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%.
Kyivstar Group Ltd (Nasdaq: KYIV), Ukraine’s leading digital operator and a provider of converged connectivity and online services, today announces financial and operating results for the full year and fourth quarter ended December 31, 2025.
Kyivstar delivered 4Q25 revenue growth of 28.4% to USD 321 mn (30.1% YoY to UAH 13.5 bn), reflecting continued execution of the company’s multiplay and digital strategies. Mobile ARPU rose 18.2% YoY to USD 3.8, with a further 5.9 pp of customers migrating to 4G data plans. Digital revenue increased 6.1x YoY to USD 50 mn (6.4x to UAH 2.1 bn), comprising 15.7% of total revenue, with Uklon contributing USD 34 mn (UAH 1.4 bn). Multiplay customers – those using voice, 4G data and at least one digital application – expanded 18.0% YoY to 7.3 mn, representing 35.0% of one-month-active mobile customers. Kyivstar’s expanding service suite continues to embed the company more deeply in customers’ everyday lives.
EBITDA grew 21.7% to USD 172 mn (23.1% to UAH 7.2 bn) for 4Q25, driven by revenue growth and disciplined cost management. The EBITDA margin declined 2.9 pp YoY to 53.5%, consistent with Kyivstar’s previously stated outlook, while capex intensity rose to 36% of revenue on the back of known seasonal trends and investment in network and energy resilience.
Kyivstar continues to progress on its strategic priorities. In February, the Group announced the acquisition of Tabletki.ua, Ukraine’s leading online marketplace for medicines and healthcare products, offering synergies with Helsi and other parts of Kyivstar’s digital ecosystem. The Group also expanded Starlink Direct to Cell services to all the company’s 4G customers, with almost 5 mn customers now having taken advantage of initial text capabilities with data and voice services due to launch later in 2026. Development on the Ukrainian LLM and a 5G pilot also continued apace, reflecting Kyivstar’s commitment to being at the forefront of digital and connectivity technologies in Ukraine.
For 2026, Kyivstar expects revenue growth of 8%-11% and EBITDA growth of 5%-8% in USD terms. This incorporates local-currency revenue growth of 15%-18% and EBITDA growth of 12%-15%, respectively, and UAH/USD averaging 44.5 for the year. Capex intensity for 2026 is expected within 23%–26% of revenue.
Commenting on the results, CEO Oleksandr Komarov said:
“Kyivstar’s performance in 2025 underscores the company’s strength, strategic clarity, and sustained ability to deliver value amid unprecedented external conditions. We continue to invest in Ukraine’s digital future while maintaining market leadership and executing against our long-term digital operator strategy.
“Kyivstar is rapidly evolving from a traditional mobile operator into a diversified digital ecosystem. Key enablers of this transformation include Direct to Cell satellite connectivity, digital platform integrations, and expanding synergies across the Group’s companies. Customer engagement remains a standout driver of our growth, with 15 mn monthly active users (MAUs) across our digital platforms.
“We enter 2026 with strong momentum, supported by accelerating revenue growth. In 4Q25, digital revenue expanded more than sixfold, reaching nearly 16% of total revenue. Our 30% YoY revenue growth in hryvnia reflects successful execution of our digital expansion roadmap and deeper Group-wide synergies, with meaningful contributions across business verticals.
“Kyivstar remains uniquely positioned in capital markets, offering investors the only direct exposure to the Ukrainian economy and its fast-growing technology sector through a US-listed company. We are committed to delivering sustainable growth, strengthening our digital leadership, and creating long-term value for shareholders.”
