Kyivstar Revenue Rises 26% YoY as Digital and Connectivity Drive Growth

Kyivstar Group Ltd (“Kyivstar,” the “Group”) FY25 and 4Q25 results highlights

• Total revenue for FY25 grew 25.9% to USD 1,157 mn (30.3% to UAH 48.2 bn) year-on-year (“YoY”). 4Q25 revenue increased 28.4% to USD 321 mn (30.1% to UAH 13.5 bn) YoY.
• EBITDA for FY25 rose 25.8% to USD 648 mn (30.0% to UAH 27.0 bn) with an EBITDA margin of 56.0%. In 4Q25, EBITDA increased 21.7% to USD 172 mn (23.1% YoY to UAH 7.2 bn) with the EBITDA margin at 53.5%.
• Adjusted net profit was USD 289 mn for FY25, with earnings per share of USD 1.32. Unadjusted net profit was USD 124 mn, EPS USD 0.57, the differences from adjusted numbers resulting from the USD 162 mn non-cash charge related to the Kyivstar listing in 3Q25. Unadjusted net profit for 4Q25 was USD 90 mn.
• Digital revenue grew 4.7x in FY25 to USD 124 mn (4.9x to UAH 5.2 bn), reaching 10.7% of the revenue mix. 4Q25 digital revenue increased 6.1x to USD 50 mn (6.4x to UAH 2.1 bn) to comprise 15.7% of total revenue.
• Multiplay customers rose 18.0% YoY to 7.3 mn, or 35.0% of one-month-active mobile customers.
• Cash position of USD 455 mn highlights Kyivstar’s resilient balance sheet, supported by equity free cash flow of USD 232 mn.
• For 2026, Kyivstar expects to deliver USD revenue growth of 8%-11% and EBITDA of 5%-8% when assuming UAH/USD at 44.5. This is based on UAH revenue growth of 15%-18% and EBITDA growth of 12%-15%. Capex intensity for 2026 is expected within 23%–26% of revenue.
  
  

Strategic developments

• The Group broadened its digital healthcare offerings with the acquisition in February of Tabletki.ua, Ukraine’s leading online marketplace for medicines and healthcare products, for USD 160 mn. The acquisition will be immediately accretive to earnings in future quarters.
• Kyivstar expanded Starlink Direct to Cell services to all the company’s 4G customers, with almost 5 mn customers having used initial text capabilities. Voice and light data services are planned for later in 2026.
• The Group in December acquired SUNVIN 11 LLC, owner of a solar power plant with capacity of 12.9 MW. The investment allows Kyivstar to explore diversifying its energy sources and hedging energy supply risks. In February 2026, Kyivstar announced the acquisition of internet service provider Shtorm, expanding the Group’s market share in the highly fragmented fixed-broadband market.
• Kyivstar parent company VEON and other investors in February conducted a secondary offering equating to 6.2% of Kyivstar’s outstanding shares. As a result, VEON’s stake in Kyivstar was reduced to 83.6%.