v3.26.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Profit before tax $ 198 $ 347 $ 346
Non-cash adjustments to reconcile profit before tax to net cash flows      
Depreciation, amortization and net impairment loss 213 166 177
Loss / (gain) on disposal of non-current assets 0 1 (2)
Listing expense 162 0 0
Finance costs 75 82 82
Finance income (12) (40) (35)
Other non-operating (gain) / loss, net 0 (2) 8
Net foreign exchange loss / (gain) 13 (39) (38)
Changes in trade, other receivables and prepayments (51) (10) 28
Changes in inventories 0 0 (2)
Changes in trade and other payables 88 32 (33)
Changes in provisions, pensions and other 9 4 3
Interest paid (77) (78) (75)
Interest received 11 19 16
Income tax paid (71) (52) (62)
Net cash flows from operating activities 558 430 413
Investing activities      
Purchase of property, plant and equipment (247) (162) (96)
Purchase of intangible assets (86) (86) (47)
Acquisition of subsidiaries, net of cash acquired (157) (2) 0
Inflows / (Outflows) on loans granted 358 0 13
Payments on deposits (54) (13) (52)
Inflow / (Investment) in financial assets 30 119 (150)
Proceeds from sale of property and equipment and intangible assets 6 0 0
Other proceeds from investing activities, net 0 12 5
Net cash flows used in investing activities (150) (132) (327)
Financing activities      
Proceeds from borrowings, net of fees paid 7 0 0
Repayment of Loan Note Payable (123) 0 0
Proceeds from SPAC Merger, net of transaction costs 132 0 0
Repayment of debt (583) 0 (60)
Payment of principal portion of lease liabilities (37) (29) (28)
Investment in shares of VEON Ltd. (22) (8) 0
Net cash flows used in financing activities (626) (37) (88)
Net (decrease) / increase in cash and cash equivalents (218) 261 (2)
Net foreign exchange difference (1) (12) (5)
Cash and cash equivalents at beginning of period 674 [1] 425 432
Cash and cash equivalents at end of period $ 455 $ 674 [1] $ 425
[1]
*Prior period comparatives have been reclassified to conform with the current period presentation