Kyivstar releases 3Q26 results, raises outlook

Q: What were Kyivstar's third-quarter 2026 earnings results?

Kyivstar reported USD 349 million in revenue, USD 189 million in EBITDA and USD 99 million in net profit. Revenue increased 17.5% year over year and EBITDA rose 10.3%. Diluted earnings per share were USD 0.36.

Q: What is Kyivstar's revised 2026 growth outlook?

Kyivstar now expects USD revenue growth of 15%–17% and USD EBITDA growth of 10%–12% in 2026. The previous ranges were 14%–16% and 9%–12%, respectively. Capital spending intensity remains unchanged at 21%–24%.

Nine-month free cash flow rose 56.8% to USD 274 million as quarterly capital spending declined.

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Rhea-AI Summary

Kyivstar (KYIV) reported third-quarter 2026 revenue of USD 349 million, with growth across its telecommunications and digital businesses. Revenue rose 17.5% year over year. EBITDA, earnings before interest, taxes, depreciation and amortization, rose 10.3% to USD 189 million. Net profit was USD 99 million versus a USD 89 million loss a year earlier, which included a USD 162 million non-cash listing charge.

Digital revenue grew 68.9% to USD 76 million. Free cash flow reached USD 83 million, versus USD 34 million. Cash was USD 436 million at September 30; net liquidity excluding leases was USD 350 million, while net debt including leases was USD 66 million. Kyivstar now expects 2026 USD revenue growth of 15%–17% and EBITDA growth of 10%–12%, with capital spending intensity unchanged at 21%–24%. The telecommunications and infrastructure EBITDA margin fell 3.1 percentage points to 57.7% because of higher energy costs.

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Positive

Major point. Forward-looking: it has not happened yet and may not happen.2026 USD revenue growth outlook raised to 15%–17% from 14%–16%; UAH outlook increased to 22%–24% from 21%–23%.
Moderate point3Q26 revenue rose 17.5% year over year to USD 349 million; UAH revenue increased 26.5%.
Moderate point3Q26 EBITDA grew 10.3% to USD 189 million, a 54.0% margin; UAH EBITDA rose 18.7%.
Moderate pointNet profit of USD 99 million reversed a USD 89 million loss, including a prior-year USD 162 million non-cash listing charge.
Moderate pointQuarterly free cash flow reached USD 83 million versus USD 34 million in 3Q25.
Moderate pointCapital spending fell 25.6% year over year to USD 66 million.
Moderate point. Forward-looking: it has not happened yet and may not happen.Announced GigaCloud acquisition expands enterprise cloud services and the digital ecosystem.

14 minor points

Minor pointDiluted earnings per share reached USD 0.36 in 3Q26.
Minor point. Forward-looking: it has not happened yet and may not happen.2026 USD EBITDA growth outlook raised to 10%–12% from 9%–12%; UAH outlook increased to 18%–20% from 17%–19%.
Minor pointNine-month free cash flow grew 56.8% year over year to USD 274 million, up 65.9% in UAH.
Minor pointLast-12-month capital spending intensity declined to 24.0% from 29.0%.
Minor pointTelecommunications and infrastructure revenue rose 8.4% to USD 273 million, up 16.7% in UAH.
Minor pointTelecommunications and infrastructure EBITDA increased 2.9% to USD 158 million.
Minor pointDigital revenue grew 68.9% to USD 76 million, reaching 21.7% of group revenue; UAH growth was 81.8%.
Minor pointDigital EBITDA increased 74.2% to USD 31 million, with a 40.7% margin.
Minor pointMobile average revenue per user rose 8.6% to USD 4.0; UAH growth was 16.9% to 178.9.
Minor pointMobile data usage increased 20.0%, while 4G penetration rose 4.9 percentage points to 71.5%.
Minor pointBroadband customers increased 11.3% year over year to 1.3 million.
Minor pointQuarterly active digital customers rose 48.2% to 29.5 million, including Tabletki, consolidated from February 2026.
Minor pointMultiplay customers reached 40.3% of one-month active customers, up 8.6 percentage points; average revenue was 1.5 times the average mobile user's.
Minor point. Forward-looking: it has not happened yet and may not happen.Ukrtelecom Open Access agreement expands home-internet reach through reciprocal use of fiber networks, starting in three regions.

Negative

Moderate pointTelecommunications and infrastructure EBITDA margin fell 3.1 percentage points year over year to 57.7% because of higher energy costs.

News Explained

The release presents GigaCloud as an acquisition to expand enterprise cloud services; an October 27, 2026 platform record says an agreement was signed, but this release gives no purchase price or closing conditions.

Sources and calculations

Kyivstar 3Q26 results release (2026-11-06)
Kyivstar signs agreement to acquire GigaCloud (2026-10-27)

Key Figures

Revenue: USD 349 mn; +17.5% YoY EBITDA: USD 189 mn; +10.3% YoY EBITDA margin: 54.0% +5 more

Revenue: USD 349 mn; +17.5% YoY; 3Q26
EBITDA: USD 189 mn; +10.3% YoY; 3Q26
EBITDA margin: 54.0%; 3Q26
Net profit: USD 99 mn; compared with a net loss of USD 89 mn; 3Q26 versus 3Q25
Diluted EPS: USD 0.36; 3Q26
Free cash flow: USD 274 mn; +56.8% YoY; 9M26
Revenue growth outlook: 15%–17% in USD, revised from 14%–16%; 2026
EBITDA growth outlook: 10%–12% in USD, revised from 9%–12%; 2026

Key Terms

arpu, ebitda, free cash flow, diluted eps, +2 more

6 terms

arpu financial

"on higher mobile ARPU and data usage."

ARPU, or Average Revenue Per User, measures how much money a company earns, on average, from each of its customers over a set period. It helps investors understand how effectively a business is generating income from its customer base, similar to calculating how much each customer spends at a store. Higher ARPU often indicates stronger sales per customer and better revenue performance.

ebitda financial

"EBITDA rose 10.3% YoY to USD 189 mn"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

free cash flow financial

"Free cash flow (FCF) was USD 83 mn"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

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diluted eps financial

"diluted EPS USD 0.36"

Diluted earnings per share (EPS) shows how much profit a company makes for each share of stock, assuming all possible shares from stock options or convertible securities are used. It provides a more conservative estimate than basic EPS, accounting for potential share increases that could dilute ownership. Investors use diluted EPS to get a clearer picture of a company's true profitability on a per-share basis.

ifrs financial

"not prepared in accordance with International Financial Reporting Standards (“IFRS”)."

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

non-gaap financial

"non-GAAP financial measures"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

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11/06/2026 - 12:05 AM EST

3Q26 revenue rises 17.5% YoY on higher ARPU, 3Q26 EBITDA up 10.3%

Key highlights

Revenue rose 17.5% YoY to USD 349 mn (UAH 15.6 bn, +26.5%). Telecommunications and infrastructure revenue grew 8.4% (UAH +16.7%) on higher mobile ARPU and data usage. Digital revenue grew 68.9% (UAH +81.8%) to 21.7% of total revenue.
EBITDA rose 10.3% YoY to USD 189 mn (UAH 8.4 bn, +18.7%), a 54.0% margin. The telecommunications and infrastructure margin was 57.7%; the digital margin was 40.7%.
Net profit was USD 99 mn and diluted EPS USD 0.36, compared with a net loss of USD 89 mn in 3Q25. 3Q25 reflected a one-time, non-cash charge of USD 162 mn recognized in 3Q25 results related to the Kyivstar listing.
Capex fell 25.6% YoY to USD 66 mn. LTM capex intensity declined to 24.0% from 29.0%.
Free cash flow (FCF) was USD 83 mn (3Q25: USD 34 mn) and USD 274 mn for 9M26, up 56.8%. Cash and cash equivalents were USD 436 mn. Net liquidity excluding leases was USD 350 mn.
Kyivstar is raising its outlook for 2026 and now expects revenue growth of 15%–17% in USD (22%–24% in UAH) and EBITDA growth of 10%–12% in USD (18%–20% in UAH). Capex intensity remains unchanged at 21%–24%.

KYIV, Ukraine and NEW YORK, Nov. 06, 2026 (GLOBE NEWSWIRE) -- Kyivstar Group Ltd. (“Kyivstar” or “the Group”) today announces financial and operating results for the third quarter of 2026, delivering double-digit revenue and EBITDA growth and higher cash generation. Revenue grew 17.5% YoY to USD 349 mn (26.5% in UAH), EBITDA grew 10.3% to USD 189 mn (18.7% in UAH), 9M26 FCF grew 56.8% YoY to USD 274 mn (+65.9% in UAH). Digital revenue grew 68.9% YoY to 21.7% of Group revenue, while digital EBITDA grew 74.2%.

Commenting on the results, Kyivstar President Oleksandr Komarov said:

“This quarter shows how Kyivstar expands. Our network brings customers in. Our different digital services give our customers reason to use Kyivstar more throughout their day, and customers who use more of Kyivstar spend more across Kyivstar. That growth turns into cash for the next round of expansion: nine-month free cash flow rose 57%. Our network stayed online even in the most demanding conditions. The stronger our business, the more we can lead the way in keeping Ukraine connected, healthy and on the move.”

Telecom & Infrastructure: ARPU-led growth

Telecommunications and infrastructure revenue grew 8.4% YoY to USD 273 mn (16.7% in UAH). EBITDA rose 2.9% to USD 158 mn. The 57.7% margin was down 3.1 p.p. YoY on account of higher energy costs.
Mobile ARPU rose 8.6% to USD 4.0 (16.9% to UAH 178.9), supported by 20.0% higher data usage and 4G penetration of 71.5% (+4.9 p.p.).
Broadband customers grew 11.3% YoY to 1.3 mn. An Open Access agreement with Ukrtelecom lets Kyivstar serve home-internet customers over Ukrtelecom’s fiber network, expanding the Group’s market reach further.

Digital: scaling profitably

Digital revenue grew 68.9% YoY to USD 76 mn, 21.7% of Group revenue. Digital EBITDA grew 74.2% to USD 31 mn, a 40.7% margin.
Digital customers active in the quarter comprised 29.5 mn, up 48.2% YoY, including Tabletki, consolidated from February 2026.
Multiplay customers now represent 40.3% of one-month active customers (+8.6p.p. YoY) and generate 1.5x the ARPU of the average mobile user, reinforcing the flywheel between connectivity, digital adoption and revenue growth.

Strong cash generation

Free cash flow reached USD 83 mn in 3Q26 and USD 274 mn in 9M26 (+56.8% YoY). Capex fell 25.6% to USD 66 mn. LTM capex intensity declined to 24.0% from 29.0%.
Cash and cash equivalents stood at USD 436 mn as of September 30, 2026. Net liquidity excluding leases was USD 350 mn, and net debt including leases was USD 66 mn.

Other significant developments

Expanded Uklon at home and abroad, entering four more Ukrainian cities and five cities in Uzbekistan’s Fergana Valley.
Opened fiber access with Ukrtelecom: Open Access agreement for reciprocal use of each operator’s fiber networks, starting in three regions.
Expanding the Group’s enterprise cloud services and digital ecosystem with the announced acquisition of Ukrainian firm GigaCloud.
Deepened presence in the international and multinational business community by opening a New York office at Rockefeller Center and marking one year on Nasdaq.

Kyivstar is revising its 2026 outlook

	USD		UAH
	Revised	Previous	Revised	Previous
Revenue growth, YoY	15%–17%	14%–16%	22%–24%	21%–23%
EBITDA growth, YoY	10%–12%	9%–12%	18%–20%	17%–19%
Capex intensity	21%–24%	21%–24%	21%–24%	21%–24%

Additional information

Additional information, including the full earnings release and the results presentation, is available on Kyivstar’s Investor Relations website at https://investors.kyivstar.ua/

3Q26 results presentation and conference call

Kyivstar will also host a results presentation conference call with senior management at 08:30 ET / 15:30 EET / 17:30 GST today, November 6. To register and access the webcast conference call, please click below or copy and paste this link to the address bar of your browser:

https://kyivstar-3q-2026-results-presentation.open-exchange.net/registration

Once registered, you will receive confirmation by email with the link to access the webcast and dial-in details to listen to the conference call over the phone.

Join the conversation live

In addition to the webcast, the conference call will also be livestreamed on YouTube. This option allows you to follow the discussion in real time from any device without the need for registration or dial-in details. Simply click below or copy and paste this link to the address bar of your browser: https://www.youtube.com/live/EzqpXVEnG9M

Q&A

If you want to participate in the Q&A session, we ask that you select the “Yes” option on the “Will you be asking questions live on the call?” dropdown box. That will bring you to a page where you can join the Q&A room by clicking “Connect to meeting.”

You will be brought into a Zoom webinar where you can listen to the presentation. Once the Q&A begins, please use the “Raise hand” button on the bottom of your Zoom screen to enter the queue for questions. The moderator will announce your name as well as sending a message to your screen asking you to confirm you wish to speak when your turn is reached. Once accepted, please unmute your microphone and ask your question.

You can also submit your questions prior to the webcast event to Kyivstar Investor Relations at ir@kyivstargroup.com.

About Kyivstar Group Ltd.

Kyivstar Group Ltd. is a Nasdaq-listed holding company that operates JSC Kyivstar, Ukraine’s leading digital operator and the first Ukrainian company to list on a U.S. stock exchange. Kyivstar Group Ltd and its companies provide a broad range of connectivity and digital services, including mobile and fixed-line voice and data, ride-hailing, e-health, digital TV, and enterprise solutions such as Big Data, cloud, and cybersecurity. For more information, visit: https://investors.kyivstar.ua.

Performance measures and non-GAAP financial measures

In presenting our results, Kyivstar has included certain financial and operating measures, including EBITDA, EBITDA margin, Digital EBITDA, free cash flow and capex intensity, that are not prepared in accordance with International Financial Reporting Standards (“IFRS”). Management believes these measures are useful to consider. The key performance measures and non-GAAP or non-IFRS financial measures that Kyivstar believes are meaningful in analyzing its performance are summarized in Attachment D of Kyivstar’s earnings release as of the date of this press release and where applicable a reconciliation of non-GAAP/non-IFRS financial measures to IFRS financials is provided in Attachment A of Kyivstar’s earnings release. None of these non-GAAP/non-IFRS financial measures should be viewed as a substitute for those determined in accordance with IFRS and Kyivstar’s methodology for calculating these measures has limitations, including potential differences from the way industry peers calculate such measures.

Disclaimer and notice to reader

This document contains “forward-looking statements” as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements relating to Kyivstar’s future operating results, targets, or financial position. There are numerous risks and uncertainties that could cause actual results and Kyivstar’s plans and objectives to differ materially from those expressed in the forward-looking information, such as those risks discussed in the section entitled “Risk Factors” Kyivstar Group’s 20-F filed with the SEC on March 16, 2026 as such document may be amended or supplemented from time to time, and in any other subsequent filings with the SEC by Kyivstar. The forward-looking statements contained in this document speak only as of the date hereof and Kyivstar disclaims any obligation to update or revise any of these forward-looking statements, except as required by applicable laws.

See “Disclaimer and Notice to Readers” in our full 3Q26 Earnings Release for a more fulsome description of the above.

Contact information
Kyivstar Group Ltd
Investor Relations
ir@kyivstargroup.com

FAQ

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What were Kyivstar's third-quarter 2026 earnings results?

Kyivstar reported USD 349 million in revenue, USD 189 million in EBITDA and USD 99 million in net profit. Revenue increased 17.5% year over year and EBITDA rose 10.3%. Diluted earnings per share were USD 0.36.

What is Kyivstar's revised 2026 growth outlook?

Kyivstar now expects USD revenue growth of 15%–17% and USD EBITDA growth of 10%–12% in 2026. The previous ranges were 14%–16% and 9%–12%, respectively. Capital spending intensity remains unchanged at 21%–24%.

Kyivstar releases 3Q26 results, raises outlook