エドガーで原本を確認する
VEON LTD. |
(Registrant) |
By: |
/s/ Sebastian Rice |
Name: |
Sebastian Rice |
Title: |
Acting Group General Counsel |
Six-month period |
||||
(In millions of U.S. dollars) |
2026 |
2025 |
||
Revenue * |
2,472 |
2,113 |
||
Cost of services, equipment and accessories * |
(322) |
(233) |
||
Selling, general and administrative expenses |
(1,083) |
(922) |
||
Depreciation |
(309) |
(280) |
||
Amortization |
(125) |
(114) |
||
Impairment loss |
(4) |
(3) |
||
Gain on disposal of non-current assets |
5 |
— |
||
Gain on disposal of subsidiaries, net |
19 |
497 |
||
Other operating income |
2 |
1 |
||
Operating profit |
655 |
1,059 |
||
Finance costs |
(317) |
(246) |
||
Finance income |
48 |
20 |
||
Other non-operating (loss)/ gain, net |
(16) |
31 |
||
Net foreign exchange gain/ (loss) |
13 |
(52) |
||
Profit before tax |
383 |
812 |
||
Income taxes |
(120) |
(86) |
||
Profit for the period |
263 |
726 |
||
Attributable to: |
||||
The owners of the parent |
221 |
694 |
||
Non-controlling interest |
42 |
32 |
||
263 |
726 |
|||
Six-month period ended June 30, |
|||
(In millions of U.S. dollars) |
2026 |
2025 |
|
Pakistan |
965 |
781 |
|
Ukraine |
667 |
542 |
|
Kazakhstan |
438 |
389 |
|
Uzbekistan |
166 |
147 |
|
Bangladesh |
236 |
228 |
|
HQ, eliminations and Others |
— |
26 |
|
Total Revenue |
2,472 |
2,113 |
|
Six-month period ended June 30 |
|||
In millions of U.S. dollars |
2026 |
2025 |
|
Pakistan |
426 |
326 |
|
Ukraine |
363 |
309 |
|
Kazakhstan |
180 |
195 |
|
Uzbekistan |
61 |
56 |
|
Bangladesh |
96 |
126 |
|
HQ, eliminations and Others |
(57) |
(53) |
|
Total |
1,069 |
959 |
|
Six-month period ended June 30, |
|||
In millions of U.S. dollars |
2026 |
2025 |
|
Profit for the period |
263 |
726 |
|
Adjustments to reconcile Profit for the period to Total Adjusted EBITDA |
|||
Income taxes |
120 |
86 |
|
Depreciation |
309 |
280 |
|
Amortization |
125 |
114 |
|
Impairment loss |
4 |
3 |
|
Gain on disposal of non-current assets |
(5) |
— |
|
Gain on disposal of subsidiaries, net |
(19) |
(497) |
|
Finance costs |
317 |
246 |
|
Finance income |
(48) |
(20) |
|
Other non-operating loss / (gain), net |
16 |
(31) |
|
Net foreign exchange (gain) / loss |
(13) |
52 |
|
Total Adjusted EBITDA |
1,069 |
959 |
|
Six months ended June 30, |
||||||
In millions of U.S. dollars (except as indicated) |
2026 |
2025 |
2026-2025
change %
|
|||
Total revenue |
965 |
781 |
23.5% |
|||
Telecommunication and infrastructure |
600 |
519 |
15.6% |
|||
Digital of which: |
||||||
Digital financial services |
261 |
175 |
49.7% |
|||
Other digital services |
104 |
87 |
18.6% |
|||
Operating expenses |
539 |
455 |
18.5% |
|||
Adjusted EBITDA |
426 |
326 |
30.5% |
|||
Adjusted EBITDA margin |
44.1% |
41.8% |
2.4% |
|||
Six months ended June 30, |
||||||
In millions of PKR (except as indicated) |
2026 |
2025 |
2026-2025
change %
|
|||
Total revenue |
269,451 |
219,123 |
23.0% |
|||
Telecommunication and infrastructure |
167,517 |
145,631 |
15.0% |
|||
Digital of which: |
||||||
Digital financial services |
73,013 |
49,000 |
49.0% |
|||
Other digital services |
28,921 |
24,492 |
18.1% |
|||
Operating expenses |
150,557 |
127,611 |
18.0% |
|||
Adjusted EBITDA |
118,894 |
91,512 |
29.9% |
|||
Adjusted EBITDA margin |
44.1% |
41.8% |
2.4% |
|||
Six months ended June 30, |
||||||
2026 |
2025 |
2026-2025
change %
|
||||
Customers in millions |
75.4 |
73.9 |
2.1% |
|||
- of which mobile data (millions) |
63.4 |
61.0 |
3.8% |
|||
ARPU in US$ |
1.8 |
1.5 |
22.4% |
|||
ARPU in PKR |
513.2 |
421.1 |
21.9% |
|||
Six months ended June 30, |
||||||
In millions of U.S. dollars (except as indicated) |
2026 |
2025 |
2026-2025
change %
|
|||
Total revenue |
667 |
542 |
22.9% |
|||
Telecommunication and infrastructure |
526 |
483 |
8.8% |
|||
Digital of which: |
||||||
Other digital services |
141 |
59 |
138.6% |
|||
Other operating income |
— |
— |
0.0% |
|||
Operating expenses |
304 |
233 |
29.9% |
|||
Adjusted EBITDA |
363 |
309 |
17.6% |
|||
Adjusted EBITDA margin |
54.5% |
56.9% |
-2.4% |
|||
Six months ended June 30, |
||||||
In millions of UAH (except as indicated) |
2026 |
2025 |
2026-2025
change %
|
|||
Total revenue |
29,167 |
22,577 |
29.2% |
|||
Telecommunication and infrastructure |
22,993 |
20,118 |
14.3% |
|||
Digital of which: |
||||||
Other digital services |
6,174 |
2,459 |
151.1% |
|||
Other operating income |
9 |
15 |
-40.0% |
|||
Operating expenses |
13,284 |
9,739 |
36.5% |
|||
Adjusted EBITDA |
15,892 |
12,853 |
23.6% |
|||
Adjusted EBITDA margin |
54.5% |
56.9% |
-2.4% |
|||
Six months ended June 30, |
||||||
2026 |
2025 |
2026-2025
change %
|
||||
Customers in millions |
21.8 |
22.4 |
-2.8% |
|||
- of which mobile data (millions) |
17.1 |
16.8 |
1.4% |
|||
ARPU in US$ |
4.7 |
3.7 |
26.4% |
|||
ARPU in UAH |
204.7 |
154.1 |
32.8% |
|||
Six months ended June 30, |
||||||
In millions of U.S. dollars (except as indicated) |
2026 |
2025 |
2026-2025
change %
|
|||
Total revenue |
438 |
389 |
12.6% |
|||
Telecommunication and infrastructure |
357 |
325 |
9.6% |
|||
Digital of which: |
||||||
Digital financial services |
13 |
17 |
-19.5% |
|||
Other digital services |
68 |
47 |
44.7% |
|||
Operating expenses |
258 |
194 |
32.7% |
|||
Adjusted EBITDA |
180 |
195 |
-7.5% |
|||
Adjusted EBITDA margin |
41.1% |
50.0% |
-8.9% |
|||
Six months ended June 30, |
||||||
In millions of KZT (except as indicated) |
2026 |
2025 |
2026-2025
change %
|
|||
Total revenue |
212,980 |
199,192 |
6.9% |
|||
Telecommunication and infrastructure |
173,419 |
166,553 |
4.1% |
|||
Digital of which: |
||||||
Digital financial services |
6,535 |
8,536 |
-23.4% |
|||
Other digital services |
33,026 |
24,103 |
37.0% |
|||
Other operating income |
68 |
16 |
325.0% |
|||
Operating expenses |
125,460 |
99,300 |
26.3% |
|||
Adjusted EBITDA |
87,588 |
99,908 |
-12.3% |
|||
Adjusted EBITDA margin |
41.1% |
50.2% |
-9.0% |
|||
Six months ended June 30, |
||||||
2026 |
2025 |
2026-2025
change %
|
||||
Customers in millions |
11.7 |
11.7 |
-0.1% |
|||
- of which mobile data (millions) |
9.9 |
10.1 |
-1.7% |
|||
ARPU in US$ |
4.8 |
4.7 |
3.3% |
|||
ARPU in KZT |
2,337.1 |
2,382.8 |
-1.9% |
|||
Six months ended June 30, |
||||||
In millions of U.S. dollars (except as indicated) |
2026 |
2025 |
2026-2025
change %
|
|||
Total revenue |
166 |
147 |
12.9% |
|||
Telecommunication and infrastructure |
140 |
127 |
9.9% |
|||
Digital of which: |
||||||
Digital financial services |
10 |
5 |
95.0% |
|||
Other digital services |
16 |
15 |
8.0% |
|||
Other operating income |
— |
— |
0.0% |
|||
Operating expenses |
105 |
91 |
15.4% |
|||
Adjusted EBITDA |
61 |
56 |
8.7% |
|||
Adjusted EBITDA margin |
36.5% |
37.9% |
-1.4% |
|||
Six months ended June 30, |
||||||
In millions of UZS (except as indicated) |
2026 |
2025 |
2026-2025
change %
|
|||
Total revenue |
2,009,879 |
1,896,950 |
6.0% |
|||
Telecommunication and infrastructure |
1,691,604 |
1,639,495 |
3.2% |
|||
Digital of which: |
||||||
Digital financial services |
128,072 |
69,903 |
83.2% |
|||
Other digital services |
190,203 |
187,552 |
1.4% |
|||
Other operating income |
810 |
1,689 |
-52.0% |
|||
Operating expenses |
1,277,241 |
1,179,718 |
8.4% |
|||
Adjusted EBITDA |
733,448 |
718,921 |
2.0% |
|||
Adjusted EBITDA margin |
36.5% |
37.9% |
-1.4% |
|||
Six months ended June 30, |
||||||
2026 |
2025 |
2026-2025
change %
|
||||
Customers in millions |
7.7 |
7.9 |
-2.6% |
|||
- of which mobile data (millions) |
6.6 |
7.0 |
-5.8% |
|||
ARPU in US$ |
3.4 |
3.0 |
14.4% |
|||
ARPU in UZS |
41,220.4 |
38,372.7 |
7.4% |
|||
Six months ended June 30, |
||||||
In millions of U.S. dollars (except as indicated) |
2026 |
2025 |
2026-2025
change %
|
|||
Total revenue |
236 |
228 |
3.7% |
|||
Telecommunication and infrastructure |
205 |
222 |
-7.2% |
|||
Digital of which: |
||||||
Other digital services |
31 |
6 |
380.2% |
|||
Operating expenses |
140 |
102 |
37.8% |
|||
Adjusted EBITDA |
96 |
126 |
-24.0% |
|||
Adjusted EBITDA margin |
40.5% |
55.2% |
-14.7% |
|||
Six months ended June 30, |
||||||
In millions of BDT (except as indicated) |
2026 |
2025 |
2026-2025
change %
|
|||
Total revenue |
28,962 |
27,721 |
4.5% |
|||
Telecommunication and infrastructure |
25,216 |
26,946 |
-6.4% |
|||
Digital of which: |
||||||
Other digital services |
3,746 |
775 |
383.6% |
|||
Operating expenses |
17,234 |
12,404 |
38.9% |
|||
Adjusted EBITDA |
11,728 |
15,317 |
-23.4% |
|||
Adjusted EBITDA margin |
40.5% |
55.3% |
-14.8% |
|||
Six months ended June 30, |
||||||
2026 |
2025 |
2026-2025
change %
|
||||
Customers in millions |
35.0 |
34.8 |
0.4% |
|||
- of which mobile data (millions) |
21.9 |
21.9 |
0.0% |
|||
ARPU in US$ |
1.1 |
1.1 |
5.1% |
|||
ARPU in BDT |
136.7 |
129.0 |
6.0% |
|||
Entity |
Type of debt/ original
lenders
|
Interest rate |
Debt currency |
Outstanding debt
(mln)
|
Outstanding debt
(USD mln)
|
Maturity
date
|
VEON MidCo B.V. |
Syndicated Loan Facility |
3M Term SOFR + 4.25% |
USD |
210 |
210 |
03.29.2027 |
VEON MidCo B.V. |
Notes |
3.3750% |
USD |
125 |
125 |
11.25.2027 |
VEON MidCo B.V. |
Notes |
9.0000% |
USD |
200 |
200 |
07.15.2029 |
VEON MidCo B.V. |
Notes |
6.9500% |
USD |
700 |
700 |
06.01.2031 |
VEON MidCo B.V. |
Notes |
7.4500% |
USD |
700 |
700 |
06.01.2033 |
legacy notes, subject to potential conversion in new notes, but for which no further payments are due | ||||||
VEON MidCo B.V. |
Legacy notes, no
payments due, subject to
potential conversion
|
3.3750% |
USD |
69 |
69 |
11.25.2027 |
TOTAL VEON HQ |
2,004 |
|||||
JazzWorld |
Syndicated Loan Facility |
6M KIBOR + 0.55% |
PKR |
4,231 |
15 |
09.02.2026 |
JazzWorld |
Loan from Habib Bank
Limited
|
6M KIBOR + 0.55% |
PKR |
1,796 |
6 |
09.02.2026 |
JazzWorld |
Syndicated Loan Facility |
6M KIBOR + 0.55% |
PKR |
7,500 |
27 |
05.18.2028 |
JazzWorld |
Syndicated Loan Facility |
3M KIBOR + 0.60% |
PKR |
28,750 |
103 |
07.05.2031 |
JazzWorld |
Loan from United Bank
Limited
|
3M KIBOR + 0.55% |
PKR |
2,500 |
9 |
05.18.2028 |
JazzWorld |
Syndicated Loan Facility |
6M KIBOR + 0.60% |
PKR |
40,000 |
144 |
04.19.2032 |
JazzWorld |
Loan from United Bank
Limited
|
6M KIBOR + 0.60% |
PKR |
5,000 |
18 |
05.15.2034 |
JazzWorld |
Loan from National Bank
of Pakistan
|
6M KIBOR + 0.60% |
PKR |
5,000 |
18 |
05.15.2034 |
JazzWorld |
Loan from Meezan Bank
Limited
|
6M KIBOR + 0.60% |
PKR |
5,000 |
18 |
05.15.2034 |
JazzWorld |
Syndicated Loan Facility |
6M KIBOR + 0.60% |
PKR |
75,000 |
270 |
05.24.2034 |
JazzWorld |
Loan from Habib Bank
Limited
|
6M KIBOR + 0.60% |
PKR |
5,000 |
18 |
04.30.2035 |
JazzWorld |
Loan from Bank Alfalah
Limited
|
6M KIBOR + 0.60% |
PKR |
5,000 |
18 |
04.30.2035 |
JazzWorld |
Loan from Faysal Bank
Limited
|
6M KIBOR + 0.60% |
PKR |
15,000 |
54 |
05.18.2035 |
JazzWorld |
Loan from Meezan Bank
Limited
|
6M KIBOR + 0.60% |
PKR |
13,500 |
49 |
05.22.2035 |
JazzWorld |
Loan from Askari Bank
Limited
|
6M KIBOR + 0.60% |
PKR |
3,500 |
13 |
05.29.2035 |
TOTAL Jazzworld Pakistan Limited |
780 |
|||||
Kyivstar Holdings
B.V.
|
Legacy notes, no
payments due, subject to
potential conversion
|
0.0000% |
USD |
12 |
12 |
04.09.2027 |
Kyivstar Holdings
B.V.
|
Legacy notes, no
payments due, subject to
potential conversion
|
0.0000% |
RUB |
1,139 |
14 |
06.18.2027 |
TOTAL Kyivstar Holdings B.V. |
26 |
|||||
Banglalink |
Syndicated Loan Facility |
Average bank deposit
rate + 4.25%
|
BDT |
2550 |
21 |
04.26.2027 |
Banglalink |
Syndicated Loan Facility |
7% to 12% |
BDT |
4,220 |
34 |
11.25.2028 |
Other |
Short Term Facilities and
Other
|
215 |
||||
TOTAL Banglalink Digital Communications
Ltd.
|
270 |
|||||
Unitel LLC |
JSCB “TBC Bank” |
22.0000% - 23.0000% |
UZS |
360,000 |
30 |
12.20.2030 |
Unitel LLC |
Infinbank |
21.4900% |
UZS |
188,871 |
16 |
12.29.2029 |
Unitel LLC |
AKIB Ipoteka Bank |
22.0000% |
UZS |
200,000 |
17 |
03.12.2031 |
Unitel LLC |
Other |
53 |
||||
TOTAL Unitel LLC. |
116 |
|||||
KaR-Tel |
Loan from Forte Bank |
17.2500% - 20.5000 % |
KZT |
24,126 |
50 |
01.29.2030 |
KaR-Tel |
Loan from Forte Bank |
7.8000% |
CNY |
108 |
16 |
04.14.2029 |
KaR-Tel |
Loan from NurBank |
15.5000% - 16.5000 % |
KZT |
15,123 |
31 |
09.28.2029 |
KaR-Tel |
Loan from Bank RBK
JSC
|
20.5000% |
KZT |
15,000 |
31 |
10.24.2030 |
KaR-Tel |
Other |
86 |
||||
TOTAL KaR-Tel Limited Liability Partnership. |
214 |
|||||
Other entities |
Overdrawn accounts and other |
19 |
||||
Total VEON |
3,429 |
|||||
Six-month period ended June 30, |
||
(In millions of U.S. dollars) |
2026 |
2025 |
Net cash flows from operating activities |
860 |
569 |
Net cash flows used in investing activities |
(654) |
(318) |
Net cash flows from / (used in) financing activities |
246 |
(667) |
Net Increase / (decrease) in cash and cash equivalents |
452 |
(416) |
Net foreign exchange difference |
9 |
2 |
Cash and cash equivalents classified as held for sale at the beginning of the period |
— |
14 |
Cash and cash equivalents classified as held for sale at the end of the period |
— |
(6) |
Cash and cash equivalents at beginning of period, net of overdraft |
1,732 |
1,688 |
Cash and cash equivalents at end of period, net of overdraft |
2,193 |
1,282 |
Six-month period ended June 30, |
||
(In millions of U.S. dollars) |
2026 |
2025 |
Cash outflows for the purchase of property, plant and equipment and intangible assets |
477 |
424 |
Adjusted for: |
||
Cash outflow for purchase of licenses |
— |
(1) |
Difference in timing between accrual and payment for capital expenditures (excluding licenses and right-of-
use assets)
|
(141) |
(58) |
Capital expenditures (excluding licenses and right-of-use assets) * |
336 |
365 |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
1 |
1 |
||
2 |
||
3 |
||
4 |
||
5 |
||
6 |
||
7 |
||
8 |
||
9 |
||
10 |
||
11 |
||
12 |
||
13 |
||
14 |
||
15 |
||
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
2 |
Six-month period |
Three-month period |
|||||||||
(In millions of U.S. dollars, except per share amounts) |
Note |
2026 |
2025 |
2026 |
2025 |
|||||
Revenue * |
2 |
|||||||||
Cost of services, equipment and accessories * |
( |
( |
( |
( |
||||||
Selling, general and administrative expenses |
( |
( |
( |
( |
||||||
Depreciation |
6 |
( |
( |
( |
( |
|||||
Amortization |
7 |
( |
( |
( |
( |
|||||
Impairment loss |
( |
( |
( |
( |
||||||
Gain on disposal of non-current assets |
||||||||||
Gain on disposal of subsidiaries, net |
5 |
|||||||||
Other operating income |
||||||||||
Operating profit |
||||||||||
Finance costs |
( |
( |
( |
( |
||||||
Finance income |
||||||||||
Other non-operating (loss)/ gain, net |
8 |
( |
( |
|||||||
Net foreign exchange gain/ (loss) |
( |
( |
( |
|||||||
Profit before tax |
||||||||||
Income taxes |
4 |
( |
( |
( |
( |
|||||
Profit for the period |
||||||||||
Attributable to: |
||||||||||
The owners of the parent |
||||||||||
Non-controlling interest |
||||||||||
Basic and diluted earnings per share attributable to ordinary
equity holders of the parent
|
$ |
$ |
$ |
$ |
||||||
Weighted average common shares outstanding: |
||||||||||
for basic earnings per share (in millions) |
||||||||||
for diluted earnings per share (in millions) |
||||||||||
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
3 |
Six-month period |
Three-month period |
|||||||||
(In millions of U.S. dollars) |
Note |
2026 |
2025 |
2026 |
2025 |
|||||
Profit for the period |
||||||||||
Items that may be reclassified to profit or loss |
||||||||||
Foreign currency translation |
( |
( |
( |
|||||||
Reclassification of accumulated foreign currency translation reserve
to income statement upon disposal of subsidiary
|
5 |
( |
( |
( |
( |
|||||
Net loss on cash flow hedges |
( |
|||||||||
Items that will not be reclassified to profit or loss |
||||||||||
Fair value re-measurement of financial instruments |
( |
( |
||||||||
Other |
||||||||||
Other comprehensive loss for the period, net of tax |
( |
( |
( |
( |
||||||
Total comprehensive income for the period, net of tax |
||||||||||
Attributable to: |
||||||||||
The owners of the parent |
||||||||||
Non-controlling interest |
||||||||||
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
4 |
(In millions of U.S. dollars) |
Note |
June 30,
2026
|
December
31, 2025
|
|||
Assets |
||||||
Non-current assets |
||||||
Property and equipment |
6 |
|||||
Intangible assets |
7 |
|||||
Investments and derivatives |
8 |
|||||
Deferred tax assets |
||||||
Loans to customers * |
||||||
Other assets * |
||||||
Total non-current assets |
||||||
Current assets |
||||||
Inventories |
||||||
Trade and other receivables * |
||||||
Investments and derivatives |
8 |
|||||
Current income tax assets |
||||||
Loans to customers * |
||||||
Other assets |
||||||
Cash and cash equivalents |
9 |
|||||
Total current assets |
||||||
Total assets |
||||||
Equity and liabilities |
||||||
Equity |
||||||
Equity attributable to equity owners of the parent |
||||||
Non-controlling interest |
||||||
Total equity |
||||||
Non-current liabilities |
||||||
Debt and derivatives |
8 |
|||||
Provisions |
||||||
Deferred tax liabilities |
||||||
Other liabilities |
||||||
Total non-current liabilities |
||||||
Current liabilities |
||||||
Trade and other payables |
||||||
Debt and derivatives |
8 |
|||||
Provisions |
||||||
Current income tax payables |
||||||
Other liabilities |
||||||
Total current liabilities |
||||||
Liabilities associated with assets held for sale |
5 |
|||||
Total equity and liabilities |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
5 |
Attributable to equity owners of the parent |
||||||||||||||||||||
(In millions of U.S. dollars)
|
Note |
Number of
shares
outstanding
|
Issued
capital
|
Capital
Surplus
|
Other
capital
reserves
|
Accumulated
deficit
|
Foreign
currency
translation
|
Total |
Non-
controlling
interest
|
Total
equity
|
||||||||||
As of December 31, 2025 |
( |
( |
( |
|||||||||||||||||
Profit for the period |
— |
— |
— |
— |
— |
|||||||||||||||
Transfer from OCI to income statement on disposal of
subsidiary
|
5 |
— |
— |
— |
— |
— |
( |
( |
— |
( |
||||||||||
Other comprehensive loss |
— |
— |
— |
( |
— |
( |
( |
( |
( |
|||||||||||
Total comprehensive income / (loss) |
— |
— |
— |
( |
( |
|||||||||||||||
Share repurchases |
10 |
( |
— |
— |
( |
— |
— |
( |
— |
( |
||||||||||
Sale of non-controlling interest |
8 |
— |
— |
— |
( |
— |
||||||||||||||
Share issuance under ADG resolution |
8 |
— |
— |
— |
— |
— |
||||||||||||||
Share-based payments and others |
3 |
— |
— |
— |
— |
— |
||||||||||||||
As of June 30, 2026 |
( |
( |
( |
|||||||||||||||||
Attributable to equity owners of the parent |
||||||||||||||||||||
(In millions of U.S. dollars)
|
Note |
Number of
shares
outstanding
|
Issued
capital
|
Capital
Surplus
|
Other
capital
reserves
|
Accumulated
deficit
|
Foreign
currency
translation
|
Total |
Non-
controlling
interest
|
Total
equity
|
||||||||||
As of December 31, 2024 |
( |
( |
( |
|||||||||||||||||
Profit for the period |
— |
— |
— |
— |
— |
|||||||||||||||
Transfer from OCI to income statement on
disposal of subsidiary
|
5 |
— |
— |
— |
— |
— |
( |
( |
— |
( |
||||||||||
Other comprehensive income |
— |
— |
— |
— |
— |
|||||||||||||||
Total comprehensive income / (loss) |
— |
— |
— |
( |
||||||||||||||||
Share repurchases |
10 |
( |
— |
— |
( |
— |
— |
( |
— |
( |
||||||||||
Share-based payments and others |
3 |
— |
— |
— |
— |
— |
— |
|||||||||||||
As of June 30, 2025 |
( |
( |
( |
|||||||||||||||||
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
6 |
Attributable to equity owners of the parent |
||||||||||||||||||||
(In millions of U.S. dollars) |
Note |
Number of
shares
outstanding
|
Issued
capital
|
Capital
Surplus
|
Other
capital
reserves
|
Accumulated
deficit
|
Foreign
currency
translation
|
Total |
Non-
controlling
interest
|
Total
equity
|
||||||||||
As of April 1, 2026 |
( |
( |
( |
|||||||||||||||||
Profit for the period |
— |
— |
— |
— |
— |
|||||||||||||||
Transfer from OCI to income statement on
disposal of subsidiary
|
5 |
— |
— |
— |
— |
— |
( |
( |
— |
( |
||||||||||
Other comprehensive income / (loss) |
— |
— |
— |
— |
( |
( |
( |
( |
||||||||||||
Total comprehensive income / (loss) |
— |
— |
— |
( |
||||||||||||||||
Share repurchases |
( |
— |
— |
( |
— |
— |
( |
— |
( |
|||||||||||
Share-based payments and others |
3 |
— |
— |
— |
— |
— |
||||||||||||||
As of June 30, 2026 |
( |
( |
( |
|||||||||||||||||
Attributable to equity owners of the parent |
||||||||||||||||||||
(In millions of U.S. dollars) |
Note |
Number of
shares
outstanding
|
Issued
capital
|
Capital
Surplus
|
Other
capital
reserves
|
Accumulated
deficit
|
Foreign
currency
translation
|
Total |
Non-
controlling
interest
|
Total
equity
|
||||||||||
As of April 1, 2025 |
( |
( |
( |
|||||||||||||||||
Profit for the period |
— |
— |
— |
— |
— |
|||||||||||||||
Transfer from OCI to income statement on
disposal of subsidiary
|
— |
— |
— |
— |
— |
( |
( |
— |
( |
|||||||||||
Other comprehensive income / (loss) |
— |
— |
— |
— |
( |
( |
( |
( |
||||||||||||
Total comprehensive income / (loss) |
— |
— |
— |
( |
||||||||||||||||
Share repurchases |
10 |
( |
— |
— |
( |
— |
— |
( |
— |
( |
||||||||||
Share-based payments and others |
3 |
— |
— |
— |
— |
— |
— |
|||||||||||||
As of June 30, 2025 |
( |
( |
( |
|||||||||||||||||
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
7 |
Six-month period |
||||||
(In millions of U.S. dollars) |
Note |
2026 |
2025 |
|||
Operating activities |
||||||
Profit before tax |
||||||
Non-cash adjustments to reconcile profit before tax to net cash flows |
||||||
Depreciation, amortization and impairment loss |
||||||
Gain on disposal of non-current assets |
( |
|||||
Gain on disposal of subsidiaries, net |
( |
( |
||||
Finance costs |
||||||
Finance income |
( |
( |
||||
Other non-operating loss/ (gain), net |
( |
|||||
Net foreign exchange (gain)/ loss |
( |
|||||
Changes in trade and other receivables and prepayments |
( |
( |
||||
Changes in inventories |
( |
|||||
Changes in trade and other payables |
||||||
Changes in provisions, pensions and other |
||||||
Interest paid |
( |
( |
||||
Interest received |
||||||
Income tax paid |
( |
( |
||||
Net cash flows from operating activities |
||||||
Investing activities |
||||||
Purchase of property, plant and equipment |
( |
( |
||||
Purchase of intangible assets |
( |
( |
||||
Payment / (receipt) on deposits |
( |
|||||
Investment (in)/ receipts from financial assets |
( |
|||||
Acquisition of subsidiaries, net of cash acquired |
5 |
( |
( |
|||
Proceeds from sales of subsidiaries, net of cash |
5 |
|||||
Proceeds from sales of property, plant and equipment |
||||||
Outflows on loans granted |
( |
( |
||||
Net cash used in investing activities |
( |
( |
||||
Financing activities |
||||||
Proceeds from borrowings, net of fees paid * |
||||||
Repayment of debt *** |
( |
( |
||||
Repayment of lease liabilities *** |
( |
( |
||||
Proceeds from sale of non-controlling interest |
8 |
|||||
Share repurchases |
10 |
( |
( |
|||
ADG resolution |
8 |
( |
||||
Net cash flows from / (used in) financing activities |
( |
|||||
Net Increase / (decrease) in cash and cash equivalents |
( |
|||||
Net foreign exchange difference |
||||||
Cash and cash equivalents classified as held for sale at the beginning of the period |
||||||
Cash and cash equivalents classified as held for sale at the end of the period |
( |
|||||
Cash and cash equivalents at beginning of the period, net of overdrafts ** |
||||||
Cash and cash equivalents at end of the period, net of overdrafts |
9 |
|||||
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
8 |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
9 |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
10 |
Telecommunication and
infrastructure ***
|
Digital |
Total Revenue ** |
||||||
Digital financial services * |
Other digital services *** |
|||||||
2026 |
2025 |
2026 |
2025 |
2026 |
2025 |
2026 |
2025 |
|
Pakistan |
||||||||
Ukraine |
||||||||
Kazakhstan |
||||||||
Uzbekistan |
||||||||
Bangladesh |
||||||||
HQ, eliminations and Others |
||||||||
Total |
||||||||
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
11 |
Selling, General and
Administrative Expenses
|
Adjusted
EBITDA
|
CAPEX
exc. licenses and ROU *
|
||||||
2026 |
2025 |
2026 |
2025 |
2026 |
2025 |
|||
Pakistan |
||||||||
Ukraine |
||||||||
Kazakhstan |
||||||||
Uzbekistan |
||||||||
Bangladesh |
||||||||
HQ, eliminations and Others |
( |
( |
||||||
Total |
||||||||
Telecommunication and
infrastructure ***
|
Digital |
Total Revenue ** |
||||||
Digital financial services * |
Other digital services *** |
|||||||
2026 |
2025 |
2026 |
2025 |
2026 |
2025 |
2026 |
2025 |
|
Pakistan |
||||||||
Ukraine |
||||||||
Kazakhstan |
||||||||
Uzbekistan |
||||||||
Bangladesh |
||||||||
HQ, eliminations and Others |
||||||||
Total |
||||||||
Selling, General and
Administrative Expenses
|
Adjusted
EBITDA
|
CAPEX
exc. licenses and ROU *
|
||||||
2026 |
2025 |
2026 |
2025 |
2026 |
2025 |
|||
Pakistan |
||||||||
Ukraine |
||||||||
Kazakhstan |
||||||||
Uzbekistan |
||||||||
Bangladesh |
||||||||
HQ, eliminations and Others |
( |
( |
||||||
Total |
||||||||
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
12 |
Six-month period |
Three-month period |
|||||
2026 |
2025 |
2026 |
2025 |
|||
Total Adjusted EBITDA |
||||||
Adjustments to reconcile Total Adjusted EBITDA to Profit for the period |
||||||
Income taxes |
( |
( |
( |
( |
||
Net foreign exchange gain/ (loss) |
( |
( |
( |
|||
Other non-operating (loss)/ gain, net |
( |
( |
||||
Finance income |
||||||
Finance costs |
( |
( |
( |
( |
||
Gain on disposal of subsidiaries, net |
||||||
Gain on disposal of non-current assets |
||||||
Impairment loss |
( |
( |
( |
( |
||
Amortization |
( |
( |
( |
( |
||
Depreciation |
( |
( |
( |
( |
||
Profit for the period |
||||||
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
13 |
Six-month period |
Three-month period |
|||||||
2026 |
2025 |
2026 |
2025 |
|||||
Equity-settled share-based payment expense |
||||||||
Cash-settled share-based payment expense |
||||||||
Total share-based compensation expense |
||||||||
June 30, 2026 |
December 31,
2025
|
|
Current liability |
||
Non-current liability |
||
Total liability for share-based payments |
Assumptions affecting inputs to fair value model |
Equity-settled |
Annual risk-free rates of return and discount rates (%) |
|
Long-term dividend yield (%) |
|
Volatility of share price (%) |
|
Share price (p) |
$ |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
14 |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
15 |
Six-month period |
Three-month period |
||||||
2026 |
2025 |
2026 |
2025 |
||||
Current income taxes |
( |
( |
( |
( |
|||
Deferred income taxes |
|||||||
Income taxes |
( |
( |
( |
( |
|||
Effective tax rate |
|||||||
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
16 |
February 10, 2026 |
|
Non-current assets |
|
Intangible assets |
|
Current assets |
|
Cash and cash equivalents |
|
Other current assets |
|
Fair value of identifiable net assets |
|
Goodwill resulting from acquisition |
|
Purchase consideration |
June 30, 2026 |
|
Cash outflow, net of cash acquired |
|
Cash consideration |
|
Less: balances acquired |
|
Cash and cash equivalents |
( |
Net outflow of cash - investing activities |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
17 |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
18 |
May 26, 2026 |
|
Non-current assets |
|
Property and equipment |
|
Intangible assets |
|
Deferred tax assets |
|
Current assets |
|
Trade receivables and other assets |
|
Cash and cash equivalents |
|
Current liabilities |
( |
Non-current liabilities |
|
Deferred tax liability |
( |
Other non-current liabilities |
( |
Fair value of identifiable net assets |
|
Goodwill resulting from acquisition |
|
Purchase consideration |
June 30, 2026 |
|
Cash outflow, net of cash acquired |
|
Cash consideration |
|
Less: balances acquired |
|
Cash and cash equivalents |
( |
Net outflow of cash - investing activities |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
19 |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
20 |
April 2, 2025 |
|
Non-current assets |
|
Intangible assets |
|
Current assets |
|
Trade and other receivables |
|
Cash and cash equivalents |
|
Non-current liabilities |
|
Deferred tax liability |
( |
Current liabilities |
|
Trade and employee related payables |
( |
Other current liabilities |
( |
Fair value of identifiable net assets |
|
Goodwill resulting from acquisition |
|
Purchase consideration |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
21 |
April 2, 2025 |
|
Cash paid * |
|
Fair value of contingent consideration |
|
Put option liability |
|
Total purchase consideration |
June 30, 2025 |
|
Cash consideration |
|
Less: balances acquired |
|
Cash and cash equivalents |
( |
Net outflow of cash - investing activities |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
22 |
2025 |
|
Sale consideration |
|
Carrying amount of net assets at disposal * |
( |
Gain on sale before reclassification of foreign currency translation reserve and sale and lease back implication |
|
Right of use assets recognized |
|
Lease liabilities recognized |
( |
Reclassification of foreign currency translation reserve |
|
Gain on disposal |
|
Deferred tax asset, net |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
23 |
June 3, 2025 |
|
Non-current assets |
|
Property and equipment |
|
Goodwill |
|
Deferred tax assets |
|
Other non-current assets |
|
Current assets |
|
Trade and other receivables |
|
Other current assets |
|
Total assets disposed |
|
Non-current liabilities |
|
Debt and derivatives |
|
Other non-current liabilities |
|
Current liabilities |
|
Trade and other payables |
|
Debt and derivatives |
|
Total liabilities disposed |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
24 |
2026 |
2025 |
||
Balance as of January 1 |
|||
Acquisitions |
|||
Additions * |
|||
Modifications and re-assessments * |
|||
Disposals |
( |
( |
|
Divestment and reclassification as held for sale |
( |
( |
|
Depreciation |
( |
( |
|
(Impairment) / reversal of impairment |
( |
( |
|
Currency translation |
( |
( |
|
Transfers |
( |
||
Balance as of June 30 |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
25 |
2026 |
2025 |
||
Balance as of January 1 |
|||
Acquisition * |
|||
Additions ** |
|||
Divestment and reclassification to held for sale |
( |
||
Amortization |
( |
( |
|
Currency translation |
( |
( |
|
Transfers |
( |
||
Balance as of June 30 * |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
26 |
June 30,
2026
|
December
31, 2025
|
|||
At fair value |
||||
Other equity investments |
||||
At amortized cost |
||||
Security deposits and cash collateral |
||||
Bank deposits |
||||
Deferred consideration from sale of subsidiary |
||||
Other investments |
||||
Total investments and derivatives |
||||
Non-current |
||||
Current |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
27 |
June 30,
2026
|
December
31, 2025
|
|||
At fair value |
||||
Derivatives designated as cash flow hedge |
||||
Derivative relating to ADG resolution |
||||
Warrants |
||||
At amortized cost |
||||
Borrowings, of which |
||||
i) Principal amount outstanding |
||||
ii) Other Borrowings |
||||
Interest accrued |
||||
Discounts and unamortized fees |
( |
( |
||
Bank loans and bonds |
||||
Lease liabilities |
||||
Other financial liabilities |
||||
Total debt and derivatives |
||||
Non-current |
||||
Current |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
28 |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
29 |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
30 |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
31 |
June 30,
2026
|
December
31, 2025
|
|||
Cash at banks and on hand |
||||
Short-term deposits with original maturity of less than three months |
||||
Cash and cash equivalents, net of overdrafts *
(as presented in the consolidated statement of cash flows)
|
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
32 |
June 30, 2026 |
December 31, 2025 |
|||
Authorized common shares (nominal value of US$ |
||||
Issued shares, including
Company
|
||||
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
33 |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
34 |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
35 |
VEON Ltd | Unaudited interim condensed consolidated financial statements as of and for the six and three-month periods ended
June 30, 2026
|
36 |