Company: KYIV
Filing Date: 2025-07-22
Form Type: 424B3
Source: 0001213900-25-066705
Chunk: 585

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-22
Form: 424B3
Chunk 585
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 Holdings B.V.Notes to the interim condensed combined financial statements
(in millions of U.S. dollars unless otherwise stated) 8CASH AND CASH EQUIVALENTS Cash and cash equivalents consisted of the following items as of:

|                                                                                 |     | March 31, 
      2025 |     | December 31, 
         2024 |
|:--------------------------------------------------------------------------------|:----|----------:|:----|-------------:|
| Cash and cash equivalents at banks and on hand                                  |     |       558 |     |          479 |
| Cash equivalents with original maturity of less than three months               |     |       154 |     |          195 |
| Cash and cash equivalents, as presented in the combined statement of cash flows |     |       712 |     |          674 |

Cash and cash equivalents at banks and on hand include cash of US$10 (2024: US$10) retained by the Company in accordance with the demerger proposal and an estimated amount of US$213 (2024: US$235) to cover the repayment of the 2025 Notes in combination with the intercompany loan receivable due from VEON Amsterdam B.V. (as disclosed in Note 7). Cash at banks held by Kyivstar amounting to US$335 (2024: US$234) earns interest based on bank deposit rates. Short -termdeposits are made for varying periods between one day and three months, depending on immediate cash requirements and earn interest at the respective short -termdeposit rates. Cash and cash equivalents with original maturity of less than three months amounting to US$154 (2024: US$195) comprise short -termdeposits and sovereign Ukrainian bonds held by Kyivstar. The imposition of currency exchange controls or other similar restrictions on currency convertibility in Ukraine could limit the Group’s ability to convert local currencies or repatriate local cash in a timely manner or at all, as well as remit dividends. 9DIVIDENDS AND CAPITAL DISTRIBUTIONS There were no dividends or capital distributions paid during the three -monthperiods ended March 31, 2025 and 2024. ADDITIONAL INFORMATION 10RELATED PARTIES The immediate parent and ultimate controlling shareholder of the Company are VEON Amsterdam B.V. and VEON Ltd., respectively. Related parties, as defined by IAS24, are natural persons or companies that can be influenced by VEON Holdings, that can exert an influence on VEON Holdings