Kyivstar, Ukraine’s largest mobile operator, increased its EBITDA in 2025 by 30% to UAH 27 billion, which is a 25.8% increase in US dollars to $648 million, according to the company’s annual report on Friday.
“We continue to invest in Ukraine’s digital future, maintaining our market leadership and executing our long-term strategy as a digital operator,” Kyivstar CEO and President Alexander Komarov said in the document.
According to the Kyivstar Group Ltd report, the company increased its revenue in 2025 by 30.3% compared to 2024, to UAH 48.2 billion, and in dollars, the growth was 25.9%, to $1.157 billion.
Adjusted net income for 2025 increased by 1.1% to $286 million (in hryvnia, the growth was 3.9%), and earnings per share were $1.32.
At the same time, unadjusted net profit decreased by 56.2% to $124 million (by 54.7% in hryvnia), earnings per share to $0.57, and the difference with the adjusted figures was due to non-cash expenses of $162 million related to the listing of Kyivstar in the third quarter of 2025.
The company specified that in the fourth quarter of last year, it increased EBITDA by 23.1% to UAH 7.2 billion, with revenue growing by 30.1% to UAH 13.5 billion, while in dollars, EBITDA grew by 21.7% to $172 million, and revenue grew by 28.4% to $321 million.
Net profit in the fourth quarter of 2025 decreased by 3.2% to $90 million (by 2.2% in hryvnia).
According to the report, Kyivstar increased its net cash flow from operating activities by 29.8% to $558 million (34.2% in hryvnia) last year, and its capital investments amounted to $351 million, including $128 million in the fourth quarter.
It is noted that revenue from digital platforms in 2025 increased 4.9 times to UAH 5.2 billion, and in dollars, this growth was 4.7 times to $124 million, reaching 10.7% in the revenue structure.
In particular, in the fourth quarter of 2025, revenue from digital platforms jumped 6.4 times to UAH 2.1 billion, or 6.1 times in dollars to $50 million, reaching 15.7% of total revenue.
The number of Kyivstar multiplay customers grew by 18% last year to 7.3 million, or 35% of the number of active mobile customers during one month, while the total number of mobile subscribers decreased from 23 million to 22 million, and the number of fixed-line subscribers increased from 1.1 million to 1.2 million.
At the same time, ARPU for the past year increased by 19.3% to $3.6 (by 23.5% in hryvnia).
The report also states that the total number of monthly active digital users reached 15 million by the end of 2025 (13.5 million in the third quarter). In particular, Uklon had 3.8 million users (3.6 million), Helsi had 2.5 million (2.5 million), KyivstarTV had 2.5 million (2.1 million), and MyKyivstar had 6.2 million (5.2 million).
The online taxi service Uklon, which was consolidated into Kyivstar’s financial statements in April 2025, generated UAH 3.4 billion or $80.2 million in revenue last year, with EBITDA of UAH 1.1 billion or $27.6 million.
In the fourth quarter of 2025, Uklon generated revenue of UAH 1.4 billion or $33.7 million, with EBITDA of UAH 386 million or $9.2 million.
The number of Uklon trips in 2025 amounted to 166.6 million, deliveries – 4.7 million, including 43.6 million and 1.3 million in the fourth quarter.
It is noted that KyivstarTV generated revenue of UAH 351 million, or $8.4 million, in the fourth quarter of 2025, with the number of user sessions increasing by 25.4% to 891 million, and the time spent per user per active day increasing by 6.9% to 257 million.
The Helsi medical information system increased its revenue in the fourth quarter of 2025 by UAH 95 million, or $2.3 million. The number of active specialists and doctors in the program increased by 7.5% to more than 42,000, healthcare facilities by 4% to more than 1,700, appointments made by patients through the platform reached 2.4 million, and the number of solvent customers exceeded 57,000.
In the fourth quarter of 2025, Kyivstar’s big data and cloud services generated UAH 250 million in revenue, up 66.5% from the previous year. The report states that the growth was driven by large-scale products and solutions for big data analytics, advertising technologies (AdTech), cloud productivity and collaboration services, as well as API-based connectivity and data exchange services.
Kyivstar Cloud introduced a range of services enhanced with practical applications of artificial intelligence (AI), as well as an additional service that provides expert advice on adapting AI-based solutions to specific business needs.
The company specified that the number of registered customers of the AdTech Adwisor self-service platform increased from over 3,500 at the end of the third quarter of 2025 to over 3,800 at the end of the year.
Kyivstar expects revenue growth of 15%-18% and EBITDA growth of 12%-15% in hryvnia in 2026, while in dollars – 8%-11% and 5%-8%, respectively.
Capital expenditure intensity for 2026 is expected to be 23%-26% of revenue, compared to 30.3% in 2025.
The company recalled that in February it acquired Tabletki.ua, a leading Ukrainian online platform for the sale of medicines and medical products, for $160 million, and the internet provider Shtorm.
VEON, the majority shareholder of the Kyivstar group, and some other shareholders sold 14.375 million shares at a price of $10.5 per share for a total of $150.9 million as part of a secondary public offering (SPO). As a result, VEON’s stake in Kyivstar decreased from 89.6% to 83.6% following the SPO.
