Kyivstar Group (KYIV) Investor Presentation summary

Investment highlights and market position

• Holds leading positions in Ukraine's mobile, broadband, and digital services markets, with 23 million mobile and 1.1 million broadband subscribers as of 2024.

• Recognized as a national champion and one of the most prominent brands in Ukraine, with a resilient financial profile and strong balance sheet, including $429 million in cash and no external debt.

• Expected to be the only purely Ukrainian investment opportunity publicly listed in the U.S. upon successful business combination.

• Offers a diversified portfolio, including digital health, TV, cloud, and adtech, with strong multiplay user growth and increasing ARPU.

• Demonstrates robust governance, experienced management, and high employee engagement, with 95% of staff based in Ukraine.

Financial performance and valuation

• Achieved double-digit local currency revenue growth in 2024, with revenue of $919 million and Adjusted EBITDA of $515 million, reflecting a 56% margin.

• Maintains significant financial flexibility, with $429 million in cash and no external debt at the operating company level.

• Attractive valuation at 3.6x EV/2024P Underlying Adj. EBITDA, representing a discount to regional and global peers.

• Strong cash flow generation, with Adjusted EBITDA minus CAPEX of $294 million in 2024.

• Pro forma enterprise value of $2.0 billion and total equity value of $2.26 billion post-transaction.

Strategic growth and digital expansion

• Focuses on deepening mobile market leadership and expanding digital services, including organic growth and acquisitions.

• Acquired 97% of Uklon, Ukraine's leading ride-hailing and delivery platform, for $155 million, enhancing digital ecosystem and cross-selling opportunities.

• Committed to investing $1 billion in Ukraine from 2023–2027, supporting network development, digitalization, and M&A pipeline.

• Leveraging digital products to increase ARPU, customer stickiness, and multiplay penetration.

• Identified significant market consolidation opportunities in the fragmented fixed broadband segment.