Slide 1: Digital Growth Fuels Revenue & EBITDA Momentum
Kyivstar Group Ltd. Digital Growth Fuels Revenue & EBITDA Momentum Telecom Strong Surging Digital 10 November 2025 | 3Q25 Results Presentation
Slide 2: Disclaimer and Notice to Readers
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 ex
Slide 3: 3Q25 – Key Messages
3Q25 – KEY MESSAGES +20.9% Sustained momentum across telecom and digital Delivered Strong UAH rev. growth Scaled digital verticals rapidly, fuelling revenue diversification Growth +19.8% USD rev. growth Delivered robust margins & cash flows powering reinvestment and performance 1 +526% Delivered sha
Slide 4: 3Q25 – Key Financial Metrics
3Q25 – KEY FINANCIAL METRICS Revenue Telecom revenue Direct digital revenue EBITDA $297 mn $262 mn $35 mn $171 mn +20.9% in UAH +9.0% in UAH +531% in UAH +21.5% in UAH +19.8% in USD +8.0% in USD +526% in USD +20.4% in USD 3 LTM equity FCF $373 mn 1 Adjusted net profit 9M252 EPS Capex $73 mn $0.16 1,
Slide 5: Mobile Business
MOBILE BUSINESS Subscribers Churn rate (mn) (annualized, %) 23.3 23.0 22.7 22.4 22.5 16.2 17.6 15.7 15.1 9.9 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 YoY (3.3%) (3.8%) (4.9%) (4.5%) (3.6%) YoY, pp +3.4 +3.2 +4.3 (4.6) (6.3) ARPU (UAH & USD) 4G penetration (%) 141 146 153 62.6 62.8
Slide 6: Fixed Line & Multiplay
FIXED LINE & MULTIPLAY Fixed-line subscribers, Multiplay users Multiplay as % of total base (and % of TV in fixed, mn) (mn) 44.7% 43.9% 43.6% 43.5% 31.7 31.7 29.1 29.5 24.8 40.3% 6.1 6.1 6.5 6.6 5.3 1.1 1.1 1.1 1.1 1.2 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2'
Slide 7: Robust Growth in Direct Digital Revenues
ROBUST GROWTH IN DIRECT DIGITAL REVENUES 1 MAUs (mn) Direct digital revenues 11.9% 10.8% 1,464 UAH, mn 75 Uklon 3.6 1,263 140 73 91 222 % of total revenues 197 Kyivstar TV 2.1 3.1% 2.8% Helsi 2.5 2.3% 1,027 903 286 329 232 68 57 50 80 89 MyKyivstar 5.2 59 123 149 172 3Q24 4Q24 1Q25 2Q25 3Q25 13.5 Uk
Slide 8: Uklon – Ride-Hailing & Delivery
UKLON – RIDE-HAILING & DELIVERY Leading ride-hailing platform in Ukraine Scaling operations and footprint in Uzbekistan Total revenue MAU1 1,027 mn UAH 24.7 mn USD 3.6 mn N/A 3Q25 Rides booked2 Deliveries completed2 42.2 mn 1.2 mn EBITDA3 +17.2% YoY +33.3% YoY 378 mn UAH 9.1 mn USD 8 1. Refers to us
Slide 9: Digital Enterprise
DIGITAL ENTERPRISE Empowering businesses through seamless digital connectivity Total revenue Big data & Cloud & industry M2M & AdTech solutions IoT 222 mn UAH 5.4 mn USD Subscriptions Cloud services provided Adwisor (AdTech platform) Kyivstar Tech to RTK to B2B clients registered clients Software de
Slide 10: Kyivstar TV – Entertainment
KYIVSTAR TV – ENTERTAINMENT Largest media streaming service in Ukraine 1 2 MAU Total revenue 2.1 mn 3.4 mn USD +136% YoY +31.7% YoY 140 mn UAH +137% YoY Usage time per user, Number of sessions2 per active day 2, 3 670 mn 244 mn +30.7% YoY +21.1% YoY 10 1. Refers to users active during Sep 2025; 2. F
Slide 11: Helsi – Healthcare
HELSI – HEALTHCARE The largest digital healthcare platform in Ukraine MAU1 Total revenue2 2.5 mn 1.8 mn USD +50.9% YoY +5.6% YoY 75 mn UAH +50.0% YoY Active doctors Active healthcare Appointments Registered and institutions2 made by patients2 users2 specialists2 38,000+ 1,600+ 2.2 mn 28+ mn (1.1%) Y
Slide 12: Revenue and EBITDA Growth
REVENUE AND EBITDA GROWTH Revenue (UAH, bn) EBITDA (UAH, bn) USD 142 141 140 165 171 248 250 255 284 297 mn +20.9% +21.5% 11.8 12.3 10.2 10.3 10.6 6.9 7.1 5.8 5.8 5.8 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 1 CAPEX Equity FCF 3Q25: UAH 3.7 bn / USD 89 mn (capex intensity: 30.0%) 3Q25: UAH
Slide 13: Balance Sheet
BALANCE SHEET UAH USD mn Sep 30, 2025 Jun 30, 2025 Sep 30, 2025 Jun 30, 2025 Cash and cash equivalents and deposits 19,502 19,072 472 458 Strong cash position Gross debt, of which 18,717 16,032 453 385 Bonds and loans reflect debt to VEON Bonds and loans – principal 4,132 1,915 100 46 and Ukraine To
Slide 14: Growth Strategy and Priorities
GROWTH STRATEGY AND PRIORITIES Telecom Business Digital Leverage our loyal customer base to develop and launch Sustain mobile market leadership new and existing digital products Grow digital offerings organically and through adjacent Maintain paying subscriber base and grow share of acquisitions by
Slide 15: Outlook
OUTLOOK 3Q25 9M25 2025 outlook Total revenue growth YoY, UAH 20.9% 30.8% 24% - 27% Total revenue growth YoY, USD 1 20% - 23% EBITDA growth YoY, UAH 21.5% 33.5% 23% - 26% 1 EBITDA growth YoY, USD 19% - 22% Capex intensity 30.0% 26.7% 30% - 33% 1. Assumes no significant fluctuation in exchange rates f
Slide 16: In Summary
IN SUMMARY National Champion Leading digital operator, one of the most recognizable national brands Sustained Growth Driven by Multiple Engines Robust margins & cash flows powering reinvestment and performance Strong Balance Sheet Significant financial and strategic flexibility World Class Team Prov
Slide 17: Valuation and Ownership
VALUATION AND OWNERSHIP Key equity metrics Ownership structure 2 Stock price 30-day average daily 1 Public shareholders trading volume 2 7.8% 12.16 7.3 mn VEON 89.6% Cohen Circle 2.6% 3 USD USD Kyivstar valuation 2 Shareholders Shares, mn 1 Market capitalization USD 2,807 mn VEON 206.9 Net debt / (c
Slide 18: Appendix
% . KYIVSTAR Appendix
Slide 19: Reconciliation of Financial Metrics (1/3)
RECONCILIATION OF FINANCIAL METRICS (1/3) EBITDA to profit (loss) reconciliation 3Q25 3Q24 9M25 9M24 (USD mn) EBITDA 171 142 477 374 Amortization (17) (12) (46) (34) Depreciation (37) (30) (102) (89) EBIT 117 100 329 251 Impairment reversal (3) - (6) (2) Gain / (loss) on disposal of non-current asse
Slide 20: Reconciliation of Financial Metrics (2/3)
RECONCILIATION OF FINANCIAL METRICS (2/3) Adjusted profit to (Loss) / Profit for the period 3Q25 3Q24 9M25 9M24 reconciliation (USD millions) Adjusted Net profit 73 82 196 190 Listing expense (162) 0 (162) 0 (Loss) / Profit for the period (89) 82 34 190 Adjusted Earnings per Share (USD) 1,2 0.33 0.4
Slide 21: Reconciliation of Financial Metrics (3/3)
RECONCILIATION OF FINANCIAL METRICS (3/3) CAPEX reconciliation 3Q25 3Q24 9M25 9M24 (USD millions) Property, plant and equipment 74 42 174 99 Intangible assets 37 30 130 86 Additions in licenses (1) 0 (1) 0 Right-of-use assets (21) (16) (80) (54) CAPEX 89 56 223 131 EFCF reconciliation YoY YoY 3Q25 3
Slide 22: Definitions
DEFINITIONS 4G users are mobile customers who have engaged in revenue-generating activity during the three months prior Multiplay customers are Doubleplay 4G customers who also engaged in usage of one or more of our digital products at any to the measurement date as a result of activities over fourt
Slide 23: 3Q25 Results Presentation
3Q25 Results Presentation ir@kyivstargroup.com 23