Company: KYIV
Filing Date: 2025-07-22
Form Type: 424B3
Source: 0001213900-25-066705
Chunk: 564

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-22
Form: 424B3
Chunk 564
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 a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily for trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. Financial instruments, which potentially expose the Group to significant concentrations of credit risk, consist principally of cash in bank, short -termdeposits, and trade and other receivables. The Group’s maximum credit risk exposure at December 31 comprises:

|                                       |     |  2024 |     |  2023 |
| Cash and cash equivalents             |     |   674 |     |   425 |
| Security deposits and cash collateral |     |    64 |     |    56 |
| Current financial investments         |     |    30 |     |   151 |
| Financial assets at fair value        |     |     8 |     |     — |
| Trade and other receivables           |     |    40 |     |    55 |
| Long-term accounts receivable         |     |     — |     |     1 |
| Loan receivable from VEON Amsterdam   |     |   363 |     |   343 |
| Total                                 |     | 1,179 |     | 1,031 |

Kyivstar’s cash and deposits are primarily held in banks located in Ukraine. As of December 31, 2024, 55% of cash and cash equivalents were held in three banks (2023: 56% in three banks). The cash and cash equivalent retained by the Company in accordance with the demerger proposal relates to bank accounts of VEON Holdings. Analysis by credit quality of cash and cash equivalents including security deposits and cash collateral at Kyivstar based on credit ratings as published by the credit rating agency Fitch Ratings Inc. (“Fitch”) at December 31 is as follows:

|                                   |     | 2024 |     | 2023 |
| – CCC-/C rated                    |     |    — |     |   35 |
| – Unrated – Other Ukrainian banks |     |  493 |     |  164 |
| – BBB- VEON Holdings              |     |  245 |     |  282 |
| Total                             |     |  738 |     |  481 |

For cash and cash equivalents and security deposits and cash collateral