Company: KYIV
Filing Date: 2025-06-06
Form Type: 425
Source: 0001213900-25-051743
Chunk: 40

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-06
Form: 425
Chunk 40
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 Risks Related to the War in Ukraine Our network infrastructure, equipment, systems and other assets are subject to disruption, damage and failure as a result of the war. We have experienced, and may continue to experience, disruptions to our operations as a result of the war. We may incur substantial additional operating costs arising from the war. We may face the risk of nationalization or confiscation of our operations and assets. Our independent auditors have included a going concern emphasis paragraph in their opinion as a result of the effects of the ong oing war in Ukraine. We have suffered reputational harm as a result of the ongoing war in Ukraine. We have seen and may continue to see changes in customer demand due to migration and population shifts. Risks Related to our Market We operate in a highly competitive market, and as a result may have difficulty expanding our customer base or retaining exist ing customers. Investing in frontier markets, where our operations are located, is subject to greater risks than investing in more developed ma rkets, including significant political, legal and economic risks. We may be unable to keep pace with technological changes and evolving industry standards, which could harm our competitive po sit ion and, in turn, materially harm our business. We may be unable to secure the spectrum or licenses required to remain competitive, and high acquisition and deployment costs fo r 5G may adversely affect our ability to provide or maintain high quality services and increase our operating expenses. The telecommunications industry is highly capital intensive and requires substantial and ongoing expenditures of capital. Risks Related to Liquidity and Capital We may not be able to raise additional capital, or we may only be able to raise additional capital at significantly increased co sts. Our indebtedness and debt service obligations could decrease our cash flow, which could adversely affect our business and fin anc ial condition.

Risks related to the business and industry of Kyivstar (2/3) 35 Risks Related to our Operations The international economic environment, inflationary pressures, geopolitical developments and unexpected global events could cau se our business to decline. We have experienced and are continually exposed to cyber - attacks, including the 2023 cyber - attack, both to our own operations or those of our third - party providers, that may lead to compromised or inaccessible telecommunications, digital services and/or leaks or unauthorized processing of confidential information, and pe rce ptions of such threats may cause customers to lose confidence in our services. From time to time, we recognize impairment charges, some of which can be substantial. Our equipment and systems are