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INVESTMENTS IN SUBSIDIARIES | 12 Months Ended
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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 | 2025 | 2024
VEON Amsterdam B.V. | Netherlands | Holding | 100.0 | % | 100.0 | %
VEON Holdings B.V.* | Netherlands | Holding | 89.6 | % | 100.0 | %
VEON MidCo B.V. * | Netherlands | Holding | 100.0 | % | — | %
VEON Intermediate Holdings B.V. * | Netherlands | Holding | 100.0 | % | — | %
JSC “Kyivstar” ** | Ukraine | Operating | 89.6 | % | 100.0 | %
Kyivstar Group Ltd. ** | Ukraine | Holding | 89.6 | % | — | %
LLP “KaR-Tel” | Kazakhstan | Operating | 75.0 | % | 75.0 | %
LLC “Unitel” | Uzbekistan | Operating | 100.0 | % | 100.0 | %
VEON Finance Ireland Designated Activity Company | Ireland | Holding | 100.0 | % | 100.0 | %
LLC “Sky Mobile” *** | Kyrgyzstan | Operating | — | % | 50.1 | %
VEON Luxembourg Holdings S.à r.l. | Luxembourg | Holding | 100.0 | % | 100.0 | %
VEON Luxembourg Finance Holdings S.à r.l. | Luxembourg | Holding | 100.0 | % | 100.0 | %
VEON Luxembourg Finance S.A. | Luxembourg | Holding | 100.0 | % | 100.0 | %
Global Telecom Holding S.A.E | Egypt | Holding | 99.6 | % | 99.6 | %
Pakistan Mobile Communications Limited | Pakistan | Operating | 100.0 | % | 100.0 | %
Banglalink Digital Communications Limited | Bangladesh | Operating | 100.0 | % | 100.0 | %
VEON Group Holding Company Limited | Dubai | Branch | 100.0 | % | 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 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024
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
| 2025 | 2024 | 2023 | 2025
Revenue | 807 |  | 774 |  | 692 |  | 1,157 |
Operating expenses | (555) |  | (487) |  | (423) |  | (883) |
Other expenses | (17) |  | (28) |  | (11) |  | (76) |
Profit before tax | 235 |  | 259 |  | 258 |  | 198 |
Income tax expense | (54) |  | (57) |  | (57) |  | (74) |
Profit for the year | 181 |  | 202 |  | 201 |  | 124 |
Total comprehensive income | 181 |  | 202 |  | 201 |  | 124 |
Attributed to NCIs | 45 |  | 51 |  | 50 |  | 13 |
Summarized statement of financial position
| KaR-Tel | KGL
| 2025 | 2024 | 2025
Property and equipment | 689 |  | 532 |  | 849 |
Intangible assets | 168 |  | 160 |  | 491 |
Other non-current assets | 37 |  | 41 |  | 90 |
Trade and other receivables | 115 |  | 33 |  | 37 |
Cash and cash equivalents | 55 |  | 51 |  | 455 |
Other current assets | 72 |  | 33 |  | 200 |
Debt and derivatives | (496) |  | (358) |  | (516) |
Provisions | (10) |  | (8) |  | (19) |
Other liabilities | (349) |  | (253) |  | (288) |
Total equity | 281 |  | 231 |  | 1,299 |
Attributed to: |  |  |
Equity holders of the parent | 211 |  | 173 |  | 1,164 |
Non-controlling interests | 70 |  | 58 |  | 135 |
Summarized statement of cash flows
| KaR-Tel | KGL
| 2025 | 2024 | 2023 | 2025
Net operating cash flows | 236 |  | 338 |  | 308 |  | 558 |
Net investing cash flows | (138) |  | (112) |  | (117) |  | (150) |
Net financing cash flows | (98) |  | (236) |  | (166) |  | (626) |
Net foreign exchange difference | 4 |  | (8) |  | — |  | (1) |
Net increase / (decrease) in cash equivalents | 4 |  | (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%.

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- Definition The disclosure of subsidiaries. [Refer: Total for all subsidiaries [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 27 -IssueDate 2025-01-01 -Paragraph 17 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=27&code=ifrs-tx-2025-en-r&anchor=para_17_b&doctype=Standard -URIDate 2025-03-27 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 27 -IssueDate 2025-01-01 -Paragraph 16 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=27&code=ifrs-tx-2025-en-r&anchor=para_16_b&doctype=Standard -URIDate 2025-03-27 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Note Effective 2027-01-01 -Name IFRS -Number 19 -IssueDate 2025-01-01 -Paragraph 75 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_75_a&doctype=Standard -URIDate 2025-03-27 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 12 -IssueDate 2025-01-01 -Paragraph B4 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2025-en-r&anchor=para_B4_a&doctype=Appendix&subtype=B -URIDate 2025-03-27 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Note Effective 2027-01-01 -Name IFRS -Number 19 -IssueDate 2025-01-01 -Paragraph 75 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_75_a&doctype=Standard -URIDate 2025-03-27 + Details
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