Company: KYIV
Filing Date: 2025-07-10
Form Type: F-4/A
Source: 0001213900-25-062760
Chunk: 299

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-10
Form: F-4/A
Chunk 299
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 our first FTTH acquisition in 2024, and, as of December31, 2024, we had connected approximately 43,500 buildings within Ukrainian -controlledterritories. Competition Mobile Telecommunications Services Our two main competitors in mobile telecommunications services are Vodafone and Lifecell. As of December31, 2024, we led the market by number of customers with over 23.0 million mobile customers, while Vodafone and Lifecell had 15.8 million and 9.5 million mobile customers, respectively, according to the NCEC. We have maintained our top position in the market by number of subscribers for the past seven years, as shown in the chart below. Source: NCEC Fixed-line Telecommunications Services As a result of disruptions due to the war, many providers do not report to the NCEC, so it is difficult to estimate market shares for fixed -linetelecommunications. The Ukrainian fixed -linetelecommunications services market is fragmented, with almost 3,000 internet service providers in Ukraine, according to NCEC data. As of December31, 2024, together with Ukrtelecom and Lifecell (formerly known as Volia), we, in the aggregate, held approximately 24% of the market share by number of subscribers, but, as of December 31, 2024, we were the only provider of FMC services. This has allowed us to hold 14.1% of the market share, while Ukrtelecom and Lifecell held 5.4% and 4.8% of the subscriber market share, respectively, as of December31, 2024. It is estimated that there are approximately 8.2 million fixed -linesubscribers in the Ukrainian market. According to the NCEC, as of December31, 2024, we led the fixed broadband market with over 1.1 million customers. The market has recently experienced consolidation, with four providers, Data Group, Volia, Vega and Freenet, having been acquired since 2021. Ukrtelecom is considered the incumbent operator with a mostly legacy network and a declining subscriber base. 145

The table below presents our primary competitors in Ukraine in the services indicated according to the latest published information from NCEC available to us (which is as of December31, 2024).

| Voice Services(1) and Data Services(2) |     |            |     |                |     |               |
| Ukr