Kyivstar Group (KYIV) posts 25.9% 2025 revenue growth and 4.7x digital sales
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Kyivstar Group reported strong 2025 growth, with total revenue up 25.9% to
Net profit fell to
Kyivstar broadened its digital ecosystem with the acquisition of Tabletki.ua for
Positive
- Strong 2025 operating performance: Revenue rose 25.9% to USD 1,157 mn and EBITDA grew 25.8% to USD 648 mn with a stable 56.0% margin, indicating solid growth and cost control.
- Rapid scaling of higher‑value digital ecosystem: Digital revenue increased 467% to USD 124 mn, reaching 10.7% of full‑year revenue (15.7% in 4Q25), supported by Uklon and strong growth in Helsi and Kyivstar TV.
- Healthy cash generation and balance sheet: Net operating cash flow was USD 558 mn and equity free cash flow after leases and licenses reached USD 194 mn, while Kyivstar ended 2025 with USD 456 mn of cash, cash equivalents and deposits and net cash excluding leases.
Negative
- None.
Insights
Kyivstar posts strong 2025 growth, rapidly scales digital, and guides to continued but moderating expansion in 2026.
Kyivstar delivered robust topline and cash generation in a difficult macro backdrop. 2025 revenue rose
The standout is digital, where revenue climbed 4.7x to
Strategically, acquisitions of Tabletki.ua (
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 March 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 x Form 40-F o
EXPLANATORY NOTE
On March 13, 2026, Kyivstar Group Ltd. published a press release and presentation materials, copies of which are furnished hereto as Exhibits 99.1 and 99.2.
EXHIBIT INDEX
| Exhibit No. | Description of Exhibit | ||||||||||||||||
| 99.1 | Earnings Release, dated March 13, 2026 | ||||||||||||||||
| 99.2 | Presentation Materials, dated March 13, 2026 | ||||||||||||||||
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: March 13, 2026 | Kyivstar Group Ltd. | |||||||||||||||||||||||||
| By: | /s/ Boris Dolgushin | |||||||||||||||||||||||||
| Name: | Boris Dolgushin | |||||||||||||||||||||||||
| Title: | Chief Financial Officer | |||||||||||||||||||||||||
Full Year and Fourth Quarter 2025 Earnings Release Revenue up 25.9% in 2025, up 28.4% in 4Q25 EBITDA up 25.8% in 2025, up 21.7% in 4Q25 Digital Revenue up 4.7x in 2025, up 6.2x in 4Q25 (USD terms) Digital, Connectivity Synergies Fuel Growth
E A R N I N G S R E L E A S E FY25 & 4Q25 2 FY25 HIGHLIGHTS Note: We use certain non-IFRS measures that are otherwise indicated with "*". Please see Attachment A for reconciliations to Kyivstar's non-IFRS measures and Attachment D for a detailed description of such measures 1. Excludes the impact of a one-time, non-cash charge of USD 162 mn recognized in 3Q25 results related to the Kyivstar listing. 2. Weighted average common shares outstanding for basic and diluted earnings per share (in millions): 216.1 (FY25) and 206.9 (FY24). Earnings per Share (EPS)2 USD 0.57 -58.8% YoY -62.8% YoY in UAH Total Revenue USD 1,157 mn +25.9% YoY +30.3% YoY in UAH Telecom Revenue USD 1,033 mn +15.1% YoY +19.2% YoY in UAH Digital Revenue USD 124 mn +467% YoY +485% YoY in UAH 10.7% of total revenue Mobile ARPU USD 3.6 +19.3% YoY +23.5% YoY in UAH EBITDA* USD 648 mn +25.8% YoY +30.0% YoY in UAH Net Cash Flows from Operating Activities USD 558 mn 29.8% YoY 34.2% YoY in UAH CAPEX USD 351 mn Capex intensity 30.3% Net Profit USD 124 mn -56.2% YoY -54.7% YoY in UAH Adjusted Net Profit*1 USD 286 mn +1.1% YoY +3.9% YoY in UAH Equity Free Cashflow (after lease and license) * USD 194 mn 26.2% YoY 30.8% YoY in UAH Adjusted Earnings per Share (EPS) *1,2 USD 1.32 -3.2% YoY -0.5% YoY in UAH
E A R N I N G S R E L E A S E FY25 & 4Q25 3 4Q25 HIGHLIGHTS Note: Please see Attachment A for reconciliations to Kyivstar's non-IFRS measures and Attachment D for a detailed description of such measures. 1. Diluted EPS calculation was impacted by change in the fair value of warrants. Weighted average common shares outstanding for diluted earnings per share (in millions): 231.1 (4Q25) and 206.9 (4Q24). Total Revenue USD 321 mn +28.4% YoY +30.1% YoY in UAH Telecom Revenue USD 271 mn +11.5% YoY +12.8% YoY in UAH Digital Revenue USD 50 mn +619% YoY +636% YoY in UAH Digital Revenue as a % of Total Revenue 15.7% +12.8 p.p. YoY EBITDA* USD 172 mn +21.7% YoY +23.1% YoY in UAH Earnings per Share (EPS)1 USD 0.37 -17.2% YoY -16.4% YoY in UAH Total Digital Monthly Active Users USD 15.0 mn +41.6% YoY Multiplay Customers 7.3 mn +18.0% YoY CAPEX USD 128 mn LTM capex intensity 30.3% Net Profit USD 90 mn -3.2% YoY -2.2% YoY in UAH
E A R N I N G S R E L E A S E FY25 & 4Q25 4 CONTENTS FY25 & 4Q25 OVERVIEW 05 GROUP PERFORMANCE 08 STRATEGIC DEVELOPMENTS 14 OUTLOOK 2026 15 PRESENTATION OF FINANCIAL RESULTS 16 ATTACHMENTS 19 DISCLAIMER AND NOTICE TO READERS 30
E A R N I N G S R E L E A S E FY25 & 4Q25 5 FY25 & 4Q25 OVERVIEW Kyiv, March 13, 2026 – Kyivstar Group Ltd. (“Kyivstar” or “the Group”), Ukraine’s leading digital operator, today announces selected unaudited financial and operating results for the full year and fourth quarter ended December 31, 2025. • Total revenue for FY25 increased 25.9% YoY to USD 1,157 mn (UAH 48.2 bn, +30.3%) and for 4Q25 increased by 28.4% to USD 321 mn (UAH 13.5 bn, +30.1%). This was driven by strong revenue generation across the telecom subscriber base and healthy growth across all digital platforms. • Telecom revenue for FY25 rose 15.1% YoY to USD 1,033 mn (UAH 43.1 bn, +19.2%) and for 4Q25 increased by 11.5% YoY to USD 271 mn (UAH 11.4 bn, 12.8%). Growth was driven by continued ARPU expansion in combination with higher penetration of multiplay services. • Digital revenue for FY25 rose 467% YoY to USD 124 mn (UAH 5.2 bn, +485%) on the back of Uklon, Kyivstar’s ride‑hailing platform (acquired in April 2025), and comprised 10.7% of total revenue. For 4Q25, digital revenue increased 614% YoY to USD 50 mn (UAH 2.1 bn, +636%) and comprised 15.7% of total revenue. Uklon contributed USD 80 mn (UAH 3.3 bn) in revenue for FY25 and USD 34 mn (UAH 1.4 bn) in revenue for 4Q25. • The Group recorded a net profit of USD 124 mn for FY25, with earnings per share of USD 0.57. Adjusted for listing loss (USD 162 mn in 3Q25), net profit was USD 286 mn for FY25, with adjusted earnings per share of USD 1.32. • EBITDA for FY25 rose 25.8% YoY to USD 648 mn (UAH 27.0 bn, +30.0%), with an EBITDA margin of 56.0%. For 4Q25, EBITDA rose 21.7% YoY to USD 172 mn (UAH 7.2 bn, 23.1% YoY). Uklon contributed USD 27.6 mn (UAH 1.1 bn) in EBITDA for 2025 and USD 9.2 mn (UAH 386 mn) for 4Q25. • Kyivstar served 22.4 mn mobile customers and 1.2 mn fixed internet customers as of December 31, 2025. Mobile ARPU increased 19.3% YoY to USD 3.6 (UAH 149.3, +23.5%) for the year. • Multiplay customers reached approximately 7.3 mn (+18.0% YoY) and represented 35.0% of one‑month‑active mobile customers. • Uklon recorded 43.6 mn rides and 1.3 mn deliveries in 4Q25 and reached 3.8 mn MAU, helping grow the Group’s total digital MAUs (Uklon, My Kyivstar, Kyivstar TV and Helsi) to 15.0 mn (+41.6% YoY). • Capital expenditures excluding licenses and ROU for FY25 totaled USD 351 mn (UAH 14.6 bn), with capex intensity of 30.3% reflecting continued investment in network resilience and targeted reinvestment. • Kyivstar maintains a strong balance sheet with USD 456 mn of cash, cash equivalents and deposits as of December 31, 2025. • Kyivstar continues to progress its strategic priorities. In February 2026, Kyivstar announced the acquisition of Tabletki.ua, a leading Ukrainian online platform that enables customers to search for, compare and reserve medicines and healthcare products at local pharmacies, offering synergies with Helsi and other parts of the Group’s digital ecosystem. Kyivstar expanded Starlink Direct to Cell services to all the Group’s 4G customers, with almost 5 mn now having taken advantage of initial text capabilities. OTT voice services and light data are due to launch later in 2026. The acquisitions of SUNVIN 11 in December 2025 and Shtorm in February 2026 expand the company’s footprint in renewable energy and fixed broadband, respectively. Development of the Ukrainian LLM and the launch of the 5G pilot in Lviv also continued pace, reflecting Kyivstar’s commitment to being at the forefront of digital and connectivity technologies in Ukraine. • For 2026, Kyivstar expects to deliver UAH revenue growth of 15%-18% and EBITDA growth of 12%-15%. Capex intensity for 2026 is expected within 23%–26% of revenue. In USD terms (assuming UAH/USD averaging 44.5 for the year), revenue is expected to grow 8%-11% and EBITDA by 5%-8%.
E A R N I N G S R E L E A S E FY25 & 4Q25 6 4Q25 & FY25: Key highlights (USD mn except per share data) 4Q25 4Q24 YoY FY25 FY24 YoY Total revenue, of which: 321 250 28.4% 1,157 919 25.9% Telecom revenue 271 243 11.4% 1,033 897 15.1% Digital revenue 50 7 618.6% 124 22 466.7% Digital Revenue as % of Total Revenue 15.7% 2.8% 12.9% 10.7% 2.4% 8.3% EBITDA1 172 141 21.7% 648 515 25.8% EBIT1,2 114 100 13.6% 274 348 (21.5%) Net profit for the period2 90 93 (3.2%) 124 283 (56.3%) Adjusted Net profit for the period1,3 90 93 (3.2%) 286 283 1.1% Earnings per Share (USD)2,4 0.37 0.45 (17.2%) 0.57 1.37 (58.0%) Adjusted Earnings per Share (USD)1, 3,4 0.37 0.45 (17.2%) 1.32 1.37 (3.23%) Capex excl. Licenses and RoU1 128 90 42.2% 351 221 58.8% Capex intensity1 39.9% 36.0% 3.9p.p. 30.3% 24.0% 6.3p.p. EBITDA after Leases (Adj. EBITDAaL)1 143 116 23.18% 535 417 28.4% Equity Free Cash Flow (before leases & license)1 28 36 (22.7%) 232 218 6.4% Equity Free Cash Flow (after leases & license)1 19 (7) 371.4% 194 154 26.2% Return on Invested Capital (ROIC, %)1,3 25.2% 22.1% 1.4p.p. Return on Equity (RoE, %)1,3 24.0% 26.2% (2.2p.p.) Dec 25 Dec 24 vs. Dec Cash and cash equivalents and deposits 456 674 (32.4%) Total debt including leases 478 885 (46.0%) Net debt (22) (211) (89.5%) Net cash, excluding leases 352 83 324.0% Total Equity 1,299 1,080 20.3% 4Q25 4Q24 YoY 3Q25 2Q25 1Q25 Telecom Metrics (millions) Mobile customers 22.4 23.0 (2.8%) 22.5 22.4 22.7 Broadband customers 1.16 1.12 4.2% 1.14 1.13 1.12 4G customers 15.4 14.5 6.3% 15.0 14.4 14.3 4G subscriber base penetration 68.7% 62.8% 5.9p.p. 66.5% 64.5% 63.1% Multiplay customers 7.3 6.1 18.0% 6.6 6.5 6.1 Mobile ARPU (USD) 3.8 3.3 16.7% 3.7 3.5 3.4 Churn rate (annualized,%) 13.5% 17.6% (4.1p.p.) 9.9% 15.1% 15.7% Monthly Data usage per customer (GB) 14.7 11.2 31.4% 13.0 12.6 11.4 Digital Metrics (millions) Total Digital Customers 15.0 10.6 41.6% 13.5 13.4 10.3 Includes: My Kyivstar 6.2 6.2 (0.4%) 5.2 5.4 5.6 Helsi 2.5 2.4 6.7% 2.5 2.5 2.7 Kyivstar TV 2.5 2.0 24.5% 2.1 2.0 2.0 Uklon 3.8 - - 3.6 3.5 - Rides 43.6 40.2 8.6% 42.2 41.2 39.6 Deliveries 1.3 1.1 21.7% 1.2 1.1 1.1 1. See Attachment A for reconciliations to Kyivstar's non-IFRS measures and Attachment D for a detailed description of such measures. 2. Includes the impact of a one-time, non-cash charge of USD 162 mn (UAH 6.7 bn) recognized in 3Q25 results related to the Kyivstar listing. 3. Excludes the impact of a one-time, non-cash charge of USD 162 mn (UAH 6.7 bn) recognized in 3Q25 results related to the Kyivstar listing. 4. Weighted average common shares outstanding for basic and diluted earnings per share (in millions): 230.9 (4Q25 – diluted shares 231.1), 206.9 (4Q24) and 216.1 (FY25), 206.9 (FY24).
E A R N I N G S R E L E A S E FY25 & 4Q25 7 4Q25 & FY25: Key highlights (UAH mn except per share data) 4Q25 4Q24 YoY FY25 FY24 YoY Total revenue, of which: 13,480 10,362 30.1% 48,248 37,030 30.3% Telecom revenue 11,366 10,075 12.8% 43,074 36,146 19.2% Digital revenue 2,114 287 636.3% 5,174 884 485.3% Digital Revenue as % of Total Revenue 15.7% 2.8% 12.9p.p. 10.7% 2.4% 8.3p.p. EBITDA1 7,198 5,848 23.1% 27,012 20,779 30.0% EBIT1,2 4,790 4,149 15.4% 11,432 14,077 (18.8%) Net profit for the period2 3,755 3,840 (2.2%) 5,193 11,473 (54.7%) Adjusted Net profit for the period1,3 3,755 3,840 (2.2%) 11,919 11,473 3.9% Earnings per Share (UAH)4 15.5 18.6 (16.4%) 24.0 55.4 (56.7%) Adjusted Earnings per Share (UAH)1,3,4 15.5 18.6 (16.4%) 55.2 55.4 (0.5%) Capex excl. Licenses and RoU1 5,349 3,730 43.4% 14,622 8,981 62.8% Capex intensity1 39.7% 36.0% 3.7p.p. 30.3% 24.3% 6.0p.p. EBITDA after Leases (Adj. EBITDAaL)1 5,998 4,812 24.6% 22,318 16,844 32.5% Equity Free Cash Flow (before leases & license)1 1,155 1,500 (23.0%) 9,637 8,761 10.0% Equity Free Cash Flow (after leases & license)1 758 (283) 367.9% 8,033 6,144 30.8% Return on Invested Capital (ROIC, %)1,3 24.9% 17.8% 7.2p.p. Return on Equity (RoE, %)1,3 23.7% 25.3% (1.5p.p.) Dec 25 Dec 24 vs. Dec Cash and cash equivalents and deposits 19,319 28,334 (31.8%) Total debt including leases 20,259 37,206 (45.5%) Net debt (940) (8,872) (89.4%) Net cash, excluding leases 14,912 3,488 327.5% Total Equity 55,078 45,402 21.3% 4Q25 4Q24 YoY 3Q25 2Q25 1Q25 Telecom Metrics (millions) Mobile customers 22.4 23.0 (2.8%) 22.5 22.4 22.7 Broadband customers 1.16 1.12 4.2% 1.14 1.13 1.12 4G customers 15.4 14.5 6.3% 15.0 14.4 14.3 4G subscriber base penetration 68.7% 62.8% 5.9p.p. 66.5% 64.5% 63.1% Multiplay customers 7.3 6.1 18.0% 6.6 6.5 6.1 Mobile ARPU (UAH) 161.1 136.3 18.2% 153.1 146.0 140.6 Churn rate (annualized,%) 13.5% 17.6% (4.1p.p.) 9.9% 15.1% 15.7% Monthly Data usage per customer (GB) 14.7 11.2 31.4% 13.0 12.6 11.4 Digital Metrics (millions) Total Digital Customers 15.0 10.6 41.6% 13.5 13.4 10.3 Includes: My Kyivstar 6.2 6.2 (0.4%) 5.2 5.4 5.6 Helsi 2.5 2.4 6.7% 2.5 2.5 2.7 Kyivstar TV 2.5 2.0 24.5% 2.1 2.0 2.0 Uklon 3.8 - - 3.6 3.5 - Rides 43.6 40.2 8.6% 42.2 41.2 39.6 Deliveries 1.3 1.1 21.7% 1.2 1.1 1.1 1. See Attachment A for reconciliations to Kyivstar's non-IFRS measures and Attachment D for a detailed description of such measures. 2. Includes the impact of a one-time, non-cash charge of USD162 mn (UAH 6.7bn) recognized in 3Q25 results related to the Kyivstar listing. 3. Excludes the impact of a one-time, non-cash charge of USD162 mn (UAH 6.7bn) recognized in 3Q25 results related to the Kyivstar listing. 4. Weighted average common shares outstanding for basic and diluted earnings per share (in millions): 230.9 (4Q25 – diluted 231.1), 206.9 (4Q24) and 216.1 (FY25), 206.9 (FY24).
E A R N I N G S R E L E A S E FY25 & 4Q25 8 GROUP PERFORMANCE Kyivstar delivered revenue growth of 30.1% YoY to UAH 13.5 bn in 4Q25 with continued strength across verticals, in turn reflecting the successful execution of the Group’s multiplay and digital strategies. Key growth came from customers using more of Kyivstar’s digital suite throughout their day, in turn matched by mobile customers increasing data consumption. Revenue breakdown Revenue, mn USD UAH 4Q25 4Q24 YoY 4Q25 4Q24 YoY Total, of which: 321 250 28.4% 13,480 10,362 30.1% Telecom Mobile 258 230 12.2% 10,814 9,534 13.4% Fixed 13 13 0.7% 551 540 2.0% Digital 50 7 618.6% 2,114 287 636.3% Revenue, mn USD UAH FY25 FY24 YoY FY25 FY24 YoY Total, of which: 1,157 919 25.9% 48,248 37,030 30.3% Telecom Mobile 980 849 15.4% 40,847 34,212 19.4% Fixed 53 48 11.3% 2,226 1,934 15.1% Digital 124 22 466.7% 5,174 884 485.1% Telecom revenue grew 12.8% YoY to reach UAH 11.4 bn in 4Q25, driven by mobile ARPU climbing 18.2% YoY to UAH 161.1 (USD 3.8) on the back of a 5.9 pp further customer migration to data-rich 4G plans and 31.4% greater consumption of data. Customers not only responded to the distinctive and complementary suite of offerings across Kyivstar’s digital ecosystem but also benefited from the Group’s strategic investments in superior coverage and reliability. Digital revenue increased more than sixfold accounting for 15.7% of revenue at UAH 2.1 bn in 4Q25. The consolidation of Uklon (effective April 2025) contributed to this. Organic growth from legacy verticals was also strong across the product suite. Telecom revenue, mobile ARPU up as connectivity, digital products reinforce one another Telecom revenue growth accelerated YoY as greater data usage and ongoing upgrades to 4G packages facilitated gains in ARPU. Mobile ARPU for 4Q25 rose 18.2% to UAH 161.1 (USD 3.8). • Kyivstar maintains leadership in the Ukrainian telecom market with 22.4 mn mobile subscribers as of December 31, 2025. • Fixed broadband accounts rose 4.2% YoY with more than 44,000 multifamily residential buildings connected to owned or leased fiber across Ukraine. Meanwhile, the highly broadband fragmented market remains a potential area for inorganic growth and is well complemented by Kyivstar TV. • Ongoing 4G migration. The 4G customer base grew 6.3% YoY to 15.4 mn with 4G penetration rising 5.9 pp to 68.7% of the mobile customer base. Transition to 4G is the basis of ongoing expansion of multiplay customers and greater data usage.
E A R N I N G S R E L E A S E FY25 & 4Q25 9 Key subscriber and usage data 4Q25 4Q24 YoY 3Q25 2Q25 1Q25 Mobile customers (mn) 22.4 23.0 (2.8%) 22.5 22.4 22.7 Fixed Broadband customers (mn) 1.2 1.1 4.2% 1.1 1.1 1.1 4G customers (mn) 15.4 14.5 6.3% 15.0 14.4 14.3 4G penetration (%) 68.7% 62.8% 5.9p.p. 66.5% 64.5% 63.1% Mobile ARPU (UAH) 161.1 136.3 18.2% 153.1 146.0 140.6 Mobile MoU (minutes per month) 296 298 (0.6%) 288 295 290 Data usage per customer (GB/month) 14.7 11.2 31.4% 13.0 12.6 11.4 Multiplay customers Multiplay USD UAH 4Q25 4Q24 YoY 4Q25 4Q24 YoY Revenue (mn) 109 76 42.9% 4,569 3,159 44.7% Customers (mn) 7.3 6.1 18.0% 7.3 6.1 18.0% ARPU 5.2 4.4 18.0% 220 184 19.4% Through its multiplay strategy, Kyivstar aims to consistently increase multiplay customers (defined as customers who have consumed (i) voice, (ii) 4G data, and (iii) at least one digital application) by cross-selling its products and services. Customers can add digital subscriptions or services to their paid connectivity plans in a “superpower” bundle. While the customer benefits from an improved value proposition, ARPU also rises. Multiplay customers also have a significantly lower churn rate than voice-only customers. Multiplay customers grew 18.0% YoY to 7.3 mn as of December 31, 2025, now representing 35.0% of the total one-month active customer base. Multiplay revenue increased 44.7% YoY in UAH terms (42.9% YoY in USD). Digital revenue demonstrates Group’s structural transformation Kyivstar’s transformation into a digital ecosystem, built around a core of connectivity, continued to show material progress in both the revenue mix and operational metrics over 4Q25. Total digital MAUs reached 15.0 mn (+41.6% YoY), reflecting both organic adoption and the consolidation of Uklon. The growing customer base spans health, mobility and entertainment services, providing the Group with daily, high-frequency touchpoints. Digital monthly active customers 4Q25 4Q24 YoY 3Q25 2Q25 1Q25 Digital MAUs, of which: 15.0 10.6 41.6% 13.5 13.4 10.3 Uklon 3.8 n.a. - 3.6 3.5 - Helsi 2.5 2.4 6.7% 2.5 2.5 2.7 Kyivstar TV 2.5 2.0 24.5% 2.1 2.0 2.0 My Kyivstar 6.2 6.2 (0.4%) 5.2 5.4 5.6 Digital revenue rose 636.3% YoY to UAH 2.1 bn, increasing its contribution to total revenue from 2.8% in 4Q24 to 15.7% in 4Q25. This also reflects a 3.8 p.p. rise QoQ. The previously reported transition to a new value-sharing model (effective September 2025) for Kyivstar TV enhances Kyivstar’s customer-facing role and drives higher revenue recognition.
E A R N I N G S R E L E A S E FY25 & 4Q25 10 Digital revenue by platform Revenue in mn USD UAH 4Q25 4Q24 YoY 4Q25 4Q24 YoY Digital revenue, of which: 50.4 6.9 618.6% 2,114 287 636.3% Uklon 33.7 n.a. - 1,417 - n.m. Digital Enterprise 6.0 3.6 64.3% 250 150 66.5% Kyivstar TV 8.4 1.9 332.7% 351 80 338.2% Helsi 2.3 1.4 65.7% 95 57 67.8% Uklon Uklon contributed UAH 1.4 bn in revenue and UAH 386 mn in EBITDA in 4Q25. The platform recorded robust growth in trip volumes, average fare per ride and digital engagement, strengthening Kyivstar’s foothold in everyday mobility and reinforcing its ecosystem of services that extend beyond core telecom services. Uklon: Key financial and operating metrics Financials, mn USD UAH 4Q25 4Q24 YoY 4Q25 4Q24 YoY Revenue 33.7 - n.m. 1,417 - n.m. EBITDA* 9.2 - n.m. 386 - n.m. Operating metrics, mn No. of rides 43.6 - n.m. No. of deliveries 1.3 - n.m. Financials, mn USD UAH FY25 FY24 YoY FY25 FY24 YoY Revenue 80.2 - n.m. 3,347 - n.m. EBITDA* 27.6 - n.m. 1,149 - n.m. Operating metrics, mn No. of rides 166.6 - n.m. No. of deliveries 4.7 - n.m. Note: These results do not represent a full fiscal year and reflect performance from the acquisition close date of April 2, 2025 onward, as indicated in the table. We use certain non-IFRS measures that are otherwise indicated with "*". Please see Attachment A for reconciliations to Kyivstar's non-IFRS measures and Attachment D for a detailed description of such measures Digital enterprise: Big data and cloud services The digital enterprise division encompasses a diverse range of offerings mostly in the B2B space. For 4Q25, Kyivstar’s big data and cloud services generated UAH 250 mn in revenue, up 66.5% YoY (USD 6.0 mn, up 64.3% YoY). Growth was driven by large-scale big data analytics products and solutions, AdTech, cloud productivity and collaboration services, and API-based connectivity and data-exchange services. Kyivstar Cloud debuted a range of services enhanced by practical AI applications, in addition to a complementary service providing expert consulting on tailoring AI solutions to particular businesses. The Adwisor self-service AdTech platform saw registered clients climb from more than 3,500 at end 3Q25 to more than 3,800 at end 4Q25. Kyivstar TV Kyivstar TV recorded 2.5 mn MAUs (+24.5% YoY), driven by exclusive sports rights, Ukrainian-language content, and the inclusion of new devices (e.g. gaming consoles, Smart TVs, PCs). Provided as both a mobile OTT internet application and a fixed/IPTV broadband service, Kyivstar TV is the largest media streaming service in Ukraine by number of users. As of December 31, 2025, 48.1% of the Group’s broadband customers were also digital TV users, reflecting the two services’ synergies. The service’s role in customers’ entertainment choices continues to expand, with user sessions rising 25.4% YoY in 4Q25 to 891 mn. Accelerating subscriber and user session growth coincide with expansion to the content catalog, especially with more and unique local-language media. Usage time per
E A R N I N G S R E L E A S E FY25 & 4Q25 11 active user per active day declined 6.9% YoY to 257 minutes, the latter attributable to prolonged blackouts during the quarter. Helsi Helsi is Ukraine’s leading health-tech platform, recording 2.5 mn MAUs (+6.7% YoY) as of 4Q25. New family and individual medical care subscription plans grew, as did the launch of more detailed health insight products, including professional interpretation of medical test results and biomarker tracking. The Group also launched the Helsi Superpower bundle, a value-added supplemental plan within Kyivstar mobile connectivity packages that extends Helsi’s advanced digital health functionality to Kyivstar subscribers and strengthens cross-ecosystem synergies. Helsi’s paid models had more than 57,000 subscribers by end 2025 versus less than 15,000 at end 2024. Helsi is deeply embedded in Ukraine’s eHealth ecosystem, which powers appointment scheduling, prescriptions, and health records management. This integration creates high switching costs and makes Helsi indispensable for both patients and providers. It also demonstrates Kyivstar’s dedication to ESG and CSR, as access to high-quality, digital healthcare is a national priority during wartime. As of December 31, 2025, Kyivstar customers were able to access 1,700 public and private clinics and over 42,000 medical professionals. Capital expenditure Capex excluding licenses and RoU for FY25 was UAH 14.6 bn (USD 351 mn) with a capex intensity of 30.3%. The capex intensity underscores Kyivstar’s commitment to investments that sustain network quality and resilience amid the war. The fourth quarter saw higher capex due to a combination of industry and regulatory factors, with 4Q25 seeing 36% of the year’s spending. • Capex focus: Continued reinvestment in network resilience, further fiber rollout and energy security. Network modernization, regulatory compliance measures, and power-saving feature installations are key drivers of YoY investment growth, ensuring high quality standards for customers. • Energy resilience: Kyivstar’s network sites are now equipped with backup batteries, inverters and solar power, reducing vulnerability to grid instability in line with contemporary legal requirements. Kyivstar will continue to comply on this matter, inclusive of any new regulatory requirements that may come into force going forward. As of December, the Group had funded the installation of approximately 3,740 generators (stationary diesel generators, mobile diesel generators and third-party stationary diesel generators) and approximately 252,000 additional batteries for backup capacity and improved network resilience.
E A R N I N G S R E L E A S E FY25 & 4Q25 12 Financial overview Kyivstar Group Limited USD mn 4Q25 4Q24 YoY FY25 FY24 YoY Total Revenue 321 250 28.4% 1,157 919 25.9% EBITDA 172 141 21.7% 648 515 25.8% EBITDA Margin (%) 53.5% 56.4% (2.9p.p.) 56.0% 56.0% 0.0p.p. Depreciation and Amortization (57) (40) 42.5% (205) (163) 25.8% EBIT 1, 2 114 100 13.6% 274 348 (21.5%) EBIT (before listing expense)1,3 114 100 13.6% 435 348 25.0% Finance costs (19) (6) 216.7% (63) (42) 50.0% Other non-operating gain /(loss), net 7 2 250.0% (1) 2 (150.0%) Foreign exchange (loss) / gain 9 15 (40.0%) (12) 39 (130.8%) Profit before tax 111 111 0.0% 198 347 (42.9%) Income tax expense (21) (18) 16.7% (74) (64) 15.6% Effective tax rate (%) 18.9% 16.2% 2.7p.p. 37.4% 18.4% 18.9p.p. Net Profit2 90 93 (3.2%) 124 283 (56.2%) Adjusted Net Profit 1, 3 90 93 (3.2%) 286 283 1.1% WANS (basic) 230.9 206.9 216.1 206.9 WANS (diluted) 231.1 206.9 216.1 206.9 EPS (basic) 0.39 0.45 (13.3%) 0.57 1.37 (58.0%) EPS (diluted) 0.37 0.45 (17.2%) 0.57 1.37 (58.0%) Adjusted EPS (basic) 1, 3 0.39 0.45 (13.3%) 1.32 1.37 (3.2%) Adjusted EPS (diluted) 1, 3 0.37 0.45 (17.2%) 1.32 1.37 (3.2%) 1. See Attachment A for reconciliations to Kyivstar's non-IFRS measures and Attachment D for a detailed description of such measures. 2. Includes the impact of a one-time, non-cash charge of USD 162 mn (UAH 6.7 bn) recognized in 3Q25 results related to the Kyivstar listing. 3. Excludes the impact of a one-time, non-cash charge of USD 162 mn (UAH 6.7 bn) recognized in 3Q25 results related to the Kyivstar listing. Total revenue growth of 28.4% for 4Q25 and 25.9% for 2025 reflects rising mobile ARPU and rising uptake and ARPU for digital services, including consolidation of Uklon. Connectivity customers continue to move to higher-tier services, including 4G and greater data use. Growing multiplay revenue and number of customers demonstrates the mutual reinforcement of Kyivstar’s digital and connectivity products. EBITDA growth at 21.7% for 4Q25 and 25.8% for 2025 was driven by revenue growth, operating leverage and disciplined cost management. The margins were stable YoY. Depreciation and amortization increased 42.5% for 4Q25 and 25.8% for 2025 YoY, reflecting sustained investment in network capacity, spectrum-related assets, digital platforms and IT infrastructure, as well as the timing of recent capex entering the depreciation cycle. Operating profit (EBIT) increased 13.6% for 4Q25. On an adjusted basis, excluding listing related expenses, operating profit increased by 25.0%. Net finance costs rose 216.7% for 4Q25 and 50.0% for 2025, primarily reflecting higher interest on lease liabilities and increased interest expense on payables to VEON. This was further impacted by a YoY and QoQ decline in interest income, resulting from a higher proportion of cash balances held in USD, which carry lower yields, as part of the Group’s value preservation strategy. Other non-operating gain /(loss) was primarily driven by change in fair value of outstanding warrants (+4 mn for Q425 and -1.5 mn for 2025). Net foreign exchange (loss) / gain was driven by UAH depreciation vs. USD, mainly in 4Q25, and realized FX loss on foreign currency sale/purchase transactions.
E A R N I N G S R E L E A S E FY25 & 4Q25 13 Income tax expense rose 16.7% for 4Q24 and 15.6% for 2025. The headline effective tax rate at 37.4% reflects the impact of the non-recognition of deferred tax assets on tax losses arising from listing expenses. Excluding this impact, effective tax rate would have been 20.6%. Adjusted net profit decreased by 3.2% in 4Q25 due to higher net finance cost and lower FX gain. For FY25 it was higher by 1.1%, driven by stronger EBIT growth, partially offset by higher foreign exchange losses versus a gain in the prior year. Liquidity and capital structure Revenue USD UAH 31 Dec 25 30 Sep 25 QoQ 31 Dec 25 30 Sep 25 QoQ Cash and cash equivalents and deposits 456 473 (3.6%) 19,319 19,534 (1.1%) Gross debt of which 478 462 3.4% 20,259 19,094 6.1% Bonds and loans - principal 104 110 (5.5%) 4,407 4,547 (3.1%) Lease liabilities - principal 374 352 6.2% 15,852 14,547 9.0% Net cash / (debt) (22) 11 n.m. (940) 440 n.m. Net cash excluding leases 352 363 (3.0%) 14,912 14,987 (0.5%) Note: Certain 3Q25 amounts previously reported have been revised to reflect minor reclassifications, these revisions are not material to previously reported results. Cash and cash equivalents and deposits at the end of the period also include deposits of USD 1 mn (UAH 27 mn as of December 2025), USD 1 mn (UAH 32 mn as of September 2025). Kyivstar reported UAH 19.3 bn in cash and cash equivalents as of December 2025. Bonds and loans outstanding primarily reflects the debt to VEON and insignificant external debt. Lease liabilities associated with towers transferred to UTC are fully recognized under IFRS 16.
E A R N I N G S R E L E A S E FY25 & 4Q25 14 STRATEGIC DEVELOPMENTS Kyivstar continued to expand Starlink Direct to Cell satellite connectivity, with almost 5 mn of the Group’s 4G mobile subscribers now having used the service across the country. Kyivstar is the first company in Europe and among the first globally to provide access to direct to cell satellite technology. The initial widescale launch enabled sending and receiving SMS messages in areas where terrestrial connections are unavailable, while in 2026 the Group intends to expand to light data and OTT voice. Expansion of the initial service from Android-only to include iOS users was announced in January 2026. In December 2025, Kyivstar announced the acquisition in full of SUNVIN 11 LLC, the owner of a Ukrainian solar power plant operating with capacity of 12.947 MW, for UAH 347.6 mn (USD 8.2 mn). Electricity produced will be supplied to Ukraine’s unified energy system in accordance with current regulations, enabling Kyivstar to partially hedge risks related to fluctuations in electricity prices. Preliminary estimates indicate the plant can generate electricity equivalent to approximately 4% of Kyivstar’s annual consumption. The investment allows Kyivstar to explore diversifying energy sources and reducing operational risks associated with instability in energy supply. Development of the Ukrainian LLM continues meeting new milestones with public- and private-sector partners. Google’s next-generation open AI model Gemma was announced in December 2025 to be the base for the LLM’s training due to the product’s optimal balance of performance and resources, multimodality, advanced tokenizer, and more. Kyivstar and partners are working to improve the Ukrainian-language tokenizer (in turn enhancing model performance, accuracy and efficiency), further train the model on unique and newly collected media, and implement benchmark tests for further fine-tuning of multiple model applications. In January 2026, Kyivstar announced the launch of a pilot 5G service in the historical center of the city of Lviv. This marks Kyivstar’s first local pilot 5G project and is being implemented in coordination with the Ukrainian Ministry of Digital Transformation. Pending successful pilot testing in Lviv, Kyivstar will gradually expand 5G availability to other Ukrainian cities, including Kharkiv and Borodianka, with Kyiv and Odesa planned for later in 2026. Full-scale 5G rollout across the country will only be considered after the end of the war. On February 3, 2026, VEON, Kyivstar’s parent company and a leading global digital operator with focus on high- growth frontier markets, announced the closing of a secondary public offering of 14,375,000 common shares of Kyivstar (the “Offering”) at a public offering price of USD 10.50 per share. The Offering, which was over-subscribed by 5 times, was closed on February 2 and included Kyivstar shares held by VEON Amsterdam B.V., Kyivstar’s principal shareholder, and 400,000 common shares held by certain other selling shareholders. The Offering opened up a further 6% of Kyivstar’s share capital to public equity investors, thereby meaningfully increasing Kyivstar’s free float, trading liquidity and market visibility, as well as broadening its shareholder base. Following completion of the transaction, VEON’s ownership stake in Kyivstar stands at 83.6%. Kyivstar on February 10, 2026 announced the acquisition of Tabletki.ua for a total consideration of USD 160 mn, paid in full in UAH in Ukraine. Tabletki.ua is Ukraine’s leading online marketplace for healthcare and facilitates customers’ access to medicines, as well as nutrition and healthcare products, aggregating data on availability and pricing. It partners with more than 14,000 pharmacies across Ukraine and facilitated an average of 14 mn bookings monthly in 2025, reflecting its role as a trusted, everyday healthcare tool for Ukrainian families. The gross merchandise value (GMV) of bookings facilitated through the platform amounted to USD 1,191 mn for the 12 months ended September 30, 2025. Based on unaudited management accounts, Tabletki.ua generated LTM EBITDA of USD 24 mn and LTM net profit of USD 20 mn as of September 30, 2025. The agreed consideration of USD 160 million corresponds to a price to LTM earnings ratio of 8.0x on this basis. The acquisition will be earnings accretive with immediate effect and significantly expands Kyivstar’s digital healthcare offering. On February 26, 2026 Kyivstar announced the acquisition of internet service provider Shtorm for UAH 420.0 mn. Shtorm provides services to more than 50,000 customers in more than 130 municipalities, expanding Kyivstar’s market share in a highly fragmented industry.
E A R N I N G S R E L E A S E FY25 & 4Q25 15 OUTLOOK FOR 2026 For 2026, Kyivstar expects to deliver revenue growth of 15%-18% and EBITDA growth of 12%-15% YoY in UAH terms. In USD terms (assuming UAH/USD averaging 44.5 for the year), revenue is expected to grow 8%-11% and EBITDA by 5%-8%. Capex intensity for 2026 is expected within 23%-26% of revenue. FY26 Outlook1 FY25 USD UAH USD2 UAH Total Revenue, YoY 8%-11% 15%-18% 25.9% 30.3% Adj for cyberattack impact3 19.9% 24.4% EBITDA, YoY 5%-8% 12%-15% 25.8% 30.0% Adj for cyberattack impact3 15.3% 19.8% Capex Intensity 23%-26% 30.3% 1. The outlook herein regarding Ukraine is subject to uncertainties due to the ongoing war. Actual outcomes may differ materially from current expectations and current expectations should not be construed as a guarantee of future performance and are provided for informational purposes only. The Group’s outlook includes GAAP and non-IFRS financial measures. 2. U.S. dollar expectations assume an average 2026 exchange rate of UAH 44.5 per U.S. dollar. 3. Reflects year-on-year growth for 2025 after excluding an estimated negative impact of UAH 1.7 bn (USD 46 mn) on revenue and UAH 1.8 bn (USD 47 mn) on EBITDA for 2024 arising from the customer appreciation program launched after the December 2023 cyberattack. We cannot provide a reconciliation of the non-IFRS measures EBITDA and Capex Intensity projections for 2026 without unreasonable effort, given that we are unable to estimate the amounts of certain components of the IFRS profit (loss) for the period, including income taxes and net gain (loss) on foreign exchange, and IFRS intangible assets and certain costs which impact the IFRS property, plant and equipment. Due to the nature of certain reconciling items, it is not possible to predict with any reliability what future outcomes may be with regard to the expense or income that may ultimately be recognized in 2026. We present certain financial information in respect of Kyivstar Group and certain of its operating companies in local currency terms. This non-IFRS financial measure is intended to present the results of Kyivstar Group in local currency amounts and thus exclude the impact of translating such local currency amounts to our reporting currency, U.S. dollars, improving the comparability of results between periods. Our management believes that this increase in comparability between periods provides an additional and meaningful assessment of performance to our management and to investors. This non-IFRS financial measure should not be considered in isolation from, or as a substitute for the Group’s audited financial statements as reported under IFRS. For information regarding our translation of foreign currency-denominated amounts into U.S. dollars, please refer to Attachment C of this document.
E A R N I N G S R E L E A S E FY25 & 4Q25 16 PRESENTATION OF FINANCIAL RESULTS Kyivstar’s results presented in this document are, unless otherwise stated, based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Certain amounts and percentages that appear in this document have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, including those in the tables, may not be an exact arithmetic aggregation of the figures that precede or follow them. The non-IFRS information disclosed in the document, including, among other things, Uklon EBITDA, EBITDA, EBITDA margin, EBITDA (after leases), Adjusted Net Profit, Adjusted EPS, Equity Free Cash Flow (before leases), Equity Free Cash Flow (after leases) capex excl. licenses and RoU, ROIC, RoE, Total debt including leases, Net cash, excluding leases and capex intensity trends, is defined in Attachment D and reconciled to the comparable IFRS information in Attachment A. Consolidated income statement USD mn except earnings per share FY25 FY24 Revenue 1,157 919 Cost of services, equipment and accessories (123) (100) Selling, general and administrative expenses (393) (305) Depreciation (140) (118) Amortization (65) (45) Impairment (8) (3) (Loss) / gain on disposal of non-current assets — (1) Listing expense1 (162) — Other operating income 8 1 Operating profit 274 348 Finance costs (75) (82) Finance income 12 40 Other non-operating (loss) / gain, net - 2 Net foreign exchange (loss) / gain (13) 39 Profit before tax 198 347 Income taxes (74) (64) Profit for the period1 124 283 Basic and Diluted earnings per share 0.57 1.37 Weighted average shares outstanding: Basic and Diluted 216.1 206.9 1. Reflects a non-cash charge of USD 162 mn recognized in 3Q25 results related to the Kyivstar listing. 2. Weighted average common shares outstanding for basic and diluted earnings per share (in millions): 230.9 (4Q25 – diluted shares 231.1), 206.9 (4Q24) and 216.1 (FY25), 206.9 (FY24).
E A R N I N G S R E L E A S E FY25 & 4Q25 17 Consolidated statement of financial position USD mn 31 Dec 2025 31 Dec 2024 Assets Non-current assets Property and equipment 849 624 Intangible assets, excluding goodwill 363 283 Goodwill 128 14 Investments and derivatives 2 — Other assets 88 80 Total non-current assets 1,430 1,001 Current assets Inventories 3 3 Trade and other receivables 37 40 Receivables from related parties 49 363 Other financial assets — 8 Investments and derivatives 119 94 Current income tax assets 5 — Other assets 24 26 Cash and cash equivalents 455 674 Total current assets 692 1,208 Total assets 2,122 2,209 Equity and liabilities Equity Equity attributable to equity owners of the parent 1,299 1,080 Total Equity 1,299 1,080 Non-current liabilities Debt and derivatives 287 225 Provisions 9 4 Deferred tax liabilities 21 6 Other liabilities 8 7 Total non-current liabilities 325 242 Current liabilities Trade and other payables 141 103 Debt and derivatives 229 669 Provisions 10 6 Current income tax payables 19 23 Other liabilities 99 86 Total current liabilities 498 887 Total equity and liabilities 2,122 2,209 Note: please refer to attachment B for UAH denominated statement. Upon listing, the debt and derivatives started to reflect a current liability associated with the fair value of the outstanding Kyivstar warrants, at USD 27 mn as of December 31, 2025. Under IFRS, these warrants are measured at fair value through profit or loss and are measured at each reporting period end, with the valuation being driven by the market price of the warrant at the end of the quarter.
E A R N I N G S R E L E A S E FY25 & 4Q25 18 Consolidated statement of cash flows USD mn 2025 2024 Operating activities Profit before tax 198 347 Non-cash adjustments to reconcile profit before tax to net cash flows Depreciation, amortization and impairment loss 213 166 Gain / (loss) on disposal of non-current assets — 1 Listing expense 162 — Finance costs 75 82 Finance income (12) (40) Other non-operating loss) / gain, net - (2) Foreign exchange (loss) / gain 13 (39) Changes in trade, other receivables and prepayments (51) (10) Changes in inventories — — Changes in trade and other payables 88 32 Changes in provisions, pensions and other 9 4 Interest paid (77) (78) Interest received 11 19 Income tax paid (71) (52) Net cash flows from operating activities 558 430 Investing activities Purchase of property, plant and equipment (247) (162) Purchase of intangible assets (86) (86) Acquisition of subsidiaries, net of cash acquired (157) (2) Inflows / (Outflows) on loans granted 358 - -Payments on deposits (54) (13) Inflow / (Investment) in financial assets 30 119 Proceeds from sale of property and equipment and intangible assets 6 — Other proceeds from investing activities, net — 12 Net cash flows used in investing activities (150) (132) Financing activities Proceeds from borrowings, net of fees paid 7 — Repayment of Loan Note Payable (123) — Proceeds from SPAC Merger, net of transaction costs 132 — Repayment of debt (583) — Payment of principal portion of lease liabilities (37) (29) Investment in shares of VEON Ltd. (22) (8) Net cash flows used in financing activities (626) (37) Net (decrease) / increase in cash and cash equivalents (218) 261 Net foreign exchange difference (1) (12) Cash and cash equivalents at beginning of period 674 425 Cash and cash equivalents at end of period, net of overdraft 455 674
E A R N I N G S R E L E A S E FY25 & 4Q25 19 ATTACHMENTS Contents of the Attachments ATTACHMENT A Reconciliation tables 20 ATTACHMENT B Condensed Financial Statements (in UAH) 24 ATTACHMENT C Rates of functional currency to USD 27 ATTACHMENT D Definitions 28
E A R N I N G S R E L E A S E FY25 & 4Q25 20 Attachment A: Reconciliation Tables EBITDA to Profit for the period reconciliation (USD mn) 4Q25 4Q24 FY25 FY24 EBITDA (A) 172 141 648 515 Amortization (19) (11) (65) (45) Depreciation (24) (17) (86) (73) Depreciation of right of use asset (B) (14) (12) (54) (45) Impairment (2) (1) (8) (3) Gain / (loss) on disposal of non-current assets 1 - - (1) Listing expense - - (162) - Operating Profit 114 100 274 348 Foreign exchange gain / (loss), net 9 15 (12) 39 Other non-operating gain / (loss), net 7 2 (1) 2 Finance income (1) 14 12 40 Finance costs (3) (7) (16) (29) Financial expense from lease liability (C) (15) (13) (59) (53) Profit before tax 111 111 198 347 Income taxes (21) (18) (74) (64) Profit for the period 90 93 124 283 EBITDA-aL (A+B+C) 143 116 535 417 Adjusted net profit to Profit for the period reconciliation (USD millions) 4Q25 4Q24 FY25 FY24 Adjusted net profit for the period 90 93 286 283 Listing expense - - (162) - Profit for the period 90 93 124 283 Adjusted Earnings per Share 0.39 0.45 1.32 1.37 Uklon: EBITDA to profit for the period reconciliation (USD mn) 4Q25 4Q24 FY25 FY24 EBITDA 9 n.a. 28 n.a. Amortization (2) n.a. (6) n.a. Depreciation - n.a. - n.a. EBIT 7 n.a. 21 n.a. Net foreign exchange gain - n.a. (1) n.a. Finance income - n.a. - n.a. Finance costs - n.a. - n.a. Profit before tax 7 n.a. 21 n.a. Income taxes (1) n.a. (3) n.a. Profit for the period 6 n.a. 18 n.a.
E A R N I N G S R E L E A S E FY25 & 4Q25 21 CAPEX reconciliation (USD mn) 4Q25 4Q24 FY25 FY24 Capex excluding license and ROU 128 90 351 221 Adding back purchase of licenses - 35 1 35 Difference in timing b/w accrual and payment for capex 1 (20) (20) (8) Cash paid for capital expenditures Incl. licenses 129 105 332 248 EBITDA reconciliation to EFCF (USD mn) 4Q25 4Q24 YoY FY25 FY24 YoY EBITDA 172 141 31 648 515 133 Movements in working capital 7 (10) 17 38 24 14 Movements in provisions 3 - 3 9 2 7 Net tax paid (18) (12) (6) (71) (52) (19) Cash capex (excluding license payments) (129) (70) (59) (331) (213) (118) Gain/(loss) on disposal of non-current assets 5 - 5 5 1 4 Unlevered Free Cash Flow 39 49 (10) 298 277 21 Net interest (11) (13) 2 (66) (59) (7) Equity Free Cash Flow (before leases and licenses) 28 36 (8) 232 218 14 Lease liabilities payments - principal (9) (8) (1) (37) (29) (8) Licenses payments - (35) 35 (1) (35) 34 Equity Free Cash Flow (after leases and licenses) 19 (7) 25 194 154 39 Cash Flow Statement to EFCF reconciliation (USD mn) 4Q25 4Q24 YoY FY25 FY24 YoY Net cash flow from operating activities 152 106 45 558 430 128 Proceeds from sales of non-current assets 5 - 5 5 1 4 Cash capex (excluding license payments) (129) (70) (59) (331) (213) (118) Equity free cash flow (before leases and licenses) 28 36 (8) 232 218 14 Lease liabilities - Principal (9) (8) (1) (37) (29) (8) Licenses payments - (35) 35 (1) (35) 34 Equity free cash flow (after leases and licenses) 19 (7) 25 194 154 39 EBITDA to Profit for the period reconciliation (UAH mn) 4Q25 4Q24 FY25 FY24 EBITDA (A) 7,198 5,848 27,012 20,779 Amortization (769) (456) (2,682) (1,806) Depreciation (1,009) (705) (3,586) (2,929) Depreciation of right of use asset (B) (572) (497) (2,236) (1,807) Impairment (83) (41) (333) (119) Gain / (loss) on disposal of non-current assets 25 - (17) (41) Listing expense - - (6,726) - Operating Profit 4,790 4,149 11,432 14,077 Foreign exchange gain / (loss), net 345 638 (524) 1,601 Other non-operating gain / (loss), net 377 83 (38) 80 Finance income (61) 580 480 1,616 Finance costs (156) (316) (583) (1,175) Financial expense from lease liability (C) (628) (539) (2,458) (2,128) Profit before tax 4,667 4,595 8,309 14,071 Income taxes (912) (755) (3,116) (2,598) Profit for the period 3,755 3,840 5,193 11,473 EBITDA-aL (A+B+C) 5,998 4,812 22,318 16,844
E A R N I N G S R E L E A S E FY25 & 4Q25 22 Adjusted net profit to profit for the period reconciliation (UAH mn) 4Q25 4Q24 FY25 FY24 Adjusted net profit for the period 3,755 3,840 11,919 11,473 Listing expense - - (6,726) - Profit for the period 3,755 3,840 5,193 11,473 Adjusted Earnings per Share 15.5 18.6 55.2 55.4 Uklon: EBITDA to profit for the period reconciliation (UAH mn) 4Q25 4Q24 FY25 FY24 EBITDA 386 n.a. 1,149 n.a. Amortization (88) n.a. (261) n.a. Depreciation - n.a. - n.a. EBIT 298 n.a. 887 n.a. Net foreign exchange gain (11) n.a. (42) n.a. Finance income 2 n.a. 17 n.a. Finance costs - n.a. - n.a. Profit before tax 288 n.a. 862 n.a. Income taxes (28) n.a. (130) n.a. Profit for the period 260 n.a. 732 n.a. CAPEX reconciliation (UAH mn) 4Q25 4Q24 FY25 FY24 Capex excluding license and ROU 5,349 3,730 14,622 8,981 Adding back purchase of licenses - 1,451 42 1,451 Difference in timing b/w accrual and payment for capex 78 (829) (795) (377) Cash paid for capital expenditures Incl. licenses 5,427 4,352 13,869 10,055 EBITDA to EFCF reconciliation (UAH mn) 4Q25 4Q24 YoY FY25 FY24 YoY EBITDA 7,198 5,848 1,350 27,012 20,779 6,233 Movements in working capital 295 (422) 717 1,603 913 690 Movements in provisions 108 - 108 357 77 280 Net tax paid (768) (497) (271) (2,973) (2,097) (876) Cash capex (excluding license payments) (5,427) (2,901) (2,526) (13,827) (8,604) (5,223) Gain/(loss) on disposal of non-current assets 219 - 219 219 41 178 Unlevered Free Cash Flow 1,623 2,028 (405) 12,391 11,109 1,282 Net interest (468) (528) 59 (2,755) (2,348) (407) Equity Free Cash Flow (before leases and licenses) 1,155 1,500 (345) 9,637 8,761 876 Lease liabilities payments - principal (397) (332) (66) (1,562) (1,166) (396) Licenses payments - (1,451) 1,451 (42) (1,451) 1,409 Equity Free Cash Flow (after leases and licenses) 758 (283) 1,041 8,033 6,144 1,889
E A R N I N G S R E L E A S E FY25 & 4Q25 23 Cash Flow Statement to EFCF reconciliation(UAH mn) 4Q25 4Q24 YoY FY25 FY24 YoY Net cash flow from operating activities 6,363 4,401 1,962 23,244 17,324 5,920 Proceeds from sales of noncurrent assets 219 - 219 219 41 178 Cash capex (excluding license payments) (5,427) (2,901) (2,526) (13,827) (8,604) (5,223) Equity free cash flow (before leases and licenses) 1,155 1,500 (345) 9,637 8,761 876 Lease liabilities - Principal (397) (332) (66) (1,562) (1,166) (396) Licenses payments - (1,451) 1,451 (42) (1,451) 1,409 Equity free cash flow (after leases and licenses) 758 (283) 1,041 8,033 6,144 1,889 1. For 2024, equity and capital employed reflect YE2024 numbers given differing basis of comparisons for historical 2023 account. ROE & ROCE reconciliation (UAH mn) FY25 FY241 Opening equity 45,402 NA Closing equity 55,078 45,402 Total Average Equity for the Period1 (A) 50,240 45,402 Opening debt 37,206 NA Closing debt 20,259 37,206 Average Gross debt for the period1 (B) 28,732 37,206 Cash and cash equivalents (C) (19,292) (16,143) Capital Employed for the period (D = A+B +C) 59,680 66,465 EBIT 11,432 14,077 Listing expense 6,726 - EBIT (E) 18,158 14,077 Statutory tax rate (F) 18.0% 18.0% Operating tax on Adjusted EBIT (G = E x F) (3,268) (2,534) EBIT after tax (H =E –G) 14,890 11,543 Adjusted net profit for the period (I) 11,919 11,473 Adjusted ROCE (H/D) 24.9% 17.4% Adjusted ROE (I/A) 23.7% 25.3% 1. For 2024, equity and capital employed reflect YE2024 numbers given differing basis of comparisons for historical 2023 accounts.
E A R N I N G S R E L E A S E FY25 & 4Q25 24 Attachment B: Condensed Financial Statements in UAH Consolidated income statement (In millions of UAH*) except Earnings per Share 4Q25 4Q24 YoY FY25 FY24 YoY Total operating revenue 13,480 10,362 30.1% 48,248 37,030 30.3% Cost of service, equipment and accessories (1,740) (1,078) 61.4% (5,108) (4,021) 27.0% Selling, general and administrative expenses (4,817) (3,477) 38.5% (16,445) (12,271) 34.0% Depreciation (1,581) (1,202) 31.5% (5,822) (4,736) 22.9% Amortization (769) (456) 68.6% (2,682) (1,806) 48.5% Impairment, net (83) (41) 102.4% (333) (119) 179.8% Gain / (Loss) on disposal of non-current assets 25 - n.m. (17) (41) (58.5)% Listing expense - - n.m. (6,726) - n.m. Other operating income 275 41 5.71 317 41 673.2% Operating profit1 4,790 4,149 15.4% 11,432 14,077 -18.8% Net finance costs (845) (275) 207.3% (2,561) (1,687) 51.8% Other non-operating (loss) / gain, net 377 83 354.2% (38) 80 (147.5)% Net foreign exchange (loss) / gain, net 345 638 (45.9)% (524) 1,601 (132.7)% (Loss) / Profit before tax1 4,667 4,595 1.6% 8,309 14,071 (40.9)% Income taxes (912) (755) 20.9% (3,116) (2,598) 19.9% (Loss) / Profit for the period1 3,755 3,840 -2.2% 5,193 11,473 -54.7% Earnings per Share2 Basic 16.27 18.56 (12.4%) 24.03 55.44 (56.7%) Diluted 15.52 18.56 (12.5%) 24.03 55.44 (56.7%) (In millions of UAH) except Earnings per Share 4Q25 4Q24 YoY FY25 FY24 YoY Adjusted Net Profit for the period1 3,755 3,840 (2.2%) 11,919 11,473 3.9% Adjusted Earnings per Share1,2 15.52 18.6 (16.4%) 55.2 55.4 (0.52%) 1. Reflects a non-cash charge of USD 162 mn recognized in 3Q25 results related to the Kyivstar listing. 2. Weighted average common shares outstanding for basic earnings per share (in millions): 230.9 (4Q25), 206.9 (4Q24) and 216.1 (FY25), 206.9 (FY24) and diluted earnings per share (in millions): 231.1 (4Q25), 206.9 (4Q24) and 216.1 (FY25), 206.9 (FY24). *We present certain financial information in respect of Kyivstar Group and certain of its operating companies in local currency terms. This non-IFRS financial measure is intended to present the results of Kyivstar Group in local currency amounts and thus exclude the impact of translating such local currency amounts to our reporting currency, U.S. dollars, improving the comparability of results between periods. Our management believes that this increase in comparability between periods provides an additional and meaningful assessment of performance to our management and to investors. This non-IFRS financial measure should not be considered in isolation from, or as a substitute for the Group’s audited financial statements as reported under IFRS. For information regarding our translation of foreign currency-denominated amounts into U.S. dollars, please refer to Attachment C of this document.
E A R N I N G S R E L E A S E FY25 & 4Q25 25 Consolidated statement of cash flows (In millions of UAH*) 4Q25 4Q24 FY25 FY24 Operating activities Net cash flows from operating activities 6,363 4,401 23,244 17,324 Investing activities Net cash flows provided by investing activities (6,123) 3,101 (6,296) (4,991) Financing activities Net cash flows used in financing activities (797) (652) (26,019) (1,480) Net (decrease) / increase in cash and cash equivalents (557) 6,850 (9,071) 10,853 Net foreign exchange difference 347 432 29 1,338 Cash and cash equivalents at beginning of period 19,502 21,052 28,334 16,143 Cash and cash equivalents at end of period 19,292 28,334 19,292 28,334 *We present certain financial information in respect of Kyivstar Group and certain of its operating companies in local currency terms. This non-IFRS financial measure is intended to present the results of Kyivstar Group in local currency amounts and thus exclude the impact of translating such local currency amounts to our reporting currency, U.S. dollars, improving the comparability of results between periods. Our management believes that this increase in comparability between periods provides an additional and meaningful assessment of performance for our management and for investors. This non-IFRS financial measure should not be considered in isolation from, or as a substitute for the Group’s audited financial statements as reported under IFRS. For information regarding our translation of foreign currency-denominated amounts into U.S. dollars, please refer to Attachment C of this document.
E A R N I N G S R E L E A S E FY25 & 4Q25 26 Consolidated statement of financial position (In millions of UAH*) 31 Dec 2025 31 Dec 2024 Assets Non-current assets Property and equipment 36,007 26,232 Goodwill 5,419 589 Intangible assets, excluding goodwill 15,369 11,897 Other non-current assets 3,824 3,363 Total non-current assets 60,619 42,081 Current assets Cash and cash equivalents 19,292 28,334 Trade and other receivables 1,560 1,682 Other current assets 8,475 20,767 Total current assets 29,327 50,783 Total assets 89,946 92,864 Equity and liabilities Total Equity 55,078 45,402 Non-current liabilities Debt and derivatives 12,126 9,459 Other non-current liabilities 1,600 714 Total non-current liabilities 13,726 10,173 Current liabilities Trade and other payables 6,019 5,549 Debt and derivatives 9,717 28,124 Other current liabilities 5,406 3,616 Total current liabilities 21,142 37,289 Total equity and liabilities 89,946 92,864 *We present certain financial information in respect of Kyivstar Group and certain of its operating companies in local currency terms. This non-IFRS financial measure is intended to present the results of Kyivstar Group in local currency amounts and thus exclude the impact of translating such local currency amounts to our reporting currency, U.S. dollars, improving the comparability of results between periods. Our management believes that this increase in comparability between periods provides an additional and meaningful assessment of performance for our management and for investors. This non-IFRS financial measure should not be considered in isolation from, or as a substitute for the Group’s audited financial statements as reported under IFRS. For information regarding our translation of foreign currency-denominated amounts into U.S. dollars, please refer to Attachment C of this document.
E A R N I N G S R E L E A S E FY25 & 4Q25 27 Attachment C: Rates of functional currencies to USD Average rates Average rates 4Q25 4Q24 YoY 31 Dec’25 31 Dec’24 YoY Ukraine Hryvnia 42.0 41.4 (1.3%) 42.4 42.0 (0.8%) Note: The foreign exchange (FX) rates presented above have been sourced from Bloomberg.
E A R N I N G S R E L E A S E FY25 & 4Q25 28 Attachment D: Definitions 4G customers 4G customers are mobile customers who used fourth-generation (4G or LTE) network technologies during the three months prior to the measurement date. Adjusted net profit is a non-IFRS financial measure and is defined as profit / (loss) for the period, excluding the impact of the one-time, non-cash charge of USD 162 mn recognized in 3Q25 related to the Kyivstar listing. ARPU (average revenue per user/customer) measures the monthly average revenue per mobile customer. We generally calculate ARPU by dividing our mobile telecommunication and digital service revenue generated by our own subscribers during the relevant period by the average number of our mobile customers during the period and the number of months in that period. Telecommunication revenue includes all mobile connectivity-related revenue, exclusive of revenue from device sales, while digital revenue is limited to revenue from mobile and web digital platforms. Capital expenditures (capex) is a non-IFRS financial measure and is defined as Capex excl. licenses and ROU as purchases of property, plant and equipment and intangible assets, after deducting additions in licenses and right- of-use assets. Capex intensity is a ratio, which is calculated as last-twelve-month (LTM) capex excl licenses and ROU divided by LTM total revenue. Digital revenue includes digital services and platforms, spanning entertainment (gaming, music, and video streaming), e-commerce, ride-hailing, super apps. It also includes enterprise solutions as well as digital offerings in health. EBITDA is a non-IFRS financial measure and is called Adjusted EBITDA in the final prospectus filed by Kyivstar with the SEC on January 30, 2026 as may be amended or supplemented from time to time. Adjusted EBITDA is a non- IFRS financial measure. Adjusted EBITDA should not be considered in isolation or as a substitute for analyses of the results as reported under IFRS. We calculate Adjusted EBITDA as profit/(loss) for the period, before impairment loss, financial expenses and costs, net foreign exchange gain/(loss), share of profit/(loss) of associates and joint ventures, and listing expense, which is also excluded from the calculation. EBITDA margin is calculated as EBITDA (as defined above) divided by total revenue, expressed as a percentage. EBITDA-aL is calculated as EBITDA (as defined above) after lease expense. Equity free cash flow (before leases and licenses) is a non-IFRS measure and is defined as free cash flow from operating activities and proceeds from sale of business, less cash flow used in investing activities. Equity free cash flow (after leases and licenses) is a non-IFRS measure and is defined as free cash flow from operating activities and proceeds from sale of business, less cash flow used in investing activities, excluding license payments, lease payments, cash outflows for business acquisitions, inflow/outflow of deposits, and financial assets, cash inflows from sale of business and proceeds from share issuance. Gross debt is calculated as the sum of long-term notional debt and short-term notional debt, including capitalized leases. Mobile customers (also mobile subscribers) are generally customers in the registered customer base at a given measurement date who engaged in a mobile revenue generating activity at any time during the three months prior to such measurement date. Such activity includes any outgoing calls, customer fee accruals, debits related to service, outgoing SMS and MMS, data transmission and receipt sessions, but does not include incoming calls, SMS and MMS or abandoned calls. The Group’s total number of mobile customers also includes customers using mobile internet service via USB modems and fixed-mobile convergence (“FMC”).
E A R N I N G S R E L E A S E FY25 & 4Q25 29 Multiplay customers are customers who also used one or more of Kyivstar’s digital products at any time during the one month prior to such measurement date. Effective 1Q25, 4G usage below the 100Mb threshold is included in Multiplay and Double Play 4G customer count (excluded prior to 1Q25). Net debt / (cash) is a non-IFRS financial measure and is calculated as the sum of interest-bearing long-term debt, including capitalized leases (unless specifically excluded) and short-term notional debt minus cash and cash equivalents and deposits, long-term and short-term deposits. Kyivstar believes that net debt / (cash) provides useful information to investors because it shows the amount of notional debt that would be outstanding if available cash and cash equivalents and deposits and long-term and short-term deposits were applied to repay such indebtedness. Net debt / (cash) should not be considered in isolation as an alternative to long-term debt and short-term debt, or any other measure of the Group’s financial position. Return on capital employed (ROCE) is calculated as Net Operating Profit After Tax (NOPAT), divided by average capital employed, where capital employed represents average equity and average gross debt less for the period cash and cash equivalents. Return on equity (ROE) is calculated as group profit/loss divided by average equity for the period. Revenue from telecommunications services (“telecom revenue”) are revenue generated by Kyivstar Group Ltd from providing telecommunication services. Telecommunication services refer to fixed and mobile voice, data, interconnection, roaming, messaging, and value-added services, including transmission by satellite. Total digital monthly active users (“MAU”) is a gross total cumulative MAU of all digital platforms, services and applications offered by an entity or by the Group and includes MAU who are active in more than one application. Total digital 3-month active users (“3MAU”) is a gross total cumulative 3-month active users of all digital platforms, services and applications offered by an entity or by the Group and includes MAU who are active in more than one application. Total digital-only monthly active users represent the total cumulative MAUs across all digital platforms who are not VEON mobile subscribers. This measure includes users active in more than one application.
E A R N I N G S R E L E A S E FY25 & 4Q25 30 DISCLAIMER AND NOTICE TO READERS Kyivstar’s results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the international Accounting Standards Board and have not been externally reviewed and/or audited. As such, you should not place undue reliance on this information. Also, certain amounts and percentages have been subject to rounding adjustments. This presentation includes certain financial and operating measures, including EBITDA, EBITDA margin, EBITDA (after leases), Adjusted Net Profit, Adjusted Earnings Per Share, Equity Free Cash Flow (before leases and licenses), Equity Free Cash Flow (after leases and licenses), CAPEX excl. licenses and ROU, Return on Invested Capital, Return on Equity, Total debt including leases, Net cash, excluding leases and Uklon EBITDA, that are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) or IFRS. These non- GAAP/non-IFRS measures, and other measures that are calculated using these non-GAAP/non-IFRS measures, are an addition, and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP or IFRS and should not be considered as an alternative or substitute those determined in accordance with GAAP or IFRS. The Group believes these non-GAAP/non-IFRS financial measures provide valuable insights into key financial and business trends, offering management and potential investors a useful tool for evaluating the Group’s performance and comparing it with peers that report similar metrics. These non-GAAP/non-IFRS measures have limitations, including potential differences in definition from those used by other companies, which may affect comparability. Our operations in Ukraine continue to be affected by the war. We are doing everything we can to protect the safety of our employees, while continuing to ensure the uninterrupted operation of our communications, financial and digital services. We are closely monitoring events in Ukraine, as well as the possibility of the imposition of further legal and regulatory restrictions, including sanctions and countersanctions, in connection with the ongoing war in Ukraine and any potential impact the war may have on our results, whether directly or indirectly. This document contains “forward-looking statements” as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward- looking statements include, but are not limited to, statements relating to Kyivstar Group’s strategic plans, operating results, targets or financial positions; Kyivstar Group’s intended expansion of its digital ecosystem, including through technologies such as artificial intelligence; and Kyivstar’s assessment of the impact of the war in Ukraine on its current and future operations and financial condition. While the forward-looking statements included in this document are based on management’s best assessment, there are numerous risks and uncertainties that could cause Kyivstar Group’s actual results, plans and objectives to differ materially from those expressed, such as those risks discussed in the section entitled “Risk Factors” in Kyivstar Group’s final prospectus filed with the SEC on January 30, 2026 as such document may be amended or supplemented from time to time and other public filings made by Kyivstar Group with the SEC. You are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date hereof and we disclaim any obligation to update them, except to the extent required by applicable law.
E A R N I N G S R E L E A S E FY25 & 4Q25 31 Kyivstar Group Ltd. Index Tower, Unit 517, Level 5 Dubai International Financial Centre Dubai, United Arab Emirates ir@kyivstargroup.com
13 March 2026 | FY25 & 4Q25 Results Presentation Digital, Connectivity Synergies Fuel Growth Kyivstar Group Ltd. Revenue +25.9% in 2025, +28.4% in 4Q25 EBITDA +25.8% in 2025, +21.7% in 4Q25 Digital Revenue +4.7x in 2025, +6.2x in 4Q25 (in USD terms)
2 DISCLAIMER AND NOTICE TO READERS Kyivstar’s results and other financial information presented herein are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and have not been externally reviewed and/or audited. As such, you should not place undue reliance on this information. Also, certain amounts and percentages have been subject to rounding adjustments. This presentation includes certain financial and operating measures, including EBITDA, EBITDA (after leases), Adjusted Net Profit, Adjusted Earnings Per Share, Equity Free Cash Flow (before leases and licenses), Equity Free Cash Flow (after leases and licenses), CAPEX excl. licenses and ROU, Return on Invested Capital, Return on Equity, Total debt including leases, Net cash, excluding leases and Uklon EBITDA, that are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) or IFRS. These non-GAAP/non-IFRS measures, and other measures that are calculated using these non-GAAP/non-IFRS measures, are an addition, and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP or IFRS and should not be considered as an alternative or substitute to those determined in accordance with GAAP or IFRS. The Company believes these non-GAAP/non-IFRS financial measures provide valuable insights into key financial and business trends, offering management and potential investors a useful tool for evaluating the Company’s performance and comparing it with peers that report similar metrics. These non-GAAP/non-IFRS measures have limitations, including potential differences in definition from those used by other companies, which may affect comparability. Our operations in Ukraine continue to be affected by the war. We are doing everything we can to protect the safety of our employees, while continuing to ensure the uninterrupted operation of our communications and digital services. We are closely monitoring events in Ukraine, as well as the possibility of the imposition of further legal and regulatory restrictions, including sanctions and countersanctions, in connection with the ongoing war in Ukraine and any potential impact the war may have on our results, whether directly or indirectly. This presentation contains “forward-looking statements”, within the meaning of Section 27A of the U.S. Securities Act of 1933 as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements relating to Kyivstar Group’s strategic plans, operating results, targets or financial positions; Kyivstar Group’s intended expansion of its digital ecosystem, including through technologies such as artificial intelligence and Kyivstar’s assessment of the impact of the war in Ukraine on its current and future operations and financial condition. While the forward-looking statements included in this presentation are based on management’s best assessment, there are numerous risks and uncertainties that could cause Kyivstar Group’s actual results, plans and objectives to differ materially from those expressed, such as those risks discussed in the section entitled “Risk Factors” in Kyivstar Group’s final prospectus filed with the SEC on January 30, 2026, as such document may be amended or supplemented from time to time and other public filings made by Kyivstar Group with the SEC. You are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date hereof and we disclaim any obligation to update them, except to the extent required by applicable law.
3 FY25 – DELIVERING RESULTS ACROSS ALL FRONTS Expanded telecom & digital to deliver strong topline growth Drove operational efficiency & scale to sustain resilient margins Generated robust cash flows Delivering Strong Growth +25.9% USD revenue growth Scaled digital revenue to contribute ~16% of total revenue in 4Q25 Reached 15 mn total digital MAUs, deepening customer touchpoints across platforms Expanded digital ecosystem with the acquisition of Tabletki.ua Scaling Digital Services +467% USD digital rev. growth Enriched subscriber experience by deepening digital service portfolio Harnessed cross-selling opportunities to enhance multiplay penetration Grew multiplay customers to 35.0% of the customer base Driving New Revenue Streams +18.0% Multiplay customer growth Reached almost 5 mn users with Starlink Direct to Cell satellite services Acquired SUNVIN 11 (12.9 MW solar) as a hedge against rising energy costs Progressed development of Sovereign Ukrainian LLM to drive AI independence Delivering on Strategic Priorities Technological Innovation +30.3% UAH revenue growth 10.7% 15.7% of total revenue FY25 4Q25 +30.1% +28.4% +619%
Revenue 1,157 +25.9% in USD +30.3% in UAH Telecom revenue 1,033 +15.1% in USD +19.2% in UAH Digital revenue 124 +467% in USD +485% in UAH EBITDA 648 +25.8% in USD +30.0% in UAH FY25 KEY FINANCIAL METRICS Adjusted net profit 1 286 +1.1% in USD +3.9% in UAH Earnings per share $0.57 Adjusted EPS 1,2 : $1.32 Capex 351 Intensity: 30.3% Net cash flow from op. activities 558 Equity FCF 3 194 41. Excludes the impact of a non-cash charge of $162 mn recognized in 3Q results related to the Kyivstar listing; 2. Weighted average common shares outstanding for diluted earnings per share (in millions): 216.1 (FY25) and 206.9 (FY24); 3. Equity FCF after accounting for lease and license payments. Notice: See Appendix for additional information on non-IFRS measures and for reconciliations of each to its most directly comparable IFRS measure. All figures expressed in USD mn, unless specified otherwise
Revenue 321 mn +28.4% in USD +30.1% in UAH Telecom revenue 271 mn +11.5% in USD +12.8% in UAH Digital revenue 50 mn +619% in USD +636% in UAH EBITDA 172 mn +21.7% in USD +23.1% in UAH 4Q25 FINANCIAL METRICS – SOLID EXIT MOMENTUM Net profit 90 mn (3.2%) in USD (2.2%) in UAH 4Q25 1 EPS $0.37 Capex 128 mn LTM capex intensity 30.3% Cash position 455 mn 5 1. Weighted average common shares outstanding for diluted earnings per share (in millions): 231.1 (4Q25) and 206.9 (4Q24).; 2. Equity FCF after accounting for lease and license payments. Notice: See Appendix for additional information on non-IFRS measures and for reconciliations of each to its most directly comparable IFRS measure. All figures expressed in USD mn, unless specified otherwise
6 TELECOM BUSINESS – DRIVING ARPU AND BROADBAND GROWTH Subscribers (mn) Churn rate (annualized, %) Broadband subscribers, mn (and % of fixed subs who also use Kyivstar TV) 23.0 22.7 22.4 22.5 22.4 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 (4.9) (4.5) (3.6) (2.8)(3.8)YoY, % ARPU (USD & UAH) 17.6 15.7 15.1 9.9 13.5 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 +4.3 (4.6) (6.3) (4.1)+3.2 3.3 3.4 3.5 3.7 3.8 136 141 146 153 161 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 +20.6 +14.0 +18.2 +40.9 +15.8 +13.0 +16.7+18.5 UAH USD +34.5 +53.9YoY, % YoY, p.p. 1.1 1.1 1.1 1.2 1.2 43.9% 43.6% 43.5% 44.7% 48.1% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 +0.5 +0.1 +2.9 +4.2(1.9)YoY, %
7 POWERING REVENUE GROWTH WITH MULTIPLAY Multiplay vs mobile-only ARPU (USD) YoY, % Multiplay customers growing (mn) Multiplay as % of total base 29.1 29.5 31.7 31.7 35.0 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 +9.1 +7.2 +6.9 +5.9+10.6 6.1 6.1 6.5 6.6 7.3 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 +40.7 +23.7 +24.8 +18.0+50.2 Multiplay customers generate higher ARPUs, come with lower churn Multiplay customers continue to rise Multiplay is a key part of our Digital Operator strategy YoY, p.p. 4.4 4.8 5.0 5.3 5.2 3.3 3.4 3.5 3.7 3.8 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Multiplay ARPU Mobile ARPU 3.8x
ROBUST GROWTH IN DIGITAL REVENUE 8 903 1,027 1,417 149 172 197 222 250 80 89 91 140 351 57 68 73 75 95 2.8% 3.1% 10.8% 11.9% 15.7% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Uklon Digital Enterprise Kyivstar TV Helsi % of total revenue 1,466 2,114 287 330 329 1,264 Digital revenue UAH, mn 3.8 2.5 2.5 6.2 MAUs 1 (mn) 15.0 +41.6% YoY Uklon Kyivstar TV Helsi My Kyivstar 1. Digital customers referring to monthly active users for the last month of the reporting quarter
9 RIDE-HAILING & DELIVERY: UKLON DELIVERED >160 MN RIDES IN 2025 Leading ride-hailing platform in Ukraine Scaling operations and footprint in Uzbekistan 33.7 mn USD 1,417 mn UAH Total revenue 9.2 mn USD 386 mn UAH EBITDA3 4Q25 3.8 mn MAU1 43.6 mn Rides booked2 +8.6% YoY 1.3 mn Deliveries completed2 +21.7% YoY N/A 1. Digital customers referring to monthly active users for the last month of the reporting quarter; 2. For 4Q25; 3. Uklon EBITDA is a non-IFRS measure. See Appendix for additional information and for reconciliation to its most directly comparable IFRS measure.
10 DIGITAL ENTERPRISE: GAINING MOMENTUM Empowering businesses through seamless digital connectivity 1,800+ 609 Cloud services provided to B2B clients Subscriptions to RTK 3,800+ Adwisor (AdTech platform) registered clients Cloud & industry solutions Big data & AdTech M2M & IoT 6.0 mn USD 250 mn UAH Total revenue
11 ENTERTAINMENT: ENGAGEMENT FUELS KYIVSTAR TV MOMENTUM Largest media streaming service in Ukraine 2.5 mn MAU 1 891 mn Number of sessions +25.4% YoY 257 min Usage time per user, per active day3 (6.9%) YoY +19.7% YoY 8.4 mn USD 351 mn UAH Total revenue 2 +333% YoY +338% YoY 1. Refers to users active during December 2025 2. For 4Q25 inclusive of change to revenue model effective from September 2025; 3. OTT users only.
12 HEALTHCARE: HELSI IS SCALING ITS PAYING CUSTOMER BASE The largest digital healthcare platform in Ukraine 42k+ Active doctors and specialists2 2.4 mn Appointments made by patients2 1.7k+ Active healthcare institutions2 +7.5% YoY +4.0% YoY (1.4%) YoY 57k+ Paying customers2 +283% YoY 2.5 mn MAU1 +6.7% YoY 2.3 mn USD 95 mn UAH Total revenue2 +65.7% YoY +67.8% YoY 1. Refers to users active during December 2025; 2. For 4Q25.
5.8 5.8 6.9 7.1 7.2 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 13 FY25 – RESILIENT REVENUE, EBITDA AND FREE CASH FLOW GROWTH… Revenue (UAH, bn) 10.3 10.6 11.8 12.3 13.5 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 +30.1% CAPEX 4Q25: USD 128 mn / UAH 5.4 bn (capex intensity: 39.9%) LTM: USD 351 mn / UAH 14.6 bn (capex intensity: 30.3%) 321USD mn EBITDA (UAH, bn) Equity FCF 1 4Q25: USD 19 mn / UAH 759 mn LTM: USD 194 mn / UAH 8.0 bn 297284255250 +23.1% 172171165140141 1. Equity FCF after accounting for lease and license payments. Notice: See Appendix for additional information on non-IFRS measures and for reconciliations of each to its most directly comparable IFRS measure.
14 …DRIVE A STRONG CASH POSITION AND BALANCE SHEET Bonds and loans primarily reflect the debt to VEON UAH mn USD mn Dec 31, 2025 Sep 30, 2025 Dec 31, 2025 Sep 30, 2025 Cash and cash equivalents and deposits 19,319 19,534 456 473 Gross debt, of which 20,259 19,094 478 462 Bonds and loans – principal 4,407 4,547 104 110 Lease liabilities – principal 15,852 14,547 374 352 Net cash / (debt) (940) 440 (22) 11 Net cash excluding leases 14,912 14,987 352 363 Strong cash position
Sustain mobile market leadership GROWTH STRATEGY AND PRIORITIES Telecom Business Leverage our loyal customer base to develop and launch digital products Digital Maintain paying subscriber base and grow share of multiplay customers Grow digital offerings organically and through adjacent acquisitions while focusing on increasing multiplay penetration Consistent ARPU growth through value-driven and technological enhancements (e.g. Direct to Cell) Target significant organic growth in digital revenue, complemented by acquisitions Fixed broadband market share growth via organic expansion and acquisitions Serve as a key player in restoring and developing Ukraine’s digital ecosystem 15
DELIVERING TO OUR INORGANIC GROWTH STRATEGY Increased ownership in Helsi from 69.99% to 97.99% Announced acquisition of 97% stake in Uklon Launched Starlink Direct to Cell Satellite Connectivity in Ukraine November March May November Announced acquisition of Tabletki.ua to further expand digital healthcare offering February Acquired valuable new spectrum in an auction to support mobile network capacity and coverage Announced acquisition of SUNVIN 11, owner of an operational solar plant with 12.9 MW capacity December 16 2024 2025 2026 Announced acquisition of Shtorm to expand fixed broadband market share
SCALING DIGITAL HEALTH & SYNERGIES VIA TABLETKI.UA ACQUISITION Acquisition terms Fully aligned with Digital Operator strategy; substantial catalyst for development of Digital Health ecosystemUSD 160 mn 1 Terms Consideration paid in UAH in Ukraine Potential synergies Digital health ecosystem development Enrich with mobile data Fuels digital flywheel momentum Kyivstar ecosystem synergies Mobile data enrichment to improve customer engagement and accessibility Purchase price High-frequency service to further boost customer engagement across the digital ecosystem Connections between Kyivstar (telco), Helsi (largest eHealth SaaS provider), Uklon (delivery), and Tabletki.ua (leading medicine marketplace) to drive substantial customer benefits 17 1. Consideration in UAH, based on UAH/USD exchange rate as published by the National Bank of Ukraine from the day before payment; 2. Based on EV of USD 160 mn and LTM EBITDA and net profit of USD 24 mn and 20 mn, respectively; 3. Gross merchandise value 14k+ connected pharmacies in all Ukrainian cities with >50k population Average 14 mn online bookings/month in 2025 GMV 3 of bookings facilitated: UAH 45 bn in 2024 and UAH 57 bn for the LTM at end September 2025 Implied EV/EBITDA 6.7x 2 and P/E 8.0x 2 Immediately earnings accretive with material synergy potential
FY 2026 Outlook 1 FY 2025 USD 2 UAH USD UAH Total revenue, YoY Adj. for cyberattack impact3 8%-11% 15%-18% 25.9% 19.9% 30.3% 24.4% EBITDA, YoY Adj. for cyberattack impact3 5%-8% 12%-15% 25.8% 15.3% 30.0% 19.8% Capex intensity 23%-26% 30.3% OUTLOOK 1. The outlook herein regarding Ukraine is subject to uncertainties due to the ongoing war. Actual outcomes may differ materially from current expectations, and current expectations should not be construed as a guarantee of future performance and are provided for informational purposes only. The Group’s outlook includes GAAP and non-IFRS financial measures. 2. U.S. dollar expectations assume an average 2026 exchange rate of UAH 44.5 per U.S. dollar. 3. Includes an estimated negative impact of UAH 1.7 bn (USD 46 mn) on revenue and UAH 1.8 bn (USD 47 m) on EBITDA arising from the customer appreciation program launched after the December 2023 cyberattack. 18
19 IN SUMMARY Distinctive investment opportunity The only pure play Ukrainian investment opportunity to be publicly listed in the US World-class team Proven leaders with a track record of resilience through war and robust governance Strong balance sheet Significant financial and strategic flexibility National champion Leading digital operator, one of the most recognizable national brands Sustained growth driven by multiple engines Robust margins & cash flows powering reinvestment and performance
Valuation VALUATION AND OWNERSHIP 1. Multiple based on 4Q25 LTM EBITDA of USD 649 mn Cohen Circle Public shareholders Market capitalization USD 2,761 mn Net debt / (cash), excluding lease liabilities (Dec 30, 2025) USD 22 mn Enterprise value (post-IFRS) USD 2,783 mn EV/4Q25 LTM EBITDA 1 4.3x Equity metrics Shareholders Shares, mn VEON 193.0 Public shareholders 36.1 Cohen Circle 1.8 Total 230.9 Share price 11.96 20 USD Ownership structure 83.6% 15.6% 0.8% VEON Notice: See Appendix for additional information on non-IFRS measures and for reconciliations of each to its most directly comparable IFRS measure. 10.9 mn 30-day average daily trading volume USD
21 FY25 & 4Q25 Results Presentation ir@kyivstargroup.com
22 Appendix
RECONCILIATION OF FINANCIAL METRICS (1/4) 23 EBITDA to profit for the period reconciliation (USD mn) 4Q25 4Q24 FY25 FY24 EBITDA 172 141 648 515 Amortization (19) (11) (65) (45) Depreciation (38) (29) (140) (118) Impairment reversal (2) (1) (8) (3) Gain / (loss) on disposal of non-current assets 1 - - (1) Listing expense - - (162) - Operating profit 114 100 274 348 Net foreign exchange gain 9 15 (12) 39 Other non operating gain / (loss), net 7 2 (1) 2 Finance income (1) 14 12 40 Finance costs (18) (20) (75) (82) Profit / (Loss) before tax 111 111 198 347 Income taxes (21) (18) (74) (64) Profit / (Loss) for the period 90 93 124 283
RECONCILIATION OF FINANCIAL METRICS (2/4) 24 Adjusted Net Profit to Profit for the period reconciliation (USD millions) 4Q25 4Q24 FY25 FY24 Adjusted Net profit 90 93 286 283 Listing expense - - (162) - Profit for the period 90 93 124 283 Adjusted Earnings per Share (USD) 1,2 0.39 0.45 1.32 1.37 1. Reflects adjustment for 3Q25 which excludes a non-cash charge of $162 mn related to the Kyivstar listing. 2. Weighted average common shares outstanding for diluted earnings per share (in millions): 231.1 (4Q25), 206.9 (4Q24) and 216.1 (FY25), 206.9 (FY24). . Uklon EBITDA to Profit for the period reconciliation (USD millions) FY25 FY24 EBITDA 28 n/a Amortization (6) n/a Depreciation - n/a EBIT 21 n/a Net foreign exchange gain (1) n/a Finance income - n/a Finance costs - n/a Profit before tax 21 n/a Income taxes (3) n/a Profit for the period 18 n/a
RECONCILIATION OF FINANCIAL METRICS (3/4) 25 CAPEX reconciliation (USD millions) 4Q25 4Q24 FY25 FY24 Capex excluding license and ROU 128 90 351 221 Adding back purchase of licenses - 35 1 35 Difference in timing b/w accrual and payment for capex 1 (20) (20) (8) Cash paid for capital expenditures Incl. licenses 129 105 332 248 EBITDA to EFCF reconciliation (USD millions) 4Q25 4Q24 YoY Change FY25 FY24 YoY Change EBITDA 172 141 31 648 515 133 Movements in working capital 7 (10) 17 38 24 14 Movements in provisions 3 - 3 9 2 7 Net tax paid (18) (12) (6) (71) (52) (19) Cash capex (excluding license payments) (129) (70) (59) (331) (213) (118) Gain/(loss) on disposal of non-current assets 5 - 5 5 1 4 Unlevered Free Cash Flow 39 49 (10) 298 277 21 Net interest (11) (13) 2 (66) (59) (7) Equity Free Cash Flow 28 36 (8) 232 218 14 Lease liabilities payments - principal (9) (8) (1) (37) (29) (8) Licenses payments - (35) 35 (1) (35) 34 Equity Free Cash Flow (after leases and licenses) 19 (7) 25 194 154 39
26 RECONCILIATION OF FINANCIAL METRICS (4/4) EFCF reconciliation to Cash Flow Statement (USD millions) 4Q25 4Q24 YoY Change FY25 FY24 YoY Change Net cashflow from operating activities 152 106 45 558 430 128 Proceeds from sales of non current assets 5 - 5 5 1 4 Cash capex (excluding license payments) (129) (105) (24) (331) (248) (84) Equity free cash flow (before leases and licenses) 28 36 (8) 232 218 14 Lease liabilities - Principal (9) (8) (1) (37) (29) (8) Licenses payments - (35) 35 (1) (35) 34 Equity free cash flow (after leases and licenses) 19 (7) 25 194 154 39
DEFINITIONS 4G customers are mobile customers who have engaged in revenue-generating activity during the three months prior to the measurement date as a result of activities over fourth-generation (4G or LTE – long term evolution) network technologies. Adjusted Net Profit is profit / (loss) for the period, excluding the impact of the one-time charge of $162 mn recognized in 3Q25 related to the Kyivstar listing. ARPU (average revenue per user) measures the monthly average revenue per mobile user. We generally calculate ARPU by dividing our mobile and digital service revenue during the relevant period (including data revenue, roaming revenue, MFS and interconnect revenue, but excluding revenue from connection fees, sales of handsets and accessories and other non-service revenue, but excluding revenue from fixed IPTV) by the average number of our mobile customers during the period and the number of months in that period. Capital expenditures (capex) are purchases of property and equipment, new construction, upgrades, software, other long-lived assets and related reasonable costs incurred prior to the intended use of the non-current asset, accounted at the earliest event of advance payment or delivery. Purchases of licenses and capitalized leases are not included in capital expenditures. Capex intensity is a ratio, which is calculated as last-twelve-month (LTM) capex divided by LTM total revenue. Digital revenue include revenue from Kyivstar Group Ltd.’s proprietary digital platforms and services. Doubleplay 4G customers are mobile customers who engaged in usage of our voice and data services over 4G (LTE) technology at any time during the one month prior to such measurement date. EBITDA is a non-IFRS financial measure and is called Adjusted EBITDA in the final prospectus filed by Kyivstar with the SEC on 30 January, 2026 as may be amended or supplemented from time to time. Adjusted EBITDA is a non-IFRS financial measure. Adjusted EBITDA should not be considered in isolation or as a substitute for analyses of the results as reported under IFRS We calculate Adjusted EBITDA as profit/(loss) for the period, before impairment loss, financial expenses and costs, net foreign exchange gain/(loss), share of profit/(loss) of associates and joint ventures, and listing expense, which is also excluded from the calculation. EBITDA margin is calculated as EBITDA (as defined above) divided by total revenue, expressed as a percentage. Equity free cash flow is a non-IFRS measure and is defined as free cash flow from operating activities and proceeds from sale of business, less cash flow used in investing activities, excluding license payments, lease payments, cash outflows for business acquisitions, inflow/outflow of deposits, and financial assets, cash inflow from sale of business and proceeds from share issuance. Gross debt is calculated as the sum of long-term notional debt and short-term notional debt, including capitalized leases. Mobile customers (also - mobile subscribers) are generally customers in the registered customer base at a given measurement date who engaged in a mobile revenue generating activity at any time during the three months prior to such measurement date. Such activity includes any outgoing calls, customer fee accruals, debits related to service, outgoing SMS and MMS, data transmission and receipt sessions, but does not include incoming calls, SMS and MMS or abandoned calls. Our total number of mobile customers also includes customers using mobile internet service via USB modems and fixed-mobile convergence (“FMC”). Multiplay customers are Doubleplay 4G customers who also engaged in usage of one or more of our digital products at any time during the one month prior to such measurement date. Effective 1Q25, 4G usage below the 100Mb threshold is included in Multiplay and Double Play 4G user count (excluded prior to 1Q25). Net debt / (cash) is a non-IFRS financial measure and is calculated as the sum of interest-bearing long-term debt, including capitalized leases (unless specifically excluded) and short-term notional debt minus cash and cash equivalents and deposits, long-term and short-term deposits. We believe that net debt / (cash) provides useful information to investors because it shows the amount of notional debt that would be outstanding if available cash and cash equivalents and deposits and long-term and short-term deposits were applied to repay such indebtedness. Net debt should not be considered in isolation as an alternative to long-term debt and short-term debt, or any other measure of our financial position. Revenue from telecommunications services (“Telecom revenue”) are revenue generated by Kyivstar Group Ltd from providing telecommunication services. Telecommunication services refer to data, voice, connectivity, television, and similar services, regardless of medium of transmission, including transmission by satellite. Total digital monthly active users (“MAU”) is a gross total cumulative MAU of all digital platforms, services and applications offered by an entity or by the Group and includes MAU who are active in more than one application. 27
28 FY25 & 4Q25 Results Presentation ir@kyivstargroup.com
FAQ
How did Kyivstar Group (KYIV) perform financially in 2025?
Kyivstar’s 2025 revenue grew 25.9% to USD 1,157 million, while EBITDA rose 25.8% to USD 648 million. Adjusted net profit edged up 1.1% to USD 286 million. The company maintained a 56.0% EBITDA margin, showing strong profitability alongside rapid topline growth.
Why did Kyivstar’s reported net profit and EPS decline in 2025?
Reported net profit fell to USD 124 million and EPS to USD 0.57 mainly due to a one‑time, non‑cash USD 162 million listing expense in 3Q25. Excluding this item, adjusted net profit was USD 286 million and adjusted EPS USD 1.32, both modestly above 2024.
How important is digital revenue to Kyivstar Group (KYIV) now?
Digital revenue reached USD 124 million in 2025, up 467% year over year, and represented 10.7% of full‑year revenue. In 4Q25, digital contributed 15.7% of total revenue, showing that services like Uklon, Helsi and Kyivstar TV are becoming core growth drivers.
What guidance did Kyivstar provide for 2026 revenue and EBITDA growth?
For 2026, Kyivstar expects UAH revenue to grow 15%-18% and EBITDA to increase 12%-15%. Using an assumed average exchange rate of 44.5 UAH per USD, this translates to revenue growth of 8%-11% and EBITDA growth of 5%-8% in U.S. dollar terms.
What major acquisitions did Kyivstar Group (KYIV) complete or announce around 2025?
Kyivstar consolidated ride‑hailing platform Uklon in 2025 and later announced the acquisition of Tabletki.ua for USD 160 million. It also acquired solar power asset SUNVIN 11 for UAH 347.6 million (about USD 8.2 million) and ISP Shtorm, expanding digital health, energy and broadband.
How strong is Kyivstar’s cash flow and investment in its network?
In 2025 Kyivstar generated USD 558 million in net cash from operating activities and USD 194 million in equity free cash flow after leases and licenses. It invested USD 351 million in capex, a 30.3% capex intensity, focused on network resilience, fiber rollout and energy security.
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