Kyivstar raises 2026 USD revenue growth outlook to 15–17%
Digital services made up 21.7% of quarterly revenue, while telecom and infrastructure had a 57.7% EBITDA margin.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
6-K
Rhea-AI Filing Summary
Kyivstar Group Ltd. (KYIV) reported third-quarter 2026 revenue of USD 349 million, up 17.5% year over year, and EBITDA of USD 189 million, up 10.3%. Digital revenue increased 68.9% to USD 76 million. Net profit was USD 99 million versus a USD 89 million net loss in 3Q25; the prior-year quarter included a one-time, non-cash USD 162 million listing-related charge.
Nine-month free cash flow was USD 274 million, up 56.8%. Third-quarter capital expenditure excluding licenses and right-of-use was USD 66 million, down 25.6%, and cash and cash equivalents were USD 436 million as of September 30, 2026. The company announced the acquisition of GigaCloud for an initial cash payment of USD 41 million and total consideration of up to USD 50 million, dependent on fulfillment of future agreement terms.
Kyivstar raised its 2026 outlook to revenue growth of 15%–17% and EBITDA growth of 10%–12% in USD terms (22%–24% and 18%–20%, respectively, in UAH); capex intensity remains 21%–24%. The financial information was not externally reviewed and/or audited, and EBITDA and free cash flow are non-IFRS measures.
4 points · 1 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.Kyivstar raised its 2026 revenue growth outlook to 15%–17% in USD terms.
- Moderate point3Q26 revenue rose 17.5% year over year to USD 349 million.
- Moderate point3Q26 EBITDA rose 10.3% year over year to USD 189 million.
- Moderate point9M26 free cash flow increased 56.8% year over year to USD 274 million.
Negative
- None.
Key Figures
Total revenue: USD 349 million; +17.5% year over year
EBITDA: USD 189 million; +10.3% year over year
Digital revenue: USD 76 million; +68.9% year over year
+5 more
8 metrics
Total revenue
USD 349 million; +17.5% year over year
Third quarter of 2026
EBITDA
USD 189 million; +10.3% year over year
Third quarter of 2026
Digital revenue
USD 76 million; +68.9% year over year
Third quarter of 2026
Net profit
USD 99 million
Third quarter of 2026; 3Q25 net loss was USD 89 million
Free cash flow
USD 274 million; +56.8% year over year
Nine months ended September 30, 2026
Cash and cash equivalents
USD 436 million
As of September 30, 2026
2026 growth outlook
Revenue growth: 15%–17%; EBITDA growth: 10%–12%
Revised outlook in USD terms
GigaCloud acquisition consideration
USD 41 million initial cash payment; up to USD 50 million total consideration
Announced acquisition; total consideration depends on fulfillment of future agreement terms
Key Terms
capex intensity, Free cash flow, Mobile ARPU, Gross merchandise value (GMV), +1 more
5 terms
capex intensity financial
"LTM capex intensity declined to 24.0% from 29.0%"
Capex intensity measures how much a company spends on long‑term physical assets (capital expenditures) for each dollar of revenue or business activity, showing how asset‑heavy its operations are. Think of it like the amount you must regularly invest in a car’s repairs and upgrades compared with how much you drive: higher capex intensity means more cash tied up in maintaining or growing the business, which can reduce short‑term profits but may be needed for future growth.
Free cash flow financial
"Free cash flow is a non-IFRS measure"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Mobile ARPU financial
"Mobile ARPU rose 8.6% to USD 4.0"
Average revenue per user (mobile ARPU) is the average amount of money a company earns from each active mobile subscriber or device over a set period, usually a month or year. It is calculated by dividing total mobile service revenue by the number of active mobile users, like checking the average bill per customer. Investors watch mobile ARPU to see how much revenue each user generates and to track pricing, usage, and revenue trends over time.
Gross merchandise value (GMV) financial
"Gross merchandise value (GMV) of bookings completed through the platform"
Gross merchandise value (GMV) measures the total dollar value of all goods and services sold through a marketplace or sales platform over a set period, before subtracting returns, discounts, fees or the portion the company keeps. Investors watch GMV like a traffic counter — it shows how large and active a business’s marketplace is and how fast it’s growing, but it does not equal actual revenue or profit and must be combined with margin and fee information to assess financial health.
EBITDA margin financial
"EBITDA margin is calculated as EBITDA divided by total revenue"
EBITDA margin is the share of each dollar of sales that a company keeps as operating cash profit before interest, taxes, and accounting for equipment wear and long-term investments. Think of it like the cash a store has left from every sale after paying day-to-day running costs but before paying rent, loan interest or replacing old machinery. Investors use it to compare core profitability and operational efficiency across companies by removing financing and accounting differences.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue and EBITDA did KYIV report in 3Q26?
KYIV reported USD 349 million in 3Q26 revenue, up 17.5% year over year, and USD 189 million in EBITDA, up 10.3% year over year.
What is KYIV's 2026 revenue and EBITDA outlook?
KYIV's revised 2026 outlook calls for revenue growth of 15%–17% and EBITDA growth of 10%–12% in USD terms, and growth of 22%–24% and 18%–20%, respectively, in UAH terms. Capex intensity is expected to remain 21%–24%.
How is KYIV's GigaCloud acquisition consideration structured?
The stated acquisition terms include an initial cash payment of USD 41 million, deferred non-adjustable debt of up to USD 4 million, performance-related consideration of approximately USD 3 million, and capex reimbursement of up to USD 2 million. Approximately USD 5 million is linked to future performance and capital investment milestones.
What was KYIV's EBITDA margin in 3Q26?
KYIV reported a 54.0% EBITDA margin in 3Q26, down from 57.6% in 3Q25. The company attributed the decline mainly to higher energy tariffs.
AI-generated analysis. How Rhea-AI works. Not financial advice.
1 Kyivstar releases 3Q26 results, raises outlook 3Q26 revenue rises 17.5% YoY on higher ARPU, 3Q26 EBITDA up 10.3% Key highlights • Revenue rose 17.5% YoY to USD 349 mn (UAH 15.6 bn, +26.5%). Telecommunications and infrastructure revenue grew 8.4% (UAH +16.7%) on higher mobile ARPU and data usage. Digital revenue grew 68.9% (UAH +81.8%) to 21.7% of total revenue. • EBITDA rose 10.3% YoY to USD 189 mn (UAH 8.4 bn, +18.7%), a 54.0% margin. The telecommunications and infrastructure margin was 57.7%; the digital margin was 40.7%. • Net profit was USD 99 mn and diluted EPS USD 0.36, compared with a net loss of USD 89 mn in 3Q25. 3Q25 reflected a one-time, non-cash charge of USD 162 mn recognized in 3Q25 results related to the Kyivstar listing. • Capex fell 25.6% YoY to USD 66 mn. LTM capex intensity declined to 24.0% from 29.0%. • Free cash flow (FCF) was USD 83 mn (3Q25: USD 34 mn) and USD 274 mn for 9M26, up 56.8%. Cash and cash equivalents were USD 436 mn. Net liquidity excluding leases was USD 350 mn. • Kyivstar is raising its outlook for 2026 and now expects revenue growth of 15%–17% in USD (22%–24% in UAH) and EBITDA growth of 10%–12% in USD (18%–20% in UAH). Capex intensity remains unchanged at 21%–24%. Kyiv and New York, November 6, 2026 – Kyivstar Group Ltd. (“Kyivstar” or “the Group”) today announces financial and operating results for the third quarter of 2026, delivering double-digit revenue and EBITDA growth and higher cash generation. Revenue grew 17.5% YoY to USD 349 mn (26.5% in UAH), EBITDA grew 10.3% to USD 189 mn (18.7% in UAH), 9M26 FCF grew 56.8% YoY to USD 274 mn (+65.9% in UAH). Digital revenue grew 68.9% YoY to 21.7% of Group revenue, while digital EBITDA grew 74.2%. Commenting on the results, Kyivstar President Oleksandr Komarov said: “This quarter shows how Kyivstar expands. Our network brings customers in. Our different digital services give our customers reason to use Kyivstar more throughout their day, and customers who use more of Kyivstar spend more across Kyivstar. That growth turns into cash for the next round of expansion: nine-month free cash flow rose 57%. Our network stayed online even in the most demanding conditions. The stronger our business, the more we can lead the way in keeping Ukraine connected, healthy and on the move.” Telecom & Infrastructure: ARPU-led growth • Telecommunications and infrastructure revenue grew 8.4% YoY to USD 273 mn (16.7% in UAH). EBITDA rose 2.9% to USD 158 mn. The 57.7% margin was down 3.1 p.p. YoY on account of higher energy costs. • Mobile ARPU rose 8.6% to USD 4.0 (16.9% to UAH 178.9), supported by 20.0% higher data usage and 4G penetration of 71.5% (+4.9 p.p.). • Broadband customers grew 11.3% YoY to 1.3 mn. An Open Access agreement with Ukrtelecom lets Kyivstar serve home-internet customers over Ukrtelecom’s fiber network, expanding the Group’s market reach further.
2 Digital: scaling profitably • Digital revenue grew 68.9% YoY to USD 76 mn, 21.7% of Group revenue. Digital EBITDA grew 74.2% to USD 31 mn, a 40.7% margin. • Digital customers active in the quarter comprised 29.5 mn, up 48.2% YoY, including Tabletki, consolidated from February 2026. • Multiplay customers now represent 40.3% of one-month active customers (+8.6p.p. YoY) and generate 1.5x the ARPU of the average mobile user, reinforcing the flywheel between connectivity, digital adoption and revenue growth. Strong cash generation • Free cash flow reached USD 83 mn in 3Q26 and USD 274 mn in 9M26 (+56.8% YoY). Capex fell 25.6% to USD 66 mn. LTM capex intensity declined to 24.0% from 29.0%. • Cash and cash equivalents stood at USD 436 mn as of September 30, 2026. Net liquidity excluding leases was USD 350 mn, and net debt including leases was USD 66 mn. Other significant developments • Expanded Uklon at home and abroad, entering four more Ukrainian cities and five cities in Uzbekistan’s Fergana Valley. • Opened fiber access with Ukrtelecom: Open Access agreement for reciprocal use of each operator’s fiber networks, starting in three regions. • Expanding the Group’s enterprise cloud services and digital ecosystem with the announced acquisition of Ukrainian firm GigaCloud. • Deepened presence in the international and multinational business community by opening a New York office at Rockefeller Center and marking one year on Nasdaq. Kyivstar is revising its 2026 outlook USD UAH Revised Previous Revised Previous Revenue growth, YoY 15%–17% 14%–16% 22%–24% 21%–23% EBITDA growth, YoY 10%–12% 9%–12% 18%–20% 17%–19% Capex intensity 21%–24% 21%–24% 21%–24% 21%–24% Additional information Additional information, including the full earnings release and the results presentation, is available on Kyivstar’s Investor Relations website at https://investors.kyivstar.ua/ 3Q26 results presentation and conference call
3 Kyivstar will also host a results presentation conference call with senior management at 08:30 ET / 15:30 EET / 17:30 GST today, November 6. To register and access the webcast conference call, please click below or copy and paste this link to the address bar of your browser: https://kyivstar-3q-2026-results-presentation.open-exchange.net/registration Once registered, you will receive confirmation by email with the link to access the webcast and dial-in details to listen to the conference call over the phone. Join the conversation live In addition to the webcast, the conference call will also be livestreamed on YouTube. This option allows you to follow the discussion in real time from any device without the need for registration or dial-in details. Simply click below or copy and paste this link to the address bar of your browser: https://www.youtube.com/live/EzqpXVEnG9M Q&A If you want to participate in the Q&A session, we ask that you select the “Yes” option on the “Will you be asking questions live on the call?” dropdown box. That will bring you to a page where you can join the Q&A room by clicking “Connect to meeting.” You will be brought into a Zoom webinar where you can listen to the presentation. Once the Q&A begins, please use the “Raise hand” button on the bottom of your Zoom screen to enter the queue for questions. The moderator will announce your name as well as sending a message to your screen asking you to confirm you wish to speak when your turn is reached. Once accepted, please unmute your microphone and ask your question. You can also submit your questions prior to the webcast event to Kyivstar Investor Relations at ir@kyivstargroup.com. About Kyivstar Group Ltd. Kyivstar Group Ltd. is a Nasdaq-listed holding company that operates JSC Kyivstar, Ukraine’s leading digital operator and the first Ukrainian company to list on a U.S. stock exchange. Kyivstar Group Ltd and its companies provide a broad range of connectivity and digital services, including mobile and fixed-line voice and data, ride-hailing, e-health, digital TV, and enterprise solutions such as Big Data, cloud, and cybersecurity. For more information, visit: https://investors.kyivstar.ua. Performance measures and non-GAAP financial measures In presenting our results, Kyivstar has included certain financial and operating measures, including EBITDA, EBITDA margin, Digital EBITDA, free cash flow and capex intensity, that are not prepared in accordance with International Financial Reporting Standards (“IFRS”). Management believes these measures are useful to consider. The key performance measures and non-GAAP or non-IFRS financial measures that Kyivstar believes are meaningful in analyzing its performance are summarized in Attachment D of Kyivstar’s earnings release as of the date of this press release and where applicable a reconciliation of non-GAAP/non-IFRS financial measures to IFRS financials is
4 provided in Attachment A of Kyivstar’s earnings release. None of these non-GAAP/non-IFRS financial measures should be viewed as a substitute for those determined in accordance with IFRS and Kyivstar’s methodology for calculating these measures has limitations, including potential differences from the way industry peers calculate such measures. Disclaimer and notice to reader 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’s future operating results, targets, or financial position. There are numerous risks and uncertainties that could cause actual results and Kyivstar’s plans and objectives to differ materially from those expressed in the forward-looking information, such as those risks discussed in the section entitled “Risk Factors” Kyivstar Group’s 20-F filed with the SEC on March 16, 2026 as such document may be amended or supplemented from time to time, and in any other subsequent filings with the SEC by Kyivstar. The forward-looking statements contained in this document speak only as of the date hereof and Kyivstar disclaims any obligation to update or revise any of these forward-looking statements, except as required by applicable laws. See “Disclaimer and Notice to Readers” in our full 3Q26 Earnings Release for a more fulsome description of the above. Contact information Kyivstar Group Ltd Investor Relations ir@kyivstargroup.com
Earnings Release and Operating Highlights for the Third Quarter and Nine Months Ended 30 September 2026 Kyivstar Raises 2026 Revenue and EBITDA Outlook 3Q26 Revenue +17.5% YoY, EBITDA +10.3% YoY (USD terms) (USD terms)
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 2 3Q26 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. Revenue from enterprise identity and credential management services is reported within the Digital Enterprise vertical starting from 1Q26, with 3Q26 at USD 8.7 mn. Prior periods have been reclassified accordingly (3Q25: USD 9.6 mn). 2. 3Q25 reflects a one-time, non-cash charge of USD 162 mn recognized in 3Q25 results related to the Kyivstar listing. Further, change in fair value of outstanding warrants drove non-cash impact of USD +14.6 mn in 3Q26 and USD -5.4 mn in 3Q25. 3. Weighted average common shares outstanding for diluted earnings per share (in mn): 232.1 (3Q26) and 219.3 (3Q25). 4. FCF, previously referred to as Equity Free Cash Flow ("EFCF") after leases and licenses. The change is in name only; the calculation methodology is unchanged. Diluted Earnings per Share (EPS)3 USD 0.36 versus USD (0.41) in 3Q252 Total Revenue USD 349 mn +17.5% YoY +26.5% YoY in UAH Telecom & Infrastructure Revenue1 USD 273 mn +8.4% YoY +16.7% YoY in UAH Digital Revenue1 USD 76 mn +68.9% YoY +81.8% YoY in UAH 21.7% of total revenue Mobile ARPU USD 4.0 +8.6% YoY +16.9% YoY in UAH EBITDA* USD 189 mn +10.3% YoY +18.7% YoY in UAH Net Cash Flows from Operating Activities USD 160 mn +11.1% YoY +19.6% YoY in UAH CAPEX USD 66 mn 3Q26 capex intensity 19.0% Net Profit USD 99 mn versus USD (89 mn) in 3Q252 Free Cash Flow4* USD 83 mn +144.0% YoY +170.8% YoY in UAH
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 3 9M26 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. Revenue from enterprise identity and credential management services is reported within the Digital Enterprise vertical starting from 1Q26, with 9M26 at USD 27.3 mn. Prior periods have been reclassified accordingly (9M25: USD 30.4 mn). 2. 9M25 reflects a one-time, non-cash charge of USD 162 mn recognized in 3Q25 results related to the Kyivstar listing. Further, change in fair value of outstanding warrants drove non-cash impact of USD -7.4 mn in 9M26 and USD -5.4 mn in 9M25. 3. Weighted average common shares outstanding for diluted earnings per share (in mn): 230.9 (9M26) and 211.1 (9M25). 4. FCF, previously referred to as Equity Free Cash Flow ("EFCF") after leases and licenses. The change is in name only; the calculation methodology is unchanged. Earnings per Share (EPS)2,3 USD 1.13 +599.1% YoY +642.7% YoY in UAH Total Revenue USD 1,011 mn +20.9% YoY +28.1% YoY in UAH Telecom & Infrastructure Revenue1 USD 794 mn +8.5% YoY +14.9% YoY in UAH Digital Revenue1 USD 217 mn +108.4% YoY +121.2% YoY in UAH 21.5% of total revenue EBITDA* USD 549 mn +15.1% YoY +22.0% YoY in UAH Net Cash Flows from Operating Activities USD 491 mn +20.9% YoY +28.0% YoY in UAH CAPEX USD 192 mn LTM capex intensity 24.0% Net Profit2 USD 261 mn +666.6% YoY +713.0% YoY in UAH Free Cash Flow4* USD 274 mn +56.8% YoY +65.9% YoY in UAH Mobile Customers (million) 21.7 -3.4% YoY
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 4 CONTENTS 3Q26 & 9M26 OVERVIEW 5 GROUP PERFORMANCE 9 STRATEGIC DEVELOPMENTS 16 OUTLOOK 2026 18 PRESENTATION OF FINANCIAL RESULTS 19 ATTACHMENTS 22 DISCLAIMER AND NOTICE TO READERS 33
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 5 3Q26 & 9M26 OVERVIEW 3Q26 revenue rises 17.5% YoY on higher ARPU, 3Q26 EBITDA up 10.3% Key highlights • Revenue rose 17.5% YoY to USD 349 mn (UAH 15.6 bn, +26.5%). Telecommunications and infrastructure revenue grew 8.4% (UAH +16.7%) on higher mobile ARPU and data usage. Digital revenue grew 68.9% (UAH +81.8%) to 21.7% of total revenue. • EBITDA rose 10.3% YoY to USD 189 mn (UAH 8.4 bn, +18.7%), a 54.0% margin. The telecommunications and infrastructure margin was 57.7%; the digital margin was 40.7%. • Net profit was USD 99 mn and diluted EPS USD 0.36, compared with a net loss of USD 89 mn in 3Q25. 3Q25 reflected a one-time, non-cash charge of USD 162 mn recognized in 3Q25 results related to the Kyivstar listing. • Capex fell 25.6% YoY to USD 66 mn. LTM capex intensity declined to 24.0% from 29.0%. • Free cash flow (FCF) was USD 83 mn (3Q25: USD 34 mn) and USD 274 mn for 9M26, up 56.8%. Cash and cash equivalents were USD 436 mn; net liquidity excluding leases was USD 352 mn. • Kyivstar is raising its outlook for 2026 and now expects revenue growth of 15%–17% in USD (22%–24% in UAH ) and EBITDA growth of 10%–12% in USD (18%–20% in UAH). Capex intensity remains unchanged at 21%–24%. Kyiv and New York, November 6, 2026 – Kyivstar Group Ltd. (“Kyivstar” or “the Group”) today announces financial and operating results for the third quarter of 2026, delivering double-digit revenue and EBITDA growth and higher cash generation. Revenue grew 17.5% YoY to USD 349 mn (26.5% in UAH), EBITDA grew 10.3% to USD 189 mn (18.7% in UAH), 9M26 FCF grew 56.8% YoY to USD 274 mn (+65.9% in UAH). 3Q26 Digital revenue grew 68.9% YoY to 21.7% of Group revenue, while digital EBITDA grew 74.2%. Commenting on the results, Kyivstar President Oleksandr Komarov said: “This quarter shows how Kyivstar expands. Our network brings customers in. Our different digital services give our customers reason to use Kyivstar more throughout their day, and customers who use more of Kyivstar spend more across Kyivstar. That growth turns into cash for the next round of expansion: nine-month free cash flow rose 57%. Our network stayed online even in the most demanding conditions. The stronger our business, the more we can lead the way in keeping Ukraine connected, healthy and on the move.” Telecom & Infrastructure: ARPU-led growth • Telecommunications and infrastructure revenue grew 8.4% YoY to USD 273 mn (16.7% in UAH). EBITDA rose 2.9% to USD 158 mn. The 57.7% margin was down 3.1 p.p. YoY on account of higher energy costs. • Mobile ARPU rose 16.9% to UAH 178.9 (USD 4.0, +8.6%), supported by 20.0% higher data usage and 4G penetration of 71.5% (+4.9 p.p.). • Broadband customers grew 11.3% YoY to 1.3 mn. An Open Access agreement with Ukrtelecom lets Kyivstar serve home-internet customers over Ukrtelecom’s fiber network, expanding the Group’s market reach further. Digital: scaling profitably • Digital revenue grew 68.9% YoY to USD 76 mn, 21.7% of Group revenue. Digital EBITDA grew 74.2% to USD 31 mn, a 40.7% margin. • Digital customers active in the quarter comprised 29.5 mn, up 48.2% YoY, including Tabletki, consolidated from February 2026. • Multiplay customers now represent 40.3% of one-month active customers (+8.6p.p. YoY) and generate 1.5 times the ARPU of the average mobile user, reinforcing the flywheel between connectivity, digital adoption and revenue growth. Strong cash generation • Free cash flow reached USD 83 mn in 3Q26 and USD 274 mn in 9M26 (+56.8% YoY). Capex fell 25.6% to USD 65 mn. LTM capex intensity declined to 24.0% from 29.0%. • Cash and cash equivalents stood at USD 436 mn as of September 30, 2026. Net liquidity excluding leases was USD 352 mn, and net debt including leases was USD 65 mn.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 6 Other significant developments • Expanded Uklon at home and abroad, entering four more Ukrainian cities (to 31 in total) and five cities in Uzbekistan’s Fergana Valley. • Opened fiber access with Ukrtelecom: Open Access agreement for reciprocal use of each operator’s fiber networks. • Expanding the Group’s enterprise cloud services and digital ecosystem with the announced acquisition of Ukrainian firm GigaCloud. • Deepened presence in the international and multinational business community by opening a New York office at Rockefeller Center and marking one year on Nasdaq. Kyivstar is revising its 2026 outlook USD UAH Revised Previous Revised Previous Revenue growth, YoY 15% - 17% 14% - 16% 22% - 24% 21% - 23% EBITDA growth, YoY 10% - 12% 9% - 12% 18% - 20% 17% - 19% Capex intensity 21% - 24% 21% - 24% 21% - 24% 21% - 24%
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 7 3Q26 & 9M26: Key highlights1 (USD mn except per share data) 3Q26 3Q25 YoY 9M26 9M25 YoY Total revenue, of which: 349 297 17.5% 1,011 836 20.9% Telecommunication and infrastructure2 273 252 8.4% 794 732 8.5% Digital2 76 45 68.9% 217 104 108.4% Digital revenue as % of total revenue 21.7% 15.1% 6.6p.p. 21.5% 12.5% 9.0p.p. EBITDA 189 171 10.3% 549 477 15.1% Telecommunication and infrastructure 158 153 2.9% 458 432 6.1% Digital 31 18 74.2% 91 45 102.4% Operating profit / EBIT 121 (48) n.m. 361 160 125.2% Net profit for the period3 99 (89) n.m. 261 34 666.6% Earnings per share (USD)3,4 0.36 (0.41) n.m. 1.13 0.16 599.1% Capex excl. licenses and RoU 66 89 (25.6%) 192 223 (13.8%) LTM capex intensity 24.0% 29.0% (5.0p.p.) 24.0% 29.0% (5.0p.p.) EBITDA after leases (EBITDAaL) 157 143 10.0% 457 395 15.6% Free cash flow5 83 34 144.0% 274 175 56.8% Sep 26 Dec 25 vs. Dec Cash and cash equivalents 436 455 (4.1%) Total debt including leases 502 478 5.0% Net debt 65 22 191.9% Net liquidity position, excluding leases 352 352 (0.1%) Total equity 1,482 1,299 14.1% 3Q26 3Q25 YoY 2Q26 1Q26 4Q25 Telecom metrics (mn) Mobile customers 21.7 22.5 (3.4%) 21.8 22.0 22.4 Broadband customers 1.3 1.2 11.3% 1.3 1.3 1.2 Satellite (D2C) customers6 8.0 n.a. n.m. 6.4 4.9 n.a. 4G customers 15.5 15.0 3.7% 15.3 15.3 15.4 4G subscriber base penetration 71.5% 66.5% 5.0p.p. 70.3% 69.6% 68.7% Multiplay customers 8.1 6.6 23.2% 8.1 8.1 7.3 Mobile ARPU (USD) 4.0 3.7 8.6% 3.9 3.8 3.8 Churn rate (annualized, %) 11.7% 9.9% 1.8p.p. 14.2% 16.2% 13.5% Monthly data usage per customer (GB) 15.5 13.0 20.0% 14.9 14.9 14.7 3Q26 3Q25 YoY 2Q26 1Q26 Digital metrics (mn) Total digital customers (users active in quarter) 29.5 19.9 48.2% 29.3 28.4 Includes: My Kyivstar 8.9 7.3 21.3% 9.2 8.7 Helsi 5.2 4.9 6.2% 5.0 4.9 Tabletki 6.6 n.a. n.m. 6.3 6.3 Kyivstar TV 3.5 2.6 32.3% 3.6 3.4 Uklon 5.4 5.1 6.0% 5.2 5.1 Rides 42.8 42.2 1.5% 43.0 43.7 Deliveries 1.5 1.2 26.9% 1.4 1.5 1. See Attachment A for reconciliations to Kyivstar’s non-IFRS measures and Attachment D for a detailed description of such measures. 2. Revenue from enterprise identity and credential management services is reported within the Digital Enterprise vertical starting 1Q26 (3Q26 USD 8.7 mn; 9M26 USD 27.3 mn), with prior periods reclassified for comparability (3Q25: USD 9.6 mn; 9M25: USD 30.4 mn). 3. 3Q25 reflects a one-time, non-cash charge of USD 162 mn recognized in 3Q25 results related to the Kyivstar listing. Further, change in fair value of outstanding warrants drove non-cash impact of USD +14.6 mn in 3Q26 and USD -7.4 mn for 9M26 (USD - 5.4 mn for 3Q25 & 9M25). 4. Weighted average common shares outstanding for diluted earnings per share (in mn): 232.1 for 3Q26 (219.3; 3Q25), 230.9 for 9M26 (211.1; 9M25) 5. FCF, previously referred to as Equity Free Cash Flow ("EFCF") after leases and licenses. The change is in name only; the calculation methodology is unchanged. 6. Cumulative to end of the period.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 8 3Q26 & 9M26: Key highlights1 (UAH mn except per share data) 3Q26 3Q25 YoY 9M26 9M25 YoY Total revenue, of which: 15,602 12,332 26.5% 44,559 34,773 28.1% Telecommunications and infrastructure2 12,209 10,466 16.7% 34,990 30,446 14.9% Digital2 3,393 1,866 81.8% 9,569 4,327 121.2% Digital revenue as % of total revenue 21.7% 15.1% 6.6p.p. 21.5% 12.5% 9.0p.p. EBITDA 8,428 7,100 18.7% 24,208 19,840 22.0% Telecommunications and infrastructure 7,048 6,364 10.7% 20,211 17,978 12.4% Digital 1,380 736 87.5% 3,997 1,862 114.7% Operating profit / EBIT 5,387 (1,993) n.m. 15,885 6,667 138.3% Net profit for the period3 4,394 (3,695) n.m. 11,495 1,414 713.0% Earnings per share (UAH)3,4 16.1 (16.8) n.m. 49.8 6.7 642.7% Capex excl. licenses and RoU 2,957 3,695 (20.0%) 8,483 9,275 (8.5%) LTM capex intensity 24.0% 29.0% (5.0p.p.) 24.0% 29.0% (5.0p.p.) EBITDA after leases (EBITDAaL) 7,033 5,945 18.3% 20,136 16,419 22.6% Free cash flow5 3,708 1,369 170.8% 12,083 7,282 65.9% Sep 26 Dec 25 vs. Dec Cash and cash equivalents 19,570 19,292 1.4% Total debt including leases 22,524 20,259 11.2% Net debt 2,903 940 209.0% Net liquidity position, excluding leases 15,773 14,912 5.8% Total equity 66,496 55,078 20.7% 3Q26 3Q25 YoY 2Q26 1Q26 4Q25 Telecom metrics (mn) Mobile customers 21.7 22.5 (3.4%) 21.8 22.0 22.4 Broadband customers 1.3 1.2 11.3% 1.3 1.3 1.2 Satellite (D2C) customers 6 8.0 n.a. n.m. 6.4 4.9 n.a. 4G customers 15.5 15.0 3.7% 15.3 15.3 15.4 4G subscriber base penetration 71.5% 66.5% 5.0p.p. 70.3% 69.6% 68.7% Multiplay customers 8.1 6.6 23.2% 8.1 8.1 7.3 Mobile ARPU (UAH) 178.9 153.1 16.9% 172.7 166.5 161.1 Churn rate (annualized, %) 11.7% 9.9% 1.8p.p. 14.2% 16.2% 13.5% Monthly data usage per customer (GB) 15.5 13.0 20.0% 14.9 14.9 14.7 3Q26 3Q25 YoY 2Q26 1Q26 Digital metrics (mn) Total digital customers (users active in quarter) 29.5 19.9 48.2% 29.3 28.4 Includes: My Kyivstar 8.9 7.3 21.3% 9.2 8.7 Helsi 5.2 4.9 6.2% 5.0 4.9 Tabletki 6.6 n.a. n.m. 6.3 6.3 Kyivstar TV 3.5 2.6 32.3% 3.6 3.4 Uklon 5.4 5.1 6.0% 5.2 5.1 Rides 42.8 42.2 1.5% 43.0 43.7 Deliveries 1.5 1.2 26.9% 1.4 1.5 1. See Attachment A for reconciliations to Kyivstar’s non-IFRS measures and Attachment D for a detailed description of such measures. 2. Revenue from enterprise identity and credential management services is reported within the Digital Enterprise vertical from 1Q26 (3Q26 UAH 388 mn; 9M26 UAH 1,203 mn). Prior periods reclassified for comparability (3Q25: UAH 400 mn; 9M25: UAH 1,266 mn). 3. 3Q25 reflects a one-time, non-cash charge of UAH 6.7 bn recognized in 3Q25 results related to the Kyivstar listing. Further, change in fair value of outstanding warrants drove non-cash impact of UAH +655 mn in 3Q26 and UAH -225 mn for 9M26. 4. Weighted average common shares outstanding for diluted EPS (in mn): 232.1 for 3Q26 (219.3; 3Q25), 230.9 for 9M26 (211.1; 9M25) 5. FCF, previously referred to as Equity Free Cash Flow ("EFCF") after leases and licenses. The change is in name only; the calculation methodology is unchanged. 6. Cumulative to end of the period.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 9 GROUP PERFORMANCE Kyivstar delivered revenue growth of 17.5% YoY to USD 349 mn (26.5% YoY to UAH 15.6 bn) in 3Q26. Growth was broad- based, with double-digit growth in UAH terms sustained across the telecommunication business and all digital verticals. This is supported by the Group’s multiplay strategy, providing customers with more reasons to add Kyivstar services to more parts of their day. Revenue breakdown Revenue, mn USD UAH 3Q26 3Q25 YoY 3Q26 3Q25 YoY Total, of which: 349 297 17.5% 15,602 12,332 26.5% Telecom and infrastructure, of which: 273 252 8.4% 12,210 10,466 16.7% Mobile 254 239 6.3% 11,337 9,911 14.4% Fixed 13 13 (1.2%) 591 555 6.4% Infrastructure 6 n.a. n.m. 282 n.a. n.m. Digital 76 45 68.9% 3,393 1,866 81.8% Revenue, mn USD UAH 9M26 9M25 YoY 9M26 9M25 YoY Total, of which: 1,011 836 20.9% 44,559 34,773 28.1% Telecom and infrastructure, of which: 794 732 8.5% 34,990 30,446 14.9% Mobile 746 694 7.6% 32,870 28,849 13.9% Fixed 39 38 0.5% 1,701 1,597 6.5% Infrastructure 9 n.a. n.m. 419 n.a. n.m. Digital 217 104 108.4% 9,569 4,327 121.2% Note: Revenue from enterprise identity and credential management services has been reported within the Digital Enterprise vertical from 1Q26 onward. Prior periods have been reclassified accordingly. Telecommunications and infrastructure revenue grew 8.4% YoY in 3Q26 to reach USD 273 mn (16.7% YoY to UAH 12.2 bn), driven by rising mobile ARPU and data consumption, as well as contributions from solar infrastructure. Mobile ARPU climbed 8.6% YoY to USD 4.0 for 3Q26 (16.9% to UAH 178.9), reflecting sustained success in delivering relevant products and services that drive usage. Digital revenue rose 68.9% YoY in 3Q26 to USD 76 mn (81.8% to UAH 3.4 bn) and accounted for 21.7% of Group revenue for 3Q26. Customer and usage highlights • Kyivstar maintains leadership in the Ukrainian telecom market with 21.7 mn mobile subscribers as of September 30, 2026. Churn declined 2.5 pp QoQ in 3Q26 to 11.7%. 4G penetration rose 4.9 pp YoY to 71.5% of the mobile customer base. • Fixed broadband customers rose 11.3% YoY. Customers who subscribe both to fixed broadband and mobile also continue to rise, reflecting customers stepping into multiple areas of the Kyivstar ecosystem. The highly fragmented broadband market continues to provide opportunities to consolidate the market and drive inorganic growth.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 10 Key subscriber and usage data 3Q26 3Q25 YoY 2Q26 1Q26 4Q25 Mobile customers 21.7 22.5 (3.4%) 21.8 22.0 22.4 Broadband customers 1.3 1.2 11.3% 1.3 1.3 1.2 Satellite (D2C) customers 8.0 n.a. n.m. 6.4 4.9 n.a. 4G customers 15.5 15.0 3.7% 15.3 15.3 15.4 4G subscriber base penetration 71.5% 66.5% 4.9p.p. 70.3% 69.6% 68.7% Mobile ARPU (USD) 4.0 3.7 8.6% 3.9 3.8 3.8 Mobile ARPU (UAH) 178.9 153.1 16.9% 172.7 166.5 161.1 Churn rate (annualized, %) 11.7% 9.9% 1.8p.p. 14.2% 16.2% 13.5% Monthly data usage per customer (GB) 15.5 13.0 20.0% 14.9 14.9 14.7 Multiplay strategy Multiplay USD UAH 3Q26 3Q25 YoY 3Q26 3Q25 YoY Revenue (mn) 143 104 37.6% 6,396 4,317 48.1% Customers (mn) 8.1 6.6 23.2% 8.1 6.6 23.2% ARPU 5.9 5.3 11.5% 264.1 220.0 20.1% Through its multiplay strategy, Kyivstar increases customer spending and loyalty by providing a suite of services that complement one another in addition to creating value for the customer on their own. For example, an existing connectivity customer is encouraged to try Kyivstar’s digital offerings through marketing and bundling opportunities, especially the “superpower” bundles of connectivity and premium digital services. Business lines benefit from the synergies of accessing each other’s customer base at a near-zero acquisition cost, while the customer benefits from convenience and growing interconnectivity. Multiplay customers use voice, data over 4G, and at least one Kyivstar digital product in the prior month. Their number rose 23.2% YoY to 8.1 mn in 3Q26, representing 40.3% of one-month active mobile customers (+8.6 p.p. YoY). Multiplay revenue grew 37.6% YoY to USD 143 mn (48.1% to UAH 6.4 bn), reaching 55.6% of total consumer revenue, and multiplay ARPU rose 20.1% to UAH 264. Kyivstar launched two new superpowers in 3Q26, one providing customers a discount on Uklon and another including a subscription to YouTube Premium Lite. Both provide the customers with greater value for their money while providing encouragement to increase their range of products across the Kyivstar digital suite. Digital financial and operational highlights Kyivstar progressed its evolution into a connectivity-anchored digital ecosystem in 3Q26 as reflected in the diverse and digital revenue mix. Digital revenue rose 68.9% YoY to USD 76 mn (81.8% YoY to UAH 3.4 bn). Excluding the Tabletki acquisition, growth would have been 62.5% in UAH. Digital services accounted for 21.7% of revenue in 3Q26 (+6.6 p.p. YoY), reflecting a combination of organic expansion, improving monetization, integrating new acquisitions, and customers expanding throughout the ecosystem. Digital revenue by platform Revenue in mn USD UAH 3Q26 3Q25 YoY 3Q26 3Q25 YoY Digital revenue, of which: 75.9 44.9 68.9% 3,393 1,866 81.8% Uklon 33.5 24.7 35.5% 1,497 1,027 45.9% Digital Enterprise1 17.7 15.0 17.8% 791 624 26.8% Kyivstar TV 14.1 3.4 316.3% 630 140 348.8% Helsi 2.5 1.8 36.5% 111 75 47.0% Tabletki 8.1 n.a. n.m. 361 n.a. n.m. Others 0.1 n.a. n.m. 3 n.a. n.m.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 11 Revenue in mn USD UAH 9M26 9M25 YoY 9M26 9M25 YoY Digital revenue, of which: 217.0 104.1 108.4% 9,569 4,327 121.2% Uklon 99.2 46.5 113.5% 4,372 1,930 126.5% Digital Enterprise1 51.1 44.7 14.2% 2,251 1,861 21.0% Kyivstar TV 38.4 7.7 398.7% 1,697 320 429.8% Helsi 7.0 5.2 34.7% 309 216 42.9% Tabletki 21.2 n.a. n.m. 937 n.a. n.m. Others 0.1 n.a. n.m. 3 n.a. n.m. 1. Revenue from enterprise identity and credential management services has been reported within the Digital Enterprise vertical from 1Q26 onward. Prior periods have been reclassified accordingly. Total digital customers comprised 29.5 mn in 3Q26. The customer base spans across many areas of digital life – entertainment, health, marketplace, and mobility – providing the Group with daily, high-frequency touchpoints to further boost customer engagement across the digital ecosystem. Digital customers 3Q26 3Q25 YoY 2Q26 1Q26 Digital customers, of which: 29.5 19.9 48.2% 29.3 28.4 Uklon 5.4 5.1 6.0% 5.2 5.1 Helsi 5.2 4.9 6.2% 5.0 4.9 Kyivstar TV 3.5 2.6 32.3% 3.6 3.4 My Kyivstar 8.9 7.3 21.3% 9.2 8.7 Tabletki 6.6 n.a. n.m. 6.3 6.3 1. Digital customers refer to active users in 3Q26. Uklon: Expanding into new cities and complementary services Uklon is Ukraine’s leading provider of ride-hailing services, in addition to related mobility and technology offerings. Uklon generated USD 33.5 mn in revenue (+35.3% YoY) and USD 10.2 mn in EBITDA (+11.7% YoY) in 3Q26. The financials highlight the core ride-hailing business’s strong scale and expanded service offering in Ukraine, and the growing scale of the company’s ride-hailing business in Uzbekistan, including the 3Q26 expansion to nine new cities across the two countries. Total customers grew 6.0% YoY to 5.4 mn in 3Q26, rides grew 1.5% YoY to 42.8 mn, and deliveries grew by 26.9% YoY to 1.5 mn. Financials, mn USD UAH 3Q26 3Q25 YoY 3Q26 3Q25 YoY Revenue 33.5 24.7 35.3% 1,497 1,027 45.7% EBITDA* 10.2 9.1 11.7% 455 378 20.2% Operating metrics, mn No. of rides 42.8 42.2 1.5% 42.8 42.2 1.5% No. of deliveries 1.5 1.2 26.9% 1.5 1.2 26.9% Financials, mn USD UAH 9M26 9M25 YoY 9M26 9M25 YoY Revenue 99.2 46.5 113.5% 4,372 1,930 126.5% EBITDA* 34.9 18.4 90.2% 1,537 763 101.5% Operating metrics, mn No. of rides 129.6 83.4 55.4% 129.6 83.4 55.4% No. of deliveries 4.4 2.3 90.2% 4.4 2.3 90.2% Note: These results reflect performance from the acquisition close date of April 2, 2025. We use certain non-IFRS measures that are otherwise indicated with “*”. Please see Attachment A for reconciliations non-IFRS measures to comparable IFRS measures and Attachment D for a detailed description of such measures. Uklon continues to progress in its evolution into a one-stop mobility platform with expansions in both geography and services. In addition to opening services in nine more cities as mentioned above, 3Q26 saw the close of the acquisition of scooter service e-Wings with services in 11 cities, and launch of Uklon Store pilots in two more cities, Dnipro and Odesa. The existing Uklon Travel bus ticket marketplace has expanded to include branded “Uklon Travel Bus” from Kyiv to Warsaw, an
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 12 essential route in a country closed to commercial air traffic. Uklon is actively monitoring the bus travel market to consider additional opportunities to leverage Uklon’s technology in this economically and socially essential space. Helsi: Growing the premium subscription base Helsi is Ukraine’s leading platform for health and wellness services, including B2C, software-as-a-service, and data- driven services. Revenue for 3Q26 rose 36.5% YoY to USD 2.5 mn (47.0% to UAH 111 mn). Premium (paying) customers grew to more than 136,000 by end 3Q26 versus 33,000 at end 3Q25 and 109,000 at end 2Q26. Premium customers demonstrate high retention rates and are growing through direct subscription and the Helsi superpower bundle with Kyivstar mobile service. Premium customer acquisition also grew from family and longer-term subscription packages, discounts on third-party testing, and interface improvements. Interface improvements also supported relationships with medical professionals, with active providers rising 19.9% YoY to over 46,000 across more than 1,700 public and private clinics. Helsi users active in 3Q26 made more than 2.3 mn medical appointments through the service. Helsi is deeply embedded in Ukraine's eHealth ecosystem, powering appointment scheduling, prescriptions, and health records management. This deep integration, including touchpoints with systems like accounting and insurance processing, makes Helsi a key service for both patients and providers alike. The vertical also aligns closely with public policy goals regarding digital healthcare initiatives, in turn reflecting Kyivstar’s commitment to ESG and CSR. Tabletki: Strong quarter, progressing ecosystem ties Tabletki is Ukraine’s leading online marketplace for pharmaceuticals and healthcare products, facilitating search, comparison, inventory verification, and purchases at more than 14,500 Ukrainian pharmacies. Tabletki was consolidated effective February 2026 and contributed USD 8.1 mn (UAH 361 mn) in revenue and USD 6.1 mn (UAH 271 mn) in EBITDA in 3Q26. Gross merchandise value (GMV) of bookings completed through the platform amounted to UAH 17.8 bn for 3Q26, while number of orders reached 44.9 mn. Tabletki recognizes revenue from the commission and service fees earned rather than the gross value of transactions facilitated through its platform. Financials1*, mn USD UAH 3Q26 3Q25 YoY 3Q26 3Q25 YoY Revenue 8.1 n.a. n.m. 361 n.a. n.m. EBITDA 6.1 n.a. n.m. 271 n.a. n.m. Operating metrics1, mn Customers2 6.6 n.a. n.m. 6.6 n.a. n.m. GMV 397.4 n.a. n.m. 17,760 n.a. n.m. Average monthly bookings 15.0 n.a. n.m. 15.0 n.a. n.m. Financials1*, mn USD UAH 9M26 9M25 YoY 9M26 9M25 YoY Revenue 21.2 n.a. n.m. 937 n.a. n.m. EBITDA 16.7 n.a. n.m. 741 n.a. n.m. Operating metrics1, mn Customers2 6.6 n.a. n.m. 6.6 n.a. n.m. GMV 1,031 n.a. n.m. 45,587 n.a. n.m. Average monthly bookings 15.1 n.a. n.m. 15.1 n.a. n.m. 1. 9M26 Tabletki metrics reflect results for February and March for 1Q26. 2. Digital customers refer to active users in 3Q26. Kyivstar continues to make progress on creating a seamless patient journey across healthcare services and pharmaceutical purchases, starting with Tabletki’s and Helsi’s services. This includes booking in-person medical consultations, search and booking of lab tests, telemedicine services, ordering prescription and over-the-counter medications, and advanced data analytics, as well as ensuring compliance with Ukrainian privacy and health regulations.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 13 Kyivstar TV: Well regarded content, bundles drive YoY customer growth Kyivstar TV is the largest streaming service by customer base in Ukraine. More than 3.5 mn customers used the service in 3Q26, up 32.3% YoY. As of September 30, 2026, 48.7% of the Group’s broadband customers were also digital TV customers, reflecting the synergies across both services. Revenue reached USD 14.1 mn (UAH 630 mn) in 3Q26, more than quadrupling YoY in large part due to the change to the service’s revenue model from September 2025. The service engages customers on a wide range of platforms, including OTT, and is accessible by design to potential customers regardless of whether they are already part of the Kyivstar ecosystem. Exclusive, high-visibility content targeting a Ukrainian audience promotes customer acquisition and visibility, including in this quarter the debut of new seasons of exclusive serials and the first feature film (Falcon’s Glow Hotel, “Hotel ‘Sokolyne siajvo’”) under the Kyivstar TV Originals brand, and additional titles from major international studios. Digital Enterprise: Expanding revenue, market reach Digital Enterprise encompasses a diverse range of offerings that mostly target B2B customers, including SMEs. Revenue grew 17.8% YoY in 3Q26 to reach USD 17.7 mn (+26.8% YoY to UAH 791 mn). Active contracts grew 23.0% YoY to 2.5k in 3Q26. Big Data and AI revenue grew 86.3% YoY to USD 6.3 mn. Growth came from new verification, anti-fraud and lead- generation products, and from partnerships with 1+1 Media and Adtelligent to expand the digital advertising ecosystem. Registered clients on Adwisor, the self-service AdTech platform, grew 21.4% YoY to more than 4.3k. Cloud revenue grew 34.3% YoY to USD 2.6 mn, and B2B cloud clients grew 18.2% YoY to reach 643. In October, Kyivstar announced the acquisition of GigaCloud, a leading Ukrainian cloud infrastructure provider, for an initial cash acquisition payment of USD 41 mn and a total consideration of up to USD 50 mn, dependent on fulfillment of future terms of the agreement. The acquisition expands Kyivstar’s digital enterprise cloud services and advances the Group’s digital ecosystem and AI strategies. GigaCloud serves over 1,800 enterprise customers and generated revenue in 2025 of approximately USD 14 mn and EBITDA of USD 4.7 mn, according to unaudited management accounts. Identity and credential management revenue declined 3.1% YoY to UAH 387.5 mn (−10.0% to USD 8.7 mn), reflecting continuing technology shifts in business messaging. Syaivo, Kyivstar’s national large language model, advanced to a 26-billion-parameter version with expanded training data and stronger reasoning and agentic capabilities. Capital expenditure Capex excluding licenses and right-of-use for 3Q26 was USD 66 mn (UAH 3.0 bn) with a capex intensity of 19.0%. Last twelve month capex Intensity for 3Q26 was 24.0%. The capex intensity underscores Kyivstar’s commitment to investments that sustain network quality and resilience amid the war. • Capex focus: Continued investment in network resilience, fiber rollout, and energy security remains a top priority, even as total capex declined YoY (3Q26 -25.6%, 9M26 -13.8%). • Energy resilience: Kyivstar’s network sites are now equipped with backup batteries, inverters and solar power, reducing vulnerability to grid instability and proceeding in line with contemporary legal requirements. Kyivstar will continue to comply with this matter, inclusive of any new regulatory requirements that may come into force going forward. As of September 2026, the Group had funded the installation of more than 10,500 generators (stationary diesel generators, mobile diesel generators and third-party stationary diesel generators) and over 265,000 additional batteries for backup capacity and improved network resilience.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 14 Financial overview Kyivstar Group Ltd. USD mn 3Q26 3Q25 YoY 9M26 9M25 YoY Total revenue 349 297 17.5% 1,011 836 20.9% Telecommunications and infrastructure 273 252 8.4% 794 732 8.5% Digital1 76 45 68.9% 217 104 108.4% EBITDA 189 171 10.3% 549 477 15.1% Telecommunications and infrastructure 158 153 2.9% 458 432 6.1% Digital 31 18 74.2% 91 45 102.4% EBITDA margin (%) 54.0% 57.6% (3.6p.p.) 54.3% 57.1% (2.8p.p.) Telecommunications and infrastructure 57.7% 60.8% (3.1p.p.) 57.8% 59.1% (1.3p.p.) Digital 40.7% 39.4% 1.3p.p. 41.8% 43.0% (1.2p.p.) Depreciation and amortization (65) (54) 20.3% (187) (148) 26.2% Impairment (3) (3) (1.1%) (7) (6) 10.9% Operating profit / EBIT 2 121 (48) n.m. 361 160 125.2% Net finance costs (12) (16) (27.5%) (41) (44) (7.5%) Other non-operating gain / (loss), net 16 (6) n.m. (5) (8) (31.5%) Foreign exchange (loss) / gain, net (1) (1) (30.2%) 10 (21) n.m. Profit before tax3 124 (71) n.m. 325 87 272.7% Income taxes (25) (18) 37.5% (64) (53) 20.0% Effective tax rate (%) 20.1% n.m. n.m. 19.6% 60.9% (41.3p.p.) Net profit3 99 (89) n.m. 261 34 666.6% WANS (basic) 230.9 219.3 230.9 211.1 WANS (diluted) 232.1 219.3 230.9 211.1 EPS (basic)3 0.43 (0.41) n.m. 1.13 0.16 599.1% EPS (diluted)3 0.36 (0.41) n.m. 1.13 0.16 599.1% 1. Revenue from enterprise identity and credential management services is reported within the Digital Enterprise vertical starting 1Q26 (3Q26 UAH 388 mn; 9M26 UAH 1,203 mn), with prior periods reclassified for comparability (3Q25: UAH 400 mn; 9M25: UAH 1,266 mn). 2. See Attachment A for reconciliations to Kyivstar’s non-IFRS measures and Attachment D for a detailed description of such measures. 3. 3Q25 reflects a one-time, non-cash charge of USD 162 mn recognized in 3Q25 results related to the Kyivstar listing. Further, change in fair value of outstanding warrants drove non-cash impact of USD +14.6 mn in 3Q26 and USD -7.4 mn for 9M26 (USD - 5.4 mn for 3Q25 & 9M25). Total revenue growth of 17.5% for 3Q26 reflects rising mobile ARPU and data consumption, as well as contributions from the Group’s recent acquisitions. EBITDA growth of 10.3% for 3Q26 was driven by revenue growth and acquisitions. To provide greater visibility into the evolving business mix, Kyivstar’s EBITDA margin for the core Telecommunication and Infrastructure business declined 3.1 p.p. YoY to 57.7%, while the digital business margin stood at 40.7% for 3Q26. The overall EBITDA margin declined by 3.6 p.p. YoY to 54.0% for the quarter, mainly due to higher energy tariffs. Depreciation and amortization increased 20.3% for 3Q26, 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) was USD 121 mn in 3Q26, compared with a loss of USD 48 mn in 3Q25. The improvement was driven by higher EBITDA and the consolidation of Tabletki and the solar power plants, partly offset by higher depreciation and amortization costs. Net-finance costs declined YoY in 3Q26. These reflect the impact of higher interest income on deposits. Other non-operating loss was primarily driven by change in fair value of outstanding warrants (USD +14.6 mn for 3Q26; USD -5.4 mn in 3Q25). Foreign exchange gain was flat YoY in 3Q26. Income tax expense increased 37.5% in 3Q26, mainly driven by the higher profit before tax. The effective tax rate remained broadly stable QoQ to 20.1% for 3Q26. Net profit for the quarter was USD 99 mn, compared with a loss of USD 89 mn for 3Q25 due to the impact of a one- time charge of USD 162 mn related to the Kyivstar listing.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 15 Liquidity and capital structure USD / UAH mn USD UAH 30 Sep 26 30 Jun 26 QoQ 30 Sep 26 30 Jun 26 QoQ Cash and cash equivalents 436 364 19.8% 19,570 16,353 19.7% Gross debt of which 502 488 2.8% 22,524 21,905 2.8% Bonds and loans - principal 86 88 (2.7%) 3,848 3,955 (2.7%) Lease liabilities - principal 416 400 4.0% 18,677 17,951 4.0% Net debt 65 123 (47.5%) 2,903 5,526 (47.5%) Net liquidity position, excluding leases 352 277 26.9% 15,773 12,425 27.0% Kyivstar reported UAH 19.6 bn (USD 436 mn) in cash and cash equivalents as of September 2026. The QoQ increase primarily reflects free cash flow generated in the quarter. Bonds and loans primarily reflect the debt to VEON. Lease liabilities associated with towers transferred to Ukraine Tower Company are fully recognized under IFRS 16.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 16 STRATEGIC DEVELOPMENTS Kyivstar signs agreement to acquire GigaCloud, expanding enterprise cloud capabilities In October, Kyivstar announced the acquisition of GigaCloud, a leading Ukrainian cloud infrastructure provider, for an initial cash acquisition payment of USD 41 mn and a total consideration of up to USD 50 mn, dependent on fulfillment of future terms of the agreement. The acquisition expands Kyivstar’s digital enterprise cloud services and advances the Group’s digital ecosystem and AI strategies. GigaCloud serves over 1,800 enterprise customers and generated revenue in 2025 of approximately USD 14 mn and EBITDA of USD 4.7 mn, according to unaudited management accounts. Kyivstar appoints Volodymyr Lutchenko as Chief Operating Officer On September 28, 2026, JSC Kyivstar announced the appointment of Volodymyr Lutchenko as Chief Operating Officer effective from October 2, 2026. The newly created role reflects the operational demands of a growing digital ecosystem and large-scale technology projects. Lutchenko, Chief Technology Officer since 2021, has led the strengthening of Kyivstar's network, energy and security architecture during the full-scale war. Uklon expands to four new Ukrainian cities On September 16, 2026, Kyivstar announced that Uklon launched ride-hailing in four additional Ukrainian cities: Drohobych, Mukachevo, Oleksandriia and Uman. Uklon now operates in 31 Ukrainian cities and the Bukovel resort. Kyivstar phases out mass-market 3G, expanding 4G spectrum by 25% On September 7, 2026, Kyivstar announced that it had moved more than 1 mn customers to 4G and completed its transition from 3G. It is the first Ukrainian operator to switch off the technology at scale. Reallocating 20 MHz in the 2100 MHz band increased the spectrum available for 4G by 25% and raised data speeds by 20%-40%, depending on location. Kyivstar 4G now covers more than 96% of Ukraine's population. Kyivstar and Ukrtelecom launch Open Access fiber partnership On August 17, 2026, Kyivstar announced that JSC Kyivstar and JSC Ukrtelecom had signed an Open Access agreement. Each can use parts of the other's fiber network on transparent, non-discriminatory terms, while keeping its own customers, pricing and billing. Kyivstar will offer Home Internet over Ukrtelecom's GPON network. Uklon completes acquisition of e-scooter operator e-Wings On August 7, 2026, Kyivstar announced that Uklon had closed the acquisition of 100% of e-Wings, an e-scooter operator in 11 Ukrainian cities, for UAH 97.6 mn before adjustments. Uklon's first M&A transaction adds micromobility, under the Uklon Scooters brand, to a platform that already spans ride-hailing, delivery, advertising, bus ticketing and e-commerce. Uklon expands into Uzbekistan's Fergana Valley On August 5, 2026, Kyivstar announced that Uklon had begun onboarding drivers in Fergana, Margilan, Kokand, Namangan and Andijan, its first large-scale expansion in Uzbekistan beyond Tashkent. Ride-hailing and delivery services will roll out in stages across a region home to nearly 11 mn people, about 29% of Uzbekistan's population. Kyivstar opens New York office at Rockefeller Center On July 29, 2026, Kyivstar announced the opening of an office at Rockefeller Center in New York City, giving the Company a permanent U.S. base for investor relations and communications. The office has no commercial or operational functions. It will also host the "Invest in Ukraine NOW!" campaign launched by VEON and Kyivstar in August 2025. Two days later, Kyivstar presented its 2Q26 results in person in New York for the first time. Uklon partners with OTP and ULF on vehicle leasing On July 22, 2026, Kyivstar announced that Uklon had signed a memorandum with OTP Bank, OTP Leasing and ULF to
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 17 widen access to leasing for fleet operators and driver-partners. The solutions are expected to be offered through Uklon's partner network to support vehicle renewal and fleet growth, including for partners whose vehicles were damaged or destroyed in the war. Uklon launches Uklon Travel Bus cross-border routes On July 9, 2026, Kyivstar announced that Uklon had launched Uklon Travel Bus, an international bus service with direct pilot routes from Kyiv to Warsaw and from Odesa to Chisinau. The first departure was on July 20. Partner carriers operate the buses, while Uklon manages ticketing, service standards and passenger support. The service builds on Uklon Travel, the bus-ticket marketplace launched in March 2026. Uklon integrates Visa Acceptance Platform On July 1, 2026, Kyivstar announced that Uklon had integrated the Visa Acceptance Platform into its app. The platform enables seamless in-app payments, instant refunds and transaction cancellations, strengthening the payments infrastructure behind Uklon's mobility ecosystem.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 18 OUTLOOK FOR 2026 For 2026, Kyivstar has revised up its growth outlook and now expects to deliver revenue growth of 22%-24% and EBITDA growth of 18%-20% YoY in UAH terms. In USD terms (assuming UAH/USD averaging 44.5 for the year), revenue is expected to grow 15%-17% and EBITDA by 10%-12%. Capex intensity for 2026 is unchanged and expected to reach 21%-24% of revenue. 1. The outlook is subject to risks and uncertainties including, but not limited to, those discussed herein. 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 IFRS and non-IFRS financial measures, where reconciliation is impossible without unreasonable effort due to the inherent difficulty in forecasting certain items that are dependent on future events and circumstances beyond the Group’s control. Such items may be material. 2. U.S. dollar expectations assume an average 2026 exchange rate of UAH 44.5 per U.S. dollar. 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 regarding the expense or income that may ultimately be recognized in 2026. We present certain financial information with respect to 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. FY26 outlook1 USD2 UAH Total revenue, YoY (revised) 15% - 17% 22% - 24% Previous outlook 14% - 16% 21% - 23% EBITDA, YoY (revised)1 10% - 12% 18% - 20% Previous outlook 9% - 12% 17% - 19% Capex intensity (maintained) 21% - 24% Previous outlook 21% - 24%
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 19 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, EBITDA, Uklon EBITDA, Tabletki EBITDA, EBITDA margin, EBITDA (after leases), Free Cash Flow (before leases and licenses), Free Cash Flow (after leases and licenses) and capex excl. licenses, Total debt including leases, and capex intensity trends, is defined in Attachment D and reconciled to the comparable IFRS information in Attachment A. Interim Condensed Consolidated Income Statement For the three and nine-month periods ended September 30 Three-month period Nine-month period USD mn except earnings per share 3Q26 3Q25 9M26 9M25 Revenue 349 297 1,011 836 Cost of services, equipment and accessories (45) (30) (116) (81) Selling, general and administrative expenses (116) (96) (347) (279) Depreciation (42) (37) (120) (102) Amortization (23) (17) (67) (46) Impairment (3) (3) (7) (6) Gain / (loss) on disposal of non-current assets - - 5 (1) Listing expense - (162) 0 (162) Other operating income 1 - 2 1 Operating profit 121 (48) 361 160 Finance costs (18) (18) (55) (57) Finance income 6 2 14 13 Other non-operating gain / (loss), net 16 (6) (5) (8) Net foreign exchange (loss) / gain, net (1) (1) 10 (21) Profit before tax 124 (71) 325 87 Income taxes (25) (18) (64) (53) Profit for the period1 99 (89) 261 34 Basic earnings / (loss) per share 0.43 (0.41) 1.13 0.16 Diluted earnings / (loss) per share 0.36 (0.41) 1.13 0.16 Weighted average shares outstanding: Basic 230.9 219.3 230.9 211.1 Diluted 232.1 219.3 230.9 211.1
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 20 Interim Condensed Consolidated Statement of Financial Position as of USD mn 30 Sep 2026 31 Dec 2025 Assets Non-current assets Property and equipment 982 849 Intangible assets, excluding goodwill 433 363 Goodwill 223 128 Deferred tax assets 2 - Investments and derivatives 2 2 Other assets 49 88 Total non-current assets 1,691 1,430 Current assets Inventories 5 3 Trade and other receivables 42 37 Receivables from related parties 27 49 Investments and derivatives 135 119 Current income tax assets - 5 Other assets 29 24 Cash and cash equivalents 436 455 Total current assets 674 692 Total assets 2,365 2,122 Equity and liabilities Equity Equity attributable to equity owners of the parent 1,482 1,299 Total Equity 1,482 1,299 Non-current liabilities Debt and derivatives 368 287 Provisions 7 9 Deferred tax liabilities 36 21 Other liabilities 8 8 Total non-current liabilities 419 325 Current liabilities Trade and other payables 146 141 Debt and derivatives 175 229 Provisions 10 10 Current income tax payables 23 19 Other liabilities 110 99 Total current liabilities 464 498 Total equity and liabilities 2,365 2,122 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 34.4 mn as of September 30, 2026. Under IFRS, these warrants are carried at fair value with changes in fair value recorded 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.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 21 Interim Condensed Consolidated Statement of Cash Flows For the nine-month periods ended September 30 USD mn 2026 2025 Operating activities Profit before tax 325 87 Non-cash adjustments to reconcile profit before tax to net cash flows Depreciation, amortization and impairment loss 194 154 (Gain) / loss on disposal of non-current assets (5) 1 Listing expense - 162 Finance costs 55 57 Finance income (14) (13) Other non-operating loss, net 5 8 Foreign exchange (gain) / loss. net (10) 21 Changes in trade, other receivables and prepayments 7 (49) Changes in inventories (2) - Changes in trade and other payables 14 80 Changes in provisions, pensions and other 3 6 Interest paid (48) (62) Interest received 12 7 Income tax paid (45) (53) Net cash flows from operating activities 491 406 Investing activities Purchase of property, plant and equipment (127) (156) Purchase of intangible assets (59) (47) (Payments) / receipts on deposits 20 (38) Proceeds from sale of property, plant and equipment and intangible assets 1 - (Investment) / inflow in financial assets (41) 30 Acquisition of subsidiaries, net of cash acquired (240) (151) (Outflows) / inflow on loans granted, net (11) 358 Net cash flows (used in) investing activities (457) (4) Financing activities Repayment of loan note payable - (123) Proceeds from borrowings, net of fees paid - 7 Repayment of debt* (12) (574) Payment of principal portion of lease liabilities* (31) (27) Proceeds from SPAC Merger, net of transaction costs - 132 Investment in shares of VEON Ltd. - (22) Net cash flows used in financing activities (43) (607) Net decrease in cash and cash equivalents (9) (205) Net foreign exchange difference (10) 3 Cash and cash equivalents at beginning of period 455 674 Cash and cash equivalents at end of period 436 472 * The 2025 comparative amount of US$27 has been reclassified from "Repayment of bonds" to "Payment of principal portion of lease liabilities" to conform to the current period presentation. The reclassification had no impact on total cash flows from financing activities.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 22 ATTACHMENTS Contents of the attachments ATTACHMENT A Reconciliation tables 23 ATTACHMENT B Condensed Financial Statements (in UAH) 27 ATTACHMENT C Rates of UAH to USD 30 ATTACHMENT D Definitions 31
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 23 Attachment A: Reconciliation tables Management believes that the below non-IFRS measures are useful to investors in evaluating our operating performance. We use non-IFRS measures in addition to results determined in accordance with IFRS to evaluate our financial and operating performance, to generate future operating plans and make strategic decisions. We believe that these measures, when taken collectively with financial measures prepared in accordance with IFRS, may be helpful to investors because they provide additional tools for investors to use in evaluating our ongoing operating results and trends and in comparing our financial results with other companies operating in similar industries, subject to differences in the way it is calculated by different companies, because they provide consistency and comparability with past financial performance. Profit for the period to EBITDA reconciliation (USD mn) 3Q26 3Q25 9M26 9M25 Profit / (loss) for the period 99 (89) 261 34 Listing expense - 162 - 162 Income taxes 25 18 64 53 Amortization 23 17 67 46 Depreciation 27 24 75 63 Depreciation of right of use asset (A) 15 13 45 39 Impairment 3 3 7 6 Foreign exchange (gain) / loss, net 1 1 (10) 21 (Gain) / loss on disposal of non-current assets 0 0 (5) 1 Other non-operating loss, net (16) 6 5 8 Finance income (6) (2) (14) (13) Finance costs 2 3 7 14 Financial expense from lease liability (B) 16 15 48 43 EBITDA (C) 189 171 549 477 EBITDA after leases (EBITDAaL) [C-(A+B)] 157 143 457 395 Uklon: Profit for the period to EBITDA reconciliation (USD mn) 3Q26 3Q25 9M26 9M25 Profit for the period 2 7 22 11 Income taxes 6 1 9 2 Amortization 2 2 6 4 Depreciation - - - - Net foreign exchange gain (0) (1) (1) 1 Finance income (1) - (1) - Finance costs - - - - EBITDA 10 9 35 18 Tabletki: Profit for the period to EBITDA reconciliation (USD mn) 3Q26 3Q25 9M26 9M25 Profit for the period 4.7 n.a. 12.7 n.a. Income taxes - n.a. 0.1 n.a. Depreciation - n.a. 0.1 n.a. Amortization 1.7 n.a. 4.5 n.a. Finance income (0.5) n.a. (0.7) n.a. EBITDA 6.1 n.a. 16.7 n.a. Note: 9M26 Tabletki metrics reflect February and March for the first quarter of 2026.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 24 CAPEX reconciliation (USD mn) 3Q26 3Q25 9M26 9M25 Capex (excl. license and RoU) 66 89 192 223 Difference in timing b/w accrual and payment for capex - 12 (6) (20) Cash capex (excluding license payments) 1 66 101 186 203 1. Total cash paid for 3Q26 capex is USD 66 mn (9M26 186 mn), including purchase of property, plant and equipment in 3Q26 of USD 46 mn (9M26 127 mn) and purchase of intangible assets in 3Q26 of USD 20 mn (9M26 USD 59 mn). Profit / (loss) before tax to EBITDA reconciliation (USD mn) 3Q26 3Q25 9M26 9M25 Profit / (loss) before tax 124 (71) 325 87 Depreciation, Amortization and impairment loss 53 44 149 115 Depreciation of right of use asset (A) 15 13 45 39 Gain on disposal of non-current assets - - (5) 1 Finance costs 2 3 7 14 Financial expense from lease liability (B) 16 15 48 43 Finance income (6) (2) (14) (13) Other non-operating loss/ (gain), net (16) 6 5 8 Net foreign exchange (gain) / loss 1 1 (10) 21 Listing expense - 162 - 162 EBITDA (C) 189 171 549 477 Changes in working capital (1) 12 20 31 Changes in provisions, pensions and other (0) 4 3 6 Interest paid (16) (28) (48) (62) Interest received 6 4 12 7 Income taxes paid (18) (19) (45) (53) Net cash flows from operating activities 160 144 491 406 Cash capex (excluding license payments) (66) (101) (186) (203) Proceeds from full & partial sale of subs and other non-current assets 1 - 1 - Lease liabilities payments - principal (11) (9) (32) (27) Licenses payments - - - (1) Free cash flow (after leases and licenses) 83 34 274 175 EBITDA after leases (EBITDAaL) [C-(A+B)] 157 143 457 395 Uklon: Profit for the period to EBITDA reconciliation (UAH mn) 3Q26 3Q25 9M26 9M25 Profit for the period 88 277 952 472 Income taxes 289 44 386 102 Amortization 101 82 286 162 Depreciation 7 4 15 11 Net foreign exchange gain (3) (21) (39) 31 Finance income (27) (7) (62) (15) EBITDA 455 379 1,538 763 Note: Uklon metrics exclude intercompany transactions. Tabletki: Profit for the period to EBITDA reconciliation (UAH mn) 3Q26 3Q25 9M26 9M25 Profit for the period 211.3 n.a. 562.3 n.a. Income taxes 1.1 n.a. 3.9 n.a. Amortization 77.3 n.a. 203.3 n.a. Depreciation 1.8 n.a. 2.7 n.a. Net foreign exchange gain 0.4 n.a. (0.1) n.a. Finance income (21.2) n.a. (31.9) n.a. Finance costs 0.6 n.a. 1.1 n.a. EBITDA 271.3 n.a. 741.3 n.a. Note: 9M26 Tabletki metrics reflect February and March in the first quarter of 2026.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 25 CAPEX reconciliation (UAH mn) 3Q26 3Q25 9M26 9M25 Capex (excl. license and RoU) 2,957 3,695 8,483 9,275 Difference in timing b/w accrual and payment for capex 10 499 (290) (876) Cash capex (excluding license payments) 2,967 4,194 8,193 8,399 Cash Flow Statement to FCF reconciliation (UAH mn) 3Q26 3Q25 YoY 9M26 9M25 YoY Net cash flow from operating activities 7,149 5,978 1,171 21,609 16,888 4,721 Proceeds from sales of noncurrent assets 22 - 22 73 - 73 Cash capex (excluding license payments) (2,967) (4,194) 1,226 (8,193) (8,399) 206 Free cash flow (before leases and licenses) 4,204 1,784 2,420 13,489 8,489 5,000 Lease liabilities - Principal (496) (415) (81) (1,405) (1,164) (241) License payments - - - - (42) 42 Free cash flow (after leases and licenses) 3,708 1,369 2,339 12,083 7,282 4,801
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 26 Profit before tax to EBITDA reconciliation (UAH mn) 3Q26 3Q25 9M26 9M25 Profit / (loss)before tax 5,500 (2,948) 14,300 3,619 Depreciation, Amortization and impairment loss 2,356 1,818 6,561 4,788 Depreciation of right of use asset (A) 679 549 1,972 1,618 Gain on disposal of non-current assets 6 - (211) 42 Finance costs 86 141 308 568 Financial expense from lease liability (B) 716 606 2,100 1,803 Finance income (284) (83) (615) (541) Other non-operating loss/ (gain), net (662) 249 230 333 Net foreign exchange (gain) / loss 31 42 (438) 885 Listing expense - 6,726 - 6,726 EBITDA (C) 8,428 7,100 24,208 19,840 Changes in working capital (27) 498 856 1,289 Changes in provisions, pensions and other (2) 166 117 249 Interest paid (716) (1,163) (2,122) (2,577) Interest received 253 166 545 291 Income taxes paid (787) (789) (1,997) (2,205) Net cash flows from operating activities 7,149 5,978 21,609 16,888 Cash capex (excluding license payments) (2,967) (4,194) (8,193) (8,399) Proceeds from full & partial sale of subs and other non-current assets 22 - 73 - Lease liabilities payments - principal (496) (415) (1,405) (1,164) Licenses payments - - - (42) Free cash flow (after leases and licenses) 3,708 1,369 12,083 7,282 EBITDA after leases (EBITDAaL) [C-(A+B)] 7,033 5,945 20,136 16,419
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 27 Attachment B: Condensed financial statements in UAH Interim Condensed Consolidated Income Statement For the three and nine-month periods ended September 30 (UAH mn*) except earnings per share 3Q26 3Q25 YoY 9M26 9M25 YoY Total operating revenue 15,602 12,332 26.5% 44,559 34,773 28.1% Cost of service, equipment and accessories (2,003) (1,246) 60.8% (5,140) (3,369) 52.6% Selling, general and administrative expenses (5,200) (3,986) 30.5% (15,291) (11,605) 31.8% Depreciation (1,847) (1,536) 20.2% (5,268) (4,243) 24.2% Amortization (1,055) (706) 49.4% (2,970) (1,913) 55.3% Impairment (133) (125) 6.4% (296) (250) 18.4% Gain / (loss) on disposal of non-current assets (6) - n.m. 211 (42) n.m. Listing expense - (6,726) n.m. - (6,726) n.m. Other operating income 29 - n.m. 80 42 90.5% Operating profit / (loss) 5,387 (1,993) n.m. 15,885 6,667 138.3% Net finance costs (518) (664) (22.0%) (1,793) (1,830) (2.0%) Other non-operating loss, net 662 (249) n.m. (230) (333) (30.9%) Net foreign exchange gain / (loss), net (31) (42) (26.2%) 438 (885) n.m. Profit / (loss) before tax 5,500 (2,948) n.m. 14,300 3,619 295.1% Income taxes (1,106) (747) 48.1% (2,805) (2,204) 27.3% Profit / (loss) for the period1 4,394 (3,695) n.m. 11,495 1,414 713.0% Earnings / (loss) per share1 Basic 19.0 (16.8) 49.8 6.7 Diluted 16.1 (16.8) 49.8 6.7 1. Weighted average common shares outstanding for diluted earnings per share (in mn): 232.1 for 3Q26 (219.3; 3Q25), 230.9 for 9M26 (211.1; 9M25) *We present certain financial information in respect of Kyivstar Group and certain of its operating companies in local currency terms. This non-IFRS financial information 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 information should not be considered in isolation from, or as a substitute for, the Group’s unaudited financial statements presented in the Group’s reporting currency included herein. For information regarding our translation of foreign currency-denominated amounts into U.S. dollars, please refer to Attachment C of this document.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 28 Interim Condensed Consolidated Statement of Cash Flows For the nine-month periods ended September 30 (UAH mn*) 2026 2025 Operating activities Net cash flows from operating activities 21,609 16,888 Investing activities Net cash flows (used in) / from investing activities (19,978) (167) Financing activities Net cash flows used in financing activities (1,901) (25,248) Net decrease in cash and cash equivalents (270) (8,527) Net foreign exchange difference 548 (305) Cash and cash equivalents at beginning of period 19,292 28,334 Cash and cash equivalents at end of period 19,570 19,502 *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.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 29 Consolidated Statement of Financial Position (UAH mn*) 30 Sep 2026 31 Dec 2025 Assets Non-current assets Property and equipment 44,034 36,007 Goodwill 9,994 5,419 Intangible assets, excluding goodwill 19,420 15,369 Deferred tax assets 108 - Other assets 2,296 3,824 Total non-current assets 75,852 60,619 Current assets Cash and cash equivalents 19,570 19,292 Trade and other receivables 1,874 1,560 Other current assets 8,821 8,475 Total current assets 30,265 29,327 Total assets 106,117 89,946 Equity and liabilities Total Equity 66,496 55,078 Non-current liabilities Debt and derivatives 16,493 12,126 Other non-current liabilities 2,311 1,600 Total non-current liabilities 18,804 13,726 Current liabilities Trade and other payables 6,540 6,019 Debt and derivatives 7,864 9,717 Other current liabilities 6,413 5,406 Total current liabilities 20,817 21,142 Total equity and liabilities 106,117 89,946 *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.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 30 Attachment C: Rates of UAH to USD Average rates Closing rates 3Q26 3Q25 YoY 30 Sep’26 30 Sep’25 YoY Ukraine Hryvnia 44.7 41.5 (7.6%) 44.9 41.3 (8.6%) Note: The foreign exchange (FX) rates presented above have been sourced from Bloomberg.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 31 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. ARPU (average revenue per user/customer) measures the monthly average revenue per mobile user. We calculate Mobile ARPU by dividing our telecommunications revenue (excluding guest roaming revenue, international interconnection revenue and fixed revenue) and digital revenue attributable to mobile subscribers, included in our bundle offer (Kyivstar TV) during the relevant period by the average number of our mobile customers during the period and dividing that by 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 expenditure. Capex intensity is a ratio, which is calculated as capex divided by total revenue. Digital customers are gross total cumulative users for the reported period of all digital platforms, services and applications offered by an entity and include users who are active in more than one application (who may be double counted in this figure). 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 such as credential management services as well as digital offerings in health. Digital EBITDA represents the portion of EBITDA generated from Kyivstar Group Ltd’s digital services and platforms. Digital EBITDA is calculated by applying the definition of EBITDA to the results of operations attributable to these digital services and platforms. EBITDA is a non-IFRS financial measure and is called Adjusted EBITDA. 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 after leases (EBITDAaL) is calculated as EBITDA (as defined above) after lease expense. 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 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. Gross merchandise value (GMV) is calculated as total monetary value of goods or services facilitated through the platform over a given period, before deducting commissions, fees, discounts, refunds, or costs. 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”).
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 32 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 100 MB threshold is included in Multiplay and Double Play 4G customer count (excluded prior to 1Q25). Net debt 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 including deposits, long-term and short-term deposits (deposits of USD 1.1 mn, UAH 50.2 mn as of September 2026). Kyivstar believes that net debt provides useful information to investors because it shows the amount of notional debt that would be outstanding if available cash and cash equivalents including deposits, 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 the Group’s financial position. Revenue from telecommunication services and from infrastructure (“telecom and infrastructure revenue” or “telecom and infra revenue”) is revenue generated by Kyivstar Group Ltd from providing telecommunication services and infrastructure services. Telecommunication services refer to fixed and mobile voice, data, interconnection, roaming, messaging, and value-added services. Infrastructure services primarily relate to energy infrastructure assets, primarily solar energy solutions owned by KGL, with electricity supplied to the national energy grid in accordance with applicable market and regulatory frameworks. EBITDA from telecommunication services and from infrastructure (“telecom and infrastructure EBITDA” or “telecom and infra EBITDA”) represents the portion of EBITDA generated by Kyivstar Group Ltd from providing telecommunication and infrastructure operations. Telecom/infra EBITDA is calculated by applying the definition of EBITDA to the results of these Telecommunication and infrastructure activities.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 33 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, Uklon EBITDA, Tabletki EBITDA, EBITDA margin, EBITDAaL, Free Cash Flow, Capex intensity, CAPEX excl. licenses, Gross Debt and Net debt, 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 financial outlook for 2026, 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 annual report on Form 20-F filed with the SEC on March 16, 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.
EARNINGS RELEASE & OPERATING HIGHLIGHTS 3Q26 & 9M26 34 Kyivstar Group Ltd. Index Tower, Unit 517, Level 5 Dubai International Financial Centre Dubai, United Arab Emirates ir@kyivstargroup.com
November 6, 2026 | 3Q26 Results Presentation Kyivstar Group Ltd. Kyivstar Raises 2026 Revenue and EBITDA Outlook 3Q26 Revenue +17.5% YoY, EBITDA +10.3%, (USD terms)
2 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, Uklon EBITDA, Tabletki EBITDA, EBITDA margin, EBITDAaL, Free Cash Flow (before leases and licenses), Free Cash Flow (after leases and licenses), Capex intensity, Capex excl. licenses and ROU, Gross debt and Net debt, 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 financial outlook for 2026, 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 annual report on Form 20-F filed with the SEC on March 16, 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.
+17.5% USD revenue growth 3 GROWTH CONVERTING TO CASH; OUTLOOK RAISED Generating Strong Growth Transforming Digital Services +68.9% USD digital rev. growth Building Telecom- Digital Synergies +23.2% Multiplay customer growth Delivering on Strategic Priorities Uklon: Continuing expansion >8 mn D2C customers +26.5% UAH revenue growth 21.7% of total revenue Note: We use certain non-IFRS measures. Please see Attachment A for reconciliations to Kyivstar's non-IFRS measures and Attachment D for a detailed description of such measures. 1. One-month active base; 2. FCF, previously referred to as Equity Free Cash Flow ("EFCF") after leases and licenses. The change is in name only; the calculation methodology is unchanged. ▪ Delivering double-digit top-line, EBITDA growth. Higher ARPU, data usage and digital growth drove revenue momentum. ▪ Continuing to scale digital profitably. Digital revenue up 68.9% (21.7% of revenue) with a 40.7% EBITDA margin in 3Q26. ▪ Deepening engagement through multiplay. Multiplay customers now 40.3% of mobile customers1, come with higher ARPU and lower churn. ▪ Prioritizing FCF2 focus. 9M26 FCF reached USD 274 mn, up 56.8% YoY; LTM capex intensity down to 24.0% from 29.0%. ▪ Robust balance sheet. USD 436 mn in cash and cash equivalents; net liquidity (excl. leases) of USD 352 mn. ▪ Raising 2026 outlook: Revenue growth of 15%–17% and EBITDA growth of 10%–12% (USD); capex intensity of 21%–24%. ▪ Sustained progress on strategic priorities: Uklon city and service expansions, widening digital enterprise suite, expanding Starlink connectivity.
4 3Q26: MOMENTUM CONTINUES, BUSINESS RESILIENT Revenue 349 +17.5% in USD +26.5% in UAH Telecommunications & infrastructure revenue 273 +8.4% in USD +16.7% in UAH Digital revenue 1 76 +68.9% in USD +81.8% in UAH EBITDA 189 +10.3% in USD; +18.7% in UAH Net profit 99 versus USD (89 mn) in 3Q25 2 Earnings per share 3 0.36 vs. USD (0.41) in 3Q25 Capex 66 3Q capex intensity: 19.0% LTM capex intensity: 24.0% Free cash flow 4 83 +144.0% in USD; +170.8% in UAH 1. Revenue from enterprise identity and credential management services is reported within the Digital Enterprise vertical starting from the beginning of 2026, with 3Q26 at USD 8.7 mn. Prior periods have been reclassified accordingly (3Q25: USD 9.6 mn); 2. YoY profit and EPS reflect 3Q25 listing expense of USD 162 mn and 3Q26 USD 14.6 mn fair value gain on KGL warrants; 3. Weighted average common shares outstanding for diluted earnings per share (in mn): 232.1 (3Q26) and 219.3 (3Q25). 4. FCF, previously referred to as Equity Free Cash Flow ("EFCF") after leases and licenses. The change is in name only; the calculation methodology is unchanged. Digital 31 Cash position 436 Telco & infra 158 40.7% margin57.7% margin All figures expressed in USD mn, except earnings per share. Comparisons are year-on-year.
5 TELECOMMUNICATIONS: ARPU RISING, SUB TREND STABLE Subscribers (mn) Churn rate (annualized, %) 22.5 22.4 22.0 21.8 21.7 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 (3.6) (2.8)YoY, % ARPU (USD & UAH) 9.9 13.5 16.2 14.2 11.7 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 (6.3) (4.1) 3.7 3.8 3.8 3.9 4.0 153 161 166 173 179 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 +14.0 +18.2 +13.0 +16.7 UAH USD YoY, % YoY, p.p. 1.2 1.2 1.3 1.3 1.3 47.1% 50.1% 48.8% 49.2% 48.7% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 +1.0 +4.2 +11.6YoY, % (3.0) +0.5 +18.4 +14.1 +10.6 Broadband customers, mn (and % of fixed subs who also use Kyivstar TV) (2.8) (0.9) +18.3 +11.2 +11.3 (3.4) +16.9 +8.6 +1.8
6 MULTIPLAY: DEEPER ENGAGEMENT COMPOUNDS VALUE Growth in multiplay customers Customers, mn, active in the last month ARPU, USD 6.6 8.1 5.3 5.9 3Q25 3Q26 Multiplay customers YoY +23.2% Multiplay vs. all mobile customers, 3Q26 ARPU USD per month Multiplay Mobile 1.5x Higher ARPU Churn Monthly churn rate Multiplay Mobile ~0.4x Lower churn rate LTV Lifetime value, USD per customer Multiplay Mobile ~4x Higher lifetime value As customers adopt digital services, they use more data and voice, generate higher telecom revenue and stay longer LTV methodology: Monthly ARPU × 3Q26 EBITDA margin ÷ 3Q26 average monthly churn rate.
DIGITAL SCALES PROFITABLY 7 1,027 1,417 1,426 1,448 1,497 624 682 715 746 791 140 351 453 614 630 234 342 361 75 95 93 105 1113 15.1% 18.9% 20.9% 21.7% 21.7% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 % of total revenue 2,921 3,393 1,866 2,545 UAH, mn for comparability +81.8% Revenue growth, UAH, YoY EBITDA, UAH mn EBITDA margin 1,380 40.7%39.4% 736 3,2565.4 3.5 5.2 6.6 Digital customers (active during quarter, mn) 29.5 Uklon Kyivstar TV Helsi My Kyivstar Tabletki 8.9 Helsi Tabletki Kyivstar TV Digital Enterprise Uklon Total Others
8 UKLON: EXPANDING TO NEW CITIES, SERVICES Leading ride-hailing platform in Ukraine Scaling operations & footprint in Uzbekistan, more Ukrainian cities Diversifying into commerce, EV scooters, other digital mobility opportunities 33.5 mn USD 1,497 mn UAH Total revenue EBITDA 3Q26 5.4 mn Digital customers 42.8 mn Rides booked +1.5% YoY 1.5 mn Deliveries completed +26.9% YoY +6.0% YoY 10.2 mn USD 455 mn UAH
9 HELSI: GROWING THE PAYING CUSTOMER BASE The largest digital healthcare platform in Ukraine Active doctors and specialists 2.3 mn Appointments made by patients 1.7k+ Active healthcare institutions +19.9% YoY +10.1% YoY +0.6% YoY 136k+ Premium subscriptions +312.1% YoY 5.2 mn Digital customers +6.2% YoY 2.5 mn USD 111 mn UAH Total revenue +36.5% YoY +47.0% YoY 3Q26 46k+
10 TABLETKI: STRONG QUARTER, PROGRESSING ECOSYSTEM TIES 8.1 mn USD 361 mn UAH Total revenue 6.1 mn USD 271 mn UAH EBITDA 3Q26 Leading marketplace for online booking of medicine and other healthcare products Consolidated effective February 2026 6.6 mn Digital customers 397 mn USD Gross merchandise value N/A 15.0 mn Average monthly bookings N/A N/A
11 KYIVSTAR TV: CONTENT, BUNDLES DRIVE YOY CUSTOMER GROWTH Largest media streaming service in Ukraine 3.5 mn Digital customers 784 mn Number of sessions +18.6% YoY +32.3% YoY 14.1 mn USD 630 mn UAH Total revenue1 +316.3% YoY +348.8% YoY 1. Gross (versus net) revenue recognition effective September 2025 onward. 3Q26 +316.3% YoY
12 DIGITAL ENTERPRISE: EXPANDING REVENUE, MARKET REACH Digital Enterprise revenue (UAH, mn) Active contracts (‘000) 3Q26 Total revenue 17.7 mn USD 790 mn UAH Growth (USD) 643 B2B clients provided with cloud services >4.3k Registered clientsIn-house solutions, consulting + Resale of partner products 400 431 420 394 388 141 165 192 243 283 75 76 93 103 116 7 9 10 6 3 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Other Cloud Big Data ID Management 746715681 623 2.0 2.1 2.2 2.4 2.5 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 +23.0% YoY +17.8% YoY 790
Transaction terms Signed October 27, 2026 Total consideration Up to USD 50 mn Acquisition price USD 41 mn Deferred non-adjustable debt Up to USD 4 mn Performance-related consideration ~USD 3 mn Capex reimbursement Up to USD 2 mn ~USD 5 mn of the total is linked to future performance and capital investment milestones GigaCloud at a glance 1,800+ enterprise customers ~USD 14 mn revenue, 20251 USD 4.7 mn EBITDA, 20251 Fit with our M&A criteria Growth opportunities Leading market position One of Ukraine’s leading cloud services providers Profitable pre-acquisition ~34% EBITDA margin in 20251 Self-sustaining Separate business unit. Brand, talent, corporate culture retained. Cross-selling potential Connectivity, cloud and cybersecurity services for businesses and public institutions Scaling our cloud services, client base Sovereign AI, private and public-sector clients, platform for future AI-enabled services Expands our enterprise technology offering; expected to be immediately accretive to earnings and cash flow 1. GigaCloud standalone figures derived from unaudited management accounts, subject to customary financial closing, review and audit procedures; provided for information only and not necessarily indicative of historical or future performance. GIGACLOUD ACQUISITION: EXPANDING CLOUD, AI SERVICES 13
Sustain mobile market leadership GROWTH STRATEGY AND PRIORITIES Telecommunications & Infrastructure 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 14
15 BUILDING A PROFITABLE ECOSYSTEM 2025 2026 Mar 2025 Uklon Announced acquisition of a 97% stake in Uklon, introducing digital mobility services to the Kyivstar ecosystem. May 2025 Helsi Increased ownership in Helsi from 69.99% to 97.99%. Helsi introduced digital healthcare services to the Group. Dec 2025 SUNVIN 11 Announced acquisition of SUNVIN 11, owner of a 12.9 MW operational solar plant, reducing risks from energy costs. Feb 2026 Tabletki.ua Announced acquisition of Tabletki.ua, expanding ecosystem’s reach into customers’ health and wellness needs. May 2026 Starlink reseller Starlink reseller agreement to provide high-speed internet to businesses and public institutions, filling a potential gap in customer connectivity needs. May 2026 6 solar power plants Announced acquisition of 6 solar plants in Lviv region (105 MW) to diversify energy sources further. Oct 2026 GigaCloud Announced acquisition of cloud services provider GigaCloud, making Kyivstar Group combined the clear leader in Ukrainian cloud and AI services. Nov 2025 Starlink Direct to Cell Launched Starlink Direct to Cell satellite connectivity in Ukraine, providing customers another way to stay connected. Feb 2026 Shtorm Announced acquisition of ISP Shtorm, expanding reach and market share of fixed broadband business.
7.1 7.2 7.5 8.3 8.4 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 16 3Q FINANCIALS: STRONG GROWTH; DISCIPLINED CASH CONVERSION Revenue (UAH, bn) 12.3 13.5 14.0 15.0 15.6 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 +26.5% CAPEX 3Q26: USD 66 mn / UAH 3.0 bn (capex intensity: 19.0%) LTM: USD 320 mn / UAH 13.8 bn (capex intensity: 24.0%) 339USD mn EBITDA (UAH, bn) Free Cash Flow1 3Q26: USD 83 mn / UAH 3.7 bn LTM: USD 293 mn / UAH 12.8 bn 321297 +18.7% 188173172323 171349 189 1. FCF, previously referred to as Equity Free Cash Flow ("EFCF") after leases and licenses. The change is in name only; the calculation methodology is unchanged.
Strong cash position despite acquisitions, and immaterial external market debt 17 OPERATIONAL STRENGTH, BALANCE SHEET RESILIENCE USD mn UAH mn 30 Sep 2026 30 Jun 2026 30 Sep 2026 30 Jun 2026 Cash and cash equivalents 436 364 19,570 16,353 Gross debt, of which 502 488 22,524 21,905 Bonds and loans – principal 86 88 3,848 3,955 Lease liabilities – principal 416 400 18,677 17,951 Net debt 65 123 2,903 5,526 Net liquidity position, excl. leases 352 277 15,773 12,425
RAISING 2026 OUTLOOK ON SUSTAINED GROWTH MOMENTUM 1. The outlook is subject to risks and uncertainties including, but not limited to, those discussed herein. 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. 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. 2. U.S. dollar expectations assume an average 2026 exchange rate of UAH 44.5 per U.S. dollar. 18 18% - 20% 14% - 16% 15% - 17% 21% - 23% 22% - 24% 9% - 12% 10% - 12% 17% - 19% 21% - 24% Total revenue, YoY EBITDA, YoY Capex intensity USD UAH 2026 Outlook Previous Revised Previous Revised
19 Appendix
RECONCILIATION OF FINANCIAL METRICS (1/3) 20 Profit for the period to EBITDA reconciliation (USD mn) 3Q26 3Q25 Profit / (loss) for the period 99 (89) Listing expense - 162 Income taxes 25 18 Amortization 23 17 Depreciation 27 24 Depreciation of right of use asset (A) 15 13 Impairment 3 3 Foreign exchange loss / (gain), net 1 1 (Gain) / loss on disposal of non-current assets 0 0 Other non-operating loss (16) 6 Finance income (6) (2) Finance costs 2 3 Financial expense from lease liability (B) 16 15 EBITDA (C) 189 171 EBITDA after leases (adj. EBITDAaL) [C-(A+B)] 157 143
RECONCILIATION OF FINANCIAL METRICS (2/3) 21 Uklon standalone profit for the period to EBITDA reconciliation (USD mn) 3Q26 3Q25 Profit for the period 2 7 Income taxes 6 1 Amortization 2 2 Depreciation - - Net foreign exchange gain (0) (1) Finance income (1) - Finance costs - - EBITDA 10 9 Tabletki profit for the period to EBITDA reconciliation (USD mn) 3Q26 3Q25 Profit for the period 4.7 n.a. Income taxes - n.a. Depreciation - n.a. Amortization 1.7 n.a. Finance income (0.5) n.a. EBITDA 6.1 n.a.
RECONCILIATION OF FINANCIAL METRICS (3/3) 22 CAPEX reconciliation (USD mn) 3Q26 3Q25 Capex (excluding license and RoU) 66 89 Difference in timing b/w accrual and payment for capex 0 12 Cash capex (excluding license payments) 66 101 Cash flow statement to FCF reconciliation (USD mn) 3Q26 3Q25 YoY change Net cash flow from operating activities 160 144 16 Proceeds from full and partial sale of subsidiary and other non-current assets 1 0 1 Cash capex (excluding license payments) (66) (101) 35 Lease liabilities - principal (11) (9) (2) Free cash flow (after leases and licenses) 83 34 49
DEFINITIONS 23 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. ARPU (average revenue per user/customer) measures the monthly average revenue per mobile user. We calculate Mobile ARPU by dividing our telecommunications revenue (excluding guest roaming revenue, international interconnection revenue and fixed revenue) and digital revenue attributable to mobile subscribers, included in our bundle offer (Kyivstar TV) during the relevant period by the average number of our mobile customers during the period and dividing that by 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 expenditure. Capex intensity is a ratio, which is calculated as capex divided by total revenue. Digital customers are gross total cumulative users for the reported period of all digital platforms, services and applications offered by an entity and include users who are active in more than one application (who may be double counted in this figure). 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 such as credential management services as well as digital offerings in health. Digital EBITDA represents the portion of EBITDA generated from Kyivstar Group Ltd’s digital services and platforms. Digital EBITDA is calculated by applying the definition of EBITDA to the results of operations attributable to these digital services and platforms. EBITDA is a non-IFRS financial measure and is called Adjusted EBITDA. 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 after leases (EBITDAaL) is calculated as EBITDA (as defined above) after lease expense. 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 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. Gross merchandise value (GMV) is calculated as total monetary value of goods or services facilitated through the platform over a given period, before deducting commissions, fees, discounts, refunds, or costs. 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”). 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 100 MB threshold is included in Multiplay and Double Play 4G customer count (excluded prior to 1Q25). Net debt 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 including deposits, long-term and short-term deposits (deposits of USD 1.1 mn, UAH 50.2 mn as of September 2026). Kyivstar believes that net debt provides useful information to investors because it shows the amount of notional debt that would be outstanding if available cash and cash equivalents including deposits, 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 the Group’s financial position. Revenue from telecommunication services and from infrastructure (“telecom and infrastructure revenue” or “telecom and infra revenue”) is revenue generated by Kyivstar Group Ltd from providing telecommunication services and infrastructure services. Telecommunication services refer to fixed and mobile voice, data, interconnection, roaming, messaging, and value-added services. Infrastructure services primarily relate to energy infrastructure assets, primarily solar energy solutions owned by KGL, with electricity supplied to the national energy grid in accordance with applicable market and regulatory frameworks. EBITDA from telecommunication services and from infrastructure (“telecom and infrastructure EBITDA” or “telecom and infra EBITDA”) represents the portion of EBITDA generated by Kyivstar Group Ltd from providing telecommunication and infrastructure operations. Telecom/infra EBITDA is calculated by applying the definition of EBITDA to the results of these Telecommunication and infrastructure activities.
24 ir@kyivstargroup.com