Exhibit (c)(xv)

 Project King Discussion Materials  September 2025  Exhibit (c)(v) 
 
 Abry Take-Private Returns Summary – Management Case  Illustrative Returns - $4.00/share, 12.0x Exit Multiple  Abry Pro Forma Ownership  Exit Build (Management Forecast)  Abry Existing Ownership  Shares (M)  4.851  Ownership (%)  24.4%  2029E EBITDA (Mgmt)  Exit Multiple  $100.3 12.0x  Abry New Equity Ownership (1)  4.390  22.1%  Enterprise Value at Exit  $1,203.5  Total Pro Forma Abry Ownership  9.241  46.4%  Less: Debt / Preferred at Exit  ($613.5)  Returns Summary  3  1  2  3  Offer Price per Share for New Equity  $4.00  Abry New Equity Purchased  $17.6  Equity Value at Exit  $743.0  Abry Investment Since Inception (Excl. New Equity)  $161.1  Abry Equity Value at Exit (Existing Ownership)  $181.1  Total Abry Investment  $178.6  Abry Equity Value at Exit (New Equity)  $163.9  Add: Cumulative Free Cash Flow Generated  $152.9  Discount Dates 9/12/14 12/4/14 4/11/16 5/10/18 6/5/18 12/21/18 12/31/25 12/31/29  Abry Historical Equity Invested ($116.8) ($16.6) ($2.3) ($9.9) ($0.6) ($15.0) - Abry New Equity - - - - - - ($17.6)  $181.1  $163.9  Total Equity Returns ($116.8) ($16.6) ($2.3) ($9.9) ($0.6) ($15.0) ($17.6) $345.0  1 Existing Position Gross Proceeds IRR  MOIC  $181.1  0.8%  1.1x  2 New Equity Invested Gross Proceeds IRR  MOIC  $163.9 74.7%  9.3x  Cumulative Gross Proceeds IRR  MOIC  $345.0  4.9%  1.9x  Note: All figures in $M, unless otherwise stated.  2  1.  Assumes Abry acquires 50% of the non-rolling shares. 
 
 Abry Take-Private Returns Summary – Downside Case (TD  Adjusted Model)  Illustrative Returns - $4.00/share, 10.0x Exit Multiple  Abry Pro Forma Ownership  Exit Build (Downside Case - TD Adjusted Model)  Abry Existing Ownership  Shares (M)  4.851  Ownership (%)  24.4%  2029E EBITDA (TDC)  Exit Multiple  $79.5 10.0x  Abry New Equity Ownership (1)  4.390  22.1%  Enterprise Value at Exit  $794.5  Total Pro Forma Abry Ownership  9.241  46.4%  Less: Debt / Preferred at Exit  ($613.5)  Returns Summary  3  1  2  3  Offer Price per Share for New Equity  $4.00  Abry New Equity Purchased  $17.6  Equity Value at Exit  $285.2  Abry Investment Since Inception (Excl. New Equity)  $161.1  Abry Equity Value at Exit (Existing Ownership)  $69.5  Total Abry Investment  $178.6  Abry Equity Value at Exit (New Equity)  $62.9  Add: Cumulative Free Cash Flow Generated  $104.2  Discount Dates 9/12/14 12/4/14 4/11/16 5/10/18 6/5/18 12/21/18 12/31/25 12/31/29  Abry Historical Equity Invested ($116.8) ($16.6) ($2.3) ($9.9) ($0.6) ($15.0) - Abry New Equity - - - - - - ($17.6)  $69.5  $62.9  Total Equity Returns ($116.8) ($16.6) ($2.3) ($9.9) ($0.6) ($15.0) ($17.6) $132.4  1 Existing Position Gross Proceeds IRR  MOIC  $69.5 (5.6%)  0.4x  2 New Equity Invested Gross Proceeds IRR  MOIC  $62.9 37.6%  3.6x  Cumulative Gross Proceeds IRR  MOIC  $132.4 (2.2%)  0.7x  Note: All figures in $M, unless otherwise stated.  2  1.  Assumes Abry acquires 50% of the non-rolling shares. 
 
 MOIC / IRR by Acquisition Share Price and Exit Multiple  Exit Multiple (2029E EBITDA of $79.5M - TD Adj. Forecast)  Implied Entry  Multiple (1)  Acq. Share  Price  9.0x 11.0x 12.0x 13.0x 15.0x  8.5x  $3.00  0.5x  / -4.3%  1.0x  / -0.2%  1.2x  / 1.2%  1.4x  / 2.4%  1.8x  / 4.4%  8.8x  $4.00  0.5x  / -4.6%  0.9x  / -0.4%  1.2x  / 1.1%  1.4x  / 2.3%  1.8x  / 4.2%  9.1x  $5.00  0.5x  / -4.9%  0.9x  / -0.6%  1.1x  / 0.9%  1.3x  / 2.1%  1.7x  / 4.1%  9.4x  $6.00  0.5x  / -5.2%  0.9x  / -0.8%  1.1x  / 0.7%  1.3x  / 2.0%  1.7x  / 4.0%  1.  Assumes $62.7M of 2025E adjusted EBITDA per management forecast.  4  MOIC / IRR by Acquisition Share Price and Exit Multiple  Exit Multiple (2029E EBITDA of $100.3M - Management Forecast)  Implied Entry  Multiple (1)  Acq. Share  Price  9.0x 11.0x 12.0x 13.0x 15.0x  8.5x  $3.00  1.2x  / 1.2%  1.7x  / 3.9%  2.0x  / 5.0%  2.2x  / 5.9%  2.8x  / 7.5%  8.8x  $4.00  1.1x  / 1.0%  1.7x  / 3.8%  1.9x  / 4.9%  2.2x  / 5.8%  2.7x  / 7.4%  9.1x  $5.00  1.1x  / 0.9%  1.6x  / 3.7%  1.9x  / 4.8%  2.1x  / 5.7%  2.6x  / 7.3%  9.4x  $6.00  1.1x  / 0.7%  1.6x  / 3.5%  1.8x  / 4.6%  2.1x  / 5.6%  2.6x  / 7.2%  Entry / Exit Sensitivity (Management Case vs. Downside Case)  Abry Management Case (Cumulative)  Abry Downside Case – TD Adjusted Model (Cumulative) 
 
 Appendix 
 
 Abry Investment Since Inception  Date  ABRY Partners VII, L.P.  ABRY Partners VII  Co-Investment Fund, L.P.  Fund Family Total  ABRY Investment Partnership, L.P.  Total Abry Investment  September 12, 2014  ($110.3)  ($6.4)  ($116.6)  ($0.2)  ($116.8)  December 4, 2014  ($15.7)  ($0.9)  ($16.6)  -  ($16.6)  April 11, 2016  ($2.1)  ($0.1)  ($2.3)  -  ($2.3)  May 10, 2018  ($9.9)  -  ($9.9)  -  ($9.9)  June 5, 2018  -  ($0.6)  ($0.6)  ($0.0)  ($0.6)  December 21, 2018  ($14.2)  ($0.8)  ($15.0)  -  ($15.0)  Total Investment  ($152.1)  ($8.8)  ($160.9)  ($0.2)  ($161.1)  6 
 
 Implied Metrics  EV / 2025E Revenue EV / 2026E Revenue  EV / 2025E Adj. EBITDA EV / 2026E Adj. EBITDA  Offer Structure  Purchase Price  Offer Price  $4.00  Current Share Price  $2.32  Premium to Current Share Price  72%  Total Shares(3)  19.898  Implied Equity Value  $79.6  Less: Cash  ($29.6)  Add: Debt  $301.3   Uses   Add: Preferred (4)  $199.6  Purchase of Equity  $35.1  6%  Implied Enterprise Value  $550.9  Rollover Equity  44.5  7%  $290.0  $295.5  $62.7  $64.0  1.9x  1.9x  8.8x  8.6x  Levered FCF Walk – Management Case  Repay Term Loan Repay Convertible Notes  Rollover Preferred Equity(4) Fees & Expenses  Cash to Balance Sheet  Projected Levered Free Cash Flows  $ in millions  Historical  Management Forecast  2024A  2025E  2026E  2027E  2028E  2029E  Revenue  $286.1  $290.0  $295.5  $318.1  $344.3  $373.2  Adj. EBITDA  $53.1  $62.7  $64.0  $74.4  $86.9  $100.3  Add: Eliminated Public Company Costs (1)  2.6  2.6  2.6  2.6  Less: Integration-related Costs (1)  (2.0)  (2.0)  -  -  Less: Cash Interest Expense, Net  (28.9)  (27.0)  (26.2)  (25.1)  Less: Levered Cash Taxes  -  -  -  -  Less: Capex (1)  (10.2)  (9.4)  (9.8)  (10.2)  Less: (Increase) / Decrease in NWC (2)  (5.0)  (5.0)  (5.0)  (5.0)  Available Cash Flow  $20.4  $33.6  $48.4  $62.5  Less: Mandatory Amortization  (3.0)  (3.0)  (3.0)  (3.0)  Available Cash Flow After Mandatory Amortization  $17.4  $30.6  $45.4  $59.5  Less: Excess Cash Flow Sweep  -  -  -  -  Levered Free Cash Flow, Post FCF Sweep  $17.4  $30.6  $45.4  $59.5  Total Debt Outstanding  $297.0  $294.0  $291.0  $288.0  Cumulative Debt Paydown  1.0%  2.0%  3.0%  4.0%  Net Debt / EBITDA  4.1x  3.1x  2.1x  1.2x  Sources & Uses  Sources  x EBITDA  New Sponsor Equity  $35.1  6%  Rollover Equity  44.5  7%  New Debt  300.0  4.8x  49%  Rollover Preferred Equity(4)  199.6  33%  Cash on Balance Sheet  29.6  5%  Total  $608.8  100%  181.3  120.0  199.6  12.6  15.7  30%  20%  33%  2%  3%  Total  $608.8  100%  Note: Balance sheet cash, term loan, convertible notes, and preferred equity reflect 2025E year-end balances. Current share price as of September 8, 2025.  7  1.  2.  3.  4.  Reflects management forecast and guidance, subject to further diligence. Capex includes labor and PP&E expenditures. TD Cowen estimate, subject to further diligence.  Total shares includes 2.4M shares related to Searchlight warrants and excludes RSUs.  Includes the $150M strategic investment from Searchlight from November 15, 2023, KORE’s $2.9M purchase of 5M shares from Twilio from December 13, 2023, and the total amount of the accrued interest due to Searchlight as of December 31, 2025. 
 
 Projected Levered Free Cash Flows  $ in millions  Historical  TD Adjusted Forecast  2024A  2025E  2026E  2027E  2028E  2029E  Revenue  $286.1  $290.0  $295.5  $318.1  $344.3  $373.2  Adj. EBITDA  $53.1  $62.7  $64.0  $68.8  $73.9  $79.5  Add: Eliminated Public Company Costs (1)  2.6  2.6  2.6  2.6  Less: Integration-related Costs (2)  (6.0)  (4.0)  (2.0)  -  Less: Cash Interest Expense, Net  (28.9)  (27.1)  (26.6)  (25.9)  Less: Levered Cash Taxes  -  -  -  -  Less: Capex (1)  (10.2)  (9.4)  (9.8)  (10.2)  Less: (Increase) / Decrease in NWC (2)  (5.0)  (5.0)  (5.0)  (5.0)  Available Cash Flow  $16.4  $25.8  $33.1  $40.9  Less: Mandatory Amortization  (3.0)  (3.0)  (3.0)  (3.0)  Available Cash Flow After Mandatory Amortization  $13.4  $22.8  $30.1  $37.9  Less: Excess Cash Flow Sweep  -  -  -  -  Levered Free Cash Flow, Post FCF Sweep  $13.4  $22.8  $30.1  $37.9  Total Debt Outstanding  $297.0  $294.0  $291.0  $288.0  Cumulative Debt Paydown  1.0%  2.0%  3.0%  4.0%  Net Debt / EBITDA  4.2x  3.5x  2.8x  2.1x  Implied Metrics  EV / 2025E Revenue EV / 2026E Revenue  EV / 2025E Adj. EBITDA EV / 2026E Adj. EBITDA  Offer Structure  Purchase Price  Offer Price  $4.00  Current Share Price  $2.32  Premium to Current Share Price  72%  Total Shares(3)  19.898  Implied Equity Value  $79.6  Less: Cash  ($29.6)  Add: Debt  $301.3   Uses   Add: Preferred (4)  $199.6  Purchase of Equity  $35.1  6%  Implied Enterprise Value  $550.9  Rollover Equity  44.5  7%  $290.0  $295.5  $62.7  $64.0  1.9x  1.9x  8.8x  8.6x  Levered FCF Walk – Downside Case (TD Adjusted Model)  Repay Term Loan Repay Convertible Notes  Rollover Preferred Equity(4) Fees & Expenses  Cash to Balance Sheet  Sources & Uses  Sources  x EBITDA  New Sponsor Equity  $35.1  6%  Rollover Equity  44.5  7%  New Debt  300.0  4.8x  49%  Rollover Preferred Equity(4)  199.6  33%  Cash on Balance Sheet  29.6  5%  Total  $608.8  100%  181.3  120.0  199.6  12.6  15.7  30%  20%  33%  2%  3%  Total  $608.8  100%  Note: Balance sheet cash, term loan, convertible notes, and preferred equity reflect 2025E year-end balances. Current share price as of September 8, 2025.  7  1.  2.  3.  4.  Reflects management forecast and guidance, subject to further diligence. Capex includes labor and PP&E expenditures. TD Cowen estimate, subject to further diligence.  Total shares includes 2.4M shares related to Searchlight warrants and excludes RSUs.  Includes the $150M strategic investment from Searchlight from November 15, 2023, KORE’s $2.9M purchase of 5M shares from Twilio from December 13, 2023, and the total amount of the accrued interest due to Searchlight as of December 31, 2025. 
 
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