Not much chance of that. As Joomla moves ahead (and
Kunena is keeping pace with Joomla), the minimum requirement is PHP 5.3 for Joomla. Because K 3.0 (which is currently the only version that the project team now supports) utilises some of the advanced features in PHP 5.3, it follows that you will need to move ahead anyway in order to stay in line with the way that things have developed.
If K 3.0 relied on PHP 5.2 then
Kunena would lose its compatibility with Joomla and, because of that,
Kunena would no longer remain the
most popular extension that people download from the JED
. That's just stating a simple fact.
As more and more people gravitate away from J! 2.5 into J! 3.x, the requirement is now to switch the dependency to the latest versions of PHP. If webhosting providers are reluctant or unwilling to upgrade their services to meet the needs of their customers, it also follows that people will search elsewhere for webhosting providers who are more responsive to their customers' needs.
To cut a long story short, K 3.0 (and, looking into the future) needs PHP 5.3.