Company: KYIV
Filing Date: 2025-07-10
Form Type: F-4/A
Source: 0001213900-25-062760
Chunk: 586

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-10
Form: F-4/A
Chunk 586
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periods ended March 31, 2025 and 2024. Based on the analysis performed, no impairment was identified.

F-101

VEON Holdings B.V.Notes to the interim condensed combined financial statements
(in millions of U.S. dollars unless otherwise stated) FINANCING ACTIVITIES OF THE GROUP 7INVESTMENTS, DEBT AND DERIVATIVES The Company holds the following investments and derivative assets as of:

|                                          |     | March 31, 
      2025 |     | December 31, 
         2024 |
|:-----------------------------------------|:----|----------:|:----|-------------:|
| At fair value                            |     |           |     |              |
| Other financial asset – VEON Ltd. shares |     |         — |     |            8 |
|                                          |     |         — |     |            8 |
| At amortized cost                        |     |           |     |              |
| Loan receivable from VEON Amsterdam B.V. |     |       369 |     |          363 |
| Receivable from VEON Amsterdam B.V.      |     |        32 |     |            — |
| Investments and derivatives              |     |       105 |     |           94 |
| Security deposits and cash collateral    |     |        74 |     |           64 |
| Other investments                        |     |        31 |     |           30 |

At fair value Other financial asset — VEON Ltd. shares as of December 31, 2024 of US$8, represented 5,024,175 ordinary shares of VEON Ltd. (the ultimate Parent of the Group) measured at fair value through other comprehensive income. Subsequently, during the three -monthperiod ended March 31, 2025, the Company further purchased 12,346,225 ordinary shares of VEON Ltd. for US$22. The financial asset was measured at fair value, impacting other comprehensive income by US$2. All VEON Ltd. ordinary shares held by VEON Holdings were transferred to VEON Amsterdam B.V. in March 2025 at fair value (US$32) resulting in a receivable from VEON Amsterdam B.V. At amortized cost Loan receivable from VEON Amsterdam reflects a related party loan receivable needed to cover the estimated shortfall in cash to repay the 2025 Notes at or before their maturity dates. Receivable from VEON Amsterdam represents the receivable