Company: KYIV
Filing Date: 2025-06-24
Form Type: F-4/A
Source: 0001213900-25-057315
Chunk: 327

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-24
Form: F-4/A
Chunk 327
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Comparison of the Three Months Ended March 31, 2025 and 2024 Services revenues Services revenues increased by $69 million, or 37.3%, from $185 million for the three months ended March 31, 2024 to $254 million for the three months ended March 31, 2025. This increase was largely driven by the “customer appreciation” program deployed in the three months ended March 31, 2024 at a value of $46 million, which lowered revenue due to the provision of a discount on one month of services to affected customers, enabling higher year -on -yeargrowth in the three months ended March 31, 2025. In addition, revenue for the three months ended March 31, 2025 was higher due to repricing of customer offers launched in December 2024.

|                         |     | For the three months ended 
                   March 31 |     |      |
|                         |     |                       2025 |     | 2024 |
|                         |     |           -USD in millions |     |      |
| Service revenue         |     |                        254 |     |  185 |
| Mobile                  |     |                        240 |     |  174 |
| Fixed                   |     |                         14 |     |   11 |
| Other revenue           |     |                          1 |     |    1 |
| Total operating revenue |     |                        255 |     |  186 |

Mobile service revenue includes postpaid (contract) and prepaid customer airtime charges, roaming and value -addedservices, such as messaging, mobile internet and data services. Mobile service revenue increased by $66 million, or 37.9%, from $174 million for the three months ended March 31, 2024 to $240 million for the three months ended March 31, 2025. This increase was largely driven by the “customer appreciation” program deployed in the three months ended March 31, 2024 at a value of $46 million, which lowered revenue due to the provision of a discount on one month of services to affected customers, enabling higher year -on -yeargrowth in the three months ended March 31, 2025. In addition, revenue for the three months ended March 31, 2025 was higher due to the repricing of customer offers launched in December 2024.

168 Fixed service revenue includes fixed -termtariff plans and monthly subscriptions.