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SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2026
Operating Segments [Abstract] |
Schedule of reportable segments financial information by geography | inancial information by reportable segment for the six and three-month periods ended June 30, is presented in the following tables. Inter-segment transactions are not material and are made on terms which are comparable to transactions with third parties. For the six-month period ended June 30:
| Telecommunication and infrastructure *** | Digital | Total Revenue **
| Digital financial services * | Other digital services ***
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025
Pakistan | 600 | 519 | 261 | 175 | 104 | 87 | 965 | 781
Ukraine | 526 | 483 | — | — | 141 | 59 | 667 | 542
Kazakhstan | 357 | 325 | 13 | 17 | 68 | 47 | 438 | 389
Uzbekistan | 140 | 127 | 10 | 5 | 16 | 15 | 166 | 147
Bangladesh | 205 | 222 | — | — | 31 | 6 | 236 | 228
HQ, eliminations and Others | — | 23 | — | — | — | 3 | — | 26
Total | 1,828 | 1,699 | 284 | 197 | 360 | 217 | 2,472 | 2,113
Starting first quarter 2026, to conform with management view and presentation, revenues from our enterprise identity and credentials management services are reported within the other digital services revenue. * Di gital financial services includes interest income of US$162 (2025: US$100) from loans to customers from our banking operations in Pakista n. ** Total revenue includes service revenue of US$2,430 (2025: US$2,095) and revenue from sale of equipment and accessories of US$42 (2025: US$18). *** Certain prior period comparatives have been reclassified to conform with the current year presentation.
| Selling, General and Administrative Expenses |  | Adjusted EBITDA |  | CAPEX exc. licenses and ROU *
| 2026 | 2025 |  | 2026 | 2025 |  | 2026 | 2025
Pakistan | 444 | 370 |  | 426 | 326 |  | 103 | 91
Ukraine | 232 | 183 |  | 363 | 309 |  | 137 | 152
Kazakhstan | 162 | 128 |  | 180 | 195 |  | 46 | 68
Uzbekistan | 80 | 72 |  | 61 | 56 |  | 25 | 37
Bangladesh | 107 | 94 |  | 96 | 126 |  | 23 | 12
HQ, eliminations and Others | 58 | 75 |  | (57) | (53) |  | 2 | 5
Total | 1,083 | 922 |  | 1,069 | 959 |  | 336 | 365
* This includes additions on property, plant and equipment of US$392 (2025: US$783), intangible assets of US$293 (2025: US$58) after deducting additions in licenses of US$209 (2025: US$1), right-of-use assets of US$108 (2025: US$454), and additions in the period which were prepaid of US$32 (2025: US$21). For the three-month period ended June 30:
| Telecommunication and infrastructure *** | Digital | Total Revenue **
| Digital financial services * | Other digital services ***
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025
Pakistan | 307 | 262 | 139 | 93 | 54 | 40 | 500 | 395
Ukraine | 267 | 245 | — | — | 74 | 40 | 341 | 285
Kazakhstan | 181 | 169 | 6 | 9 | 39 | 24 | 226 | 202
Uzbekistan | 71 | 64 | 4 | 2 | 9 | 8 | 84 | 74
Bangladesh | 103 | 113 | — | — | 17 | 4 | 120 | 117
HQ, eliminations and Others | — | 11 | — | — | — | 3 | — | 14
Total | 929 | 864 | 149 | 104 | 193 | 119 | 1,271 | 1,087
Starting first quarter 2026, to conform with management view and presentation, revenues from our enterprise identity and credentials management services are reported within the other digital services revenue. * Digital financial services includes interest income of US$84 (2025: US$48) from loans to customers from our banking operations in Pakistan. ** Total revenue includes service revenue of US$1,251 (2025: US$1,075) and revenue from sale of equipment and accessories of US$20 (2025: US$12). *** Certain prior period comparatives have been reclassified to conform with the current year presentation.
Schedule of segment adjusted EBITDA and capital expenditures by geography |
| Selling, General and Administrative Expenses |  | Adjusted EBITDA |  | CAPEX exc. licenses and ROU *
| 2026 | 2025 |  | 2026 | 2025 |  | 2026 | 2025
Pakistan | 234 | 188 |  | 216 | 164 |  | 71 | 57
Ukraine | 114 | 93 |  | 189 | 166 |  | 66 | 95
Kazakhstan | 84 | 66 |  | 89 | 100 |  | 28 | 44
Uzbekistan | 40 | 37 |  | 31 | 29 |  | 17 | 28
Bangladesh | 54 | 40 |  | 49 | 88 |  | 14 | 5
HQ, eliminations and Others | 24 | 40 |  | (22) | (27) |  | 2 | 3
Total | 550 | 464 |  | 552 | 520 |  | 198 | 232
* This includes additions on property, plant and equipment of US$208 (2025: US$604), intangible assets of US$41 (2025: US$39) after deducting additions in right-of-use assets of US$41 (2025: US$407), right-of-use assets of nil (2025: US$1)and additions in the period which were prepaid of US$10 (2025: US$3).
Schedule of segments reconciliation of consolidated Adjusted EBITDA to Profit / (loss) before tax | The following table provides the reconciliation of Total Adjusted EBITDA to Profit for the period for the six and three-month periods ended June 30:
|  | Six-month period |  | Three-month period
|  | 2026 | 2025 |  | 2026 | 2025
Total Adjusted EBITDA |  | 1,069 | 959 |  | 552 | 520
Adjustments to reconcile Total Adjusted EBITDA to Profit for the period |  |  |  |  |  |
Income taxes |  | (120) | (86) |  | (60) | (74)
Net foreign exchange gain/ (loss) |  | 13 | (52) |  | (2) | (22)
Other non-operating (loss)/ gain, net |  | (16) | 31 |  | (10) | 1
Finance income |  | 48 | 20 |  | 30 | 10
Finance costs |  | (317) | (246) |  | (167) | (127)
Gain on disposal of subsidiaries, net |  | 19 | 497 |  | 19 | 497
Gain on disposal of non-current assets |  | 5 | — |  | 5 | —
Impairment loss |  | (4) | (3) |  | (2) | (1)
Amortization |  | (125) | (114) |  | (66) | (54)
Depreciation |  | (309) | (280) |  | (159) | (142)
Profit for the period |  | 263 | 726 |  | 140 | 608

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