Core Insights - Kyivstar Group Ltd has invested over 30% of its revenue in network resilience and modernization in 2025, totaling approximately $913 million (UAH 40.1 billion) for infrastructure restoration and digital capacity expansion since the onset of the full-scale war [1][9]. Group 1: Network Expansion and Coverage - Kyivstar operates the largest 4G network in Ukraine, providing access to millions of subscribers, with 96.2% of the population in controlled territories having access to high-speed 4G services [2][9]. - In 2025, the company built over 6,000 new base stations and expanded LTE coverage to an additional 630 communities [2][9]. - Coverage along major highways has been enhanced, with new base stations deployed across more than 300 sections of international and national roads, including key routes like Kyiv–Kharkiv and Kyiv–Odesa [3][9]. Group 2: Network Modernization - A significant network modernization program is in progress, with over 10,000 base station upgrades completed in the past year to improve 4G network capacity and service stability [4][9]. - Despite ongoing challenges from the war, Kyivstar has restored more than 10 network sites damaged by attacks in 2025, and nearly 700 sites have been brought back online since the beginning of the full-scale war [5][6]. Group 3: Company Overview and Social Responsibility - JSC Kyivstar serves over 22.4 million mobile customers and more than 1.2 million home internet fixed line customers as of December 31, 2025, and plans to invest $1 billion in telecommunications technologies from 2023 to 2027 [9][11]. - The company has allocated over UAH 4.4 billion to support the Defense Forces and social projects during wartime, reinforcing its position as a socially responsible entity in the digital communications market [11].

Core Thesis - Kyivstar Group Ltd. is viewed as a compelling investment opportunity in the Ukrainian telecom sector, despite the ongoing Russia-Ukraine conflict, due to its strong market position and financial resilience [2][3][5]. Company Overview - Kyivstar Group Ltd. provides mobile communication and home Internet services in Ukraine, serving 22.5 million subscribers with a 47% market share [2]. - The company was spun off from VEON in August 2025 after 17 years of operation [2]. Financial Performance - Kyivstar has reported EBITDA margins exceeding 55% and over 30% unlevered free cash flow conversion, maintaining positive revenue growth during the war [3]. - The company has stabilized subscriber losses and achieved double-digit growth in average revenue per user (ARPU) [3]. Strategic Initiatives - A recent partnership with Starlink aims to provide Direct-to-Cell satellite connectivity, potentially generating incremental revenue of $368 million and an EBITDA uplift of $184 million in a conservative scenario [4]. - The digital ecosystem has expanded to include services such as ride-hailing, digital TV, healthcare, fintech, and B2B cloud services, reaching 13.5 million monthly active users [3]. Market Valuation - The current market pricing reflects a wartime trough multiple of approximately 3.9x LTM EBITDA, with an 11-12% unlevered free cash flow yield, indicating institutional avoidance due to perceived war risks [5]. - Analysts project a pro forma EBITDA of $793 million and unlevered free cash flow of $440 million by 2026, suggesting a blended target price of $21.50 [7]. Investment Outlook - Kyivstar's monopoly-like market position, robust cash flow generation, and emerging digital moat position it for significant rerating as geopolitical conditions improve or Starlink adoption accelerates [5][7].

Core Viewpoint - Kyivstar Group Ltd. announced the pricing of a public offering of 12,500,000 common shares at a price of USD 10.50 per share, with the offering expected to close on February 2, 2026 [1][2]. Group 1: Offering Details - The offering is conducted by VEON Amsterdam B.V. and other selling shareholders, with Kyivstar not selling any shares [1]. - The underwriters have a 30-day option to purchase an additional 1,875,000 common shares at the public offering price [1]. - The offering is subject to customary closing conditions and is being managed by Morgan Stanley, Barclays, Cantor, and Rothschild & Co [2]. Group 2: Company Background - Kyivstar Group Ltd. is a Nasdaq-listed holding company and operates JSC Kyivstar, which is Ukraine's leading digital operator [5]. - The company provides a wide range of services including mobile and fixed-line voice and data, ride-hailing, e-health, digital TV, and enterprise solutions [5]. - Together with VEON, Kyivstar plans to invest USD 1 billion in Ukraine from 2023 to 2027 for infrastructure and technological development [6].

Core Insights - Kyivstar Group Ltd reported a strong financial performance in Q3 2025, with total revenue growth of 20.9% year-over-year, reaching UAH 12.3 billion (USD 297 million) [3][10] - The company's EBITDA increased by 21.5% year-over-year to UAH 7.1 billion (USD 171 million), with an EBITDA margin of 57.6% [4][10] - Digital revenue surged by 531% to UAH 1.5 billion (USD 35 million), now accounting for nearly 12% of total revenues, driven by the acquisition of Uklon [5][10] Financial Performance - Total revenue grew to UAH 12.3 billion, reflecting a 20.9% increase YoY, and a 19.8% increase in USD terms [3][10] - EBITDA rose to UAH 7.1 billion, marking a 21.5% YoY growth, with a 20.4% increase in USD terms [4][10] - Adjusted net profit was reported at USD 73 million, excluding a non-cash charge of USD 162 million related to the company's listing [10] Digital Strategy - Direct digital revenue reached UAH 1.5 billion, contributing 11.9% to total revenue, supported by the integration of Uklon [5][10] - The number of multiplay users increased by 24.8% YoY to 6.6 million, representing 31.7% of one-month-active mobile customers [5][10] - Digital monthly active users (MAUs) grew by 49.4% to 13.5 million, indicating strong customer engagement [10] Strategic Initiatives - Kyivstar became the first Ukrainian company to list on the NASDAQ on August 15, 2025 [7] - The company is advancing its digital ecosystem, including the launch of Ukraine's first Starlink Direct to Cell network and the development of a national large language model in partnership with the Ministry of Digital Transformation [7][9] - Kyivstar plans to invest USD 1 billion in Ukraine from 2023 to 2027, focusing on infrastructure and technological development [15] Future Outlook - The company anticipates revenue growth of 24% to 27% YoY and EBITDA growth of 23% to 26% YoY in UAH terms for the full year [8] - In USD terms, revenue growth is expected to be between 20% to 23% YoY, with EBITDA growth of 19% to 22% YoY for 2025 [8]

Core Viewpoint - Kyivstar Group Ltd., Ukraine's leading digital operator, will release its financial and operating results for Q3 and the nine-month period ending September 30, 2025, on November 10, 2025, followed by a conference call on November 11, 2025 [1]. Financial Results Announcement - The selected financial and operating results will be available at 7:00 EET (0:00 EST) on November 10, 2025 [1]. - A conference call with senior management will take place on November 11, 2025, at 14:00 EET (7:00 EST) [1]. Conference Call Registration - Interested participants can register for the conference call through a provided link, which will send a confirmation email with access details [2][3]. - Participants have the option to join via a direct phone call or through a callback feature [4]. Company Overview - Kyivstar Group Ltd. is a Nasdaq-listed holding company managing the Kyivstar Group, which is the leading digital operator in Ukraine [6]. - The company serves approximately 22.4 million mobile subscribers and over 1.1 million fixed-line internet customers as of June 30, 2025 [7]. - Kyivstar Group is committed to investing USD 1 billion in Ukraine from 2023 to 2027, focusing on infrastructure, technology development, and social projects [6][7]. Social Responsibility and Contributions - Over the past three years, Kyivstar has allocated more than UAH 3.4 billion to support the Defence Forces and social projects amid wartime challenges [7]. - The company is recognized as the largest taxpayer in the digital communications market and is noted for its social responsibility [8].

Core Insights - Kyivstar will host an investor meeting on August 28, 2025, to discuss strategic initiatives, financial performance, and market outlook [1][2] - The meeting will include presentations from senior management and a Q&A session with investors [2] Event Details - Date: August 28, 2025 [3] - Time: 10:00 AM – 11:30 AM Eastern Time [3] - Location: Virtual meeting accessible via a provided link [3] Company Overview - Kyivstar serves nearly 22.4 million mobile customers and over 1.1 million home internet fixed line customers as of June 30, 2025 [4] - The company offers a range of services including 4G, big data, cloud solutions, cybersecurity, and digital TV [4] - Kyivstar and VEON plan to invest USD 1 billion in Ukraine from 2023 to 2027 for infrastructure, technological development, and strategic acquisitions [4] - Kyivstar is the first Ukrainian investment opportunity listed on U.S. stock exchanges [4] VEON Overview - VEON provides connectivity and digital services to nearly 160 million customers across five countries [5] - The company is focused on technology-driven services that empower individuals and drive economic growth [5]

Core Viewpoint - Kyivstar Group has officially commenced trading on Nasdaq under the ticker symbol "KYIV", marking it as the first and only pure-play Ukrainian investment opportunity in U.S. stock markets [1][2]. Company Overview - Kyivstar Group is a leading digital operator in Ukraine, serving nearly 23 million mobile customers and over 1.1 million home internet fixed line customers as of June 30, 2025 [4]. - The company provides a wide range of services, including 4G, big data, cloud solutions, cybersecurity, and digital TV [4]. - Kyivstar Group plans to invest USD 1 billion in Ukraine from 2023 to 2027, focusing on social investments in infrastructure, technological development, charitable donations, and strategic acquisitions [4]. Leadership Statements - Augie Fabela, Chairman and Founder of VEON, emphasized that the listing symbolizes an opportunity to invest in Ukraine and contribute to its economic recovery [3]. - Kaan Terzioglu, VEON Group CEO, highlighted the significance of the listing as a reflection of years of customer focus and resilience [3]. - Oleksandr Komarov, President of Kyivstar, expressed pride in the company's role as a backbone of Ukraine's resilience and its commitment to serving customers with a growing portfolio of digital services [3]. Market Impact - The listing of Kyivstar on Nasdaq is expected to inspire American investors to engage with Ukraine's recovery and encourage Ukrainian businesses to connect with the global community [3]. - Kyivstar is scheduled to ring the Nasdaq's Opening Bell on August 29, 2025, to formally mark its public listing [3].

Core Points - Kyivstar Group Ltd., Ukraine's leading digital operator, has filed a Registration Statement with the SEC as part of its plans to list on Nasdaq following a business combination with Cohen Circle Acquisition Corp. I [1][2][3] - The business combination is expected to close in the third quarter of 2025, pending shareholder approval and customary closing conditions [3][4] - Kyivstar Group serves over 23 million mobile customers and 1.1 million home internet customers, and plans to invest USD 1 billion in Ukraine by 2027 [5] Company Overview - Kyivstar Group operates as a major provider of mobile communication in Ukraine, offering a range of services including 4G, big data, cloud solutions, and digital TV [5] - VEON, the parent company of Kyivstar Group, provides digital services to nearly 160 million customers across six countries [6] - Cohen Circle Acquisition Corp. I is a special purpose acquisition company formed to facilitate mergers and business combinations in the technology and financial services sectors [7][8]