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

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.

Mar. 13, 2026 at 5:49am

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Kyivstar Group Ltd, Ukraine's leading digital operator and a provider of converged connectivity and online services, announced its financial and operating results for the full year and fourth quarter ended December 31, 2025. 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. 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.

Why it matters

Kyivstar's strong performance in 2025 underscores the company's strategic clarity and ability to deliver value amid challenging conditions. The company's transformation from a traditional mobile operator into a diversified digital ecosystem, enabled by initiatives like Direct to Cell satellite connectivity and digital platform integrations, has driven accelerating revenue growth and increased digital revenue contribution.

The details

Kyivstar's 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. Multiplay customers rose 18.0% YoY to 7.3 mn, or 35.0% of one-month-active mobile customers.

  • Kyivstar announced the acquisition of internet service provider Shtorm in February 2026, expanding the Group's market share in the fixed-broadband market.
  • In February 2026, VEON and other investors conducted a secondary offering equating to 6.2% of Kyivstar's outstanding shares, reducing VEON's stake in Kyivstar to 83.6%.
  • Kyivstar announced the acquisition of Tabletki.ua, Ukraine's leading online marketplace for medicines and healthcare products, in February.

The players

Kyivstar Group Ltd

Ukraine's leading digital operator and a provider of converged connectivity and online services.

Oleksandr Komarov

CEO of Kyivstar Group Ltd.

VEON

Kyivstar's parent company.

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What they’re saying

“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.”

— Oleksandr Komarov, CEO

“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.”

— Oleksandr Komarov, CEO

What’s next

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.

The takeaway

Kyivstar's transformation into a diversified digital ecosystem, driven by initiatives like Direct to Cell satellite connectivity and digital platform integrations, has enabled the company to deliver accelerating revenue growth and increased digital revenue contribution, positioning it for continued success in the Ukrainian market.