Company: KYIV
Filing Date: 2025-07-22
Form Type: 424B3
Source: 0001213900-25-066705
Chunk: 583

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-22
Form: 424B3
Chunk 583
---
 -deductibleexpenses incurred by Kyivstar, which are recorded in our interim condensed combined income statement and by a change in deferred tax assets which have not been recognized. The difference between the statutory tax rate in the Netherlands (25.8%) and the effective corporate income tax rate for the Group in the three -monthperiod ended March 31, 2024, (20.0%) was primarily driven by a number of non -deductibleexpenses incurred by Kyivstar which are recorded in our interim condensed combined income statement. Global Minimum Tax The Group is in scope of the enacted Pillar Two legislation and has performed an assessment of the Group’s exposure to Pillar Two income taxes. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country -by -countryreporting and financial statements for the constituent entities in the Group. Based on the assessment, the Pillar Two effective tax rates with all jurisdictions in which the Group operates are above 15%. The Group has applied the IAS 12 exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

F-100

VEON Holdings B.V.Notes to the interim condensed combined financial statements
(in millions of U.S. dollars unless otherwise stated) INVESTING ACTIVITIES OF THE GROUP 4SIGNIFICANT EVENTS & TRANSACTIONS During the three-month period ended March 31, 2025 There were no significant transactions during the three -monthperiod ended March 31, 2025, other than disclosed in Note 1. During the three-month period ended March 31, 2024 There were no significant transactions during the three -monthperiod ended March 31, 2024. 5PROPERTY AND EQUIPMENT The following table summarizes the movement in the net book value of property and equipment as of March 31:

|                                 |     | 2025 |   |     | 2024 |   |
| As of January 1                 |     |  624 |   |     |  597 |   |
| Additions                       |     |  105 |   |     |   50 |   |
| Depreciation                    |     |  (31 | ) |     |  (31 | ) |
| Impairment                      |     |   (2 | ) |     |   (1 | ) |
| Translation adjustment          |     |    7 |   |     |  (19 | )