v3.26.1
INVESTMENTS, DEBT AND DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of detailed information about financial instruments [abstract]  
Summary of financial assets
The Company holds the following investments and derivatives assets as of December 31:
Carrying value
20252024
At fair value
Other investments3830
3830
At amortized cost
Security deposits and cash collateral159117
Bank deposits22
Deferred consideration from sale of subsidiary *250101
Other investments184172
595392
Total investments and derivatives633422
Non-current14465
Current489357
* Certain prior period comparatives have been represented to conform with the current year presentation.
Summary of financial liabilities
The Company holds the following outstanding debt and derivatives liabilities as of December 31:
Carrying value
20252024
At fair value
Warrants27—
27—
At amortized cost
Borrowing, of which3,143 3,348 
i) Principal amount outstanding3,049 3,265 
ii) Other Borrowings94 83 
Interest accrued6357 
Discounts, unamortized fees(19)(12)
Bank loans and bonds3,1873,393
Lease liabilities1,7601,030
Other financial liabilities171271
5,1184,694
Total debt and derivatives5,1454,694
Non-current4,0433,028
Current1,1021,666
Summary of principal amounts outstanding for interest-bearing loans and bonds
The Company had the following principal amounts outstanding for interest-bearing bank loans, bonds and long-term payables classified as borrowings at December 31:
Principal amount outstanding
Borrower
Type of debtGuarantorCurrencyInterest rate
Maturity
20252024
VEON MidCo B.V.Syndicated Loan FacilityNone USD
3M Term SOFR + 4.25%
2027210 — 
VEON MidCo B.V.NotesNoneUSD3.38%20271,011 1,014 
VEON MidCo B.V.NotesNoneUSD9.00%2029200 — 
VEON MidCo B.V.Legacy notes, no payments due, subject to potential conversionNoneUSD3.38%202769 69 
VEON Holdings B.V.NotesNoneUSD4.00%2025— 472 
VEON Holdings B.V.NotesNoneRUB6.30%2025— 77 
VEON Holdings B.V.*Legacy notes, no payments due, subject to potential conversionNoneUSD—%202623 24 
VEON Holdings B.V.Legacy notes, no payments due, subject to potential conversionNoneRUB—%202615 12 
PMCLNotesNonePKR
3M KIBOR—0.10%
Apr 2025— 54 
PMCLLoanNonePKR
6M KIBOR + 0.55%
202643 87 
PMCLLoanNonePKR
3M & 6M KIBOR + 0.55%
202844.6 47 
PMCLLoanNonePKR
3M KIBOR + 0.60%
2031171 180 
PMCLLoanNonePKR
6M KIBOR + 0.60%
2032142.8 143 
PMCLLoanNonePKR
6M KIBOR + 0.60%
2034267.65 232 
PMCLLoanNonePKR
6M KIBOR + 0.60%
203454 54 
PMCLLoanNonePKR
6M KIBOR + 0.60%
2035150 — 
PMCLLoanNonePKR
3M KIBOR—3%
2025— 108 
PMCLLoanNonePKR
6M KIBOR—3%
2025— 194 
PMCLOtherNonePKR— 25 
BanglalinkLoanNoneBDT
Average bank deposit rate + 4.25%
202731 53 
BanglalinkLoanNoneBDT
7.00% to 12.00%
202841 56 
BanglalinkOtherNone164 105 
KaR-TelLoanNoneKZT
18.50%— 20.50%
203058 26 
KaR-TelLoanNoneKZT
15.5%—16.50%
202938 40 
KaR-TelLoanNoneKZT20.5%203030 — 
KaR-TelOtherNone93 61 
Unitel LLCLoanNoneUZS
20% to 22%
202729 29 
Unitel LLCLoanNoneUZS25.80%2026— 15 
Unitel LLCLoanNoneUZS24.00%203028 — 
Unitel LLCLoanNoneUZS
22% to 23%
203030 — 
Unitel LLCOther87 77 
Other bank loans and borrowings11394
Total bank loans and bonds3,1433,348

*An indemnity agreement between Kyivstar Holdings and VEON Amsterdam B.V. is in place which is to see Kyivstar Holdings made whole for any external payments to eligible legacy noteholders.
Summary of reconciliation of cash flows from financing activities
Reconciliation of cash flows from financing activities
Bank loans and bondsLease liabilitiesTotal
Balance as of January 1, 20243,785 977 4,762 
Cash flows
Proceeds from borrowings, net of fees paid955 — 955 
Repayment of debt(1,333)— (1,333)
Payments of lease liabilities— (150)(150)
Interest paid(314)(117)(431)
Non-cash movements
Interest and fee accruals346 119 465 
Lease additions, disposals, impairment and modifications— 295 295 
Held for sale - Note 12(3)— (3)
Foreign currency translation(32)(68)(100)
Reclassification related to bank loans and bonds4 — 4 
Other non-cash/ other non financing movements(15)(26)(41)
Balance as of December 31, 20243,393 1,030 4,423 
Cash flows
Proceeds from borrowings, net of fees paid971 — 971 
Repayment of debt(1,296)— (1,296)
Payments of lease liabilities— (250)(250)
Interest paid(273)(126)(399)
Non-cash and other non financing movements
Interest and fee accruals349 130 479 
Lease additions, disposals, impairment and modifications— 984 984 
Held for sale - Note 123 — 3 
Foreign currency translation46 6 52 
Reclassification related to bank loans and bonds64 — 64 
Other non-cash/ other non financing movements(70)(14)(84)
Balance as of December 31, 20253,187 1,760 4,947 
Summary of fair value of financial instruments
The following table presents the Company's financial assets and liabilities that are measured at fair value by the level in the fair value hierarchy as of:
TotalLevel 1Level 2Level 3
As of December 31, 2025
Financial assets measured at fair value through other comprehensive income
Other investments 38——38
38——38
Financial liabilities measured at fair value through profit and loss
Warrants2727——
2727——
As of December 31, 2024
Financial assets measured at fair value through other comprehensive income
Other investments 30——30
30——30
Summary of fair value measurement
The below table sets out the reconciliation of each instrument measured at Level 3:
Other investments
As of January 1, 202441 
Fair value re-measurement of financial instruments recognized in OCI(11)
As of December 31, 202430 
Fair value re-measurement of financial instruments recognized in OCI8 
As of December 31, 202538 
Summary of hedge accounting with derivatives as hedging items
The below table sets out the reconciliation of each component of equity and the analysis of other comprehensive income (all of which are attributable to the equity owners of the parent):
Foreign currency translation reserve
As of January 1, 2024(5,990)
Transfer from OCI to income statement on disposal of subsidiary(36)
Other comprehensive loss(147)
As of December 31, 2024(6,173)
Transfer from OCI to income statement on disposal of subsidiary(355)
Other comprehensive income4 
Listing of subsidiary via de-SPAC transaction215 
As of December 31, 2025(6,309)