Company: KYIV
Filing Date: 2025-12-18
Form Type: 424B3
Source: 0001213900-25-123334
Chunk: 113

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-18
Form: 424B3
Chunk 113
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, including those set forth under the “Risk Factors” section and elsewhere in this prospectus, Kyivstar’s actual results could differ materially from the results described in or implied by these forward -looking statements contained in the following discussion and analysis. Please also see the section entitled “Cautionary Note Regarding Forward -Looking Statements.” Overview We are a telecommunications and digital business, operating Ukraine’s leading provider of mobile communication by number of subscribers and broadband services by number of access lines, as of December 31, 2024. We provide mobile, digital and fixed -lineservices to over 23 million mobile customers and over 1.1 million broadband subscribers as of December 31, 2024. For the year ended December 31, 2024 and the nine months ended September 30, 2025, our profit for the period was $283 million and $34 million, respectively, and Adjusted EBITDA was $515 million and $477 million, respectively, reflecting our strong operational efficiency and continued profitability. In the same periods, our profit margin was 31% and 4% (including the impact of the one -timelisting expense of $162million for the nine months ended September30, 2025, which lowered our profit margin by 19 percentage points), respectively, and our Adjusted EBITDA Margin was 56% and 57%, respectively. Our margins and Adjusted EBITDA have remained strong through the war in Ukraine, due to our focus on customer retention and continuity of service during this period. See “— Key Performance Indicators and Non -IFRS Financial Measures” for a discussion of the basis of the presentation of the financial statements of Kyivstar included elsewhere in this prospectus and a description of our non -IFRSfinancial measures. We were founded in 1994 under the name “Bridge,” and we were one of the first mobile networks in Ukraine. We initially focused on mobile services and, throughout the 2000s, we broadened our offerings by investing in mobile data services and modernizing our infrastructure to support the rollout of 3G and later 4G LTE networks. In 2005, already a leader in the Ukrainian telecom market, we were acquired by VEON (formerly VimpelCom). We operate three related business lines: mobile telecommunications services, fixed -linetelecommunications services and digital, which accounted for 92% and 5% and 2% of our revenue for the year ended December 31, 202