Slide 1: Investor Presentation: The Leading Ukrainian Digital Operator
Investor Presentation The Leading Ukrainian Digital Operator August 2025 1
Slide 2: Disclaimer
Disclaimer This presentation (this “Presentation”) of Kyivstar Group Ltd. (“Kyivstar Group” or the “Company”) contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to the Company’s current expectations and view of future eve
Slide 3: Today's presenters
Today’s presenters Oleksandr Komarov Boris Dolgushin President Kyivstar Group Limited Chief Financial Officer Kyivstar Group Limited • Served as CEO of Beeline (Kazakhstan subsidiary of VEON) • 20+ years with VEON group • Served as CEO of GroupM (large user acquisition marketing company) • Held seve
Slide 4: Kyivstar at a glance
Kyivstar at a glance Leading market positions with ambitious expansion opportunities in digital Telecom business Digital Mobile Fixed Broadband Kyivstar TV Big data & cloud Leading Ukrainian mobile communication One of Ukraine’s Ukraine's largest Growing B2B and A leading provider of high-speed inte
Slide 5: Consistent growth in monthly ARPU
Consistent growth in monthly ARPU1… Driven by multiplay penetration2 and superior service quality Monthly ARPU (period-avg), UAH Total multiplay users (monthly active users, eop), m Multiplay users have Voice + 4G data >100 Mb + at least one app (Helsi, Kyivstar TV, My Kyivstar) +8% +26% Multiplay a
Slide 6: ...with substantial growth potential on the back of Ukraine's economic recovery
…with substantial growth potential on the back of Ukraine’s economic recovery Monthly ARPU benchmarking (2024) – Central and Eastern European countries vs. Kyivstar1 Ukraine’s Real GDP growth (y-o-y)2, % US$ GDP per capita, US$k2 5.5 14.8 Population, m people2 33.4 13.9 13.0 5.3% 12.7 4.5% 4.8% 12.0
Slide 7: Leadership in Fixed Broadband segment
Leadership in Fixed Broadband segment Leading market share with significant consolidation potential Ukrainian fixed broadband market Kyivstar fixed broadband segment highlights (m) The Ukrainian fixed broadband market is very fragmented, with the majority captured by smaller players 14.0% #1 Kyivs
Slide 8: Leveraging our loyal subscriber base with digital products and services
Leveraging our loyal subscriber base with digital products and services Strong growth with low customer acquisition costs 1m partner apps MAU 1,3 5.4 m app MAU1,3 2.0m Kyivstar TV registered users 0.1m B2B end users (licenses)3 ~50m SMS sent through 2.5m Big Data & platform AdTech ADWISOR platform 3
Slide 9: Digital service offerings increase ARPU and customer stickiness
Digital service offerings increase ARPU and customer stickiness Kyivstar is #1 player in each pillar Kyivstar TV Big data & Cloud Adtech Big data self-service Ride-hailing and delivery E-Health OTT TV platform For B2B platform Core business services (SAAS)1 Bundles with core business ADWISOR
Slide 10: Growth strategy and management priorities
Growth strategy and management priorities Kyivstar’s medium-term growth strategy focuses on deepening mobile market leadership and expansion of digital services Telecom business Digital Leverage our loyal customer base to develop and launch, new and Sustain mobile market leadership and large marke
Slide 11: The impact of the war and our response
The impact of the war and our response Key war related factors reflected in the performance Key highlights, mitigation measures The adverse impact of full-scale war resulted in the loss of c.1.4m subscribers from January 2022 to December 2022, with the loss of up to Introduced Roaming Like at Home t
Slide 12: Financial performance overview
Financial performance overview Kyivstar Group’s financials show resilient performance Revenue (UAH bn)1 Adj. EBITDA (UAH bn)1 Commentary • Double-digit growth in revenue (local currency), US$m2 915 919 1,037 538 515 589 driven by increasing multiplay penetration and pricing growth +16% • Strong prof
Slide 13: Q2 / H1 2025 trading update
Q2 / H1 2025 trading update Kyivstar’s financials show a robust first half of 2025 Revenue (UAH bn) Adj. EBITDA (UAH bn) Commentary H1’24 H1’25 H1’24 H1’25 • H1’25 financial performance on the back of US$m1 421 +28% 539 232 +32% 306 continuing war reflects Kyivstar’s superior positioning and is larg
Slide 14: Kyivstar valuation & ownership
Kyivstar valuation & ownership Key equity metrics Kyivstar Group Limited valuation Market capitalization as of 27th Aug 2025 $2,822m Average daily trading Stock price 1 volume 1 ($288m) Adj. net debt3 12.22 35.5m Enterprise value (post-IFRS)2,3 $2,534m EV / 2025 Q2 LTM EBITDA4 4.3x USD USD Sharehold
Slide 15: Kyivstar investment highlights
Kyivstar investment highlights Scarcity value: The only pure play Ukrainian investment opportunity to be publicly listed in the U.S.1 National advocate: One of the most recognizable brands and a proven long-term leader in Ukraine's vital infrastructure Strong balance sheet: Significant financial and
Slide 16: Appendix
& A IV. Appendix
Slide 17: Reconciliation of non-IFRS / non-GAAP financial metrics (1/2)
Reconciliation of non-IFRS / non-GAAP financial metrics (1/2) Profit to Adjusted EBITDA reconciliation1 H1’25 LTM2 H1’25 H1’24 Q2’25 Q2’24 2024 2023 Profit for the period 301 126 108 82 72 283 281 Income taxes 73 35 26 21 17 64 65 Profit before tax 374 161 134 103 89 347 346 Depreciation 125 66 59 3
Slide 18: Reconciliation of non-IFRS / non-GAAP financial metrics (2/2)
Reconciliation of non-IFRS / non-GAAP financial metrics (2/2) Adjusted EBITDA margin reconciliation1 H1’25 LTM2 H1’25 H1’24 Q2’25 Q2’24 2024 2023 Total operating revenues 1,037 539 421 284 235 919 915 Profit for the period 301 126 108 82 72 283 281 Profit margin 29% 23% 26% 29% 31% 31% 31% Adjusted