Exhibit (c)(xviii)

 Project Kona Discussion Materials  October 2025  Exhibit (c)(xviii) 
 
 Abry Take-Private Returns Summary – Lender Model Case  2  Abry Pro Forma Ownership  Abry Existing Ownership (Excl. ASE)  Shares (M)  4.553  Ownership (%)  22.9%  Abry Existing Ownership (ASE Shares)  0.298  1.5%  Abry New Equity Ownership(1)  3.040  15.3%  Total Pro Forma Abry Ownership  7.891  39.7%  Illustrative Returns - $5.00/share, 12.0x Exit Multiple  Returns Summary  Note: All figures in $M, unless otherwise stated.  Assumes Abry and Searchlight will each own 40% of common equity.  Includes free cash flow generated from Q2 2026E through Q4 2029E.  1 Existing Position Excl. ASE Gross Proceeds IRR  MOIC  2  3  Discount Dates  9/12/14  12/4/14  4/11/16  5/10/18  6/5/18  12/21/18  3/31/26  12/31/29  Abry Historical Equity (Excl. ASE)  ($116.8)  ($16.6)  ($2.3)  ($9.9)  ($0.6)  ($15.0)  -  $164.5  1  Abry New Equity  -  -  -  -  -  -  ($15.2)  $109.8  2  Total Equity Returns  ($116.8)  ($16.6)  ($2.3)  ($9.9)  ($0.6)  ($15.0)  ($15.2)  $274.3  3  Offer Price per Share for New Equity  $5.00  Equity Value at Exit  $718.9  Abry New Equity Purchased  $15.2  Abry Equity Value at Exit (Existing Ownership Excl. ASE)  $164.5  Abry Investment Since Inception (Excl. New Equity & ASE)  $161.1  Abry Equity Value at Exit (Existing Ownership ASE Shares)  $10.7  Total Abry Investment Excl. ASE  $176.3  Abry Equity Value at Exit (New Equity)  $109.8  Exit Build (Lender Model)  2029E EBITDA (Lender Model)  $98.9  Exit Multiple  12.0x  Enterprise Value at Exit  $1,186.3  Less: Debt / Preferred at Exit  ($614.2)  Add: Cumulative Free Cash Flow Generated  $146.9(2)  $164.5  0.1%  1.0x  New Equity Invested Gross Proceeds IRR  MOIC  $109.8 69.3%  7.2x  Cumulative Gross Proceeds IRR  MOIC  $274.3  3.2%  1.6x 
 
 Exit Build (Downside Case - TD Adjusted Model)  2029E EBITDA (TDC Adjusted)  $82.2  Exit Multiple  10.0x  Enterprise Value at Exit  $822.0  Less: Debt / Preferred at Exit  ($614.2)  Offer Price per Share for New Equity  $5.00  Equity Value at Exit  $329.1  Abry New Equity Purchased  $15.2  Abry Equity Value at Exit (Existing Ownership Excl. ASE)  $75.3  Abry Investment Since Inception (Excl. New Equity & ASE)  $161.1  Abry Equity Value at Exit (Existing Ownership ASE Shares)  $4.9  Total Abry Investment Excl. ASE  $176.3  Abry Equity Value at Exit (New Equity)  $50.3  Add: Cumulative Free Cash Flow Generated  $121.3(2)  Abry Take-Private Returns Summary – Downside Case (TD  Adjusted Model)  3  Abry Pro Forma Ownership  Abry Existing Ownership (Excl. ASE)  Shares (M)  4.553  Ownership (%)  22.9%  Abry Existing Ownership (ASE Shares)  0.298  1.5%  Abry New Equity Ownership(1)  3.040  15.3%  Total Pro Forma Abry Ownership  7.891  39.7%  Illustrative Returns - $5.00/share, 10.0x Exit Multiple  Returns Summary  Note: All figures in $M, unless otherwise stated.  Assumes Abry and Searchlight will each own 40% of common equity.  Includes free cash flow generated from Q2 2026E through Q4 2029E.  1 Existing Position Excl. ASE Gross Proceeds IRR  MOIC  2  3  Discount Dates  9/12/14  12/4/14  4/11/16  5/10/18  6/5/18  12/21/18  3/31/26  12/31/29  Abry Historical Equity (Excl. ASE)  ($116.8)  ($16.6)  ($2.3)  ($9.9)  ($0.6)  ($15.0)  -  $75.3  1  Abry New Equity  -  -  -  -  -  -  ($15.2)  $50.3  2  Total Equity Returns  ($116.8)  ($16.6)  ($2.3)  ($9.9)  ($0.6)  ($15.0)  ($15.2)  $125.6  3  $75.3 (5.1%)  0.5x  New Equity Invested Gross Proceeds IRR  MOIC  $50.3 37.5%  3.3x  Cumulative Gross Proceeds IRR  MOIC  $125.6 (2.5%)  0.7x 
 
 MOIC / IRR by Acquisition Share Price and Exit Multiple  Exit Multiple (2029E EBITDA of $98.9M - Lender Model)  Implied Entry  Multiple (2)  Acq. Share  Price  9.0x 11.0x 12.0x 13.0x 15.0x  8.8x  $4.00  0.9x  / -0.5%  1.4x  / 2.3%  1.6x  / 3.3%  1.8x  / 4.3%  2.2x  / 5.9%  9.1x  $5.00  0.9x  / -0.7%  1.3x  / 2.2%  1.6x  / 3.2%  1.8x  / 4.2%  2.2x  / 5.8%  9.4x  $6.00  0.9x  / -0.8%  1.3x  / 2.1%  1.5x  / 3.2%  1.7x  / 4.1%  2.2x  / 5.7%  9.7x  $7.00  0.9x  / -0.9%  1.3x  / 1.9%  1.5x  / 3.1%  1.7x  / 4.0%  2.1x  / 5.7%  Entry / Exit Sensitivity (Lender Model vs. Downside Case)  4  Abry Management Case (Cumulative1)  Abry Downside Case – TD Adjusted Model (Cumulative1)  Excludes ASE shares.  Assumes $65.6M of 2025E adjusted PF EBITDA per lender model.  (2)  MOIC / IRR by Acquisition Share Price and Exit Multiple  Exit Multiple (2029E EBITDA of $82.2M - TD Adj. Forecast)  Implied Entry  Multiple  Acq. Share  Price  9.0x 11.0x 12.0x 13.0x 15.0x  8.8x  $4.00  0.5x  / -4.4%  0.9x  / -0.7%  1.1x  / 0.6%  1.3x  / 1.7%  1.6x  / 3.5%  9.1x  $5.00  0.5x  / -4.6%  0.9x  / -0.8%  1.1x  / 0.5%  1.2x  / 1.6%  1.6x  / 3.5%  9.4x  $6.00  0.5x  / -4.8%  0.9x  / -1.0%  1.1x  / 0.4%  1.2x  / 1.5%  1.6x  / 3.4%  9.7x  $7.00  0.5x  / -5.0%  0.9x  / -1.1%  1.0x  / 0.2%  1.2x  / 1.4%  1.5x  / 3.3% 
 
 Appendix 
 
 Abry Investment Since Inception  6  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) 
 
 Levered FCF Walk – Lender Model Case  7  Note: Balance sheet cash, term loan, convertible notes, and preferred equity reflect Q1 2026E balances. Current share price as of October 29, 2025.  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 March 31, 2025.  Implied Equity Value  $99.5  Less: Cash  ($32.0)  Add: Debt  $300.0  Add: Preferred (2)  $207.0  Implied Enterprise Value  $574.5  Add: Fees & Expenses  20.0  $287.0  $302.9  $65.6  $71.0  Cash on Balance Sheet 32.0 5%  Total $638.5 100%   Uses   Offer Structure  Sources & Uses  Purchase Price  Sources  x EBITDA  Offer Price  $5.00  New Sponsor Equity  $43.0  7%  Current Share Price  $3.55  Rollover Equity  56.5  9%  Premium to Current Share Price  41%  New Debt  300.0  4.6x  47%  Total Shares (1)  19.898  Rollover Preferred Equity (2)  207.0  32%  Purchase of Equity  $43.0  7%  Rollover Equity  56.5  9%  Repay Term Loan  180.0  28%  Repay Convertible Notes  120.0  19%  Adjusted Enterprise Value  $594.5  Rollover Preferred Equity (2)  207.0  32%  EV / 2025E Revenue  2.1x  Fees & Expenses  20.0  3%  EV / 2026E Revenue  2.0x  Cash to Balance Sheet  12.0  2%  EV / 2025E Adj. EBITDA  9.1x  Total  $638.5  100%  EV / 2026E Adj. EBITDA  8.4x  Projected Levered Free Cash Flows  $ in millions  Historical  Lender Model Forecast  2024A  2025E  2026E  2027E  2028E  2029E  Revenue  $286.1  $287.0  $302.9  $321.0  $343.2  $367.1  PF Adj. EBITDA  $53.1  $65.6  $71.0  $78.6  $88.6  $98.9  Less: Non-Recurring Costs  (2.0)  (2.0)  -  -  Less: Cash Interest Expense, Net  (26.2)  (25.2)  (25.4)  (25.5)  Less: Levered Cash Taxes  -  (0.6)  (7.1)  (11.4)  Less: Capex  (10.3)  (11.0)  (11.7)  (12.5)  Less: (Increase) / Decrease in NWC  -  -  -  -  Available Cash Flow  $32.5  $39.8  $44.4  $49.4  Less: Mandatory Amortization  (2.3)  (3.0)  (3.0)  (3.0)  Available Cash Flow After Mandatory Amortization  $30.2  $36.8  $41.4  $46.4  Less: Excess Cash Flow Sweep  -  -  -  -  Levered Free Cash Flow, Post FCF Sweep  $30.2  $36.8  $41.4  $46.4  Total Debt Outstanding  $297.8  $294.8  $291.8  $288.8  Cumulative Debt Paydown  0.8%  1.8%  2.8%  3.8%  Net Debt / EBITDA  3.7x  2.8x  2.0x  1.3x 
 
 Projected Levered Free Cash Flows  $ in millions  Historical  TD Adjusted Forecast  2024A  2025E  2026E  2027E  2028E  2029E  Revenue  $286.1  $287.0  $302.9  $321.0  $343.2  $367.1  PF Adj. EBITDA  $53.1  $65.6  $71.0  $74.6  $78.3  $82.2  Less: Non-Recurring Costs  (2.0)  (2.0)  -  -  Less: Cash Interest Expense, Net  (26.2)  (25.2)  (25.4)  (25.5)  Less: Levered Cash Taxes  -  (0.3)  (4.9)  (8.5)  Less: Capex  (10.3)  (11.0)  (11.7)  (12.5)  Less: (Increase) / Decrease in NWC  -  -  -  -  Available Cash Flow  $32.5  $36.1  $36.3  $35.6  Less: Mandatory Amortization  (2.3)  (3.0)  (3.0)  (3.0)  Available Cash Flow After Mandatory Amortization  $30.2  $33.1  $33.3  $32.6  Less: Excess Cash Flow Sweep  -  -  -  -  Levered Free Cash Flow, Post FCF Sweep  $30.2  $33.1  $33.3  $32.6  Total Debt Outstanding  $297.8  $294.8  $291.8  $288.8  Cumulative Debt Paydown  0.8%  1.8%  2.8%  3.8%  Net Debt / EBITDA  3.7x  3.1x  2.5x  1.9x  Levered FCF Walk – Downside Case (TD Adjusted Model)  8  Add: Fees & Expenses  20.0  $287.0  $302.9  $65.6  $71.0  Cash on Balance Sheet 32.0 5%  Total $638.5 100%   Uses   Implied Equity Value  $99.5  Less: Cash  ($32.0)  Add: Debt  $300.0  Add: Preferred (4)  $207.0  Implied Enterprise Value  $574.5  Offer Structure  Sources & Uses  Purchase Price  Sources  x EBITDA  Offer Price  $5.00  New Sponsor Equity  $43.0  7%  Current Share Price  $3.55  Rollover Equity  56.5  9%  Premium to Current Share Price  41%  New Debt  300.0  4.6x  47%  Total Shares (1)  19.898  Rollover Preferred Equity (2)  207.0  32%  Purchase of Equity  $43.0  7%  Rollover Equity  56.5  9%  Repay Term Loan  180.0  28%  Repay Convertible Notes  120.0  19%  Adjusted Enterprise Value  $594.5  Rollover Preferred Equity (2)  207.0  32%  EV / 2025E Revenue  2.1x  Fees & Expenses  20.0  3%  EV / 2026E Revenue  2.0x  Cash to Balance Sheet  12.0  2%  EV / 2025E Adj. EBITDA  9.1x  Total  $638.5  100%  EV / 2026E Adj. EBITDA  8.4x  Note: Balance sheet cash, term loan, convertible notes, and preferred equity reflect Q1 2026E balances. Current share price as of October 29, 2025.  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 March 31, 2025. 
 
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