Company: KYIV
Filing Date: 2025-12-09
Form Type: F-1/A
Source: 0001213900-25-119722
Chunk: 420

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-09
Form: F-1/A
Chunk 420
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 |          885 |
| Total debt and derivatives              |     |           502 |     |          894 |
| Non-current                             |     |           275 |     |          225 |
| Current                                 |     |           227 |     |          669 |

F-149

Kyivstar Group Ltd. Notes to the interim condensed consolidated financial statements (in millions of U.S. dollars unless otherwise stated) 7INVESTMENTS, DEBT AND DERIVATIVES (cont.)

At fair value

Financial instruments measured at fair value are classified into one of the three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

| Level 1 — |     | Unadjusted quoted prices in active markets for identical assets or liabilities;                               |
| Level 2 — |     | Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; |
| Level 3 — |     | Inputs that are not based on observable market data.                                                          |

On a quarterly basis, the Company reviews if there are any indicators for a possible transfer between fair value hierarchy levels. This depends on how the Company is able to obtain the underlying inputs when assessing the fair valuations. During the nine-month period ended September 30, 2025, there were no transfers between Level1, Level 2 and Level 3 fair value measurements.

The SPAC Merger (refer to Note 4) included the issuance of Warrants. Each Warrant entitles the holder to purchase Common Share at an exercise price of US$ per share. The Warrants are exercisable from September 14, 2025 and will expire on August 14, 2030. During the nine-month period ended September 30, 2025 Warrant was exercised leaving Warrants outstanding on September 30, 2025.

The Warrants are accounted for as liabilities and are measured at fair value as of each reporting period. As the Warrants are traded on an active market under the trading symbol “KYIVW”, the fair value of the warrants is a level 1 fair value measurement. Changes in the fair value of the Warrants are recorded in the statements of operations for each period within other non-operating (loss) / gain, net.

At discounted redemption amount

Put option liability represents Helsi put option liability amounting to US$ (2024: US$) and Uklon put option