Company: KYIV
Filing Date: 2025-12-18
Form Type: 424B3
Source: 0001213900-25-123334
Chunk: 142

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-18
Form: 424B3
Chunk 142
---
     |    USD 
 37.982 
 40.159 |     |    EUR 
 42.208 
 43.459 |
|:-------------------|:----|-------:|:----|-------:|
| December 31, 2024  |     | 42.039 |     | 43.926 |
| September 30, 2025 |     | 41.318 |     | 48.441 |

85

The following table demonstrates the sensitivity to a possible change in exchange rates against the U.S. dollar and euro with all other variables held constant. Additional sensitivity changes to the indicated currencies are expected to be approximately proportionate. The tables show the effect on our profit before tax (due to changes in the value of monetary assets and liabilities, including foreign currency derivatives). Our exposure to foreign currency changes for all other currencies is not material.

| As of December 31, 2024         |     |       Increase/ 
 (decrease) in % |     |         Increase/ 
     (decrease) of 
 profit before tax |   |     |      Increase/ 
  (decrease) of 
 net investment |   |
|:--------------------------------|:----|----------------:|:----|------------------:|:--|:----|---------------:|:--|
| Change in USD exchange rate     |     |          +10.00 |     |                34 |   |     |             28 |   |
| Change in the EUR exchange rate |     |          +10.00 |     |                11 |   |     |              9 |   |
| Change in USD exchange rate     |     |           -1.00 |     |                (3 | ) |     |             (3 | ) |
| Change in the EUR exchange rate |     |           -1.00 |     |                (1 | ) |     |             (1 | ) |

Liquidity risk Liquidity risk is the risk we encounter in meeting the obligations associated with our financial liabilities. We analyze the aging of our assets and the maturity of our liabilities and plan our liquidity depending on the expected repayment of various instruments. Our short -termand long -termliquidity needs are funded largely through cash flow from operating activities. Total financial liabilities include VEON Holdings Bonds representing the principal amounts outstanding for April 2025 Old Notes (US$23million) and June 2025 Old Notes (US$15million) which were not exchanged