Company: KYIV
Filing Date: 2025-12-09
Form Type: F-1/A
Source: 0001213900-25-119722
Chunk: 341

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-09
Form: F-1/A
Chunk 341
---
   2024 |   |     |   2023 |   |
| JSC Kyivstar*                  |     | Ukraine                           |     | Operating  |     | 99.995 | % |     | 99.995 | % |

____________

* Based on the development with respect to the freezing of VEON’s corporate rights in Kyivstar as discussed in Note 1, the Company has full control over its subsidiaries in the Ukraine

For details on indirect investments of the Company in further subsidiaries, refer to Note 1.

MATERIAL PARTLY-OWNED SUBSIDIARIES

Apart from Helsi, the Company has no material partly-owned subsidiaries.

SIGNIFICANT ACCOUNTING JUDGEMENTS

Control over subsidiaries

JSC Kyivstar, over which the Company is deemed to have control, and its subsidiaries as discussed in Note 1 are combined for the purpose of these combined financial statements.

13OTHER NON-OPERATING GAIN/(LOSS), NET

Other non-operating gain/ (loss), net consisted of the following for the year ended December 31:

|                                                                                |     | 2024 |   |     | 2023 |   |
| Change in fair value of put option liability                                   |     |    3 |   |     |   (3 | ) |
| Income from sale of scrap metal                                                |     |    — |   |     |    2 |   |
| Loss on purchase and sale of foreign currency for purchase of government bonds |     |    — |   |     |   (7 | ) |
| Other gain/(loss)                                                              |     |   (1 | ) |     |    — |   |
| Other non-operating gain/(loss), net                                           |     |    2 |   |     |   (8 | ) |

14INVESTMENTS, DEBT AND DERIVATIVES

INVESTMENTS AND DERIVATIVES

The Company holds the following investments and derivatives assets as of December 31:

|                                           |     | Carrying value |     |      |
|                                           |     |           2024 |     | 2023 |
| At fair value                             |     |                |     |      |
| Other financial assets – VEON Ltd. shares |     |              8 |     |    — |
|                                           |     |              8 |     |    — |
| At amortized cost                         |     |                |     |      |
| Loan receivable