Company: KYIV
Filing Date: 2025-12-09
Form Type: F-1/A
Source: 0001213900-25-119722
Chunk: 114

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-09
Form: F-1/A
Chunk 114
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     |                                                |     |                    |     |            |     |          |   4,686,515 |
| Investors Party to Non-Redemption Agreements           |     |                                                |     |                    |     |            |     |          |     757,745 |
| Weighted average shares outstanding basic and diluted* |     |                                                |     |         28,027,500 |     |            |     |          | 229,539,685 |
| Net profit per share basic and diluted                 |     |                                                |     |                    |     |            |     | $        |        0.46 |

____________ *Weighted average shares outstanding basic and diluted exclude Public Warrants, Vesting Securities and Long Term Equity Plan

65 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS The following discussion and analysis of Kyivstar’s financial condition and results of operations should be read together with the combined financial statements and the related notes of VEON Holdings B.V. and the consolidated financial statements and the related notes of Kyivstar, in each case appearing elsewhere in this prospectus. Some of the information contained in this discussion and analysis or set forth elsewhere in this prospectus, including information with respect to Kyivstar’s plans, objectives, expectations, projections, and strategy for its business, includes forward -looking statements that involve risks, uncertainties and assumptions. As a result of many factors, including those set forth under the “Risk Factors” section and elsewhere in this prospectus, Kyivstar’s actual results could differ materially from the results described in or implied by these forward -looking statements contained in the following discussion and analysis. Please also see the section entitled “Cautionary Note Regarding Forward -Looking Statements.” Overview We are a telecommunications and digital business, operating Ukraine’s leading provider of mobile communication by number of subscribers and broadband services by number of access lines, as of December 31, 2024. We provide mobile, digital and fixed -lineservices to over 23 million mobile customers and over 1.1 million broadband subscribers as of December 31, 2024. For the year ended December 31, 2024 and the nine months ended September 30, 2025, our profit for the period was $283 million and $34 million, respectively, and Adjusted EBITDA was $515 million and $477 million, respectively, reflecting our strong operational efficiency and continued profitability. In the same periods, our profit margin