Reza Pahlavi continues to operate from exile as a leading opposition figure calling for regime change in Iran without direct negotiations with the current leadership. Recent developments include his February 2026 meeting with a U.S. presidential envoy and an April 2026 visit to Berlin where he urged European governments to avoid appeasement and support transition efforts. These activities reflect a strategy centered on building international backing and domestic pressure rather than an immediate physical return. No scheduled events or confirmed plans indicate entry by any near-term date, with market pricing likely shaped by the absence of verifiable regime instability or diplomatic breakthroughs that would alter his circumstances.