VEON Ltd.

VEON operates as a telecommunications company with five primary geographic segments: Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh. The company also reports "HQ" operations, which cover management activities in Amsterdam and Dubai, centrally managed costs, and reconcile segment results to total revenue and Adjusted EBITDA. As of December 31, 2025, VEON's significant subsidiaries include VEON Amsterdam B.V. (Netherlands, 100.0% ownership), VEON Holdings B.V. (Netherlands, 89.6% ownership), VEON MidCo B.V. (Netherlands, 100.0% ownership), and VEON Intermediate Holdings B.V. (Netherlands, 100.0% ownership), all serving as holding companies. Operating subsidiaries include JSC "Kyivstar" in Ukraine (89.6% ownership), LLP "KaR-Tel" in Kazakhstan (75.0% ownership), LLC "Unitel" in Uzbekistan (100.0% ownership), Pakistan Mobile Communications Limited in Pakistan (100.0% ownership), and Banglalink Digital Communications Limited in Bangladesh (100.0% ownership). Other holding subsidiaries include VEON Finance Ireland Designated Activity Company (Ireland, 100.0% ownership), VEON Luxembourg Holdings S. r.l. (Luxembourg, 100.0% ownership), VEON Luxembourg Finance Holdings S. r.l. (Luxembourg, 100.0% ownership), VEON Luxembourg Finance S.A. (Luxembourg, 100.0% ownership), and Global Telecom Holding S.A.E (Egypt, 99.6% ownership). VEON Group Holding Company Limited operates as a Dubai Branch with 100.0% ownership. On April 8, 2025, the company completed a partial Dutch statutory demerger of VEON Holdings B.V.