Company: KYIV
Filing Date: 2025-06-06
Form Type: 425
Source: 0001213900-25-051743
Chunk: 34

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-06
Form: 425
Chunk 34
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ed EBITDA divided by LTM Total operating revenues as of Q1’25 1 Ukraine Global peers Europe peers APAC peers MEA peers Greece Malaysia Thailand Thailand Kenya Ukraine GB NL Hungary ANZ EBITDA margin ’25E 38.4% 40.9% 47.2% 48.2% 39.6% 40.5% 36.7% 50.5% 47.3% 54.0% 51.4% 38.1% 38.2% 38.8% 56.9% Indonesia Average of peer group multiples Multiples of EMEA / APAC single country peers 2, 3 with leading market positions 4 Median: 6.5x EV/ 2025E EBITDA EV/ 2024A EBITDA 5 EV / Q1’25 LTM Adj. EBITDA 4.9x 8.6x 5.6x 5.5x 9.0x 4.5x 9.8x 8.9x 8.4x 5.8x 6.6x 6.5x 7.4x 5.7x ~2.8x 3.7x 4.9x 8.3x 5.3x 4.9x 8.6x 4.5x 9.4x 8.5x 7.8x 4.9x 6.2x 6.2x 6.8x 5.3x

Pro forma valuation Transaction overview Valuation, ownership and sources & uses 24 Pro - forma ownership at closing Notes: 1. Includes 4.3 million sponsor promote shares and 0.7 million private placement shares. Sponsor promote shares exclude 0.7 million shares which vest if stock price exceeds $15 within 2 years of closing and 0.7 million shares which vest if stock pri ce exceeds $20 within 5 years of closing 2. Assumes share price of $10.35 and no redemptions. Excludes shares underlying 7.7 million warrants with $11.50 exercise price and shares available for issuance under an equity incentive plan 3. Assumes no redemptions. Subject to change based on actual redemptions 4. Assumes $560 million cash and cash equivalents at closing, subject to adjustment