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

Rhea-AI Summary

Kyivstar (Nasdaq: KYIV) reported FY25 revenue up 25.9% to USD 1,157 mn and 4Q25 revenue up 28.4% to USD 321 mn. FY25 EBITDA rose 25.8% to USD 648 mn (margin 56.0%); adjusted net profit was USD 289 mn (EPS USD 1.32).

Digital revenue grew 4.7x to USD 124 mn (10.7% of revenue); multiplay customers reached 7.3 mn. Kyivstar completed acquisitions (Tabletki.ua for USD 160 mn), expanded Starlink Direct to Cell, and expects 2026 USD revenue growth of 8%–11%.

Positive

• Revenue +25.9% YoY to USD 1,157 mn
• EBITDA +25.8% YoY to USD 648 mn
• Digital revenue 4.7x to USD 124 mn (10.7% mix)
• Multiplay customers +18.0% YoY to 7.3 mn
• Tabletki.ua acquisition for USD 160 mn (accretive)

Negative

• EBITDA margin down 2.9 pp in 4Q25 to 53.5%
• Capex intensity rose to 36% of revenue in 4Q25
• Unadjusted net profit lowered by USD 162 mn non-cash charge

News Market Reaction – KYIVW

+8.33%

1 alert

+8.33% News Effect

On the day this news was published, KYIVW gained 8.33%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

FY25 revenue: USD 1,157 mn (+25.9% YoY) 4Q25 revenue: USD 321 mn (+28.4% YoY) FY25 EBITDA & margin: USD 648 mn, 56.0% margin +5 more

8 metrics

FY25 revenue USD 1,157 mn (+25.9% YoY) Full-year 2025 total revenue

4Q25 revenue USD 321 mn (+28.4% YoY) Fourth quarter 2025 revenue

FY25 EBITDA & margin USD 648 mn, 56.0% margin Full-year 2025 EBITDA performance

Adjusted net profit FY25 USD 289 mn; EPS USD 1.32 Full-year 2025 adjusted earnings

Unadjusted net profit FY25 USD 124 mn; EPS USD 0.57; USD 162 mn non-cash charge Impact of Kyivstar listing in 3Q25

Digital revenue FY25 USD 124 mn (4.7x YoY), 10.7% of revenue Full-year 2025 digital segment

Multiplay customers 7.3 mn (18.0% YoY), 35.0% of base Customers using voice, 4G data and ≥1 digital app

Cash & FCF USD 455 mn cash; USD 232 mn equity FCF Balance sheet and cash generation

Market Reality Check

Price: $3.77 Vol: Volume 53,785 is 4.09x th...

high vol

$3.77 Last Close

Volume Volume 53,785 is 4.09x the 20-day average of 13,135, indicating elevated trading interest ahead of/around the results. high

Technical Shares trade below the 200-day MA of 3.8, with the current price at 3.6, and sit 36.55% under the 52-week high.

Peers on Argus

KYIVW fell 7.22% while telecom peers showed mixed, mostly modest moves (e.g., LB...

1 Up

KYIVW fell 7.22% while telecom peers showed mixed, mostly modest moves (e.g., LBRDP 0.44, IOTR -2.4, IQST -1.28, KORE 0.22, PCLA -0.69). Only one peer (PCLA) appeared in momentum scans, suggesting the move is stock-specific rather than a broad sector rotation.

Historical Context

5 past events · Latest: Mar 06 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 06	Satellite connectivity update	Positive	-0.8%	Starlink Mobile usage reached 5 million customers with heavy frontline messaging.
Feb 26	Board visit Ukraine	Neutral	-4.5%	Board visit underscored network resilience and ongoing investment commitment.
Feb 10	Digital health acquisition	Positive	+2.2%	Tabletki.ua purchase expanded Kyivstar’s digital healthcare ecosystem in Ukraine.
Feb 03	Secondary offering closed	Neutral	+4.2%	Closing of oversubscribed secondary share offering by existing shareholders.
Jan 29	Secondary offering priced	Neutral	+4.7%	Pricing of secondary share offering at USD 10.50 with underwriter option.

Pattern Detected

Recent news often elicits meaningful moves, with some positive operational updates met by negative reactions, indicating occasional divergence between fundamentals and price.

Recent Company History

Over the past few months, Kyivstar has reported several strategic and capital markets milestones. A secondary offering of 14,375,000 shares at USD 10.50 and related pricing updates in late January and early February 2026 saw positive price reactions. The Tabletki.ua acquisition for USD 160M also coincided with gains, reflecting support for digital expansion. By contrast, news on Starlink satellite connectivity and a board visit highlighting network resilience drew negative reactions. Against this backdrop, the latest FY25 and 4Q25 growth results extend the theme of strong operating momentum alongside sometimes inconsistent price responses.

Market Pulse Summary

The stock moved +8.3% in the session following this news. A strong positive reaction aligns with Kyi...

Analysis

The stock moved +8.3% in the session following this news. A strong positive reaction aligns with Kyivstar’s robust FY25 and 4Q25 metrics, including revenue growth of 25.9% and sustained EBITDA margins above 50%. Historical data show that investors have often rewarded capital markets actions and strategic acquisitions. However, past divergence on some positive operational updates suggests enthusiasm sometimes faded. Investors could weigh ongoing war-related operating risks, integration of new digital assets, and elevated capex levels when assessing how durable any strong upside move might be.

Key Terms

ebitda, arpu, capex intensity, equity free cash flow, +1 more

5 terms

ebitda financial

"EBITDA for FY25 rose 25.8% to USD 648 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.

arpu financial

"Mobile ARPU rose 18.2% YoY to USD 3.8..."

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.

capex intensity financial

"Capex intensity for 2026 is expected within 23%–26% of revenue."

Capex intensity measures how much a company spends on long‑term physical assets (capital expenditures) for each dollar of revenue or business activity, showing how asset‑heavy its operations are. Think of it like the amount you must regularly invest in a car’s repairs and upgrades compared with how much you drive: higher capex intensity means more cash tied up in maintaining or growing the business, which can reduce short‑term profits but may be needed for future growth.

equity free cash flow financial

"Cash position of USD 455 mn... supported by equity free cash flow of USD 232 mn."

Equity free cash flow is the amount of cash a company generates that is available to pay shareholders after it pays operating costs, reinvests in the business, and handles debt-related payments and borrowings. Think of it as the household money left over after paying bills, fixing the house, and settling loans—funds that could be used for dividends, share buybacks, or retained for future needs. Investors use it to judge how much real cash a company can return to owners and to value a stock.

llm technical

"Development on the Ukrainian LLM and a 5G pilot also continued apace..."

A large language model (LLM) is an advanced computer system trained on vast amounts of written text to understand and generate human-like language, similar to a very fast, well-read assistant that can summarize documents, draft messages, or answer questions. Investors care because LLMs can speed up research, automate customer support, and reduce costs, while also creating new product opportunities and risks around accuracy, bias, and regulatory oversight that can affect a company’s performance.

AI-generated analysis. Not financial advice.

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%.
  
  

KYIV, Ukraine and DUBAI, United Arab Emirates and NEW YORK, March 13, 2026 (GLOBE NEWSWIRE) -- 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.”

Additional information

View the full 4Q25 Earnings Release

View 4Q25 Results Presentation

4Q25 results conference call

Kyivstar will also host a results conference call with senior management at 10:00 EST / 16:00 CET / 18:00 GST today.

To register and access the event, please click here or copy and paste this link to the address bar of your browser:

https://kyivstar-fq-2025-results-presentation.open-exchange.net/

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

We encourage you to watch the event through the webcast link, but if you prefer to dial in, then please use the dial-in details.

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 here or copy and paste this link to the address bar of your browser: https://www.youtube.com/live/kWTzK8pzyYk

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. operates Ukraine's leading digital operator, JSC Kyivstar, serving more than 22.4 million mobile customers and over 1.2 million home internet fixed line customers as of December 31, 2025. Kyivstar Group Ltd. and its subsidiaries provide services across a wide range of mobile and fixed line technologies, including 4G, big data, cloud solutions, cybersecurity, digital TV, ride-hailing, and more. Together with VEON, Kyivstar intends to invest USD 1 billion in Ukraine during 2023-2027, through social investments in infrastructure and technological development, charitable donations and strategic acquisitions. Kyivstar Group Ltd. and its subsidiaries have been operating in Ukraine for more than 27 years. For more information, visit: 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 (after leases), EBITDA margin, Adjusted Net Profit, Adjusted Earnings Per Share, Equity Free Cash Flow (before leases and licenses), Equity Free Cash Flow (after leases and licenses), CAPEX excl. licenses and ROU, Return on Invested Capital, Return on Equity, Total debt including leases, Net cash, excluding leases and Uklon EBITDA, that 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 final prospectus filed with the SEC on January 30, 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 4Q25 Earnings Release for a more fulsome description of the above.

Contact information

Kyivstar Group Ltd
Investor Relations
ir@kyivstargroup.com

FAQ

What were Kyivstar (KYIV) FY25 revenue and EBITDA figures announced on March 13, 2026?

Kyivstar reported FY25 revenue of USD 1,157 mn and EBITDA of USD 648 mn. According to Kyivstar, revenue rose 25.9% YoY while EBITDA increased 25.8%, yielding a FY25 EBITDA margin of 56.0%.

How much did Kyivstar (KYIV) digital revenue grow in 2025 and what share of revenue is it?

Digital revenue grew 4.7x in FY25 to USD 124 mn, about 10.7% of total revenue. According to Kyivstar, 4Q25 digital revenue rose 6.1x to USD 50 mn, comprising 15.7% of quarterly revenue.

What acquisition did Kyivstar (KYIV) complete in February 2026 and how was it described?

Kyivstar acquired Tabletki.ua for USD 160 mn, described as Ukraine’s leading online medicines marketplace. According to Kyivstar, the deal is expected to be immediately accretive to earnings in future quarters.

What guidance did Kyivstar (KYIV) give for 2026 revenue and EBITDA growth?

Kyivstar expects 2026 USD revenue growth of 8%–11% and EBITDA growth of 5%–8%. According to Kyivstar, this assumes UAH/USD at 44.5 and local-currency revenue growth of 15%–18%.

How did Kyivstar (KYIV) describe changes in capex and balance sheet strength for 4Q25 and FY25?

Kyivstar reported 4Q25 capex intensity rose to 36% of revenue, while cash stood at USD 455 mn. According to Kyivstar, equity free cash flow was USD 232 mn, supporting a resilient balance sheet.