Kyivstar Group Ltd.

Hello and welcome to Keefstar's FY25 and 4Q25 results presentation. For those of you who have joined the Zoom webinar, if you would like to ask a question, you can use the raise hand button, which can be found on the black bar at the bottom of your screen at any time to join the queue to ask a question and you will be called upon during the Q&A session. For those of you watching on the webcast, if you would like to submit a written question, please use the ask a question tab at the top right of your screen. These questions can also be sent in at any time during the presentation. As a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. Cole Aikson, you may begin.

Thank you. Good morning and good afternoon. Thank you for joining us to discuss Key Star Groups, or Key Stars, results for the quarter and year ending December 31, 2025. I am Cole Aikison, Group Director for the Key Star Investor Relations Team. Please allow me to introduce our senior management in the room today. Mr. Khan Terzioglu, Chairman of the Board. Mr. Oleksandr Komarov, our CEO and President. Mr. Boris Dalgushin, our CFO, and Mr. Anand Ramachandran, Chief Corporate Development Officer for BEYOND. Today's presentation will begin with Oleksandr detailing the key highlights and business updates, as well as remarks on the financial results from Boris. We will then open the line for your questions. Before we begin, next slide, please. Thank you. Please note that today's presentation may include forward-looking statements that involve certain risks and uncertainties. These statements relate to the company's expected performance, 2026 guidance and outlook, market developments, operational and network investments, and the company's ability to realize its targets and initiatives, among other things. Actual results may differ materially due to risks detailed in the risk factors section of our final prospectus filed with the SEC on January 30, 2026, as such prospectus may be amended or supplemented from time to time. The earnings release and presentation, including reconciliations of non-IFRS measures, are available on our investor relations website. With that, let me hand over to Oleksandr.

Thank you, Cole. Good afternoon and good morning. Today we are excited to host our first annual earnings call as a U.S. listed company. We are proud that the fourth quarter and full year of 2025 not only produced robust financial results, but also clear strategic progress. Our connectivity and digital services continue to support one another's growth, producing higher multiplayer and 4G penetration, rising data consumption, and revenue growth across every vertical and brand. Let me start with the headline numbers. For the full year, total revenue grew 26% year-over-year in US dollars or 30% in hryvnia. Growth accelerated as we closed the year with fourth quarter revenue up 28% in dollars. Full year EBITDA grew 26% in dollars and 30% in hryvnia. Both revenue and EBITDA outperformed our full year outlook from last November by roughly four percentage points in dollar terms. We continue to generate healthy cash flow, delivering $558 million in net cash flow from operating activities for the year. Secondly, let's discuss our digital services. For the full year, digital revenue increased 4.7 times in dollar terms. Momentum continued to accelerate as we closed the year, with first quarter digital revenue rising six times year over year. As a result, digital services now contribute nearly 16% of our total revenue, up four percentage points from the previous quarter. Expanding our digital ecosystem remains central to our strategy. This is reflected in the roughly 42% year-on-year rise in our total digital monthly active users, which have now surpassed 15 million. Thirdly, our growing suite of services continues to expand Kyivstar's role in our customers' daily lives. Multiplay customers, those who use voice, data, and at least one of our apps monthly reach 7.3 million in the fourth quarter, or 35% of our mobile customers. These cross-sales lift engagement, strengthen customer retention, and drive our RPU higher. By the end of the fourth quarter, mobile RPU increased to $3.80 or 161 hryvnia, demonstrating the clear financial return on our ecosystem strategy. Finally, we continue to make solid progress on delivering on our strategic priorities. Last month, we announced the acquisition of Tabliat QA, Ukraine's leading online healthcare marketplace. Tabletki facilitated about $1.2 billion in gross merchandise value over the last 12 months. The acquisition will be accurate for our earnings with immediate effect, and we are excited about forthcoming synergies, including with Halcyon. Continued expansion of direct-to-sell reflects our dedication to play a leading role in Ukraine's and our industry stage innovation. We have expanded the initial tax services to all our 4G customers, of whom almost 5 million have already tried it out. We plan to expand the light data and OTT voice over 2026. Let's go to the next slide. This slide summarizes our performance for full 2025. Telecom revenue grew 15% to just over $1 billion, driven in large part by customers upgrading plans, moving to 4G and increasing data consumption. The 4.7 times growth in digital revenue was driven in large part by Uklon's consolidation in the third quarter and the shift in Kivstar TV's revenue model. But all our digital services and brands contributed material growth. EBITDA rose 26% to $648 million. The EBITDA margin coming in at 56%. Net profit for the year was $124 million, with earnings per share at $0.57. As a reminder, these figures include the $162 million one-time non-cash charge we recognized in the third quarter related to our NASDAQ listing. Excluding this impact, 2025 adjusted net profit was $286 million, adjusted EPS was $1.32. Moving on, our 30% capex intensity matched to our outlook and reflects ongoing initiatives on energy resilience, network modernization, and securing covenant in Ukraine wartime conditions. Despite escalated investments, we generated net operating cash flow of $558 million and equity free cash flow of the leases and licenses of $194 million. So next slide, please. Robust results for the fourth quarter supported the strong 2025 numbers. Revenue grew 28% year on year in dollarized terms to $321 million. Telecom revenue rising more than 11% and digital growing more than sixfold. EBITDA grew 22% to $172 million, while net profit came in at $90 million, resulting in fourth quarter EPS of $0.37. CapEx intensity was steady and in line with our stated outlook at 30%. Finally, we ended the quarter with a cash balance of $455 million, sustaining our Fortress balance sheet. Next slide, please. Going segment by segment, let's start with mobile. Mobile subscribers were stable at 22.4 million. This soft year-on-year trend reflects multi-SIM users dropping their secondary cards as well as Ukraine's present demographic pressures. Our churn rate was 13.5% in fourth quarter, down some four percentage points year-on-year, but rebounding from the third quarter secular low. We continue to lead with the highest market share in Ukraine mobile. Mobile IRPU maintained double-digit growth, rising 17% year-on-year to $3.80 or 161 hryvnia. Core drivers included in migration of more than 2% of customers quarter-on-quarter to 4G plants, Okay, around 31% year-on-year growth in data consumption and customers moving to multiplayer, which supports both mobile and digital revenue. Relatedly, note the accelerating growth in fixed broadband, where the customer base grew 4% year-on-year. Note the accelerating share of broadband customer who subscribed to Kyiv Star TV, which expanded more than 3 percentage points quarter-on-quarter to 48%. We attribute this growth to effective marketing and the rising appeal of our content library, including programs not available elsewhere in Ukraine. Let's go to the next slide. Yes. Cross sales and synergies bring us back to the core of our digital growth strategy, Multiplay. Multiplay counts customers that use at least one digital app in addition to voice and data services. The Multiplay segment drives growth through stronger customer engagement, higher data consumption, and improved retention. Multiplay customers grew 18% year-on-year in the first quarter to reach 7.3 million. This equates to 35% of our one-month active customer base, or nearly 6 percentage points higher than a year earlier. They also generate higher IRPU. The average Multiplay customer spends $5.20 a month on our services, 37% more than the average for a mobile customer alone. So, next slide. Let me now delve deeper into the digital revenue performance. I highlighted earlier how digital increased by more than six times year on year to reach $50 million or more than 2.1 billion hryvnia, now accounting for nearly 16% of revenue. I would like to make three points. First, while the consolidation of Uklon from April magnified our digital revenues, even without Uklon, digital revenue grew 140%. Secondly, growth spans all verticals, Healthy, Kyivstar TV, Digital Enterprise and Uklon. Thirdly, our sustainable cost advantages stem directly from our business synergies, including our low customer acquisition costs and an optimized distribution model. This enables us to scale profitability and maintain strong economics. Moving to Uklon, our ride-hailing business. In Q4 alone, Uklon contributed more than 1.4 billion hryvnia in revenue and 386 million hryvnia in EBDA. The platform grew rides booked by 9% year-on-year to 43.6 million and deliveries completed by 22% to 1.3 million. For December alone, monthly users reached record high 3.8 million. Oklon's EBDA reflects a growing and profitable business in Ukraine. Our digital enterprise business continued to gain traction this quarter. Demand is rising across Ukraine's corporate and government sectors for cloud, cybersecurity, big data, and advanced connectivity solutions. The business generated 250 million hryvnias in revenue, up 64% year over year. Growth is steady across our services in the number of businesses turning to Kyivstar to enhance their digital operations. For example, Edwiza, our self-service ad page platform, has seen registered clients expand by more than half quarter on quarter to reach more than 3,800 customers. Kyivstar Tech remains central to connecting all the parts of our ecosystem, to providing IT and AI-related services to external enterprises and to our leadership in the wider Ukrainian tech space. This includes leading our partnership to build an LLM with Ukraine's Ministry of Digital Transformation to serve both public and private sector needs. In December, we announced that Google's next-generation OpenAI model, GEMA, would be the foundational architecture for the model. On the entertainment, Kyivstar TV continues to strengthen its position as Ukraine's leading digital entertainment platform. The business's revenues quadrupled in the fourth quarter year on year to 351 million hryvnia. Several key factors contributed. First, shifting our TV partnership to a platform rent model as discussed in detail in the third quarter. Second, subscriber expansion. For instance, active customers rose 25% year on year in December to 2.5 million. And as mentioned, 48% of our broadband customers are now also Kivstar TV subscribers. And our growing and unique content library, including the production with partners of original unique content in Ukrainian. Now we have Healthy, Ukraine's leading health tech platform. Healthy had more than 28 million registered patients with access to more than 1,700 healthcare institutions and over 42,000 medical professionals at end of 2025. Healthy is deeply embedded in Ukraine's eHealth ecosystem, which manages appointments, scheduling, prescriptions, and health records. This motivates patients and providers to continue working with the platform. As we ramp up monetization with premium offerings that complement our established free services, revenue grew 40% year-on-year to 95 million hryvnia in the fourth quarter. Our paid models ended the year with more than 57,000 subscribers, nearly quadrupling year on year. Among our expanding paid services are advanced health insight products, such as professional interpretation of medical tests, results, and biomarker tracking. The service also demonstrates our commitments to corporate social responsibility and ESG, as healthy improves access to healthcare during the war time. Let me now pass the call to Boris to talk through the financials in more detail.