v3.26.1
INVESTMENTS, DEBT AND DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of detailed information about financial instruments [abstract]  
Schedule of investments and derivatives assets
The Group holds the following investments and derivatives assets as of December 31:
20252024
At fair value
Other financial assets - VEON Ltd. shares— 8 
— 8 
At amortized cost
Indemnity receivable from VEON Amsterdam B.V.40—
Loan receivable from VEON Amsterdam B.V.—363
Other receivables from VEON Amsterdam B.V.9—
Security deposits and cash collateral11964
Bank deposits2—
Other investments—30
170457
Total investments and derivatives170465
Non-current2—
Current168465
Schedule of outstanding debt and derivatives liabilities
The Group holds the following outstanding debt and derivatives liabilities as of December 31:
20252024
At fair value
Warrants27 — 
Total at fair value27 — 
At discounted redemption amount
Put option liabilities2 9 
Total at discounted redemption amount2 9 
At amortized cost
Bonds38 585 
Interest accrued on Bonds2 6 
Lease liabilities374 294 
Loan Note Payable - VEON Amsterdam B.V.57 — 
Other financial liabilities16 — 
Total at amortized cost487 885 
Total debt and derivatives516 894 
Non-current287 225 
Current229 669 
Schedule of reconciliation of cash flows from financing activities
Reconciliation of cash flows from financing activities
Bonds and interest
accrued on bonds		Loan note
VEON
Amsterdam		Lease liabilitiesWarrantsPut option
liabilities		Other
financial
liabilities		Total
Balance as of January 1, 2025591 — 294 — 9 — 894 
Cash flows
Proceeds from borrowings, net of fees paid7 — — — — — 7 
Repayment of debt(583)(123)(37)— — — (743)
Interest paid(19)— (58)— — — (77)
Non-cash movements
Loan Note receipt — 178 — — — — 178 
Interest and fee accruals18 2 59 — — — 79 
Lease additions, disposals, impairment and modifications— — 118 — — — 118 
Foreign currency translation26 — (2)— — — 24 
Warrants issued — — — 27 — — 27 
Put option exercised— — — — (7)— (7)
Other financial liabilities— — — — — 16 16 
Balance as of December 31, 202540 57 374 27 2 16 516 
Bonds and interest
accrued on bonds		Loan from
parent		Lease liabilitiesPut option
liability		Total
Balance as of January 1, 2024602 4 281 11 898 
Cash flows
Repayment of debt— — (29)— (29)
Interest paid(25)— (53)— (78)
Non-cash movements
Interest and fee accruals26 — 54 — 80 
Lease additions, disposals, impairment and modifications— — 76 — 76 
Foreign currency translation(12)— (30)— (42)
Other non-cash movements— (4)(5)(2)(11)
Balance as of December 31, 2024591 — 294 9 894