Kyivstar Group Ltd. reports strong first-quarter 2026 results while operating under wartime conditions in Ukraine and disclosing a material going concern uncertainty. Revenue reached $323 million, up from $255 million, driven by both core telecom and rapidly expanding digital services.
Operating profit rose to $113 million with profit for the period nearly doubling to $85 million, and earnings per share increasing to $0.37. Adjusted EBITDA grew to $173 million. Digital revenue reached $67 million, compared with $19 million, reflecting 2.6x growth in U.S. dollar terms.
The Group generated $161 million of operating cash flow but recorded a net cash outflow due to acquisitions and capital expenditure, ending with $353 million in cash and $478 million in total available funding. Kyivstar expanded its digital healthcare and broadband footprint with the $160 million Tabletki Group acquisition and the $10 million ISP Shtorm deal, increasing intangible assets and goodwill.
Management confirms the statements are prepared on a going concern basis but emphasizes that the ongoing war in Ukraine and potential sanctions create a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern over the next 12 months, despite demonstrated resilience and current liquidity.
Kyivstar Group Ltd reports a strong start to 2026, with first‑quarter revenue rising 26.6% year-on-year to USD 323 mn and EBITDA up 23.5% to USD 173 mn, giving a 53.5% margin.
Net profit nearly doubled to USD 85 mn, with earnings per share of USD 0.37. Digital businesses drove growth: digital revenue jumped 256.6% to USD 67 mn and reached 20.9% of total revenue, helped by the consolidations of ride‑hailing platform Uklon and healthcare marketplace Tabletki.
Telecom and infrastructure revenue grew 8.3% to USD 256 mn, supported by higher 4G adoption, rising mobile ARPU of USD 3.8, and expanding multiplay customers. Kyivstar ended the quarter with USD 353 mn in cash and raised its 2026 outlook, now targeting revenue growth of 11%–14% and EBITDA growth of 7%–10% in USD, with capex intensity of 21%–24% of revenue.
Kyivstar Group Ltd. reported the results of its 2026 Annual General Meeting and highlighted strong 2025 performance. Shareholders re-elected all 10 directors, including Executive Chairman Kaan Terzioğlu, and the Board subsequently re-elected him as Chairman. An amendment to Bye-law 56.3 was approved, giving the Remuneration Committee sole authority to set pay for officers and senior executives. Shareholders also re-appointed UHY LLP as external auditor for the year ending December 31, 2026. Operationally, Kyivstar delivered 2025 revenue of USD 1,157 million, up 25.9% year-on-year, and EBITDA of USD 648 million with a 56.0% margin. Digital revenue grew 4.7x to USD 124 million, representing 10.7% of 2025 revenue, while multiplay customers increased 18.0% to 7.3 million, underscoring the company’s focus on its digital ecosystem strategy.
Kyivstar Group Ltd. Schedule 13G/A amendment shows VEON Amsterdam B.V. and VEON Ltd. each report 192,967,440 common shares of Kyivstar, representing 83.6% of the class. The filing lists shared voting and shared dispositive power over those shares. The statement is signed by company directors and counsel.
Kyivstar Group Ltd. has scheduled its 2026 Annual General Meeting of Shareholders for May 12, 2026 at 12:00 Gulf Standard Time, to be held via video conference, with a record date of April 13, 2026.
The Board has recommended all 10 current directors for re-election and proposes appointing UHY LLP as auditor for the period ended December 31, 2026, with authority for the Board to set the auditor’s remuneration. Shareholders will also receive the audited financial statements for the year ended December 31, 2025 and vote on an amendment to Bye-law 56.3 to place remuneration determination authority directly with the Remuneration Committee.
Kyivstar Group Ltd. director Cetin Serdar filed an amended Form 3 to update his reported holdings of Common Shares. The amendment corrects a clerical error so the security is properly shown as "Common Shares" and adds shares that were previously omitted.
After this correction, Serdar is shown as holding 4,516 Common Shares indirectly through the Mont Tendre Trust and 10,000 Common Shares directly. The amendment reflects ownership reporting changes only and does not report any new purchase or sale transactions.
Kyivstar Group Ltd. director Cetin Serdar filed an initial ownership report showing indirect holdings of 4,516 common share ADSs. These shares are held through Mont Tendre Trust, meaning the position is reported as indirect rather than directly owned. The filing does not reflect a new purchase or sale, but establishes Serdar’s starting ownership position as a reporting insider.
Kyivstar Group Ltd. reported that it has filed its Annual Report on Form 20-F for the year ended December 31, 2025 with the U.S. Securities and Exchange Commission, following completion of an audit by independent auditor UHY LLP under Public Company Accounting Oversight Board standards.
Kyivstar 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. Together with VEON, the Group intends to invest USD 1 billion in Ukraine during 2023-2027 across infrastructure, technology, charitable initiatives and strategic acquisitions.
Kyivstar Group Ltd. files its annual report as a Ukraine-focused telecom and digital services provider whose business is deeply affected by the ongoing war. The company reports 230,863,624 common shares outstanding and notes that its auditors highlight substantial doubt about its ability to continue as a going concern.
The war has damaged about 5% of its combined telecom network, with roughly 82% of that restored by December 31, 2025, and left another 5% non-functional in Russian‑occupied areas. Kyivstar has installed about 3,740 generators and 252,000 additional batteries, but war-related security, fuel and mitigation costs were about US$34 million in 2025, partly offset by a US$10 million insurance payout.
The report details significant risks from sanctions linked to certain ultimate beneficial owners of VEON’s major shareholder, potential nationalization or confiscation under evolving Ukrainian laws, extended martial law, severe macroeconomic and inflation pressures and heavy capital needs to maintain and upgrade 4G and future 5G networks.
Kyivstar Group Ltd. has completed the acquisition of 100% of Ukrainian online healthcare marketplace Tabletki.ua for USD 160 million, paid entirely in Ukrainian hryvna in Ukraine. The deal closed concurrently with the signing of the definitive agreement.
Tabletki.ua partners with more than 14,000 pharmacies across Ukraine and facilitated an average of 14 million online bookings per month in 2025. Bookings carried a gross merchandise value of UAH 45 billion (USD 1,056 million) for 2024 and UAH 57.3 billion (USD 1,191 million) for the 12 months ended September 30, 2025.
Based on unaudited management accounts as of September 30, 2025, Tabletki.ua generated EBITDA of USD 24 million and net profit of USD 20 million, implying a price-to-earnings multiple of 8.0x. Kyivstar positions the acquisition as expanding its digital healthcare offering alongside assets such as Helsi and Uklon and describes it as immediately earnings accretive with material synergy potential.