Company: KYIV
Filing Date: 2025-12-18
Form Type: 424B3
Source: 0001213900-25-123334
Chunk: 164

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-18
Form: 424B3
Chunk 164
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 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 December 31, 2024. It is estimated that there are approximately 8.2 million fixed -linesubscribers in the Ukrainian market. According to the NCEC, as of December 31, 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. 99

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 December 31, 2024).

| Voice Services(1) and Data Services(2) |            |               |
| Ukrtelecom                             | Data Group | VF Ukraine(3) |

| Retail Internet Services |                |
| Ukrtelecom               | DVL Telecom(4) |

____________ (1)Voice service market for business customers only. (2)Data services for B2B market only. (3)VF Ukraine includes VF Ukraine, Farlep -Invest(Vega), Freenetly (4)DVL Telecom includes Data Group, Volia and Lifecell Source: NCEC as of December 31, 2024 Distribution Mobile Telecommunications Services Our strategy is to maintain a leadership position in our mobile telecommunications services business by using multiple distribution channels. In the year ended December 31, 2024, we sold to corporate customers directly and via various alternative distribution channels, such as IT servicing organizations, business center owners and to small- and medium -sizeenterprise (“SME”) customers through dealerships, direct sales, own retail and agent networks. Our strategy is to maintain a leadership position by using the following distribution channels as of December 31, 2024: distributors (26% of all connections), supermarkets and gas stations (23%), monobranded stores (21%), B2B (10%), national and local chains (8%), active sales (7%) and online sales (5%). Our mobile business is dependent on interconnection services, which allow data, calls and text messages from one service provider’s network to be transmitted through another provider’s network. When