What Kyivstar Group Ltd. told the SEC could break it.

Operations are concentrated in war-torn Ukraine: ~5% of the combined network was damaged/destroyed and ~5% remains non-functional in Russian-occupied territories, driving impairments and ongoing risk of further losses.

“As of December 31, 2025, we and UTC have experienced partial destruction of our infrastructure in Ukraine, with about 5% of our combined telecommunication network damaged or destroyed, of which approximately 82% has been restored. As of December 31, 2025, approximately 5% of our current combined network remained non-functional and located in Russian-occupied territories.”

Ultimate beneficial owners of LetterOne (a 45.46% shareholder in majority-owner VEON) — Fridman, Aven, Kuzmichev and Khan — are sanctioned in the EU, US and UK, creating reputational and regulatory exposure.

“The following ultimate beneficial owners of LetterOne, a 45.46% shareholder in VEON, our majority shareholder, are the target of sanctions in the European Union, United States and United Kingdom: Mikhail Fridman, Petr Aven, Alexey Kuzmichev and German Khan, (collectively, the "Designated Persons").”