Company: KYIV
Filing Date: 2025-12-18
Form Type: 424B3
Source: 0001213900-25-123334
Chunk: 136

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-18
Form: 424B3
Chunk 136
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 and cash equivalents at end of period         |     |              472 |   |     |           511 |   |     |          674 |   |     |          425 |   |

Net cash flows from operating activities Net cash flows from operating activities increased by $82 million, or 25.3%, from $324 million for the nine months ended September 30, 2024 to $406 million for the nine months ended September 30, 2025. This increase was driven by the “customer appreciation program” deployed in the nine months ended September 30, 2024 at a value of $46 million, which lowered revenue due to the provision of a discount on one month of services to affected customers, enabling higher year -on -yeargrowth in the nine months ended September 30, 2025. Net cash flows from operating activities increased by $17 million, or 4.1%, from $413 million for the year ended December 31, 2023 to $430 million for the year ended December 31, 2024. This increase was driven predominantly by the effects of the cyberattack in and “customer appreciation program” in the first quarter of 2024 and repricing activities. Net cash flows from/(used in) investing activities Net cash flows used in investing activities decreased by $203 million, or 98.1%, from an outflow of $207 million for the nine months ended September 30, 2024 to an outflow $4 million for the nine months ended September 30, 2025. This decrease was driven by higher cash inflows from the loans granted ($358 million inflow), partially offset by higher cash capex, including expenditures on property, plant and equipment and intangible assets ($60 million increase). Net cash flows used in investing activities decreased by $195 million, or 59.6%, from $327 million for the year ended December 31, 2023 to $132 million for the year ended December 31, 2024. This decrease was driven by higher cash inflows from maturity of government bonds ($293 million increase), partially offset by the acquisition of spectrum licenses for $35 million and other capital investments of $63 million. Net cash flows used in financing activities Net cash used in financing activities increased by $586 million, or 2,790.5%, from $21 million for the nine months ended September 30, 2024 to $607 million for the nine months ended September 30, 202