proportionate shareholder participation. The new program represents 27.5% of VEON’s trailing-twelve-month Equity Free Cash Flow, after leases and licenses, for the period ended June 30, 2026, and a 5.5% yield based on the average closing price of VEON stock over the trailing twelve months as of September 22, 2026. The Group also confirmed that the first phase of open market repurchases under the new program is underway.

The new program upgrades the minimum USD 100 million annual buyback target announced in May 2025 and is in addition to the USD 100 million program announced in November 2025, which has now been completed. VEON will cancel all shares acquired under the new buyback program, reinforcing its commitment to disciplined capital allocation and long-term value creation.

The new program, which is expected to represent approximately USD 200 million based on a closing price of USD 69.37 per ADS (each ADS represents 25 shares) as of September 22, 2026, will comprise open market repurchases and direct repurchases of shares from LetterOne, VEON’s shareholder, which has agreed to sell proportionally to its existing shareholding, and accordingly to sell to VEON up to 32,957,830 shares, at prices and volumes determined by reference to the open market repurchases.

The new program will be conducted within the parameters of VEON’s broader securities repurchase program and in accordance with applicable laws and regulations. The program will be executed to return cash to shareholders, a core priority for VEON. Since August 2024, VEON has repurchased 4.46 million ADSs (6.0% of total ADSs outstanding) for a total consideration of USD 227.6 million. After giving effect to shares issuance in March 2024 and subsequent transfers, shares and ADSs held by VEON represent approximately 7.9% of total outstanding shares.

VEON, a digital operator that provides connectivity and digital services to over 150 million connectivity and more than 228 million digital customers, operates across five countries that are home to 550 million consumers, more than 6% of the world's population. The company is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ.

The new program upgrades the minimum USD 100 million annual buyback target announced in May 2025 and is in addition to the USD 100 million program announced in November 2025, which has now been completed. The revised policy places recurring capital returns at the heart of VEON’s capital allocation framework, alongside investment in profitable growth and maintaining financial flexibility.