Kyivstar Group Ltd. Warrant

Kyivstar Group Ltd. reported revenue of $1.16B for FY 2025, up 25.9% YoY from $919M in 2024, driven by telecommunications revenue growth to $1.033B (+15.1% YoY) from repricing and customer base modernization, plus digital revenue surge to $124M (+466.7% YoY) led by Uklon acquisition ($80M contribution). Operating profit fell 21.3% to $274M due to a one-time $162M listing expense from SPAC merger, despite revenue gains. Profit before tax declined 42.9% to $198M, and net profit dropped 56.2% to $124M, with EPS at $0.57 (basic/diluted). Balance sheet strengthened with total assets at $2.12B (up from $2.21B), equity $1.30B, and cash $455M. Adjusted EBITDA held steady at 56% margin ($649M). Cash from operations rose 29.8% to $558M, supporting $150M investing outflows including acquisitions. FY 2025 marked Nasdaq listing and digital expansion via Uklon/Sunvin, positioning for Ukraine recovery amid war risks. Forward-looking, $1B VEON/Kyivstar investment through 2027 targets network resilience and digital growth.

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