Company: KYIV
Filing Date: 2025-06-06
Form Type: 425
Source: 0001213900-25-051743
Chunk: 10

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-06
Form: 425
Chunk 10
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klon and increasing our stake in Helsi. We are excited to complement this operational performance
with the continued progress towards our plans to list Kyivstar Group on the Nasdaq Stock Market.”

First Quarter 2025 Financial and Operational Highlights

| · | Robust Revenue Growth: Total operating revenue for 1Q25 was USD 255 million, up 37.1% year-on-year                                     
 in USD and 49.6% year-on-year in local currency terms. This result includes the impact of the customer appreciation program undertaken 
 by the Company in the first quarter of 2024 following a cyber security incident at the end of 2023, which lowered revenue in the first 
 quarter of 2024 by an estimated USD 46 million (UAH 1.7 billion) in value. Excluding the impact of the customer appreciation program,  
 local currency revenue growth was 20.1% year-on-year in 1Q25.                                                                          |

| · | Strong Profitability: Adjusted EBITDA for 1Q25 was USD 140 million, up 50.5% year-on-year. This                                                 
 represents an adjusted EBITDA margin of 54.9% in 1Q25. In local currency terms, 1Q25 adjusted EBITDA growth was 64.6% year-on-year, and         
 adjusted EBITDA margin was 54.9%, driven by revenue growth and a decrease in operating costs. Excluding the impact of the customer appreciation 
 program, local currency adjusted EBITDA growth was 10.2% year-on-year in 1Q25.                                                                  |

| · | Multiplay Customers Supporting Growth: The Multiplay customer base, which are customers who use                                        
 at least one digital application in addition to 4G data and voice connectivity, was up by 40.7% year-on-year to 6.1 million customers, 
 and represented 29.5% of one-month-active mobile customersi                                                                            
 reflecting increased adoption of digital products.                                                                                     |

| · | Digital Services Users: Total digital monthly active users across Kyivstar Group’s digital                             
 applications MyKyivstar, Kyivstar TV and Helsi reached 10.3 million in 1Q25, up 32.9% from 7.7 million a year earlier. |

Strategic Milestones:

| · | Announced business combination agreement with Cohen Circle Acquisition Corp. I (Nasdaq: CCIR) (“C