Company: KYIV
Filing Date: 2025-12-18
Form Type: 424B3
Source: 0001213900-25-123334
Chunk: 362

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-18
Form: 424B3
Chunk 362
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 losses were recognized during these periods. FINANCING ACTIVITIES OF THE GROUP 7INVESTMENTS, DEBT AND DERIVATIVES The Company holds the following investments and derivative assets:

|                                           |     | June 30, 
     2025 |     | December 31, 
         2024 |
|:------------------------------------------|:----|---------:|:----|-------------:|
| At fair value                             |     |          |     |              |
| Other financial assets – VEON Ltd. shares |     |        — |     |            8 |
|                                           |     |        — |     |            8 |
| At amortized cost                         |     |          |     |              |
| Loan receivable from VEON Amsterdam B.V.  |     |       41 |     |          363 |
| Investments and derivatives               |     |       94 |     |           94 |
| Security deposits and cash collateral     |     |       87 |     |           64 |
| Other investments                         |     |        7 |     |           30 |

At fair value Other financial assets — VEON Ltd. shares as of December 31, 2024 of US$8, represented 5,024,175 ordinary shares of VEON Ltd. (the ultimate Parent of the Group) measured at fair value through other comprehensive income. During the six -monthperiod ended June 30, 2025, the Company further purchased 12,346,225 ordinary shares of VEON Ltd. for US$22. The financial asset was measured at fair value, impacting other comprehensive income by US$2. All VEON Ltd. ordinary shares held by VEON Holdings were transferred to VEON Amsterdam B.V. in March 2025 at fair value (US$32) resulting in a receivable from VEON Amsterdam B.V. Subsequently, these receivables from VEON Amsterdam B.V. were utilized in the repayment of bonds. At amortized cost Loan receivable from VEON Amsterdam reflects a related party loan receivable to cover potential future repayments of Bonds mentioned in this section below. Security deposits and cash collateral consisted of funds held in the account of a clearing company outside Ukraine acting as an intermediary between Kyivstar and roaming partners, amounting to US$87 (2024: US$64).

F-108

VEON Holdings B.V.Notes to the interim condensed combined financial statements
(in millions of U.S. dollars unless otherwise