Slide 1: Kyivstar Group Ltd. 1Q26 Results Presentation
Kyivstar Group Ltd. Revenue +26.6%, EBITDA +23.5% 2.6x Growth in Digital to 20.9% of Total (in USD terms) Strong Start: Diverse, Profitable Growth 13 May 2026 | 1Q26 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: Delivering Across All Key Priorities
DELIVERING ACROSS ALL KEY PRIORITIES +26.6% Driving robust telecom (ARPU up, multiplay gains) and transformative digital growth Delivering Strong USD revenue growth Prioritizing cash flow conversion: EFCF +31.9% YoY for 1Q26 to USD 87 mn * Growth +31.3% Revising up 2026 guidance, reflecting strong e
Slide 4: Strong Start to the Year with Robust 1Q Financials
STRONG START TO THE YEAR WITH ROBUST 1Q FINANCIALS All figures expressed in USD mn, except earnings per share. Comparisons are year on year. EBITDA Revenue Telco & infra revenue 1 Digital revenue 1 173 323 +23.5% in USD; +28.5% in UAH 256 67 Telco & Infra Digital +26.6% in USD +8.3% in USD +257% in
Slide 5: Resilient Telecom Business: ARPU Rises, Broadband Gains
RESILIENT TELECOM BUSINESS: ARPU RISES, BROADBAND GAINS Subscribers Churn rate (mn) (annualized, %) 22.7 22.4 22.5 22.4 22.0 15.7 15.1 16.2 13.5 9.9 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 YoY, % (4.9) (4.5) (3.6) (2.8) (3.0) YoY, p.p. +4.3 (4.6) (6.3) (4.1) 0.5 ARPU Broadband cu
Slide 6: Powering Revenue Growth with Multiplay Gains
POWERING REVENUE GROWTH WITH MULTIPLAY GAINS Multiplay customers growing Multiplay as % of total base Multiplay vs mobile-only, ARPU (mn) (USD) 39.6 35.0 5.3 5.3 31.7 31.7 5.0 5.2 29.5 4.8 3.8x 8.1 7.3 6.1 6.5 6.6 3.4 3.5 3.7 3.8 3.8 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25
Slide 7: Digital Revenue: 2.6x Surge, Critical Growth Engine
1 DIGITAL REVENUE : 2.6X SURGE, CRITICAL GROWTH ENGINE 2 UAH, mn 20.9% Digital customers (mn) 18.9% % of total revenue Uklon 5.1 15.1% 2,921 14.6% 93 2,545 234 95 Helsi 453 Helsi 4.9 351 1,866 75 Tabletki 1,672 715 73 140 682 7.4% 91 Kyivstar TV Tabletki 6.3 624 605 789 68 Digital Enterprise 89 1,41
Slide 8: Uklon: Evolving into a One-Stop Mobility Platform
UKLON: EVOLVING INTO A ONE-STOP MOBILITY PLATFORM Leading ride-hailing platform in Ukraine Scaling operations & footprint in Uzbekistan Expanded ecosystem now includes bus ticket sales 1Q26 Digital customers 5.1 mn Total revenue N/A 32.9 mn USD 1,426 mn UAH Rides booked Deliveries completed 43.7 mn
Slide 9: Digital Enterprise: Big Data, Cloud Drive Growth
DIGITAL ENTERPRISE: BIG DATA, CLOUD DRIVE GROWTH Digital Enterprise revenue Active contracts (UAH, mn) (‘000) 715 1Q26 681 10 632 606 623 +31% YoY 9 76 93 Other 7 61 7 67 7 75 2.1 2.2 192 2.0 105 165 1.8 123 141 Cloud 1.7 Total revenue Big Data 459 409 431 420 400 16.5 mn USD ID Management 715 mn UA
Slide 10: Kyivstar TV: Growth Spurred by Original Content
KYIVSTAR TV: GROWTH SPURRED BY ORIGINAL CONTENT Largest media streaming service in Ukraine 1Q26 Digital customers 3.4 mn +10.7% QoQ Number of sessions Total revenue1 931 mn 10.5 mn USD +390% YoY +11.7% YoY 453 mn UAH +409% YoY 10 1. Gross (versus net) revenue recognition effective September 2025 onw
Slide 11: Helsi: Scaling Its Paying Customer Base
HELSI: SCALING ITS PAYING CUSTOMER BASE The largest digital healthcare platform in Ukraine 1Q26 Digital customers Total revenue 4.9 mn 2.1 mn USD +31.5% YoY +2.7% QoQ 93 mn UAH +36.5% YoY Active doctors Active healthcare Appointments Paying and specialists institutions made by patients customers 40k
Slide 12: Tabletki: Leading Online Marketplace for Healthcare
TABLETKI: LEADING ONLINE MARKETPLACE FOR HEALTHCARE Leading marketplace for online booking of medicine and other healthcare products 1 Consolidated effective February 2026 1Q26 Digital customers 6.3 mn Total revenue N/A 5.3 mn USD 234 mn UAH Gross merchandise value Total orders EBITDA 258 mn USD 30.
Slide 13: Growth Strategy and Priorities
GROWTH STRATEGY AND PRIORITIES Telecom Business Digital Leverage our loyal customer base to develop and launch Sustain mobile market leadership digital products Grow digital offerings organically and through adjacent Maintain paying subscriber base and grow share of acquisitions while focusing on in
Slide 14: Delivering to Our Growth Strategy and Priorities
DELIVERING TO OUR GROWTH STRATEGY AND PRIORITIES 2024 2025 2026 November March May November December February May Announced Announced acquisition of acquisition of 97% Tabletki.ua to further expand Launched Starlink stake in Uklon digital healthcare offering Direct to Cell Satellite Connectivity in
Slide 15: Strong Revenue, EBITDA Growth; Disciplined Cash Conversion
STRONG REVENUE, EBITDA GROWTH; DISCIPLINED CASH CONVERSION Revenue (UAH, bn) EBITDA (UAH, bn) USD mn 255 284 297 321 323 140 165 171 172 173 +31.3% +28.5% 13.5 14.0 7.5 11.8 12.3 7.1 7.2 10.6 6.9 5.8 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 1 CAPEX (excl. license and RoU) Equity F
Slide 16: Strong Cash Flows Drive a Resilient Balance Sheet
STRONG CASH FLOWS DRIVE A RESILIENT BALANCE SHEET USD mn UAH mn Mar 31, 2026 Dec 31, 2025 Mar 31, 2026 Dec 31, 2025 QoQ movement reflects funding of acquisitions Cash and cash equivalents and 353 456 15,463 19,319 (Tabletki, Sunvin and Shtorm) partially offset by deposits cash flow generated in 1Q26
Slide 17: Raising 2026 Outlook
RAISING 2026 OUTLOOK 1 Revised FY 2026 Outlook 2 USD UAH Total revenue, YoY (revised) 11% – 14% 18% – 21% Previous outlook 8% – 11% 15% – 18% EBITDA, YoY (revised) 7% – 10% 14% – 17% Previous outlook 5% – 8% 12% – 15% Capex intensity (revised) 21% – 24% Previous outlook 23% – 26% 1. The outlook is s
Slide 18: Valuation and Ownership
VALUATION AND OWNERSHIP Equity metrics Ownership structure Public shareholders Share price1 15.6% 13.92 Cohen Circle VEON 83.6% and affiliates 0.8% USD Valuation 30-day average daily trading volume Market capitalization USD 3,214 mn 7.5 mn Net debt (Mar 31, 2026) Enterprise value (post-IFRS) USD 134
Slide 19: Appendix
Appendix 19
Slide 20: Reconciliation of Financial Metrics (1/4)
RECONCILIATION OF FINANCIAL METRICS (1/4) Profit for the period to EBITDA reconciliation 1Q26 1Q25 (USD mn) Profit for the period 85 44 Income taxes 19 14 Amortization 20 13 Depreciation 23 18 Depreciation of right of use asset (A) 15 13 Impairment 2 2 Foreign exchange (gain) / loss, net (6) 21 Othe
Slide 21: Reconciliation of Financial Metrics (2/4)
RECONCILIATION OF FINANCIAL METRICS (2/4) Uklon Profit for the period to EBITDA 1Q26 1Q25 reconciliation (USD mn) Profit for the period 10 n.a. Income taxes 1 n.a. Amortization 2 n.a. Depreciation - n.a. Net foreign exchange gain (0.2) n.a. Finance income (0.3) n.a. Finance costs - n.a. EBITDA 12 n.
Slide 22: Reconciliation of Financial Metrics (3/4)
RECONCILIATION OF FINANCIAL METRICS (3/4) CAPEX reconciliation 1Q26 1Q25 (USD mn) Capex (excl. license and RoU) 67 51 Difference in timing b/w accrual and payment for capex (3) 3 Cash capex (excluding license payments) 64 54 Cash flow statement to EFCF reconciliation YoY 1Q26 1Q25 (USD mn) Change Ne
Slide 23: Definitions
DEFINITIONS 4G customers 4G customers are mobile customers who used fourth-generation (4G or LTE) network Equity free cash flow (before leases and licenses) is a non-IFRS measure and is defined as free cash flow from technologies during the three months prior to the measurement date. operating activ
Slide 24: ir@kyivstargroup.com
ir@kyivstargroup.com 24