Company: KYIV
Filing Date: 2025-08-07
Form Type: 424B3
Source: 0001213900-25-072861
Chunk: 1

Company: Kyivstar Group Ltd.
Filing Date: 2025-08-07
Form: 424B3
Chunk 1
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 the period amounts to USD 82 million, up 13.9%                            
 year-on-year in USD and 18.6% in local currency terms, with a profit margin of 28.9% |

| ● | Adjusted EBITDA1 reaches USD 165 million, up 18.7% year-on-year in USD and 23.6% in 
 local currency terms, with an adjusted EBITDA margin1 of 58.1%                      |

| ● | Shares of direct digital revenue rises to 10.3% of total                                                                                  
 operating revenue as Uklon is consolidated effective April. Uklon contributed USD 21.7 million in revenue and USD 9.3 million in adjusted 
 EBITDA in 2Q25                                                                                                                            |

KYIV, Ukraine, August 7, 2025 – Kyivstar
Group, Ukraine’s leading digital operator (“Kyivstar Group” or “the Company”) and a subsidiary of VEON Ltd.
(Nasdaq: VEON) (“VEON Group” or “VEON”), today announced its unaudited financial and operating results for the
second quarter ended June 30, 2025.

|                         |         2Q25 | 2Q24 | YoY   |         2Q25 | 2Q24 | YoY   |
|                         | USD mln or % |      |       | UAH bln or % |      |       |
| Total operating revenue |          284 |  235 | 20.9% |         11.8 |  9.4 | 25.9% |
| Profit for the period   |           82 |   72 | 13.9% |          3.4 |  2.9 | 18.6% |
| Adj. EBITDA1            |          165 |  139 | 18.7% |          6.8 |  5.5 | 23.6% |

Average UAH/USD exchange rates: 2Q25: 41.5078 UAH/USD; 2Q24: 39.8478 UAH/USD End-of period UAH/USD exchange rates as of June 30, 2025: 41.6409 UAH/USD; as of June 30, 2024: 40.5374 UAH/USD

| 1 | For more information,