Kyivstar Group Ltd (Nasdaq: KYIV), the parent company of Ukraine’s largest telecommunications operator Kyivstar JSC, and its largest shareholder, the VEON Group (Nasdaq: VEON), announced the completion of a multi-year $1.3 billion investment program in Ukraine, while the initial plan was to invest $1 billion between 2023 and 2027.
“We have invested in the network, energy resilience, and digital platforms that serve millions of people and businesses every day. The implementation of $1.3 billion in investments for our country reflects the dedication of our teams and our confidence in Ukraine’s digital future,” Kyivstar CEO Alexander Komarov said in a press release on Wednesday.
According to him, the investments included further expansion and modernization of mobile coverage, the rollout of Starlink Mobile direct-to-device satellite connectivity, accelerated deployment of high-speed fixed-line connectivity via the Kyivstar network, and significant investments in backup power and energy resilience to ensure service continuity during outages.
At the same time, Kyivstar raised capital to expand its digital ecosystem through strategic acquisitions, which included Uklon—a leading Ukrainian ride-hailing and delivery platform; Tabletki.ua—one of the country’s most widely used digital healthcare platforms for searching, comparing, and ordering medications nationwide; and SUNVIN 11, which owns solar power plants and marked Kyivstar’s first investment in renewable energy and a strategic step toward enhancing energy resilience.
As reported, the companies initially announced a three-year commitment of $600 million in 2023, and later expanded it to a five-year program worth $1 billion, covering connectivity, digital services, energy resilience, strategic acquisitions, and social contributions.
As of the end of 2025, Kyivstar served 22.4 million mobile subscribers and 1.2 million “Home Internet” subscribers.
In 2025, Kyivstar increased its EBITDA by 30% to UAH 27 billion, driven by a 30.3% rise in revenue to UAH 48.2 billion; including in the fourth quarter of last year, when EBITDA increased by 23.1% to UAH 7.2 billion, driven by a 30.1% rise in revenue to UAH 13.5 billion.
