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INVESTMENTS IN SUBSIDIARIES
 12 Months Ended
Dec. 31, 2025
Disclosure of subsidiaries [abstract]  
INVESTMENTS IN SUBSIDIARIES INVESTMENTS IN SUBSIDIARIES
The Company held investments in material subsidiaries for the years ended December 31 as detailed in the table below. The equity interest presented represents the economic rights available to the Company.
Equity interest held by the Group
Name of significant subsidiary
Country of incorporation
Nature of subsidiary
20252024
VEON Amsterdam B.V.NetherlandsHolding100.0 %100.0 %
VEON Holdings B.V.*NetherlandsHolding89.6 %100.0 %
VEON MidCo B.V. *NetherlandsHolding100.0 %— %
VEON Intermediate Holdings B.V. *
NetherlandsHolding100.0 %— %
JSC “Kyivstar” **UkraineOperating89.6 %100.0 %
Kyivstar Group Ltd. **UkraineHolding89.6 %— %
LLP “KaR-Tel”KazakhstanOperating75.0 %75.0 %
LLC “Unitel”UzbekistanOperating100.0 %100.0 %
VEON Finance Ireland Designated Activity CompanyIrelandHolding100.0 %100.0 %
LLC “Sky Mobile” ***KyrgyzstanOperating— %50.1 %
VEON Luxembourg Holdings S.à r.l.LuxembourgHolding100.0 %100.0 %
VEON Luxembourg Finance Holdings S.à r.l.LuxembourgHolding100.0 %100.0 %
VEON Luxembourg Finance S.A.LuxembourgHolding100.0 %100.0 %
Global Telecom Holding S.A.EEgyptHolding99.6 %99.6 %
Pakistan Mobile Communications LimitedPakistanOperating100.0 %100.0 %
Banglalink Digital Communications LimitedBangladeshOperating100.0 %100.0 %
VEON Group Holding Company LimitedDubaiBranch100.0 %100.0 %
* On April 8, 2025, we completed a partial Dutch statutory demerger of VEON Holdings B.V. (“VEON Holdings”) pursuant to article 2:334a paragraph 3 of the Dutch Civil Code, (the “Demerger”) as a result of which VEON Holdings’s previously-held interests in its subsidiaries (along with other assets, liabilities and contracts) were allocated among VEON Holdings and two newly-incorporated entities, VEON MidCo B.V. and VEON Intermediate Holdings B.V. Effective April 8, 2025: (i) VEON Holdings’s only subsidiary is JSC Kyivstar; (ii) VEON MidCo B.V. holds the interests in VEON’s operating subsidiaries and other key assets; and (iii) VEON Intermediate Holdings holds the interests in VEON’s non-core assets and subsidiaries. Following the demerger, VEON Holdings B.V. changed its name to Kyivstar Holdings B.V., effective February 2026.
** On August 14, 2025, pursuant to a Business Combination Agreement with Cohen Circle Acquisition Corp. I (the “BCA”), VEON Amsterdam B.V. (“VEON Amsterdam”) sold the post‑Demerger VEON Holdings (consisting solely of JSC Kyivstar) to Kyivstar Group Ltd. Upon the closing of the BCA, VEON Amsterdam held a 89.6% stake in Kyivstar Group Ltd., refer Note 11—Significant transactions of these consolidated financial statements for further details. Subsequent to the year ended December 31, 2025, On February 3, 2026, VEON announced the closing of a secondary public offering of 14,375,000 common shares of Kyivstar Group Ltd. following which VEON Amsterdam further decreased its ownership in Kyivstar Group Ltd. to 83.6%, refer Note 25—Events after the reporting period for further details..
*** LLC “Sky Mobile” was sold on August 12, 2025, refer Note 11—Significant transactions of these consolidated financial statements for further details.
Certain of the Group’s subsidiaries are subject to restrictions that impact their ability to distribute dividends. For example, the Group faces certain restrictions from paying dividends where it is subject to withholding tax, primarily in Pakistan, Kazakhstan and Uzbekistan. The total amount of dividend restrictions amounts to US$236 (2024: US$231).
MATERIAL PARTLY-OWNED SUBSIDIARIES
Financial information of subsidiaries that have material non-controlling interests (“NCIs”) is provided below:
Equity interest
held by NCIs
Book values of
material NCIs
Profit/(loss) attributable to material NCIs
Name of significant subsidiary
202520242025202420252024
LLP “KaR-Tel” (“Kar-Tel”)25.0 %25.0 %70 58 45 51 
Kyivstar Group Limited ("KGL")10.4 %— %135 — 13 — 
The summarized financial information of these subsidiaries before intercompany eliminations for the years ended December 31 is detailed below.
Summarized income statement
KaR-Tel
KGL
2025202420232025
Revenue807 774 692 1,157 
Operating expenses(555)(487)(423)(883)
Other expenses(17)(28)(11)(76)
Profit before tax235 259 258 198 
Income tax expense(54)(57)(57)(74)
Profit for the year181 202 201 124 
Total comprehensive income181 202 201 124 
Attributed to NCIs45 51 50 13 
Summarized statement of financial position
KaR-Tel
KGL
202520242025
Property and equipment689 532 849 
Intangible assets168 160 491 
Other non-current assets37 41 90 
Trade and other receivables115 33 37 
Cash and cash equivalents55 51 455 
Other current assets72 33 200 
Debt and derivatives(496)(358)(516)
Provisions(10)(8)(19)
Other liabilities(349)(253)(288)
Total equity281 231 1,299 
Attributed to:
Equity holders of the parent211 173 1,164 
Non-controlling interests70 58 135 
Summarized statement of cash flows
KaR-Tel
KGL
2025202420232025
Net operating cash flows236 338 308 558 
Net investing cash flows(138)(112)(117)(150)
Net financing cash flows(98)(236)(166)(626)
Net foreign exchange difference4 (8)— (1)
Net increase / (decrease) in cash equivalents4 (18)25 (219)

SIGNIFICANT ACCOUNTING JUDGMENTS
Control over subsidiaries
Subsidiaries, which are those entities over which the Company is deemed to have control, are consolidated. In certain circumstances, significant judgment is required to assess if the Company is deemed to have control over entities where the Company’s ownership interest does not exceed 50%.