Company: KYIV
Filing Date: 2025-12-09
Form Type: F-1/A
Source: 0001213900-25-119722
Chunk: 141

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-09
Form: F-1/A
Chunk 141
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 to realize our assets and discharge our liabilities in the normal course of our business. Liquidity and Capital Resources Our ability to generate sufficient cash for our ongoing operations depends on our operating performance, which in turn depends, to some extent, on general economic, financial, industry, regulatory and other factors, many of which are beyond our control, as well as other factors discussed in the section of this prospectus entitled “ Risk Factors.” As of December 31, 2023, we had working capital of $439 million, compared to working capital of $321 million as of December 31, 2024. Working capital is defined as current assets less current liabilities. The decrease in working capital was primarily driven by the maturity profile of the 2025 Bonds and a reduced amount of investment in government bonds which were offset by an increase in cash and cash equivalents and the reclassification of the Seller loan receivable from non -currentto current assets. Our working capital is monitored on a regular basis by management. We believe our cash, cash equivalents, short -termdeposits and short -terminvestments, together with cash we expect to generate from future operations, will be sufficient to meet our working capital and capital expenditure requirements for a period of at least 12 months from the date of this prospectus. 81

Our primary sources of liquidity are the cash flow generated by our operations. We believe that this liquidity structure allows us to sustain fluctuations in cash flow development. Liquidity inflows and outflows of business entities are monitored and coordinated centrally by our corporate treasury department. On April9, 2025, prior to its acquisition by Kyivstar Group Ltd., VEON Holdings repaid the April 2025 Bonds for $472million. On June18, 2025, prior to its acquisition by Kyivstar Group Ltd., VEON Holdings repaid the June 2025 Bonds for $100million. Cash Flows The following table summarizes our cash flow statements for the nine months ended September 30, 2025 and 2024 and the years ended December 31, 2024 and 2023.

|                                                    |     |      Nine months 
            ended 
    September 30, 
             2025 |   |     |   Nine months 
         ended 
 September 30, 
          2024 |   |     |   Year ended 
 December 31, 
         2024 |   |     |   Year ended 
 December 31, 
         2023 |   |
|