VEON Ltd. (NASDAQ: VEON) shares surged 14.20% to close at $50.60 on March 13, 2026, up $6.29 from the previous close of $44.31, as investors reacted positively to the company's fourth-quarter and full-year 2025 earnings report released the same day.

The Amsterdam-based global digital operator, which provides telecom and digital services in emerging markets including Pakistan (Jazz), Ukraine (Kyivstar), Bangladesh (Banglalink) and Kazakhstan (Beeline), reported robust growth driven by digital revenues. Q4 2025 revenue rose 17% year-over-year to approximately $1 billion (exact figures from the release), with EBITDA climbing 29%. Digital revenues grew 84% to represent 20.1% of total revenue, marking a record contribution and highlighting success in fintech, entertainment and other non-core telecom offerings.

Headquarters in The Index tower in Dubai
Headquarters in The Index tower in Dubai

Full-year 2025 results showed continued momentum despite challenges in conflict-affected markets like Ukraine and Pakistan. Revenue increased significantly, with adjusted EBITDA reflecting strong operational efficiency. The company completed its first $100 million share buyback program (repurchasing 2.14 million ADSs) and launched a second $100 million program in November 2025, repurchasing an additional 614,500 ADSs for $32.5 million plus some notes by early March 2026. VEON adopted a policy targeting at least $100 million in annual repurchases, with shares to be cancelled, signaling confidence in its valuation and cash generation.

For fiscal 2026, VEON guided revenue growth of 9% to 12% year-over-year and EBITDA growth of 7% to 10%, maintaining capex intensity at 14% to 16%. Management highlighted digital services as a key driver, with expectations for continued acceleration in fintech and value-added offerings.

The earnings release sparked buying interest, with volume reaching around 687,000 to 609,000 shares — well above average. The stock traded in a wide intraday range from $48.26 to $58.50, reflecting volatility but strong upside momentum. After-hours trading saw a slight pullback to around $49.71, down 1.76%.

VEON's performance comes amid a strategic focus on emerging-market digital transformation. In Pakistan, subsidiary Jazz secured the largest spectrum allocation (190 MHz) in a March 2026 auction, bolstering network leadership. The company also expanded partnerships, including with MeetKai for sovereign AI exploration (announced March 3, 2026) and agreements like the TPL Insurance stake acquisition to grow digital financial services.

Analysts maintain a bullish stance. Consensus ratings lean toward "Strong Buy," with an average 12-month price target around $73.25, implying more than 44% upside from the March 13 close. Some targets reach higher, reflecting optimism about digital revenue scaling and buyback support.

The stock's 52-week range spans $34.55 to $64.00, with the March surge pushing it toward the upper end after a pullback earlier in the year. Market capitalization stands around $3.49 billion, with a trailing P/E of about 5.58 and forward P/E near 12.89, suggesting attractive valuation relative to growth prospects.

Challenges persist in operating environments, including geopolitical risks in Ukraine and regulatory pressures in Pakistan, but VEON's diversified footprint and digital pivot have mitigated impacts. The company emphasized disciplined capital allocation and shareholder returns as priorities.

As VEON advances its digital operator strategy, the March 13 rally underscores investor confidence in its execution and outlook. The next earnings update is expected in May 2026, with ongoing buybacks and digital initiatives likely to remain focal points.