Company: KYIV
Filing Date: 2025-06-24
Form Type: F-4/A
Source: 0001213900-25-057315
Chunk: 278

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-24
Form: F-4/A
Chunk 278
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 high value services that command high prices, while strengthening loyalty and reducing customer churn. 136 For example, as of December 31, 2024, approximately 35% of our broadband customers were also digital TV users. Since 2020, we have shown consistent growth in monthly average revenue per user (“ARPU”), which is partly driven by our growing multiplay customer base over the same period, as depicted in the graphics below. ____________ (1)Multiplay is shown as a percent of total active Kyivstar one -monthsubscriber base in December of respective year (unique active subscribers over one -monthperiod) (2)Translated to USD based on period -averageofficial USD/UAH FX rate: 2020 – 26.96; 2021 – 27.29; 2022 – 32.34; 2023 – 36.57; 2024 – 40.16; Q1 2024 – 38.20; Q1 2025 – 41.76 Robust financial profile with growth and a strong balance sheet Characterized by a strong track record of growth and resilience, our financial profile is supported by the ongoing demand for our services and by our leading market position in Ukraine. We have experienced consistent average monthly growth in ARPU, increasing by 62% from UAH 75 ($2.77) in the year ended December 31, 2020 to UAH 121 ($3.00) in the year ended December 31, 2024, driven by multiplay penetration and service quality. We have a strong track record of resilient performance and year -on -yeargrowth by managing currency risk, capital allocation, cost management and preserving value to generate positive returns for shareholders. Our financial profile is supported by the ongoing demand for our services, which is driven by our leading market position and evidenced by an increase in our profit for the period from $36million for the three months ended March31, 2024 to $44million for the three months ended March31, 2025. In addition, our margins have remained strong despite the war, with a 30.8% profit margin and a 56% Adjusted EBITDA Margin for the year ended December 31, 2024. We have also established a value preservation program to prevent the deterioration of liquid assets in hard currency equivalents, known as Secured Liquid Yield. This program focuses on well -definedinvestment areas, prioritizing initiatives that create value for shareholders