Veon says fuel shortages pose biggest threat as it leans on satellite data growth
VEON•Veon CEO Kaan Terzioglu said fuel shortages threaten the telecoms group more than rising prices, as outages in Bangladesh weigh on mobile networks and data use. Veon reported third-quarter revenue of $1.31 billion, raised its 2026 revenue-growth forecast to 16%-18%, and said it would maintain annual buybacks of at least $200 million.
1. Fuel and network pressure
Veon CEO Kaan Terzioglu said fuel shortages were a bigger threat to the business than rising prices, pointing to power outages in Bangladesh that have halted factories and strained mobile networks. Data use in Bangladesh has fallen 15% this year, compared with an expected rise of about 40%, he said.
2. Satellite service expands
Starlink’s satellite-to-mobile service, which Veon runs on its spectrum and network, reaches 13.2 million subscribers across Veon’s markets, including Ukraine through Kyivstar. Android phones can use the service; iPhone support is expected within about a month, pending an Apple software update. Veon is still seeking approval to offer it in Pakistan and Uzbekistan.
3. Outlook and buybacks
Veon raised its 2026 revenue-growth forecast to 16%-18% in U.S. dollar terms, from 15%-18% previously. Third-quarter revenue rose 17.2% to $1.31 billion, while EBITDA increased 10.1% to $577 million; digital revenue jumped 45.9% to $355 million. Terzioglu said Veon would continue buying back at least $200 million of shares annually, and the company separately agreed to acquire a controlling stake in JungoTV for about $47.3 million, with closing expected in 2027.
