Earnings release
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Exhibit 99.1 Kyivstar reports 20% top-line and EBITDA growth as digital rises to 12% of revenues 10 November 2025. KYIV, Ukraine Kyivstar Group Ltd (“Kyivstar”, the “Group”) 3Q25 unaudited results highlights ● Total revenue grew 20.9% YoY to UAH 12.3 bn (+19.8% to USD 297 mn). ● EBITDA grew 21.5% YoY to UAH 7.1 bn (20.4% to USD 171 mn). ● Adjusted net profit was USD 73 mn. This metric excludes the non-cash charge of USD 162 mn recognized in 3Q25 related to the Kyivstar listing. Without adjustments,loss for 3Q25 was USD 89 mn. ● Direct digital revenue grew to 11.9% of total thanks to a 531% surge to UAH 1.5 bn (+526% to USD 35 mn), driven in turn by consolidation of Uklon. ● Multiplay users expanded 24.8% YoY to 6.6 mn, digital MAUs 49.4% to 13.5 mn. ● Cash position of USD 472 mn highlights Kyivstar’s fortress balance sheet, supported by LTM equity free cash flow of USD 373 mn. 10 November 2025. KYIV, Ukraine – Kyivstar Group Ltd (Nasdaq: KYIV), Ukraine’s leading digital operator, today announces selected unaudited financial and operatingresults for the third quarter ended September 30, 2025. Kyivstar sustained strong momentum into 3Q25, delivering 20.9% total revenue growth to UAH 12.3 bn (19.8% to USD 297 mn). The performance demonstrates the Group’sdisciplined pricing and ability to capture a growing share of consumer spending. Mobile ARPU climbed 14.0% YoY to UAH 153.1 (USD 3.7). EBITDA rose 21.5% YoY to UAH 7.1 bn (20.4% to USD 171 mn), with the EBITDA margin at 57.6% for the quarter. Continued strong profitability reflects disciplined costmanagement amid revenue growth and the execution of Kyivstar’s digital strategy. Direct digital revenue grew 531% to UAH 1,464 mn (526% to USD 35 mn), reaching 11.9% of total revenue and supported by the acquisition of Uklon in April. Kyivstar’smultiplay strategy pushed customer engagement and blended ARPU higher, as users who combine connectivity with at least one digital service rose 24.8% YoY to 6.6 mn, nowrepresenting 31.7% of one-month-active mobile customers. Our expanding digital platforms are transforming Kyivstar into a model digital ecosystem ever more embedded incustomers’ everyday lives. The integration of Uklon (consolidated effective April) contributed substantially with USD 24.7 mn in revenue, USD 9.1 mn in EBITDA and USD 6.7 mn in profit for thequarter. The platform recorded strong growth in trip volumes, average fare per ride and digital engagement, strengthening Kyivstar’s foothold in everyday mobility. The Group steadily advanced on its strategic priorities during the quarter. Kyivstar commenced trading on the NASDAQ on August 15, becoming the first Ukrainian companyto list on a US stock exchange. The Group also conducted Ukraine’s first Starlink Direct to Cell network test ahead of service launch in late 4Q25, while progress continues ondeveloping Ukraine’s first national large language model (“LLM”) in partnership with Ukraine’s Ministry of Digital Transformation. Kyivstar expects revenue growth of 24% to 27% YoY, and EBITDA growth of 23% to 26% YoY, in UAH terms, for the full year. In USD terms, the Group expects revenuegrowth of 20% to 23% YoY and EBITDA growth of 19% to 22% YoY for 2025, assuming current FX rates. Capex intensity for 2025 is expected in the 30% to 33% range. Commenting on the results, CEO Oleksandr Komarov said: “Anchored by Kyivstar’s resilient, market-leading telecom franchise, we are scaling a strong digital ecosystem. Digital services now contribute nearly 12% of revenues, and our~20% growth in revenue and EBITDA highlights the growing role of our digital portfolio in Ukrainians’ daily lives. This momentum is supported by our robust mobile andfixed-line businesses, where competitive pricing and reliable service sustain our market leadership. “Looking ahead, we are committed to shaping Ukraine’s digital future, from advancing AI and cloud to expanding how customers connect. Our upcoming nationwide Direct toCell launch is another key milestone. As the first Ukrainian company to list on a US exchange, we look forward to sharing Kyivstar’s compelling investment opportunity.”
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3Q25 results conference call To register and access the event, please click here or copy and paste this link to the address bar of your browser: https://edge.media-server.com After registering, you will receive a confirmation email at the address you provided. This email will include a link to access the webcast and the dial-in details for listening tothe conference call by phone. We strongly encourage you to participate in the event through the webcast link, but if you prefer to dial in, please register using this link: https://register-conf.media-server.com/register/BI16abec37899c48a7b76730d18d0f5357 Once registered, you will receive your unique PIN and dial-in information to join the call. You will also have the option to select your preferred method of participation. You can dial in directly from your phone using the provided number and PIN, or choose Call Me, enter your phone number, and receive an immediate callback from thesystem. The call will come from a US-based number. Q&A Once Q&A begins, if you have a question, please use the Raise Hand button on your screen. When it is your turn to speak, the moderator will announce your name as well assending a message to your screen asking you to confirm you want to talk. Once accepted, please unmute your mic and ask your question. You can also submit your questions prior to the event to Kyivstar Investor Relations at ir@kyivstargroup.com. About Kyivstar Group Ltd. Kyivstar Group Ltd. operates Ukraine’s leading digital operator, JSC Kyivstar, serving more than 22.5 million mobile customers and over 1.2 million home internet fixed linecustomers as of September 30, 2025. Kyivstar Group Ltd. and its subsidiaries provide services across a wide range of mobile and fixed line technologies, including 4G, bigdata, cloud solutions, cybersecurity, digital TV, ride-hailing, and more. Together with VEON, Kyivstar intends to invest USD 1 billion in Ukraine during 2023-2027, throughsocial investments in infrastructure and technological development, charitable donations and strategic acquisitions. Kyivstar Group Ltd. and its subsidiaries have been operatingin Ukraine for more than 27 years. For more information, visit: investors.kyivstar.ua. PERFORMANCE MEASURES AND NON-GAAP FINANCIAL MEASURES In presenting our results, Kyivstar has included certain non-GAAP financial measures, including Adjusted EBITDA, CAPEX excl. licenses and ROU and Uklon AdjustedEBITDA, that it believes are useful to consider, in addition to its IFRS results, for a more complete understanding of the financial performance and position of Kyivstar. Thekey performance measures and non-GAAP financial measures that Kyivstar believes are meaningful in analyzing its performance are summarized in Attachment D inKyivstar’s earnings release as of the date of this press release and where applicable a reconciliation of non-GAAP financial measures to IFRS financials is set out at the end ofthis press release. However, any non-GAAP financial measures should not be viewed as a substitute for those determined in accordance with IFRS and Kyivstar’s methodologyfor calculating these measures may be different from the way its industry peers calculate these measures DISCLAIMER AND NOTICE TO READER This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. 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 actualresults 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 final prospectus filed with the SEC on July 22, 2025, as such document may be amended or supplemented from time to time, and other publicfilings made from time to time by Kyivstar with the SEC. Any forward-looking statements contained in this document speak only as of the date hereof and Kyivstar disclaimsany obligation to update or revise any of these forward-looking statements, except as required by law. See “Disclaimer and Notice to Readers” in our full 3Q25 Earnings Release for a more fulsome description of the above. Contact information Kyivstar Group LtdInvestor Relationsir@kyivstargroup.com
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Exhibit 99.2
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3Q25 OVERVIEW 1 3Q25 GROUP PERFORMANCE 3 STRATEGIC DEVELOPMENTS 7 OUTLOOK 8 PRESENTATION OF UNAUDITED FINANCIAL RESULTS 9 ATTACHMENTS 12 DISCLAIMER AND NOTICE TO READERS 22 i
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Kyiv, November 10, 2025 – Kyivstar Group Ltd. (“Kyivstar” or the “Group”), Ukraine’s leading digital operator, today announces selected unaudited financial andoperating results for the third quarter ended September 30, 2025. Total revenue increased 19.8% YoY to USD 297 mn (UAH 12.3 bn, +20.9%). This was driven by strong revenue generation across the mobile subscriber base, theUklon acquisition, and healthy growth across all digital platforms. Telecom revenue rose 8.0% YoY to USD 262 mn (UAH 10.9 bn, +9.0%). Growth was driven by continued ARPU expansion in sync with higher penetration of digitalservices. Direct digital revenue increased 525.9% YoY to USD 35 mn (UAH 1.5 bn, +531.3%) on the back of Uklon, our ride-hailing platform (consolidated effective April2025) and comprised 11.9% of total revenue for 3Q25. Uklon contributed USD 24.7 mn (UAH 1.03 bn) in revenue in 3Q25. EBITDA rose 20.4% YoY to USD 171 mn (UAH 7.1 bn, +21.5%), with EBITDA margin of 57.6%. Uklon contributed USD 9.1 mn (UAH 378 mn) in EBITDA, andUSD 6.7 mn (UAH 277 mn) in profit for 3Q25. The Group recorded a net loss of USD 89 mn for 3Q25, with loss per share of USD 0.41. However, the headline loss reflects a one-time, non-cash charge of $162 mnrecognized in 3Q25 related to the Kyivstar listing. Excluding the impact of this non-cash charge, Adjusted Net Profit for 3Q25 was USD 73 mn, -11.0% YoY (UAH3.0 bn, -10.1%) and Adjusted EPS for the period was USD 0.33, -16.0% YoY. Kyivstar served 22.5 mn mobile customers and 1.2 mn fixed internet customers as of September 30, 2025. Mobile ARPU increased +13.0% YoY to USD 3.7 (UAH153.1, +14.0%). Multiplay users reached 6.6 mn (+24.8% YoY) and represented 31.7% of one-month-active mobile customers. Uklon recorded 42.2 mn rides and 1.2 mn deliveries in3Q25, helping lift the Group’s total digital MAUs (Uklon, MyKyivstar, Kyivstar TV and Helsi) to 13.5 mn (+49.4% YoY). Capital expenditures for 3Q25 totaled USD 89 mn (UAH 3.7 bn), implying LTM capex intensity of 29.1%. Kyivstar maintains a strong balance sheet with USD 472 mn of cash and cash equivalents as of September 30, 2025. Advanced the Group’s strategic priorities: (i) historic Nasdaq listing as the first Ukrainian company to trade on a US stock exchange; (ii) launching nationwide StarlinkDirect to Cell coverage subsequent to regulatory approvals; and (iii) developing Ukraine’s first national large language model (“LLM”) in partnership with Ukraine’sMinistry of Digital Transformation. For 2025, Kyivstar expects to deliver revenue growth of 24%-27% and EBITDA growth of 23%-26% YoY in UAH terms. In USD terms, and assuming current FXrates, revenue is expected to grow 20%-23% and EBITDA by 19%-22%. Capex intensity for 2025 is expected within 30%–33% of revenue. 1
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Earnings Release3Q25 KYIVSTAR: 3Q25 KEY HIGHLIGHTS Unit 3Q25 3Q24 YoY 9M25 9M24 YoY Operating highlights Total customer base Mobile mn 22.5 23.3 -3.6% Fixed broadband mn 1.2 1.1 2.9% Multiplay users mn 6.6 5.3 24.8% Total digital monthly active users mn 13.5 9.0 49.4% ARPU UAH 153.1 134.2 14.0% Churn rate annualised % 9.9% 16.2% (6.3p.p.) 4G penetration % 66.5% 62.6% 3.9p.p. Multiplay penetration % 31.7% 24.8% 6.9p.p. Data usage GB/user 13.0 10.9 18.3% Total employees no. 5,058 3,957 27.8% Financials Highlights (UAH) Revenue mn 12,332 10,203 20.9% 34,773 26,577 30.8%Digital revenue mn 1,464 232 531.3% 3,056 594 414.6% EBITDA1 mn 7,100 5,842 21.5% 19,840 14,858 33.5% Operating Profit1 mn 4,733 4,114 15.1% 13,393 9,852 35.9% EBIT1 mn 4,858 4,114 18.1% 13,684 9,971 37.2% Net Profit1 mn 3,031 3,373 -10.1% 8,140 7,548 7.8%Capex mn 3,695 2,304 60.4% 9,275 5,204 78.2%Capex intensity % 30.0% 22.6% 7.4p.p. 26.7% 19.6% 7.1p.p. Equity Free Cash Flow (before Leases & License) mn 7,225 2,674 170.2% 14,017 7,269 92.8%Operating cash flow mn 5,977 5,102 17.2% 16,888 12,871 31.2%Cash & cash equivalents mn 19,502 21,036 -7.3% 19,502 21,036 -7.3%Shareholder’s equity mn 51,069 - n.m 51,069 - n.m Key ratios Digital % of Revenue % 11.9% 2.3% 9.6p.p. 8.8% 2.2% 6.6p.p. EBITDA margin1 % 57.6% 57.3% 0.3p.p. 57.1% 55.9% 1.2p.p. Net profit margin1 % 24.6% 33.1% (8.5p.p.) 23.4% 28.4% (5.0p.p.) EPS2 USD (0.41) 0.40 n.m 0.16 0.92 -82.5% Adjusted EPS1,2 USD 0.33 0.40 -16.0% 0.93 0.92 1.1% Note: 1. Adjusted figures for 3Q25 exclude the impact of a one-time, non-cash charge of $162 mn (UAH 6.7bn) recognized in 3Q25 results related to the Kyivstar listing, 3Q25 lossfor the period was USD 89 mn.2. Weighted average common shares outstanding for earnings per share (in millions): 219.3 (3Q25), 206.9 (3Q24) and 211.1 (9M25), 206.9 (9M24). Notice: Please see Attachment A for reconciliations to Kyivstar’s non-GAAP measures and Attachment D for a detailed description of such measures. 2
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Earnings Release3Q25 3Q25 GROUP PERFORMANCE In the third quarter of 2025, Kyivstar delivered revenue growth of 20.9% YoY to UAH 12.3 bn, underscoring the Group’s ability to capture a growing share of consumerspending. Performance was driven by continued improvements in ARPU growth, rising engagement across digital platforms, and the transition to a new value-sharing model ofthe TV partnership into a platform-rental agreement, enhancing Kyivstar’s customer-facing role. REVENUE BREAKDOWN UAH USD Revenue 3Q25 3Q24 YoY 3Q25 3Q24 YoY Total, of which: mn 12,332 10,203 20.9% 297 248 19.8%Mobile mn 10,285 9,354 10.0% 248 227 9.0%Fixed mn 581 617 (5.8)% 14 15 (6.7)%Digital mn 1,464 232 531.3% 35 6 525.9% Telecom revenue grew 9.0% YoY to reach UAH 10.9 bn in 3Q25, driven by continued ARPU expansion supported by disciplined pricing adjustments, rising mobile dataconsumption, and continuing migration of users to 4G networks. The Group’s sustained network investments and distinctive digital ecosystem continue to underpin strongsubscriber engagement and operational resilience, even amid the ongoing war-related disruptions. Direct digital revenue soared more than fivefold to reach UAH 1.5 bn in 3Q25, now accounting for 11.9% of total revenue. Growth was driven by the acquisition ofUklon, continued momentum across Helsi’s digital healthcare platform, rising demand for enterprise solutions such as big data services, and an expanding digital subscriberbase. TELECOM REVENUE, ARPU CLIMB ON 4G MIGRATION AND MULTIPLAY Mobile revenue growth remained strong during the quarter thanks to further deepening of customer engagement and continued positive momentum across key metrics. ● Kyivstar maintains its leadership in the Ukrainian telecom market, with 22.5 mn mobile subscribers as of September 30, 2025. The broadband business continuedto gain momentum, adding 32.6 thousand subscribers over the past 12 months. As of the date of this release, the Group has 43,722 buildings (owned and leased)connected to fiber across Ukraine, reflecting its expanding high-speed network footprint and strong execution in fixed connectivity. ● Ongoing 4G migration: The 4G user base grew 2.4% YoY to 15 mn, 4G penetration rising 3.9 pp to 66.5% of the mobile user base. Transition to 4G dovetails withthe ongoing expansion of multiplay users. ● Mobile ARPU for 3Q25 rose 14.0% to UAH 153.1 (USD 3.7). Our high network reliability, diverse and integrated service offering, and multi-service bundles fostercustomer loyalty. 3
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Earnings Release3Q25 KEY SUBSCRIBER AND USAGE DATA 3Q25 3Q24 YoY Mobile customers mn 22.5 23.3 (3.6)%4G customers mn 15.0 14.6 2.4%4G Penetration % 66.5% 62.6% 3.9 pp Mobile ARPU USD 3.7 3.3 13.0%Mobile MoU min 288 300 (4.3)%Data usage GB/user 13.0 10.9 18.3%Fixed Broadband customers mn 1.2 1.1 2.9% MULTIPLAY SUBSCRIBER EXPANSION UAH USD Multiplay 3Q25 3Q24 YoY 3Q25 3Q24 YoY Revenue mn 4,317 2,988 44.5% 104 73 43.2%Users mn 6.6 5.3 24.8% 6.6 5.3 24.8%ARPU UAH/USD 220 189 16.3% 5.3 4.6 15.2% Through our multiplay strategy, we aim to consistently increase our multiplay subscriber rate (defined as users that have purchased (i) voice, (ii) 4G data plans, and (iii) at leastone digital application, for example Helsi, Kyivstar TV, Uklon or MyKyivstar) by cross-selling our products and services. Our customers can select these digital services, whichwe call “superpowers,” as add-ons to their paid plans. We have seen a consistent upward trend in ARPU on the back of an increase in multiplay customers who also typicallyexhibit lower churn rates. Multiplay customers grew 24.8% YoY to 6.6 mn as of September 30, 2025, now representing 31.7% of the total one-month active user base.Multiplay revenue increased 44.5% YoY in UAH terms (43.2% YoY in USD). DIRECT DIGITAL SERVICES FUEL GROWTH Kyivstar’s digital platforms continued to scale rapidly in the third quarter. Total digital monthly active users reached 13.5 mn (+49.4% YoY), reflecting both organic adoptionand the consolidation of Uklon. The growing user base spans health, mobility and entertainment services, providing the Group with daily, high-frequency touchpoints, inaddition to traditional telecom interactions. The breadth of engagement across these platforms is turning Kyivstar into the provider of a digital ecosystem, embedding the Groupdeeper into its customers’ everyday lives. DIGITAL MONTHLY ACTIVE USERS 3Q25 3Q24 YoY Digital MAUs, of which: mn 13.5 9.0 49.4%Uklon mn 3.6 n.a - Helsi mn 2.5 2.4 5.6%KyivstarTV mn 2.1 1.6 31.7%MyKyivstar mn 5.2 5.1 3.7% Direct digital revenue rose 531.3% YoY to UAH 1.5 bn in 3Q25, increasing its contribution to total revenue from 2.3% in 3Q24 to 11.9% in the third quarter. Growth wasdriven by the first-time consolidation of Uklon, continued expansion of Helsi’s digital healthcare services and strong uptake of Kyivstar TV. 4
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Earnings Release3Q25 DIRECT DIGITAL REVENUE BY PLATFORM UAH USD 3Q25 3Q24 YoY 3Q25 3Q24 YoY Direct Digital revenue, of which: mn 1,464 232 531.3% 35.3 5.6 525.9%Uklon mn 1,027 n.a - 24.7 n.a - Digital Enterprise mn 222 123 80.6% 5.4 3.0 78.4%KyivstarTV mn 140 59 137.3% 3.4 1.4 136.4%Helsi mn 75 50 50.0% 1.8 1.2 50.9% Uklon The Uklon acquisition, effective April 2, 2025, contributed UAH 1.0 bn in revenue and UAH 378 mn in EBITDA in 3Q25. The platform recorded strong growth in tripvolumes, average fare per ride and digital engagement, strengthening Kyivstar’s foothold in everyday mobility and reinforcing its ecosystem of services that extend beyond coretelecom services. UKLON: KEY FINANCIAL AND OPERATING METRICS UAH USD Uklon 3Q25 3Q24 YoY 3Q25 3Q24 YoY Uklon financials Uklon revenue mn 1,027 n.a - 24.7 n.a - Uklon EBITDA mn 378 n.a - 9.1 n.a - Uklon operating metrics Uklon no. of rides mn 42.2 36.0 17.2% Uklon no. of deliveries mn 1.2 0.9 33.3% Note: Uklon 3Q24 operating metrics are based on management reports from 2024 (pre acquisition). Digital Enterprise: Big Data and Cloud Services For 3Q25, our big data and cloud services generated UAH 222 mn in revenue, up 80.5% YoY (USD 5.4 mn, up 78.4% YoY). The growth was driven by large-scale big dataanalytics products and solutions, AdTech, cloud productivity and collaboration services, and API-based connectivity and data-exchange services. We offer a comprehensive B2B hub as well as a big data and an advertising technology (“AdTech”) platform. Our B2B hub offers machine-to-machine (“M2M”) and cloudsolutions, real-time kinematic positioning, cybersecurity services, an M2M SIM management platform and a digital marketplace – including 600 different cloud services. Thereal-time kinematic service alone now has more than 1,400 subscribers. Adwisor, our AdTech self-service platform, plays a central role in the Ukrainian advertising ecosystemwith more than 2,500 registered clients. The platform is specifically designed for B2B customers, enabling seamless campaign management, targeted audience engagement anddata-driven optimization. Kyivstar Tech Kyivstar Tech is a technology company that serves as the key provider of IT and digital services for the other companies in the Group, as well as providing limited IT anddigital services to external enterprises. The company now has more than 800 software developers and data scientists. Kyivstar TV Kyivstar TV recorded 2.1 mn MAUs (+31.7% YoY), driven by exclusive sports rights, Ukrainian-language content, and the inclusion of new devices (e.g. Xbox, Smart TVs,PCs). Provided both as a mobile OTT internet application and a fixed/IPTV broadband service, Kyivstar TV is the largest media streaming service in Ukraine by number ofusers. As of September 30, 2025, 34.4% of our broadband customers were also digital TV users. The service’s role in users’ entertainment choices continues to expand, withuser sessions rising 30.7% YoY in 3Q25 to 670 mn and the number of minutes watched daily by active OTT users having climbed 21.1% YoY to 244 mn. Kyivstar does not license or create any content; rather, we sell digital TV services on our branded platform in cooperation with PLUS TV LLC. The TV partnership was revisedas of September, enhancing Kyivstar’s role and direct customer engagement in the provision of the “Kyivstar TV” service. 5
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Earnings Release3Q25 Helsi Helsi is Ukraine’s leading health-tech platform, recording 2.5 mn MAUs (+5.6% YoY) as of 3Q25. Growth was supported by the launch of new family and individual medicalcare subscription plans, as well as the expansion of enterprise contracts with hospitals and other corporates. Helsi has added new services to its subscription model, such asanalysis and telemedical consultations, and launched “Helsi Superpower” for Kyivstar users in September. Helsi is deeply embedded in Ukraine’s eHealth ecosystem, which powers appointment scheduling, prescriptions, and health records management. This integration creates highswitching costs and makes Helsi indispensable for both patients and providers. It also demonstrates Kyivstar’s dedication to ESG matters, as access to high-quality, digitalhealthcare is a national priority during wartime. As of September 30, 2025, Kyivstar had approximately 29 mn registered patients who were able to access more than 1,600 public and private clinics and over 38,000 medicalprofessionals. CAPITAL EXPENDITURE Capex for 3Q25 was UAH 3.7 bn (USD 89 mn) with an LTM capex intensity of 29.1%. Kyivstar maintained high investment levels while generating strong free cash flow,underscoring the Group’s commitment to investments that fulfill license requirements and sustain network quality and resilience amid the war. ● Capex focus: Continued reinvestment in network resilience, further fiber rollout and energy security. Network modernization, regulatory compliance measures, andpower-saving feature installations are key drivers of YoY investment growth, ensuring high quality standards for customers. ● Energy resilience: Kyivstar’s network sites are now equipped with backup batteries, inverters and solar power, reducing vulnerability to grid instability in line withcontemporary legislation requirements. Kyivstar will continue to comply on this matter, inclusive of any new regulatory requirements that may come into force goingforward. As of September, the Group had funded the installation of approximately 3,560 generators (stationary diesel generators, mobile diesel generator and third-party stationary diesel generators) and approximately 241,000 additional batteries for backup capacity and improved network resilience. LIQUIDITY AND CAPITAL STRUCTURE UAH USD 30-Sep-25 30-Jun-25 QoQ 30-Sep-25 30-Jun-25 QoQ Cash and cash equivalents mn 19,502 19,072 2.3% 472 458 3.1%Gross debt of which mn 18,717 16,032 16.7% 453 385 17.7%Bonds and loans - principal mn 4,132 1,915 115.7% 100 46 117.4%Lease liabilities - principal mn 14,585 14,116 3.3% 353 339 4.1%Net cash / (debt) mn 785 3,040 (74.2)% 19 73 (74.0)%Net cash excluding leases mn 15,370 17,156 (10.4)% 372 412 (9.7)% Kyivstar reported UAH 19.5 bn in cash and cash equivalents as of September 2025. Bonds and loans outstanding reflects the debt to VEON and Ukraine Tower Company LLC(“UTC”). Lease liabilities associated with towers transferred to UTC are fully recognized under IFRS 16. 6
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Earnings Release3Q25 STRATEGIC DEVELOPMENTS On August 14, 2025, VEON Ltd., a global digital operator and then parent company of Ukraine’s leading digital operator JSC Kyivstar, and Cohen Circle Acquisition Corp.(“Cohen Circle”), a special purpose acquisition company, announced the closing of the business combination that resulted in the listing of Kyivstar on Nasdaq Stock Market(“Nasdaq”) following the receipt of approval from Cohen Circle shareholders at the extraordinary general meeting held on August 12, 2025. As a result of the closing of thebusiness combination, Kyivstar began trading its shares and warrants on the Nasdaq on August 15, 2025 under the ticker symbols “KYIV” and “KYIVW”,respectively, thereby becoming the first and only Ukrainian company listed on a US stock exchange. VEON held an 89.6% stake in Kyivstar as of the closing of the businesscombination. On August 12, 2025, Kyivstar successfully conducted a test of satellite and terrestrial network integration using Starlink Direct to Cell technology. This is the first fieldtest of Starlink Direct to Cell in eastern Europe. During the pilot in the Zhytomyr region, Kyivstar President and JSC Kyivstar CEO Oleksandr Komarov and Ukraine’s Ministerof Digital Transformation, Mykhailo Fedorov, exchanged messages directly via Starlink Direct to Cell satellite service using regular 4G-enabled smartphones. The successfulexchange confirmed the technology’s viability for Ukraine. Launch of first commercial services is due in December. Kyivstar continues to advance its large language model (“LLM”) project in partnership with Ukraine’s Ministry of Digital Transformation and the WINWIN AICentre of Excellence. In 3Q25, we established the project’s strategy, accelerating hiring, and established a legal framework for transferring datasets. This joint project aims todevelop Ukraine’s first LLM trained deliberately on Ukrainian-language data. The cooperation memorandum builds on VEON’s and Kyivstar’s pledge to invest USD 1 bn torebuild Ukraine’s digital infrastructure over 2023-2027. In addition to capturing the full range of Ukrainian dialects, terminology, history, and cultural context, the project isdesigned to ensure that sensitive national data is securely stored and processed within Ukraine, a critical requirement for sectors such as government, defense, healthcare, andfinancial services. The LLM will also serve as the foundation for AI-powered products and services, including legal and regulatory analysis tools, as well as specialized AIapplications across both public and private sectors and in fields including education, finance, and health. The model is expected to deliver more accurate, relevant, andactionable insights for Ukrainian users than general-purpose global models. The first version of the Ukrainian LLM is scheduled for release by December 2025. 7
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Earnings Release3Q25 OUTLOOK For 2025, Kyivstar expects to deliver revenue growth of 24%-27% and EBITDA growth of 23%-26% YoY in UAH terms. For 2025, in USD terms, and assuming current FX rates, revenues are expected to grow by 20%-23% and EBITDA by 19%-22%. Capex intensity for 2025 is expected within 30%-33% of revenues. FY25 Outlook2 Total Revenue, YoY (UAH) 24% - 27% Total Revenue, YoY (USD)1 20% - 23% EBITDA, YoY (UAH) 23% - 26% EBITDA, YoY (USD)1 19% - 22% LTM Capex Intensity 30% - 33% Note:1. USD expectations assume no significant fluctuation in UAH/USD exchange rate from current level.2. The outlook herein regarding Ukraine is subject to uncertainties due to the ongoing war. Actual outcomes may differ materially from current expectations and currentexpectations should not be construed as a guarantee of future performance and are provided for informational purposes only. Our guidance includes GAAP and non-GAAPfinancial measures. A reconciliation of IFRS guidance measures to corresponding non-GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to theuncertainty regarding, and the potential variability of, expenses that may be incurred in the future. This and other factors could be material to Kyivstar’s results computed inaccordance with IFRS. Kyivstar has provided a reconciliation of IFRS to non-GAAP financial measures in Attachment A for its historical non-GAAP financial results includedin this release. Kyivstar’s fiscal year ends December 31. 8
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Earnings Release3Q25 PRESENTATION OF UNAUDITED FINANCIAL RESULTS Kyivstar’s results presented in this document are, unless otherwise stated, based on International Financial Reporting Standards (“IFRS”) as issued by the InternationalAccounting Standards Board (“IASB”) and have not been externally audited or reviewed. 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 thosein 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, EBITDA margin, Adjusted Net Profit, Adjusted EPS, LTM Equity Free CashFlow, capex and capex intensity trends, is defined in Attachment D and reconciled to the comparable IFRS information in Attachment A. UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT (In millions of U.S. dollars except Earnings per Share) 3Q25 3Q24 YoY 9M25 9M24 YoY Total operating revenues 297 248 19.8% 836 669 25.0% Service costs (30) (27) 11.1% (81) (74) 9.5%Selling, general and administrative expenses (96) (79) 21.5% (279) (221) 26.2%Depreciation (37) (30) 23.3% (102) (89) 14.6%Amortization (17) (12) 41.7% (46) (34) 35.3%Impairment loss (3) 0 n.m (6) (2) 200.0%Gain / (Loss) on disposal of non-current assets - (1) n.m (1) (1) n.m Listing expense (162) - n.m (162) 0 n.m Other operating income - - - 1 - >100% Operating (loss) / profit1 (48) 99 n.m 160 248 -35.5% Net finance costs (16) (10) 60.0% (44) (36) 22.2%Other non-operating (loss) / gain, net (6) (1) 500.0% (8) - n.m Net foreign exchange (loss) / gain (1) 14 n.m (21) 24 n.m (Loss) / Profit before tax1 (71) 102 n.m 87 236 -63.1% Income taxes (18) (20) -10.0% (53) (46) 15.2% (Loss) / Profit for the period1 (89) 82 n.m 34 190 -82.1% Earnings per Share2 Basic (0.41) 0.40 n.m 0.16 0.92 -82.5%Diluted (0.41) 0.40 n.m 0.16 0.92 -82.5% (In millions of U.S. dollars) except Earnings per Share 3Q25 3Q24 YoY 9M25 9M24 YoY Adjusted Net Profit for the period3 73 82 -11.0% 196 190 3.2% Adjusted Earnings per Share2,3 0.33 0.40 -16.0% 0.93 0.92 1.14% 1. Reflects a non-cash charge of $162 mn recognized in 3Q25 results related to the Kyivstar listing.2. Weighted average common shares outstanding for basic and diluted earnings per share (in millions): 219.3 (3Q25), 206.9 (3Q24) and 211.1 (9M25), 206.9 (9M24).3. Excludes a non-cash charge of $162 mn recognized with 3Q25 results related to the Kyivstar listing 9
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Earnings Release3Q25 Operating (loss) / profit was impacted by non-cash charge of USD 162 mn associated with the Kyivstar listing. This expense represents a one-time, non-cash compensation fora stock exchange listing service equal to the excess of the fair value of the shares transferred compared to the fair value of the net assets received. Net finance costs amounted to USD 16 mn, an increase primarily due to lower deposit income following the redemption of USD-denominated Ukrainian sovereign bonds. Other non-operating (loss) / gain, net was USD 6 mn, an increase of USD 5 mn YoY. This increase was mainly driven by the fair value revaluation impact related tooutstanding warrants. Under IFRS, these warrants are measured at fair value through profit or loss and revalued at each reporting period end. The valuation is based on themarket price of the warrant at the reporting date, which may result in non-cash gains or losses in the income statement from one period to the next. However, these fluctuationshave no impact on cash flows or the company’s underlying operating performance. Net foreign exchange (loss) / gain, was USD 1 million, representing a USD 15 million change from 3Q24. The decline was largely attributable to foreign exchange gainsrecognized on the revaluation of USD-denominated bonds in 3Q24 which were subsequently redeemed. Adjusted Net Profit for the period, which adjusts for the $162 mn listing expense, was down 11% YoY due to the factors discussed above as well as higher SG&A expenses,offsetting the $49m increase in revenue, 3Q25 loss for the period was USD 89 mn. The basic and diluted earnings per share (EPS) are the same because the warrant exercise price exceeded the average market price of the shares during the reporting period,rendering the outstanding warrants out of the money. Accordingly, shares issuable upon warrant exercise are excluded from the diluted share count, resulting in identical basicand diluted shares outstanding and, therefore, identical basic and diluted EPS. UNAUDITED CONDENSED CONSOLIDATED CASH FLOW STATEMENT (In millions of U.S. dollars) 3Q25 3Q24 9M25 9M24 Operating activities Net cash flows from operating activities 144 124 406 324 Investing activities Net cash flows used in investing activities (132) (13) (4) (207) Financing activities Net cash flows used in financing activities 11 (7) (607) (21)Net increase / (decrease) in cash and cash equivalents 23 104 (205) 96 Net foreign exchange difference (9) (3) 3 (10)Cash and cash equivalents at beginning of period 458 410 674 425 Cash and cash equivalents at end of period 472 511 472 511 Note: please refer to attachment B for UAH denominated statement 10
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Earnings Release3Q25 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (In millions of U.S. dollars) 30 Sep2025 31 Dec2024 Assets Non-current assets Property and equipment 803 624 Goodwill 124 14 Intangible assets 351 283 Other non-current assets 67 80 Total non-current assets 1,345 1,001 Current assets Cash and cash equivalents 472 674 Trade and other receivables 37 40 Other current assets 179 494 Total current assets 688 1,208 Total assets 2,033 2,209 Equity and liabilities Total equity 1,236 1,080 Non-current liabilities Debt and derivatives 275 225 Other non-current liabilities 31 17 Total non-current liabilities 306 242 Current liabilities Trade and other payables 137 132 Debt and derivatives 227 669 Other current liabilities 127 86 Total current liabilities 491 887 Total equity and liabilities 2,033 2,209 Note: please refer to attachment B for UAH denominated statement Upon listing, the Debt and derivatives started to reflect a current liability associated with the fair value of the outstanding Kyivstar warrants, at USD 31 mn as of September30, 2025. Under IFRS, these warrants are measured at fair value through profit or loss and are measured at each reporting period end, with the valuation being driven by themarket price of the warrant at the end of the quarter. 11
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Earnings Release3Q25 CONTENT OF THE ATTACHMENTS Attachment A Reconciliation tables 13Attachment B Condensed unaudited financial statements (in UAH) 17Attachment C Rates of functional currency to USD 20Attachment D Definitions 21 12
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Earnings Release3Q25 ATTACHMENT A: RECONCILIATION TABLES EBITDA to (Loss) / Profit for the period reconciliation(USD millions) 3Q25 3Q24 9M25 9M24 EBITDA mn 171 142 477 374 Amortization mn (17) (12) (46) (34)Depreciation mn (37) (30) (102) (89)EBIT mn 117 100 329 251 Impairment reversal mn (3) - (6) (2)(Loss) / Gain on disposal of non-current assets mn - (1) (1) (1)Operating Profit mn 114 99 322 248 Net foreign exchange gain mn (1) 14 (21) 24 Other non operating (loss) / gain, net mn (6) (1) (8) - Finance income mn 2 10 13 26 Finance costs mn (18) (20) (57) (62)Listing expense mn (162) - (162) - (Loss) / Profit before tax mn (71) 102 87 236 Income taxes mn (18) (20) (53) (46)(Loss) / Profit for the period mn (89) 82 34 190 Adjusted net profit to (Loss) / Profit for the period reconciliation (USD millions) 3Q25 3Q24 9M25 9M24 Adjusted net profit for the period mln 73 82 196 190 Listing expense mln (162) 0 (162) 0 (Loss) / Profit for the period mln (89) 82 34 190 Adjusted Earnings per Share1,2 USD 0.33 0.40 0.93 0.92 1. Reflects adjustment for 3Q25 which excludes a non-cash charge of $162 mn related to the Kyivstar listing.2. Weighted average common shares outstanding for Adjusted earnings per share (in millions): 219.3 (3Q25), 206.9 (3Q24) and 211.1 (9M25), 206.9 (9M24). 13
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Earnings Release3Q25 Uklon EBITDA to Profit for the period reconciliation(USD millions) 3Q25 3Q24 EBITDA mn 9.1 n/a Amortization mn (2.0) n/a Depreciation mn (0.1) n/a EBIT mn 7.0 n/a Net foreign exchange gain mn 0.5 n/a Finance income mn 0.2 n/a Finance costs mn - n/a Profit before tax mn 7.7 n/a Income taxes mn (1.0) n/a Profit for the period mn 6.7 n/a CAPEX reconciliation(USD millions) 3Q25 3Q24 9M25 9M24 Property, plant and equipment mn 74 42 174 99 Intangible assets mn 37 30 130 86 Additions in licenses mn (1) 0 (1) 0 Right-of-use assets mn (21) (16) (80) (54)CAPEX mn 89 56 223 131 EFCF reconciliation (USD million) 3Q25 3Q24 YoYchange 9M25 9M24 YoYchange EBITDA mn 171 142 29 477 374 103 Movements in working capital mn 9 5 4 31 34 (3)Movements in provisions mn 4 1 3 6 4 2 Net tax paid mn (19) (21) 2 (53) (40) (13)Cash capex (excluding license payments) mn (101) (54) (47) (203) (143) (60)Proceeds from Share Issuance mn 134 134 134 134 Unlevered Free Cash Flow mn 198 73 125 392 229 163 Net interest mn (24) (8) (16) (55) (46) (9)Equity Free Cash Flow mn 174 65 109 337 183 154 Lease liabilities payments - principal mn (9) (7) (2) (27) (21) (6)Licenses payments mn - - - - Equity Free Cash Flow (after leases andlicenses) mn 165 58 107 310 162 148 14
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Earnings Release3Q25 EBITDA to (Loss) / Profit for the period reconciliation (UAH millions) 3Q25 3Q24 9M25 9M24 EBITDA mn 7,100 5,842 19,840 14,859 Amortization mn (706) (494) (1,913) (1,351)Depreciation mn (1,536) (1,234) (4,243) (3,536)EBIT mn 4,858 4,114 13,684 9,971 Impairment reversal mn (125) - (250) (79)(Loss) / Gain on disposal of non-current assets mn - (41) (42) (40)Operating Profit mn 4,733 4,073 13,393 9,852 Net foreign exchange gain mn (42) 576 (885) 953 Other non operating (loss) / gain, net mn (249) (41) (333) - Finance income mn 83 411 541 1,033 Finance costs mn (747) (823) (2,371) (2,463)Listing expense mn (6,726) - (6,726) - (Loss) / Profit before tax mn (2,948) 4,196 3,619 9,375 Income taxes mn (747) (823) (2,204) (1,827)(Loss) / Profit for the period mn (3,695) 3,373 1,414 7,548 Adjusted net profit to (Loss) / Profit for the period reconciliation (UAH millions) 3Q25 3Q24 9M25 9M24 Adjusted net profit for the period mln 3,031 3,373 8,140 7,548 Listing expense mln (6726) - (6726) - (Loss) / Profit for the period mln (3,695) 3,373 1,414 7,548 Adjusted Earnings per Share1,2 UAH 13.8 16.3 38.6 36.5 1. Reflects adjustment for 3Q25 which excludes a non-cash charge of UAH 6.7 bn related to the Kyivstar listing.2. Weighted average common shares outstanding for Adjusted earnings per share (in millions): 219.3 (3Q25), 206.9 (3Q24) and 211.1 (9M25), 206.9 (9M24). 15
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Earnings Release3Q25 Uklon EBITDA to Profit for the period reconciliation(UAH millions) 3Q25 3Q24 EBITDA mn 378 n/a Amortization mn (82) n/a Depreciation mn (3) n/a EBIT mn 293 n/a Net foreign exchange gain mn 21 n/a Finance income mn 7 n/a Finance costs mn - n/a Profit before tax mn 321 n/a Income taxes mn (44) n/a Profit for the period mn 277 n/a CAPEX reconciliation(UAH millions) 3Q25 3Q24 9M’25 9M24 Property, plant and equipement mn 3,073 1,728 7,237 3,933 Intangible assets mn 1,536 1,234 5,407 3,416 Additions in licenses mn (42) - (42) - Right-of-use assets mn (872) (658) (3,328) (2,145)CAPEX excl. licenses and ROU mn 3,695 2,304 9,275 5,204 16
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Earnings Release3Q25 ATTACHMENT B: CONDENSED UNAUDITED FINANCIAL STATEMENTS IN UAH UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT (In millions of UAH) except Earnings per Share 3Q25 3Q24 YoY 9M25 9M24 YoY Total operating revenues 12,332 10,203 20.9% 34,773 26,577 30.8% Service costs (1,246) (1,111) 12.2% (3,369) (2,940) 14.6%Selling, general and administrative expenses (3,986) (3,250) 22.6% (11,605) (8,779) 32.2%Depreciation (1,536) (1,234) 24.5% (4,243) (3,536) 20.0%Amortization (706) (494) 42.9% (1,913) (1,351) 41.6%Impairment loss (125) - n.m (250) (79) 215.9%Gain / (Loss) on disposal of non-current assets - (41) n.m (42) (40) 4.0%Listing expense (6,726) - n.m (6,726) - n.m Other operating income - - 0.0% 42 - >100% Operating (loss) / profit1 (1,993) 4,073 -148.9% 6,667 9,852 -32.3% Net finance costs (664) (412) 61.2% (1,830) (1,430) 28.0%Other non-operating (loss) / gain, net (249) (41) 507.3% (333) - n.m Net foreign exchange (loss) / gain (42) 576 n.m (885) 953 n.m (Loss) / Profit before tax1 (2,948) 4,196 n.m 3,619 9,375 -61.4% Income taxes (747) (823) -9.2% (2,204) (1,827) 20.6% (Loss) / Profit for the period1 (3,695) 3,373 n.m 1,414 7,548 -81.3% Earnings per Share2 Basic (16.8) 16.3 n.m 6.7 36.5 -81.6%Diluted (16.8) 16.3 n.m 6.7 36.5 -81.6% (In millions of UAH) except Earnings per Share 3Q25 3Q24 YoY 9M25 9M24 YoY Adjusted Net Profit for the period1 3,031 3,373 -10.1% 8,140 7,548 7.8% Adjusted Earnings per Share1,2 13.8 16.3 -15.2% 38.6 36.5 5.7% 1. Reflects a non-cash charge of UAH 6.7 bn recognized in 3Q25 results related to the Kyivstar listing. 2. Weighted average common shares outstanding for basic and diluted earnings per share (in millions): 219.3 (3Q25), 206.9 (3Q24) and 211.1 (9M25), 206.9 (9M24). 17
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Earnings Release3Q25 UNAUDITED CONDENSED CONSOLIDATED CASH FLOW STATEMENT (In millions of UAH) 3Q25 3Q24 9M25 9M24 Operating activities Net cash flows from operating activities 5,978 5,102 16,888 12,871 Investing activities Net cash flows used in investing activities (5,480) (535) (167) (8,222) Financing activities Net cash flows used in financing activities 457 (288) (25,248) (834)Net increase / (decrease) in cash and cash equivalents 955 4,279 (8,527) 3,815 Net foreign exchange difference (525) 137 (305) 1,079 Cash and cash equivalents at beginning of period 19,072 16,620 28,334 16,143 Cash and cash equivalents at end of period 19,502 21,036 19,502 21,036 18
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Earnings Release3Q25 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (In millions of UAH) 30 Sep2025 31 Dec2024 Assets Non-current assets Property and equipment 33,178 26,232 Goodwill 5,123 589 Intangible assets 14,502 11,897 Other non-current assets 2,769 3,363 Total non-current assets 55,572 42,081 Current assets Cash and cash equivalents 19,502 28,334 Trade and other receivables 1,529 1,682 Other current assets 7,397 20,767 Total current assets 28,428 50,783 Total assets 84,000 92,864 Equity and liabilities Total equity 51,069 45,402 Non-current liabilities Debt and derivatives 11,362 9,459 Other non-current liabilities 1,281 714 Total non-current liabilities 12,643 10,173 Current liabilities Trade and other payables 5,661 5,549 Debt and derivatives 9,379 28,124 Other current liabilities 5,248 3,616 Total current liabilities 20,288 37,289 Total equity and liabilities 84,000 92,864 19
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Earnings Release3Q25 ATTACHMENT C: RATES OF FUNCTIONAL CURRENCIES TO USD Average rates Closing rates 3Q25 3Q24 YoY 30-Sep-25 30-Sep-24 YoY 31-Dec-24 Ukraine Hryvnia 41.5 41.1 -0.9% 41.3 41.2 -0.4% 42.0 The unaudited condensed consolidated income statements and the unaudited condensed consolidated cash flow statements have been translated using the average exchangerates prevailing during each reporting period. In the unaudited condensed consolidated balance sheets, all assets and liabilities have been translated using the period-endexchange rates, and all resulting exchange differences have been recognized in net foreign exchange (loss) / gain. UAH translations throughout this release are included solelyfor the convenience of the reader and were calculated at the exchange rates set forth in the table above under the header “Closing rates”. 20
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Earnings Release3Q25 ATTACHMENT D: DEFINITIONS 4G users are mobile customers who have engaged in revenue-generating activity during the three months prior to the measurement date as a result of activities over fourth-generation (4G or LTE – long term evolution) network technologies. Adjusted Net Profit is profit / (loss) for the period, excluding the impact of the one-time, non-cash charge of USD 162 mn recognized in 3Q25 related to the Kyivstar listing. ARPU (average revenue per user) measures the monthly average revenue per mobile user. We generally calculate ARPU by dividing our mobile and digital service revenueduring the relevant period (including data revenue, roaming revenue, MFS and interconnect revenue, but excluding revenue from connection fees, sales of handsets andaccessories and other non-service revenue, but excluding revenue from fixed IPTV) by the average number of our mobile customers during the period and the number ofmonths in that period. Capital expenditures (capex) are purchases of property and equipment, new construction, upgrades, software, other long-lived assets and related reasonable costs incurredprior 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 incapital expenditures. Capex intensity is a ratio, which is calculated as last-twelve-month (LTM) capex divided by LTM total revenue. Direct digital revenues include revenues from Kyivstar Group Ltd.’s proprietary digital platforms and services. Doubleplay 4G customers are mobile customers who engaged in usage of our voice and data services over 4G (LTE) technology at any time during the one month prior tosuch measurement date. 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 inisolation or as a substitute for analyses of the results as reported under IFRS We calculate Adjusted EBITDA as profit/(loss) for the period, before income taxes, depreciation,amortization, loss from disposal of non-current assets and impairment loss, financial expenses and costs, net foreign exchange gain/(loss), share of profit/(loss) of associates andjoint ventures, and listing expense, which is also excluded from the calculation. EBITDA margin is calculated as EBITDA (as defined above) divided by total revenue, expressed as a percentage. Equity free cash flow is a non-IFRS measure and is defined as free cash flow from operating activities and proceeds from sale of business, less cash flow used in investingactivities, excluding license payments, lease payments, cash outflows for business acquisitions, inflow/outflow of deposits, and financial assets, cash inflows from sale ofbusiness and proceeds from share issuance. Gross debt is calculated as the sum of long-term notional debt and short-term notional debt, including capitalized leases. Mobile customers (also - mobile subscribers) are generally customers in the registered customer base at a given measurement date who engaged in a mobile revenuegenerating activity at any time during the three months prior to such measurement date. Such activity includes any outgoing calls, customer fee accruals, debits related toservice, outgoing SMS and MMS, data transmission and receipt sessions, but does not include incoming calls, SMS and MMS or abandoned calls. Our total number of mobilecustomers also includes customers using mobile internet service via USB modems and fixed-mobile convergence (“FMC”). Multiplay customers are Doubleplay 4G customers who also engaged in usage of one or more of our digital products at any time during the one month prior to suchmeasurement date. Effective 1Q25, 4G usage below the 100Mb threshold is included in Multiplay and Double Play 4G user count (excluded prior to 1Q25). Net debt / (cash) is a non-IFRS financial measure and is calculated as the sum of interest-bearing long-term debt, including capitalized leases (unless specifically excluded) andshort-term notional debt minus cash and cash equivalents and deposits, long-term and short-term deposits. We believe that net debt / (cash) provides useful information toinvestors because it shows the amount of notional debt that would be outstanding if available cash and cash equivalents and deposits and long-term and short-term depositswere 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 ourfinancial position. Revenues from telecommunications services (“Telecom revenues”) are revenues generated by Kyivstar Group Ltd from providing telecommunication services.Telecommunication services refer to data, voice, connectivity, television, and similar services, regardless of medium of transmission, including transmission by satellite. Total digital monthly active users (“MAU”) is a gross total cumulative MAU of all digital platforms, services and applications offered by an entity or by the Group andincludes MAU who are active in more than one application. 21