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TRADE AND OTHER RECEIVABLES | 12 Months Ended
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Dec. 31, 2025
Trade and other current receivables [abstract] |
TRADE AND OTHER RECEIVABLES | TRADE AND OTHER RECEIVABLES Trade and other receivables consisted of the following items as of December 31:
|  | 2025 | 2024
Trade receivables |  | 334 |  | 252 |
Loans to customers |  | 419 |  | 313 |
Total trade receivables and loans to customers (gross) |  | 753 |  | 565 |
Expected credit losses on trade receivables |  | (85) |  | (75) |
Expected credit losses on loans to customers |  | (84) |  | (53) |
Trade receivables (net) |  | 584 |  | 437 |
Other receivables, net of expected credit losses allowance |  | 17 |  | 11 |
Total trade and other receivables |  | 601 |  | 448 |
Contract assets (unbilled receivables) are included in the total trade receivables and loans to customers (gross), see Note 3—Revenue of these consolidated financial statements for further details. Trade receivables The following table summarizes the movement in the allowance for expected credit losses on trade receivables for the years ended December 31:
| 2025 | 2024
Balance as of January 1 | 75 |  | 70 |
Acquisition of a subsidiary | 1 |  | — |
Divestment of a subsidiary | — |  | (1) |
Accruals for expected credit losses | 34 |  | 28 |
Recoveries | (8) |  | (8) |
Accounts receivable written off | (18) |  | (8) |
Reclassification as held for sale | — |  | (1) |
Foreign currency translation adjustment | — |  | (3) |
Other movements | 1 |  | (2) |
Balance as of December 31 | 85 |  | 75 |
Set out below is the information about the Group’s trade receivables (including contract assets) using a provision matrix:
|  |  | Days past due |
| Unbilled Receivables | Current | < 30 days | Between 31 and 120 days | > 120 days | Total
December 31, 2025 |  |  |  |  |  |
Expected loss rate, % | 4.4 | % | 2.3 | % | 18.2 | % | 36.4 | % | 98.5 | % |
Trade receivables | 45 |  | 177 |  | 22 |  | 22 |  | 68 |  | 334 |
Expected credit losses | (2) |  | (4) |  | (4) |  | (8) |  | (67) |  | (85) |
Trade receivables, net | 43 |  | 173 |  | 18 |  | 14 |  | 1 |  | 249 |
December 31, 2024 |  |  |  |  |  |
Expected loss rate, % | 4.3 | % | 3.0 | % | 14.3 | % | 38.5 | % | 98.3 | % |
Trade receivables | 46 |  | 101 |  | 21 |  | 26 |  | 58 |  | 252 |
Expected credit losses | (2) |  | (3) |  | (3) |  | (10) |  | (57) |  | (75) |
Trade receivables, net | 44 |  | 98 |  | 18 |  | 16 |  | 1 |  | 177 |
Loans to customers Loans to customers relate to our banking operations in Pakistan. The following tables set out the information about the Company’s loans to customers and allowance for expected credit losses using a provisioning methodology based on a collective assessment of similar loans:
| Stage 1 | Stage 2 | Stage 3 | Total
| Loans to customers | Expected credit losses | Loans to customers | Expected credit losses | Loans to customers | Expected credit losses | Loans to customers | Expected credit losses
As of January 1, 2025 | 261 |  | (15) |  | 20 |  | (10) |  | 50 |  | (31) |  | 331 |  | (56) |
New loans | 383 |  | — |  | 15 |  | — |  | 38 |  | — |  | 436 |  | — |
Accrual on opening loans | 31 |  | — |  | — |  | — |  | — |  | — |  | 31 |  | — |
Loans that have been repaid | (272) |  | — |  | (11) |  | — |  | (20) |  | — |  | (303) |  | — |
Accruals for expected credit losses | — |  | (18) |  | — |  | 1 |  | — |  | (19) |  | — |  | (36) |
Transfer to Stage 1 | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Transfer to Stage 2 | (21) |  | 8 |  | 21 |  | (8) |  | — |  | — |  | — |  | — |
Transfer to Stage 3 | (19) |  | 7 |  | (8) |  | — |  | 27 |  | (7) |  | — |  | — |
Write-off | (18) |  | 3 |  | (4) |  | 2 |  | (19) |  | 2 |  | (41) |  | 7 |
Foreign currency translation adjustment | (3) |  | — |  | — |  | 1 |  | (1) |  | — |  | (4) |  | 1 |
As of December 31, 2025 | 342 |  | (15) |  | 33 |  | (14) |  | 75 |  | (55) |  | 450 |  | (84) |
Non-current | 31 |  | — |
Current | 419 |  | (84) |
| Stage 1 | Stage 2 | Stage 3 | Total
| Loans to customers | Expected credit losses | Loans to customers | Expected credit losses | Loans to customers | Expected credit losses | Loans to customers | Expected credit losses
As of January 1, 2024 | 244 |  | (6) |  | 11 |  | (2) |  | 24 |  | (18) |  | 279 |  | (26) |
New loans | 229 |  | — |  | 12 |  | — |  | 20 |  | — |  | 261 |  | — |
Accrual on opening loans | 50 |  | — |  | 2 |  | — |  | — |  | — |  | 52 |  | — |
Loans that have been repaid | (213) |  | — |  | (5) |  | — |  | (4) |  | — |  | (222) |  | — |
Accruals for expected credit losses | — |  | (10) |  | — |  | (9) |  | — |  | (17) |  | — |  | (36) |
Transfer to Stage 1 | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Transfer to Stage 2 | (6) |  | — |  | 6 |  | — |  | — |  | — |  | — |  | — |
Transfer to Stage 3 | (25) |  | — |  | (3) |  | 1 |  | 30 |  | (1) |  | 2 |  | — |
Write-off | (18) |  | 1 |  | (3) |  | 1 |  | (19) |  | 4 |  | (40) |  | 6 |
Foreign currency translation adjustment | — |  | — |  | — |  | (1) |  | (1) |  | 1 |  | (1) |  | — |
As of December 31, 2024 | 261 |  | (15) |  | 20 |  | (10) |  | 50 |  | (31) |  | 331 |  | (56) |
Non-current | 18 |  | (3) |
Current | 313 |  | (53) |
ACCOUNTING POLICIES Trade and other receivables Trade and other receivables are measured at amortized cost and include invoiced/contractual amounts less expected credit losses. Expected credit losses The expected credit loss allowance (“ECL”) is recognized in accordance with IFRS 9, Financial Instruments, for all receivables measured at amortized cost at each reporting date. An ECL is recognized for all receivables even though there may not be objective evidence that the trade receivable has been impaired. VEON applies the simplified approach (i.e., provision matrix) for calculating a lifetime ECL for its trade and other receivables, including unbilled receivables (contract assets). The provision matrix is based on the historical credit loss experience over the life of the trade receivables and is adjusted for forward-looking estimates if relevant. The provision matrix is reviewed on a quarterly basis. Refer to Note 20—Financial risk management of these consolidated financial statements for our credit risk management policy. ECL for loans to customers is calculated using a collective assessment approach for loans with similar credit risk characteristics. ECL are measured based on probabilities of default, loss-given default, and exposure at default. These parameters are determined using a loss rate methodology that incorporates historical loan performance data, current financial condition of borrowers, loan type and maturity, portfolio aging analysis, relevant macroeconomic indicators and forward-looking adjustments to reflect expected changes in economic conditions In accordance with IFRS 9, the Company classifies its loan portfolio into Stage 1, Stage 2, Stage 3 based on changes in credit risk since initial recognition. Stage 1 includes financial assets that have not experienced a significant increase in credit risk since initial recognition, for which a 12-month expected credit loss (ECL) is recognized, including exposures reclassified from Stage 2 following credit risk improvement. Stage 2 comprises financial assets that have experienced a significant increase in credit risk since initial recognition but are not credit-impaired, for which lifetime expected credit losses are recognized, including exposures reclassified from Stage 3 following improvement. Stage 3 includes financial assets that are credit-impaired at the reporting date, for which lifetime expected credit losses are recognized.

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- Definition The disclosure of trade and other receivables. [Refer: Trade and other receivables] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Note Expiry date 2027-01-01 -Name IAS -Number 1 -IssueDate 2025-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2025-en-b&anchor=para_10_e&doctype=Standard -URIDate 2025-03-27 + Details
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