Company: KYIV
Filing Date: 2025-12-18
Form Type: 424B3
Source: 0001213900-25-123334
Chunk: 128

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-18
Form: 424B3
Chunk 128
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, 2025. This increase was due to higher interconnection traffic and rates impact on costs, higher cost of content (Kyivstar TV) and other direct cost (cloud services). Selling, general and administrative expenses Selling, general and administrative expenses increased by $58 million, or 26.2%, from $221 million for the nine months ended September 30, 2024 to $279 million for the nine months ended September 30, 2025. This increase was driven by an increase in technology expenses ($17 million) as a result of higher electricity tariffs, frequency fee indexation and additional frequencies acquired; higher human resources costs ($27 million) net of works capitalization; higher consulting

74 and professional services costs ($6 million) and higher media and marketing costs ($8 million). This increase was also attributable to the initial consolidation of Uklon’s financials, which included human resources costs of $15 million net of own works capitalized, media and marketing costs of $7 million and other costs of $4 million, together contributing approximately 12 percentage points to our 26.2% period -to -periodincrease in selling, general and administrative expenses. Depreciation Depreciation increased by $13 million, or 14.6%, from $89 million for the nine months ended September 30, 2024 to $102 million for the nine months ended September 30, 2025. This increase was driven by a swap run (accelerated depreciation) and gradual increase of CAPEX. Amortization Amortization increased by $12 million, or 35.3%, from $34 million for the nine months ended September 30, 2024 to $46 million for the nine months ended September 30, 2025. This increase was driven by the acquisition of additional frequencies and software and the recognition of new intangible assets from Uklon in the amount of $1.9 million. Impairment Impairment increased by $4 million, or 200.0%, from $2 million for the nine months ended September 30, 2024 to $6 million for the nine months ended September 30, 2025. This increase was driven by an increase in obsolete equipment and war -relatedimpairments, including occupied territories and destroyed assets. Listing expense In relation to the consummation of the Business Combination, the Company incurred a one -time, non -cashlisting expense of $162million for the nine months ended September30,