Company: KYIV
Filing Date: 2025-12-18
Form Type: 424B3
Source: 0001213900-25-123334
Chunk: 334

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-18
Form: 424B3
Chunk 334
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 to only an insignificant risk of changes in value and have an original maturity of less than three months. Cash and cash equivalents consisted of the following items as of December 31:

|                                                                                 |     | 2024 |     | 2023 |
| Cash and cash equivalents at banks and on hand                                  |     |  479 |     |  320 |
| Cash equivalents with original maturity of less than three months               |     |  195 |     |  105 |
| Cash and cash equivalents, as presented in the combined statement of cash flows |     |  674 |     |  425 |

Cash at banks held by Kyivstar amounting to US$234 (2023: US$38) earns interest based on bank deposit rates. Short -termdeposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short -termdeposit rates. Cash and cash equivalents at banks and on hand include cash of US$10 (2023: US$10) retained by the Company in accordance with the demerger proposal and an estimated amount of US$235 (2023: US$272) to cover the repayment of the 2025 Notes. Cash equivalents with original maturity of less than three months comprise cash equivalents of US$195 (2023: US$105) at 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. As of December 31, 2024, US$429(2023: US$143) of cash held by Kyivstar in Ukraine was subject to currency restrictions that limited ability to upstream the cash or make certain payments outside the country, but these balances are otherwise freely available to the Ukrainian operations. The overdrawn accounts are presented as debt and derivatives within the statement of financial position. At the same time, because the overdrawn accounts are part of the Group’s cash management, they were included as cash and cash equivalents within the statement of cash flows. Refer to Note 16 for further discussion on the Group’s liquidity position.

F-80

VEON Holdings B.V. GENERAL INFORMATION ABOUT THE GROUP 16FINANCIAL RISK MANAGEMENT The Group’s principal financial instruments comprise cash and cash equivalents, current financial investments, and other current financial assets.