Ukraineʼs Kyivstar Revenue Climbs 20%, Digital Business Expands to 12%

Kyivstar Group, Ukraine’s largest telecom operator, reported revenue of Hr.12.3 billion ($297 million) in the third quarter of 2025, up 20.9% year-on-year.

This marks Kyivstar’s first quarterly report since its NASDAQ debut – the first-ever listing of a Ukrainian company on a US stock exchange.

The company’s EBITDA rose 21.5% year-on-year to Hr.7.1 billion ($171 million), reflecting solid growth in core operations. Kyivstar reported an adjusted net profit of $73 million for the quarter.

However, the company also recorded a one-time $162 million accounting charge – a non-cash expense recorded when a newly listed company adjusts the value of its assets to comply with public-market accounting rules – related to its NASDAQ listing. 

The charge reflected a required revaluation of certain assets under public-market reporting standards and did not involve any cash outflow. Including this adjustment, Kyivstar posted a net loss of $89 million for the period – a paper loss not tied to operational performance, the company reported in a press release. 

Kyivstar debuted on the Nasdaq Stock Market in August 2025, becoming the first Ukrainian company to list on a US exchange. Its New York debut valued the company at approximately $2.6 billion.

In April 2025, Kyivstar acquired Ukrainian ride-hailing and delivery service Uklon. Since the acquisition, Uklon contributed $24.7 million in revenue, $9.1 million in EBITDA, and $6.7 million in profit for the quarter, alongside growth in trip volumes, average fares, and user engagement, the company’s press release says.

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Revenue from Kyivstar’s Multiplay users – those who subscribe to mobile or fixed-line services plus at least one digital service – rose 24.8% to 6.6 million users. Monthly active users of digital services increased 49.4% to 13.5 million.

“Digital services now contribute nearly 12% of revenues, and our near 20% growth in revenue and EBITDA highlights the growing role of our digital portfolio in Ukrainians’ daily lives,” the release quoted Groupʼs CEO Oleksandr Komarov.

Average revenue per mobile customer grew 14% to Hr.53.1 ($3.7), while the EBITDA margin remained strong at 57.6%. At quarter’s end, Kyivstar held $472 million in cash and generated $373 million in free cash flow over the past 12 months.

For full-year 2025, the company expects revenue growth of 20-23% in dollars and EBITDA growth of 19-22%, assuming stable exchange rates. Capital expenditures are projected at 30-33% of revenue, according to Group.

From mobile operator to digital holding: How Kyivstar diversified its portfolio

Telecom and broadband remain Kyivstar’s core businesses, giving it a 47% share of Ukraine’s communications market and a top-three position among broadband providers. As of June 30, the company served nearly 23 million mobile customers and over 1.1 million fixed broadband users.

The Kyivstar Group portfolio includes:

• Kyivstar.Tech – 500 employees; $24.2 million revenue in 2024
• Kyivstar TV – 2 million registered users as of the end of 2024
• Helsi (e-health platform) – 97.9% ownership; $5.1 million revenue in 2024
• Big data and cloud services – $11.2 million revenue in 2024, almost triple 2023’s results

The company employs about 4,000 people, excluding Uklon. 

Kyivstar’s strategy of evolving “beyond telecom” – supported by its parent company VEON Ltd., incorporated in the Netherlands and headquartered in Dubai – has significantly enhanced its market value and growth potential.