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Natalia Shpigotska

Senior Analyst at Dragon Capital

Natalia Shpigotska is a Senior Analyst at Dragon Capital, specializing in equity research with a focus on Ukrainian financial and consumer sectors. She closely covers leading companies such as Raiffeisen Bank Aval, MHP, and Kernel Holding, with her investment recommendations often cited for their strong performance and accuracy; reportedly, her coverage has resulted in above-sector average returns and notable success rates. Beginning her career in the early 2010s, Shpigotska has built her analytical expertise at Dragon Capital since joining the firm, following previous roles in local financial institutions and advisory firms. She holds professional credentials in investment analysis, including completion of the CFA Level II exam, and has earned recognition for her insights in various Ukrainian capital market rankings.

Natalia Shpigotska's questions to Kyivstar Group (KYIV) leadership

Question · Q3 2025

Natalia Shpigotska asked how Uklon's acquisition is accounted for in the 2025 CapEx numbers and requested an explanation of the 'right-of-use assets investment' component of CapEx.

Answer

Boris Nalshik, CFO of Kyivstar Group, clarified that the Uklon acquisition goes directly to equity and is not included in capital expenditures, which cover network and other digital assets. He explained that right-of-use assets are lease liabilities accounted for under IFRS 16, representing the fair value of future leases, predominantly with the Ukrainian Tower Company, and are capitalized.

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Question · Q3 2025

Natalia Shpigotska inquired about how Uklon's acquisition is accounted for in the 2025 CapEx numbers and asked for an explanation of what the 'right-of-use assets investment part of the CapEx' stands for.

Answer

Boris Nalshik, CFO of Kyivstar Group, clarified that the Uklon acquisition goes directly to equity and is not included in capital expenditures, which cover network, telco, and other digital assets. He explained that 'right-of-use assets' are lease liabilities, primarily to the Ukrainian Tower Company, accounted for under IFRS 16 as the fair value of future leases, which are capitalized under this standard.

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