Kyivstar Group (KYIV) Registration Filing summary

Company overview and business model

• Operates Ukraine's largest mobile and broadband provider, serving over 23 million mobile and 1.1 million broadband customers as of December 31, 2024.

• Offers mobile, digital, and fixed-line services, with mobile accounting for 94% of 2024 revenue.

• Expanded digital services through acquisitions (Helsi, Uklon, Lan Trace) and organic growth in multiplay offerings.

• Centralized compliance, audit, treasury, and M&A functions for operational efficiency.

• Diversified into digital health, ride-hailing, and technology services to drive growth.

Financial performance and metrics

• 2024 profit: $283M; Adjusted EBITDA: $515M; profit margin: 31%; Adjusted EBITDA margin: 56%.

• Six months ended June 30, 2025: profit $126M; Adjusted EBITDA $306M; profit margin 23%; Adjusted EBITDA margin 57%.

• 2024 revenue: $919M, up 0.4% from 2023; six months ended June 30, 2025 revenue: $539M, up 28% YoY.

• Cash and cash equivalents as of June 30, 2025: $458M; lease liabilities: $339M.

• Maintained strong margins despite war-related disruptions and inflationary pressures.

Use of proceeds and capital allocation

• Will not receive proceeds from resale of shares by selling securityholders.

• May receive up to $88.2M from warrant exercises at $11.50/share, to be used for general corporate purposes.

• Capital expenditures focused on network resilience, digital expansion, and spectrum acquisition.