Company: KYIV
Filing Date: 2025-12-18
Form Type: 424B3
Source: 0001213900-25-123334
Chunk: 17

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-18
Form: 424B3
Chunk 17
---
 number of customers across Ukrainian network providers. We are also a leading provider in the B2B mobile market, with 11% of our active three -monthsubscribers being B2B customers as of December 31, 2024, approximately 8% being B2B large enterprise customers and 3% being small and medium enterprise customers. In recent years, we have taken steps to diversify through strategic acquisitions. In August 2022, we acquired a controlling stake in Helsi, a digital healthcare platform based in Ukraine, and in May 2025, we increased our stake in Helsi from 69.99% to 97.99%. In the year ended December 31, 2024, Helsi generated $5.1 million of revenue, compared to 1 $3.6 million in the year ended December 31, 2023. Additionally, in December 2022, we spun off Kyivstar.Tech into a separate technology company, which remains wholly owned by us. In the year ended December 31, 2024, Kyivstar.Tech generated $24.2 million of revenue ($24.0 million of which was attributable to intra -Pre -BusinessCombination Kyivstar Group companies), compared to $19.4 million ($19.3 million of which was attributable to intra -Pre -BusinessCombination Kyivstar Group companies) in the year ended December 31, 2023. Our commitment to strategic growth continued with our acquisition of Lan Trace, a regional fixed broadband provider, for $2 million in September 2024. In April 2025, we acquired 97% of the shares in Uklon, a ride -hailingand delivery platform, for approximately $158 million. See “— Recent Developments.” Corporate Information The following diagram depicts the simplified organizational structure of Kyivstar Group Ltd. and its subsidiaries. 2 Kyivstar Group Ltd. is an exempted company limited by shares incorporated in Bermuda on March 7, 2025. Kyivstar Group Ltd. was formed for the sole purpose of effectuating the Transactions contemplated by the Business Combination Agreement, including the acquisition by Kyivstar Group Ltd. of all issued and outstanding equity of VEON Holdings, the direct parent company of JSC Kyivstar, and the merger of Merger Sub with Cohen Circle. The Transactions were consummated on August14, 2025. Prior to the Transactions, Kyivstar Group Ltd.