Company: KYIV
Filing Date: 2025-06-05
Form Type: 425
Source: 0001213900-25-051631
Chunk: 25

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-05
Form: 425
Chunk 25
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 million warrants with $11.50 exercise price and shares available for issuance under an equity incentive plan 3. Assumes no redemptions. Subject to change based on actual redemptions 4. Assumes $560 million cash and cash equivalents at closing, subject to adjustment via Net Cash Adjustment in business combination agreement, $10 million of cash at VEON Holdings, $333 million of lease liabilities per IFRS - 16, $40 million outstand ing balance on VEON loan note. Excludes debt of VEON Holdings expected to be repaid prior to closing 5. Multiple based on Q1’25 LTM Adj. EBITDA 6. Represents repayment of VEON loan note Sources & uses Shareholders 2 Shares (m) Value ($m) VEON 190.5m $1,972m Public shareholders 3 23.0m $238m Sponsor 1 5.0m $52m Total 218.6m $2,262m 1 3 EV / 2025 Q1 LTM EBITDA 5 ratio 3.7x Enterprise value (post-IFRS) 1,4 $m $2,065m Adj. Net debt (cash) 4 $m ($197m) Total equity value $m $2,262m Estimated trust value at closing $/share 10.35 Pro forma shares outstanding 2 m 218.6m VEON 87.2% Public shareholders 10.5% Sponsor 2.3% Sources ($m) Uses ($m) VEON rollover equity $1,972m VEON rollover equity $1,972m Cash (in trust & any financing) $238m Secondary proceeds to VEON 6 $198m VEON loan note $40m VEON loan note $40m Estimated transaction fees $40m Total sources $2,250m Total uses $2,250m

25 Appendix

Combined income statement 26 For the periods ended December 31 (2023, 2024) and March 31 (2024 and 2025) 2023 2024 Q1’24 Q1’25 (In millions of U.S. dollars) 911 915 185 254 Service revenues 4 4 1 1 Other revenues 915 919 186 255 Total operating revenues 1 1 - - Other operating income (94) (100) (24) (24) Service costs (