Company: KYIV
Filing Date: 2025-12-09
Form Type: F-1/A
Source: 0001213900-25-119722
Chunk: 142

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-09
Form: F-1/A
Chunk 142
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 in and “customer appreciation program” in the first quarter of 2024 and repricing activities. Net cash flows from/(used in) investing activities Net cash flows used in investing activities decreased by $203 million, or 98.1%, from an outflow of $207 million for the nine months ended September 30, 2024 to an outflow $4 million for the nine months ended September 30, 2025. This decrease was driven by higher cash inflows from the loans granted ($358 million inflow), partially offset by higher cash capex, including expenditures on property, plant and equipment and intangible assets ($60 million increase). Net cash flows used in investing activities decreased by $195 million, or 59.6%, from $327 million for the year ended December 31, 2023 to $132 million for the year ended December 31, 2024. This decrease was driven by higher cash inflows from maturity of government bonds ($293 million increase), partially offset by the acquisition of spectrum licenses for $35 million and other capital investments of $63 million. Net cash flows used in financing activities Net cash used in financing activities increased by $586 million, or 2,790.5%, from $21 million for the nine months ended September 30, 2024 to $607 million for the nine months ended September 30, 2025. This increase was driven by the repayment of the VEON Holdings April 2025 and June 2025 Notes. Net cash flows used in financing activities decreased by $51 million, or 58.0%, from $88 million for the year ended December 31, 2023 to $37 million for the year ended December 31, 2024. This decrease was driven by a decrease in repayment of debt.

82

Indebtedness We held the following outstanding debt and derivatives liabilities as of September 30, 2025 and December 31, 2024 and 2023.

| 2024                                           |     |            As of 
    September 30, 
             2025 
             2023 |     |        As of 
 December 31, |     |     |
|:-----------------------------------------------|:----|-----------------:|:----|-------------:|:----|----:|
|                                                |     | -USD in millions |     |              |     |     |
| At fair value                                  |     |                  |     |              |     |     |
| Warrants