Company: KYIV
Filing Date: 2025-06-06
Form Type: 425
Source: 0001213900-25-051743
Chunk: 39

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-06
Form: 425
Chunk 39
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 Q1’24 Q1’25 Q1’25 LTM 1 Adjusted EBITDA margin reconciliation 915 919 186 255 988 Total operating revenues 281 283 36 44 291 Profit for the period 31% 31% 19% 19% 29% Profit margin 538 515 93 140 562 Adjusted EBITDA 59% 56% 49% 55% 57% Adjusted EBITDA margin 2023 2024 Q1’24 Q1’25 Q1’25 LTM 1 CAPEX excl. licenses and ROU 2 reconciliation 207 237 40 85 282 Property, plant and equipment 50 94 9 9 94 Intangible assets 0 (35) — — (35) Additions in licences (102) (75) (24) (43) (94) Right - of - use assets 155 221 25 51 247 CAPEX excl. licenses and ROU

Additional financial information 33 Notes: 1. 2025 Notes at VEON Holdings and accrued interest on 2025 Notes that are expected to be repaid before closing of the business com bination 2. Estimated cash amount to be spent on the repayment of 2025 Notes (incl. accrued interest) December 31, 2023 December 31, 2024 March 31, 2025 Debt 597 585 1 604 Bonds 5 6 1 13 Interest accrued on Bonds 4 - - Loans received from subsidiaries of the Parent 281 294 333 Lease liabilities 887 885 950 Total Debt at amortized cost December 31, 2023 December 31, 2024 March 31, 2025 Cash and cash equivalents 425 674 712 Cash and cash equivalents, as presented in the combined statement, of which (10) (10) (10) Cash at VEON Holdings retained in accordance with the demerger proposal (272) (235) (213) Cash at VEON Holdings to repay 2025 Notes 2 143 429 489 Cash and cash equivalents at Kyivstar 2023 2024 Lease expense reconciliation 52 45 Depreciation charge for the year 74 82 Total cash outflows for leases

Risks related to the business and industry of Kyivstar (1/3) 34