Kyivstar Group (KYIV) restates equity free cash flow for Q3 2025

Rhea-AI Filing Summary

Kyivstar Group Ltd. is updating how it calculates its non-IFRS metric Equity Free Cash Flow for the third quarter of 2025. The company explains that the earlier Q3 earnings release included a one-time cash inflow of $134 million from a shares issuance in this metric.

To improve comparability between periods, Kyivstar now says Equity Free Cash Flow should exclude cash inflows from proceeds from shares issuance. Using this updated definition, Equity Free Cash Flow before licenses and leases was $40 million for the three months and $203 million for the nine months ended September 30, 2025, and $239 million as of that date. Equity Free Cash Flow after licenses and leases was $31 million for the three months and $176 million for the nine months ended September 30, 2025.

Insights

Equity metrics specialist

Kyivstar refines a key cash flow metric by excluding a one-off share issuance.

Kyivstar clarifies that its previously presented non-IFRS metric Equity Free Cash Flow for Q3 2025 had included a one-time $134 million cash inflow from a shares issuance. It now states that this metric should instead exclude cash inflows from proceeds from shares issuance so that performance trends are more comparable across periods.

Under the updated definition, Equity Free Cash Flow before licenses and leases was $40 million for the three months and $203 million for the nine months ended September 30, 2025, with $239 million reported as of that date. After licenses and leases, the figures were $31 million and $176 million for the same three- and nine-month periods. These values give investors a clearer picture that separates ongoing cash generation from capital raised via equity issuance.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the Month of January 2026

Commission File Number: 001-42804

Kyivstar Group Ltd.

(Translation of registrant’s name into English)

Unit 517, Level 5

Index Tower

Dubai International Financial Centre (DIFC)

United Arab Emirates

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒     Form 40-F ☐

EXPLANATORY NOTE

On November 10, 2025, Kyivstar Group Ltd. (the “Company”) furnished an earnings release (the “Q3 Earnings Release”) announcing its third quarter updates and financial results for the three and nine months ended September 30, 2025. The Company is furnishing this Current Report on Form 6-K to note that the non-IFRS measures Equity Free Cash Flow and LTM Equity Free Cash Flow presented in the Q3 Earnings Release included a one-time cash adjustment for proceeds from shares issuance of $134 million. To enhance period-to-period comparability and to provide additional clarity to the market, the Company advises that the definition of Equity Free Cash Flow used in the Q3 Earnings Release should be updated to exclude cash inflows from proceeds from shares issuance.

Applying the updated definition, Equity Free Cash Flow before licenses and leases for the three and nine months ended September 30, 2025 was $40 million and $203 million, respectively, and LTM Equity Free Cash Flow as of September 30, 2025 was $239 million. Equity Free Cash Flow after licenses and leases for the three and nine months ended September 30, 2025 was $31 million and $176 million, respectively.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: January 23, 2026	Kyivstar Group Ltd.
	By:	/s/ Boris Dolgushin
	Name:	Boris Dolgushin
	Title:	Chief Financial Officer

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FAQ

What change did Kyivstar Group (KYIV) make to Equity Free Cash Flow?

Kyivstar now states that its non-IFRS Equity Free Cash Flow metric should exclude cash inflows from proceeds from shares issuance, removing a one-time $134 million adjustment that had been included in the earlier Q3 2025 earnings release.

Why is Kyivstar updating its Equity Free Cash Flow definition?

Kyivstar explains that excluding proceeds from shares issuance is intended to enhance period-to-period comparability and provide additional clarity to the market about its underlying cash generation.

What is Kyivstar’s updated Equity Free Cash Flow before licenses and leases for Q3 2025?

Using the updated definition, Kyivstar’s Equity Free Cash Flow before licenses and leases was $40 million for the three months ended September 30, 2025 and $203 million for the nine months ended the same date.

What is Kyivstar’s updated Equity Free Cash Flow as of September 30, 2025?

Applying the revised definition, Kyivstar reports Equity Free Cash Flow of $239 million as of September 30, 2025, which reflects cash generation excluding proceeds from shares issuance.

How much is Kyivstar’s Equity Free Cash Flow after licenses and leases for Q3 2025?

Under the updated approach, Equity Free Cash Flow after licenses and leases was $31 million for the three months and $176 million for the nine months ended September 30, 2025.

Does this update affect Kyivstar’s IFRS financial statements?

The update applies to non-IFRS measures related to Equity Free Cash Flow presented in the Q3 2025 earnings release; it describes how the company presents this metric and does not describe changes to IFRS figures in the provided content.