Company: KYIV
Filing Date: 2025-07-22
Form Type: 424B3
Source: 0001213900-25-066705
Chunk: 533

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-22
Form: 424B3
Chunk 533
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| LLC “Lan Trace”     |     |  100.000 | % |     | Ukraine    |     |        — |   |     | —          |

In August 2022, JSC Kyivstar acquired a controlling share of Helsi Ukraine, an entity in the IT e -healthsector. Initial cash consideration paid for the 69.99% interest in Helsi Ukraine amounted to US$15. In September 2024, JSC Kyivstar entered into a share -purchaseagreement to acquire 100% of the equity interests of LLC “Lan Trace”, an entity who provides internet and TV services in the city of Boryspil and 17 other towns within the Kyiv region, Ukraine to expand its digital portfolio. The preliminary purchase price, which is subject to adjustment, was US$2. In the combined financial statements subsidiary undertakings — which are those companies in which the Group directly or indirectly, has an interest of more than half of the voting rights or otherwise has power to exercise control over the operations — have been fully consolidated. The functional currency of Kyivstar is Ukrainian Hryvnia (“ UAH”), the currency of the primary economic environment in which Kyivstar operates. The combined financial statements are presented in United States dollars ( “U.S. dollar”or “US$”). In these Notes, U.S. dollar amounts are presented in millions, except for share amounts and as otherwise indicated. Due to the ongoing war between Russia and Ukraine, material uncertainties have been identified that may raise substantial doubt on the Company’s ability to continue as a going concern which are discussed in detail below. BASIS OF COMBINATION The combined financial statements as of and for the year ended December 31, 2024 and 2023 present the VEON Group. These CFS have been prepared in accordance with International Financial Reporting Standards ( “IFRS”) as issued by the International Accounting Standards Board, effective at the time of preparing the combined financial statements and applied by VEON Group. As IFRS does not provide guidance for the preparation of combined financial statements, certain accounting conventions commonly used for the preparation of historical financial information have been applied in preparing the combined financial statements. The application of these carve -outconventions has been

F-50 VEON Holdings B.V.
GENERAL INFORMATION ABOUT THE GROUP 1GENERAL INFORMATION (cont.) described below. In addition to the application of specific carve -outconventions impacting the presentation of these combined financial statements,