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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
| 2025 | 2024
At fair value |  |
Other investments | 38 | 30
| 38 | 30
At amortized cost |  |
Security deposits and cash collateral | 159 | 117
Bank deposits | 2 | 2
Deferred consideration from sale of subsidiary * | 250 | 101
Other investments | 184 | 172
| 595 | 392
Total investments and derivatives | 633 | 422
Non-current | 144 | 65
Current | 489 | 357
* 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
| 2025 | 2024
At fair value |  |
Warrants | 27 | —
| 27 | —
At amortized cost |  |
Borrowing, of which | 3,143 |  | 3,348 |
i) Principal amount outstanding | 3,049 |  | 3,265 |
ii) Other Borrowings | 94 |  | 83 |
Interest accrued | 63 | 57 |
Discounts, unamortized fees | (19) |  | (12)
Bank loans and bonds | 3,187 | 3,393
Lease liabilities | 1,760 | 1,030
Other financial liabilities | 171 | 271
| 5,118 | 4,694
Total debt and derivatives | 5,145 | 4,694
Non-current | 4,043 | 3,028
Current | 1,102 | 1,666
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 debt | Guarantor | Currency | Interest rate | Maturity | 2025 | 2024
VEON MidCo B.V. | Syndicated Loan Facility | None | USD | 3M Term SOFR + 4.25% | 2027 | 210 |  | — |
VEON MidCo B.V. | Notes | None | USD | 3.38% | 2027 | 1,011 |  | 1,014 |
VEON MidCo B.V. | Notes | None | USD | 9.00% | 2029 | 200 |  | — |
VEON MidCo B.V. | Legacy notes, no payments due, subject to potential conversion | None | USD | 3.38% | 2027 | 69 |  | 69 |
VEON Holdings B.V. | Notes | None | USD | 4.00% | 2025 | — |  | 472 |
VEON Holdings B.V. | Notes | None | RUB | 6.30% | 2025 | — |  | 77 |
VEON Holdings B.V.* | Legacy notes, no payments due, subject to potential conversion | None | USD | —% | 2026 | 23 |  | 24 |
VEON Holdings B.V. | Legacy notes, no payments due, subject to potential conversion | None | RUB | —% | 2026 | 15 |  | 12 |
PMCL | Notes | None | PKR | 3M KIBOR—0.10% | Apr 2025 | — |  | 54 |
PMCL | Loan | None | PKR | 6M KIBOR + 0.55% | 2026 | 43 |  | 87 |
PMCL | Loan | None | PKR | 3M & 6M KIBOR + 0.55% | 2028 | 44.6 |  | 47 |
PMCL | Loan | None | PKR | 3M KIBOR + 0.60% | 2031 | 171 |  | 180 |
PMCL | Loan | None | PKR | 6M KIBOR + 0.60% | 2032 | 142.8 |  | 143 |
PMCL | Loan | None | PKR | 6M KIBOR + 0.60% | 2034 | 267.65 |  | 232 |
PMCL | Loan | None | PKR | 6M KIBOR + 0.60% | 2034 | 54 |  | 54 |
PMCL | Loan | None | PKR | 6M KIBOR + 0.60% | 2035 | 150 |  | — |
PMCL | Loan | None | PKR | 3M KIBOR—3% | 2025 | — |  | 108 |
PMCL | Loan | None | PKR | 6M KIBOR—3% | 2025 | — |  | 194 |
PMCL | Other | None | PKR |  |  | — |  | 25 |
Banglalink | Loan | None | BDT | Average bank deposit rate + 4.25% | 2027 | 31 |  | 53 |
Banglalink | Loan | None | BDT | 7.00% to 12.00% | 2028 | 41 |  | 56 |
Banglalink | Other | None |  |  |  | 164 |  | 105 |
KaR-Tel | Loan | None | KZT | 18.50%— 20.50% | 2030 | 58 |  | 26 |
KaR-Tel | Loan | None | KZT | 15.5%—16.50% | 2029 | 38 |  | 40 |
KaR-Tel | Loan | None | KZT | 20.5% | 2030 | 30 |  | — |
KaR-Tel | Other | None |  |  |  | 93 |  | 61 |
Unitel LLC | Loan | None | UZS | 20% to 22% | 2027 | 29 |  | 29 |
Unitel LLC | Loan | None | UZS | 25.80% | 2026 | — |  | 15 |
Unitel LLC | Loan | None | UZS | 24.00% | 2030 | 28 |  | — |
Unitel LLC | Loan | None | UZS | 22% to 23% | 2030 | 30 |  | — |
Unitel LLC | Other |  |  |  |  | 87 |  | 77 |
| Other bank loans and borrowings |  |  | 113 | 94
| Total bank loans and bonds |  |  | 3,143 | 3,348
*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 bonds | Lease liabilities | Total
Balance as of January 1, 2024 | 3,785 |  | 977 |  | 4,762 |
Cash flows |  |  |
Proceeds from borrowings, net of fees paid | 955 |  | — |  | 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 accruals | 346 |  | 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 bonds | 4 |  | — |  | 4 |
Other non-cash/ other non financing movements | (15) |  | (26) |  | (41) |
Balance as of December 31, 2024 | 3,393 |  | 1,030 |  | 4,423 |
Cash flows |  |  |
Proceeds from borrowings, net of fees paid | 971 |  | — |  | 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 accruals | 349 |  | 130 |  | 479 |
Lease additions, disposals, impairment and modifications | — |  | 984 |  | 984 |
Held for sale - Note 12 | 3 |  | — |  | 3 |
Foreign currency translation | 46 |  | 6 |  | 52 |
Reclassification related to bank loans and bonds | 64 |  | — |  | 64 |
Other non-cash/ other non financing movements | (70) |  | (14) |  | (84) |
Balance as of December 31, 2025 | 3,187 |  | 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:
| Total | Level 1 | Level 2 | Level 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 |  |  |  |
Warrants | 27 | 27 | — | —
| 27 | 27 | — | —
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, 2024 | 41 |
Fair value re-measurement of financial instruments recognized in OCI | (11) |
As of December 31, 2024 | 30 |
Fair value re-measurement of financial instruments recognized in OCI | 8 |
As of December 31, 2025 | 38 |
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 income | 4 |
Listing of subsidiary via de-SPAC transaction | 215 |
As of December 31, 2025 | (6,309) |

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