Company: KYIV
Filing Date: 2025-09-05
Form Type: F-1
Source: 0001213900-25-085122
Chunk: 322

Company: Kyivstar Group Ltd.
Filing Date: 2025-09-05
Form: F-1
Chunk 322
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     |   22 | % |
| Revenue growth rates                                                |     |      |   |     |      |   |
| Average annual revenue growth rate during forecast period           |     |   10 | % |     |    9 | % |
| Terminal growth rate                                                |     |    1 | % |     |    1 | % |
| Operating margin                                                    |     |      |   |     |      |   |
| Average operating margin during the forecast period                 |     |   52 | % |     |   51 | % |
| Terminal period operating margin                                    |     |   50 | % |     |   50 | % |
| Capex                                                               |     |      |   |     |      |   |
| Average CAPEX as a percentage of revenue during the forecast period |     |   22 | % |     |   19 | % |
| Terminal period CAPEX as a percentage of revenue                    |     |   20 | % |     |   20 | % |

The forecast period is the explicit forecast period of five years: for 2024 being 2025-2029 with terminal period in 2030. Discount rate The discount rate in functional currency is adjusted for the long -terminflation forecast and applicable risk premium of Ukraine.

F-70

VEON Holdings B.V. GENERAL INFORMATION ABOUT THE GROUP 9IMPAIRMENT OF ASSETS (cont.) Revenue growth rates The revenue growth rates during the forecast period vary based on numerous factors, including size of market, GDP (Gross Domestic Product), foreign currency projections, traffic growth, market share and others. A long -termgrowth rate in perpetuity is estimated based on a percentage that is lower than or equal to the country long -terminflation forecast. Operating margin The Company estimates operating margin on a pre -IFRS16 basis (including lease expenses/payments), divided by Total Operating Revenue for each future year. The forecasted operating margin is based on the budget and forecast calculations and assumes cost optimization initiatives which are part of on -goingoperations, as well as regulatory and technological changes known to date, such as telecommunication license issues and price regulation among others. Segment information in Note 2 is on a post -IFRS16 basis. CAPEX CAPEX is defined as purchases of property and equipment and intangible assets excluding licenses, goodwill and right -of -useassets. The cash flow forecasts for capital expenditures are based on the budget and forecast