VEON VEON Ltd. - American Depositary Shares
About VEON Ltd. - American Depositary Shares Company overview from Wikipedia
VEON Ltd. also known as VEON Group, is a multinational telecommunication and digital services company. Headquartered in Dubai, United Arab Emirates the company is publicly traded on the U.S.-based NASDAQ stock exchange. VEON operates in six markets in Europe and Asia, including Bangladesh, Kazakhstan, Kyrgyzstan, Pakistan, Ukraine and Uzbekistan. Specific brands include Banglalink in Bangladesh, Jazz in Pakistan, Kyivstar in Ukraine, and units operating in Kazakhstan, Kyrgyzstan, and Uzbekistan under the Beeline brand. In 2024, the company had 160 million total customers, 1.8 million fixed line customers, and 111 million monthly active users of its digital services, with products and services in areas such as mobile financial services, entertainment, health, and education among others.
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VEON Ltd. (formerly known as VimpelCom Ltd.) also known as VEON Group, is a multinational telecommunication and digital services company. Headquartered in Dubai, United Arab Emirates the company is publicly traded on the U.S.-based NASDAQ stock exchange. VEON operates in six markets in Europe and Asia, including Bangladesh, Kazakhstan, Kyrgyzstan, Pakistan, Ukraine and Uzbekistan. Specific brands include Banglalink in Bangladesh, Jazz in Pakistan, Kyivstar in Ukraine, and units operating in Kazakhstan, Kyrgyzstan, and Uzbekistan under the Beeline brand. In 2024, the company had 160 million total customers, 1.8 million fixed line customers, and 111 million monthly active users of its digital services, with products and services in areas such as mobile financial services, entertainment, health, and education among others.
History
2009–2016
VEON Ltd., was founded in 2009 as VimpelCom Ltd., a multinational holding company. Incorporated in Bermuda and headquartered in the Netherlands, VimpelCom was formed when Telenor and Alfa agreed to merge their assets in the telecommunications companies PJSC VimpelCom and Kyivstar. At the time of the incorporation, Kyivstar was Ukraine's largest wireless operator, while PJSC VimpelCom was the second-largest telecommunications operator in Russia. Kyivstar had been founded in 1994 by Ihor Lytovchenko, also its long-term CEO. PJSC VimpelCom, founded in 1992 by an American businessman Augie K Fabela II and Dmitry Zimin as a mobile carrier, had launched its Beeline brand in 1993 and listed on the NYSE in 1996.
Under CEO Alexander Izosimov, VimpelCom acquired Orascom Telecom and Wind from Naguib Sawiris in 2011. After a number of acquisitions, as of 31 December 2011, VimpelCom had 205 million customers across 20 countries, and by 2012 it was the 13th largest mobile network operator in the world by number of subscribers. The company switched its listing from the NYSE Euronext to the NASDAQ on 10 September 2013. It sold its majority stake in Wind Mobile to Globalive in 2014 for US$272 million. In 2015 the government of Algeria bought VimpelCom's 51% stake in Djezzy for $2.6 billion. VimpelCom's revenue was $9.78 billion in 2016, while assets were $33.85 billion.
2017–2022
In February 2017, VimpelCom renamed itself VEON, named after the messaging platform that it had developed. The company explained that the re-branding was part of a shift towards marketing itself as a technology company instead of just a telecommunications firm. VEON began listing its shares on Euronext Amsterdam in April 2017. In July 2017, VEON launched a personal internet platform named VEON in Ukraine, Bangladesh, Pakistan, Italy, and Georgia. After a number of divestments and a business transformation, by summer 2017, VEON had around 200 million combined subscribers across 12 markets. By the end of 2017, various listed VEON subsidiaries included Golden Telecom, Kyivstar, and Banglalink, among others in Europe and Africa.
In March 2018, CEO Jean-Yves Charlier resigned, and CEO duties were temporarily assumed by VEON's chair, Ursula Burns. Burns was appointed CEO in December 2018 while remaining chair. In October 2019, VEON hired Sergi Herrero and former ex-Turkcell CEO Kaan Terzioğlu as joint COOs of VEON Group. They both succeeded Burns as co-CEOs in February 2020, and in June 2020, Gennady Gazin succeeded Burns as chairman. In 2020 VEON purchased the remaining 15% shares in Jazz from Abu Dhabi Group in Pakistan for 100% ownership. VEON exited Armenia in 2020. In July 2021, Terzioğlu became VEON's Group CEO, with oversight of VEON's executives and its regional CEOs assigned to separate markets. The company sold its Georgia unit for $45 million in June 2022, stating it was streamlining its operations. In August 2022, VEON completed the sale of Djezzy to the government of Algeria for US$682 million. After announcing the pending sale of its Russian operations on 24 November 2022, VEON completed the sale on 9 October 2023, completely leaving the Russian market. Following the sale, the company went through various management changes, including reducing the board from 11 to 7 members.
2023–2025
VEON's total revenues in 2023 amounted to $3.7 billion. Morten Lundal was appointed chair of the VEON board in June 2023. Augie K Fabela II was appointed his successor in 2024. In March 2024, it was reported that VEON had agreed to sell a significant stake of its Kyrgyzstan operations, stating it was looking to focus on large markets. As of 2024, VEON also owned Mobilink Bank in Pakistan, a microfinance institution. Augie Fabela, VEON’s co-founder, was appointed chair of the VEON board in May 2024. Several other new directors were also named to the board, including Mike Pompeo, Brandon Lewis, and Duncan Perry, with incumbents including Fabela, Michiel Soeting, and VEON's CEO Kaan Terzioglu. It was the largest foreign investor in Ukraine in 2022 and 2023. In June 2024, VEON announced that it was committing US$1 billion in Ukraine's infrastructure via its subsidiary Kyivstar. Also in June 2024, VEON announced that over the next three years, it aimed to increase revenues by up to 19%, and would be increasingly focusing on AI technology.
As of 2024, the company had 160 million total customers, 1.8 million fixed line customers, and 111 million monthly active users of its digital services, while its digital operations had six separate markets. Specific brands included units in Kazakhstan, Kyrgyzstan, and Uzbekistan operating under the Beeline brand, as well as Banglalink in Bangladesh, Jazz in Pakistan, and Kyivstar in Ukraine. These units in turn provided digital services with products such as Izi, Simply, hitter, OQ, JazzCash, Beepul, and the Tamasha and Toffee entertainment platforms. VEON delisted from the Euronext Amsterdam stock exchange on 25 November 2024, after which their shares trade exclusively on NASDAQ. In Dec 2024 it moved its headquarters from Amsterdam to Dubai's Dubai International Financial Center.
Owners
VEON shareholder structure:
45.5% of common and voting shares owned by LetterOne Investment Holdings S.A
7.9% of common and voting shares owned by The Stichting
7.2% of common and voting shares owned by Lingotto Investment Management LLP
6.8% of common and voting shares owned by Shah Capital Management Inc.
Subsidiaries
VEON operated in six markets, each with their own brand, as of 2024:
Banglalink (Bangladesh)
Beeline (Kazakhstan)
Beeline (Kyrgyzstan)
Jazz (Pakistan)
Kyivstar (Ukraine)
Beeline (Uzbekistan)
VimpelCom-Takilant case
In summer 2015, the United States Justice Department claimed VimpelCom had used a network of shell companies and phony consulting contracts to funnel bribes in exchange for market access in Uzbekistan. VimpelCom's affiliate Telenor severed consulting ties with Telenor's former CEO Jon Fredrik Baksaas due to the police investigation.
In November 2015, VimpelCom CEO Jo Lunder was arrested on corruption charges in Oslo, Norway. The case alleged that in exchange for an operating license, VimpelCom funneled $57.5 million to Takilant, a company linked to Gulnara Karimova, the daughter of Uzbek President Islam Karimov. The case was settled in February 2016, with the Securities and Exchange Commission, the U.S. Department of Justice, and Dutch regulators requiring VimpelCom to pay $795 million to resolve violations of the Foreign Corrupt Practices Act (FCPA).
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
VEON Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
VEON Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| Feb. 26, 2020 | $3.7500 |
| Aug. 13, 2019 | $3.2500 |
| March 7, 2019 | $4.2500 |
| March 2, 2018 | $4.2500 |
| Aug. 10, 2017 | $2.7500 |
| March 28, 2017 | $4.8750 |
| Nov. 16, 2016 | $0.8750 |
| Nov. 19, 2015 | $0.8750 |
| Nov. 20, 2014 | $0.8750 |
| Nov. 14, 2013 | $11.2500 |
| April 25, 2013 | $28.5000 |
| Dec. 24, 2012 | $20.0000 |
| Nov. 29, 2011 | $11.2500 |
| May 27, 2011 | $3.7500 |
| March 15, 2011 | $4.7500 |
| Nov. 24, 2010 | $11.5000 |
| Nov. 9, 2009 | $8.1500 |
| April 28, 2008 | $14.4250 |
| May 10, 2007 | $8.0200 |
VEON Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 2 20.0%
- Buy 7 70.0%
- Hold 1 10.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
7 analysts · 2026-08-13Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.69 | $1.49 | 0.20% |
| March 31, 2026 | $1.39 | $1.36 | 0.03% |
| Dec. 31, 2025 | $-0.44 | $1.12 | -1.6% |
| Sept. 30, 2025 | $-0.48 | $-2.25 | 1.8% |
| June 30, 2025 | $0.76 | $0.97 | -0.21% |
| March 31, 2025 | $1.36 | $0.85 | 0.51% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| VEON | — | — | — | — | — | — |
| KYIV | — | — | — | — | — | — |
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Institutional owners (13F) 119 filers · $758.7M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 23 (+14 vs prior Q) | 9 (-13 vs prior Q) | 34 (-5 vs prior Q) | 29 (-3 vs prior Q) | -1.1M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Lingotto Investment Management LLP | $274,892,072 | 5,265,123 | 36.23% | Shares |
| SHAH CAPITAL MANAGEMENT | $243,694,247 | 4,667,578 | 32.12% | Shares |
| Solus Alternative Asset Management LP | $46,310,374 | 887,002 | 6.10% | Shares |
| Panview Capital Ltd | $32,924,461 | 630,616 | 4.34% | Shares |
| VR Advisory Services Ltd | $31,388,913 | 601,205 | 4.14% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $28,589,413 | 547,585 | 3.77% | Shares |
| Pictet Asset Management Holding SA | $14,835,210 | 284,145 | 1.96% | Shares |
| MACKENZIE FINANCIAL CORP | $14,285,648 | 273,619 | 1.88% | Shares |
| TWO SIGMA INVESTMENTS, LP | $10,126,130 | 193,950 | 1.33% | Shares |
| GABELLI FUNDS LLC | $6,570,106 | 125,840 | 0.87% | Shares |
| TWO SIGMA ADVISERS, LP | $3,986,068 | 75,824 | 0.53% | Shares |
| RWC Asset Management LLP | $3,561,087 | 68,207 | 0.47% | Shares |
| JGP Global Gestao de Recursos Ltda. | $3,485,018 | 66,750 | 0.46% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $3,148,770 | 68,008 | 0.42% | Shares |
| Cubist Systematic Strategies, LLC | $2,016,523 | 37,048 | 0.27% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,873,190 | 35,878 | 0.25% | Shares |
| NATIONAL BANK OF CANADA /FI/ | $1,722,930 | 33,000 | 0.23% | Shares |
| DIVERSIFY WEALTH MANAGEMENT, LLC | $1,653,396 | 31,981 | 0.22% | Shares |
| Diversify Advisory Services, LLC | $1,653,396 | 31,981 | 0.22% | Shares |
| MARSHALL WACE, LLP | $1,609,426 | 30,826 | 0.21% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $1,588,541 | 30,426 | 0.21% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $1,575,593 | 30,178 | 0.21% | Shares |
| GOLDMAN SACHS GROUP INC | $1,544,633 | 29,585 | 0.20% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $1,529,000 | 29,290 | 0.20% | Shares |
| MILLENNIUM MANAGEMENT LLC | $1,521,452 | 29,141 | 0.20% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $1,507,722 | 28,882 | 0.20% | Shares |
| Point72 Asset Management, L.P. | $1,394,425 | 26,708 | 0.18% | Shares |
| PRELUDE CAPITAL MANAGEMENT, LLC | $1,372,496 | 26,288 | 0.18% | Shares |
| Dorsey Wright & Associates | $1,326,082 | 25,399 | 0.17% | Shares |
| Vontobel Holding Ltd. | $1,224,899 | 23,461 | 0.16% | Shares |
| QRG CAPITAL MANAGEMENT, INC. | $1,014,754 | 19,436 | 0.13% | Shares |
| CITADEL ADVISORS LLC | $945,001 | 18,100 | 0.12% | Put option |
| AdvisorShares Investments LLC | $833,167 | 15,958 | 0.11% | Shares |
| BANK OF AMERICA CORP /DE/ | $804,348 | 15,406 | 0.11% | Shares |
| BlackRock, Inc. | $731,671 | 14,014 | 0.10% | Shares |
| GAMCO INVESTORS, INC. ET AL | $712,144 | 13,640 | 0.09% | Shares |
| STIFEL FINANCIAL CORP | $691,309 | 13,241 | 0.09% | Shares |
| SBI Securities Co., Ltd. | $630,436 | 12,075 | 0.08% | Shares |
| DEUTSCHE BANK AG\ | $626,520 | 12,000 | 0.08% | Shares |
| K2 PRINCIPAL FUND, L.P. | $556,298 | 10,655 | 0.07% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $547,683 | 10,490 | 0.07% | Shares |
| Trexquant Investment LP | $488,633 | 9,359 | 0.06% | Shares |
| MML INVESTORS SERVICES, LLC | $463,625 | 8,880 | 0.06% | Shares |
| CITADEL ADVISORS LLC | $449,006 | 8,600 | 0.06% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $422,901 | 8,100 | 0.06% | Call option |
| CenterBook Partners LP | $412,616 | 7,903 | 0.05% | Shares |
| Jump Financial, LLC | $391,575 | 7,500 | 0.05% | Shares |
| Burns Matteson Capital Management, LLC | $376,121 | 7,204 | 0.05% | Shares |
| Centiva Capital, LP | $334,248 | 6,402 | 0.04% | Shares |
| Atria Investments, Inc | $328,714 | 6,296 | 0.04% | Shares |
| Voleon Capital Management LP | $319,577 | 6,121 | 0.04% | Shares |
| R Squared Ltd | $311,015 | 5,957 | 0.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $308,248 | 5,904 | 0.04% | Shares |
| Schonfeld Strategic Advisors LLC | $297,335 | 5,695 | 0.04% | Shares |
| Squarepoint Ops LLC | $291,488 | 5,583 | 0.04% | Shares |
| Cetera Investment Advisers | $260,580 | 4,991 | 0.03% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $245,387 | 4,700 | 0.03% | Put option |
| PERSONAL CFO SOLUTIONS, LLC | $229,985 | 4,405 | 0.03% | Shares |
| Shilanski & Associates, Inc. | $214,019 | 3,932 | 0.03% | Shares |
| CITADEL ADVISORS LLC | $203,671 | 3,901 | 0.03% | Shares |
| CWM, LLC | $185,061 | 3,997 | 0.02% | Shares |
| Integrated Wealth Concepts LLC | $169,734 | 3,251 | 0.02% | Shares |
| GAMMA Investing LLC | $168,952 | 3,236 | 0.02% | Shares |
| UBS Group AG | $156,787 | 3,003 | 0.02% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $130,264 | 2,495 | 0.02% | Shares |
| Hudson Bay Capital Management LP | $123,529 | 2,366 | 0.02% | Shares |
| CITIGROUP INC | $96,432 | 1,847 | 0.01% | Shares |
| MORGAN STANLEY | $44,587 | 854 | 0.01% | Shares |
| Mirae Asset Global Investments Co., Ltd. | $37,591 | 720 | 0.00% | Shares |
| RHUMBLINE ADVISERS | $32,211 | 617 | 0.00% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $29,916 | 573 | 0.00% | Shares |
| OSAIC HOLDINGS, INC. | $19,786 | 379 | 0.00% | Shares |
| TOTH FINANCIAL ADVISORY CORP | $15,663 | 300 | 0.00% | Shares |
| JPMORGAN CHASE & CO | $11,223 | 216 | 0.00% | Shares |
| Parallel Advisors, LLC | $8,771 | 168 | 0.00% | Shares |
| Larson Financial Group LLC | $8,040 | 154 | 0.00% | Shares |
| EverSource Wealth Advisors, LLC | $7,832 | 150 | 0.00% | Shares |
| IFP Advisors, Inc | $7,048 | 135 | 0.00% | Shares |
| Russell Investments Group, Ltd. | $5,743 | 110 | 0.00% | Shares |
| BNP PARIBAS | $5,221 | 100 | 0.00% | Shares |
| Investors Research Corp | $4,630 | 100 | 0.00% | Shares |
| Ameritas Advisory Services, LLC | $4,594 | 88 | 0.00% | Shares |
| PNC Financial Services Group, Inc. | $4,490 | 86 | 0.00% | Shares |
| TD Waterhouse Canada Inc. | $4,187 | 80 | 0.00% | Shares |
| Farther Finance Advisors, LLC | $3,080 | 59 | 0.00% | Shares |
| Cranbrook Wealth Management, LLC | $2,872 | 55 | 0.00% | Shares |
| Silver Grove Financial Group, Inc. | $2,349 | 45 | 0.00% | Shares |
| TD PRIVATE CLIENT WEALTH LLC | $2,245 | 43 | 0.00% | Shares |
| Global Retirement Partners, LLC | $1,932 | 37 | 0.00% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $1,860 | 36 | 0.00% | Shares |
| Cygnus Capital Advisors, LLC | $1,800 | 38,880 | 0.00% | Shares |
| Retirement Wealth Solutions LLC | $1,515 | 29 | 0.00% | Shares |
| Signature Equity Partners, LLC | $1,305 | 25 | 0.00% | Shares |
| MANNING & NAPIER ADVISORS LLC | $1,299 | 25 | 0.00% | Shares |
| PRICE T ROWE ASSOCIATES INC /MD/ | $1,114 | 21,330 | 0.00% | Shares |
| Arax Advisory Partners | $1,096 | 21 | 0.00% | Shares |
| IMA Advisory Services, Inc. | $1,044 | 20 | 0.00% | Shares |
| HRT FINANCIAL LP | $1,003 | 19,215 | 0.00% | Shares |
| Ascentis Wealth Management, LLC | $887 | 17 | 0.00% | Shares |
| FMR LLC | $627 | 12 | 0.00% | Shares |
Company insiders 2 insiders · 0 officers · 1 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Michael Pompeo | Director | June 7, 2026 A | 186,435 | 0 | 0 | $0 |
| Augie K Fabela II | — | Aug. 7, 2026 P | 96,000 | 3 | 0 | $1,119,969 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 9 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| LPE Middle East Limited, L1TS (Cyprus) Ltd, Letterone Investment Holdings S.A. | Dec. 18, 2025 | 45.46% | Amendment | — | SEC |
| Shah Capital Management, Shah Capital Opportunity Fund LP, Himanshu H. Shah ×3 filings | Oct. 21, 2024 | — | Initial filing | Passive investment | SEC |
| Telenor East Holding II AS, Telenor Mobile Holding AS, Telenor ASA ×40 filings | Nov. 26, 2019 | — | Initial filing | — | SEC |
| L1T VIP Holdings S.à r.l. 000-00-0000, Letterone Core Investments S.à r.l. 000-00-0000, Letterone Investment Holdings S.A. 000-00-0000 ×4 filings | Sept. 13, 2019 | — | Initial filing | — | SEC |
| Altimo Coöperatief U.A. 000-00-0000, Altimo Holdings & Investments Ltd. 000-00-0000, Letterone Overseas Investments Limited 000-00-0000, Letterone Holdings S.A. 000-00-0000 ×16 filings | Dec. 18, 2014 | — | Initial filing | — | SEC |
| Altimo Coöperatief U.A 000-00-0000, Altimo Holdings & Investments Limited 000-00-0000, CTF Holdings Limited 000-00-0000, Crown Finance Foundation 000-00-0000 | April 9, 2013 | — | Initial filing | — | SEC |
| Weather Investments II S. à r.l. 000-00-0000, Marchmont Limited 000-00-0000, February Private Trust Company (Jersey) Limited, as Trustee of the Marchmont Trust 000-00-0000 ×7 filings | Aug. 16, 2012 | — | Initial filing | — | SEC |
| Forrielite Limited, Oleg Kiselev ×2 filings | Jan. 4, 2012 | — | Initial filing | — | SEC |
| Telenor Mobile Communications AS, Telenor East Holding II AS, Telenor East Invest AS, Telenor Mobile Holding AS, Telenor ASA ×4 filings | Dec. 21, 2010 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 3 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.