Kyivstar, Ukraine’s largest mobile operator, increased its EBITDA by 28.5% in the first quarter of 2026 to UAH 7.5 billion, while revenue rose by 31.3% to UAH 13.9 billion, according to the company’s quarterly report released on Wednesday.
“We continue to strengthen our long-term market leadership thanks to the successful integration of Uklon and Tabletki, the innovative Starlink connectivity, and investments in our network and energy independence,” Kyivstar CEO and President Oleksandr Komarov is quoted as saying in the document.
He noted that given this momentum, the company has raised its financial forecasts for 2026 and now expects revenue growth in hryvnia of 18–21% (previously 15–18%) and EBITDA growth of 14–17% (previously 12–15%).
In dollars, Kyivstar now estimates revenue growth this year at 11–14% (previously 8–11%) and EBITDA growth at 7–10% (previously 5–8%), while in the first quarter, revenue in dollars rose by 26.6% to $323 million, and EBITDA by 23.5% to $173 million.
The company’s net profit for January–March of this year jumped by 93.2% in dollars—to $85 million (in hryvnias—by 99.1%), and earnings per share amounted to $0.37.
It is noted that revenue from digital platforms for January-March 2026 increased nearly 3.6-fold to $67 million (in hryvnia, 3.7-fold to 2.9 billion UAH), and the digital business’s share of EBITDA amounted to $29 million.
The number of Kyivstar’s multiplay customers grew by 31.6% in the first quarter of 2026—to 8.1 million, representing 39.6% of the total number of active mobile customers over the course of a single month.
Kyivstar’s total number of customers in the first quarter of 2026 decreased by 3% to 22 million, while the number of broadband subscribers increased to 1.2 million, thanks to the integration of approximately 52,000 customers following the successful acquisition of the internet provider Shtorm.
ARPU (Average Revenue Per User) for the first quarter of 2026 increased by 14.1% to $3.8 (in hryvnia, by 18.4% to 166.5 UAH).
The average number of minutes a subscriber uses per month (Mobile MoU) increased by 2.3% to 297.
The report also states that the total number of monthly active digital users for the quarter grew from 20.8 million to 28.4 million. Specifically, Uklon and Tabletki had 5.1 million and 6.3 million users, respectively; Helsi saw an increase from 4.8 million to 4.9 million; KyivstarTV rose from 3.1 million to 3.4 million; and
MyKyivstar grew from 7.8 million to 8.7 million.
The online taxi service Uklon, which was consolidated into Kyivstar’s financial statements in April 2025, generated UAH 1.425 billion in revenue, or $32.9 million, in the first quarter of 2026. Its EBITDA amounted to UAH 538.9 million, or $12.4 million. The number of rides in the first quarter of 2026 was 43.7 million, and deliveries totaled 1.5 million.
It is noted that the Helsi medical information system had 87,000 paid subscribers as of the end of the first quarter of 2026, compared to 57,000 at the end of 2025; its revenue amounted to UAH 93 million, compared to UAH 68 million in the first quarter of 2025. The service’s clients have access to 1,700 public and private clinics and nearly 41,000 medical professionals.
The Tabeltki.ua service generated revenue of 233.9 million UAH, or $5.3 million, in February–March 2026. EBITDA amounted to UAH 195.8 million, or $4.5 million; the gross merchandise value (GMV) for orders placed through the platform was UAH 11.2 billion, and the total number of orders reached 30.6 million.
In the first quarter of 2026, the Kyivstar TV platform increased the number of user sessions by 11.7% to 931 million, and revenue reached UAH 453 million compared to UAH 89 million in the first quarter of 2025. “These results were driven by a strong content offering, including the Kyivstar TV Originals crime drama series
‘Tikha Nava,’ which has been the platform’s most popular show since its launch and helped attract new customers,” the report explains.
Kyivstar.Tech contributed an additional UAH 715 million in the first quarter of this year compared to UAH 632 million in the first quarter of the previous year, with the number of active contracts growing by 31% to 2,200. The growth was primarily driven by the cloud service, which increased from UAH 105 million to UAH 192 million.
Thus, the total share of the digital business in Kyivstar’s revenue rose to 20.9% from 7.4% in the first quarter of 2025.
It is noted that capital expenditures, excluding license fees, amounted to UAH 2.9 billion, or $67 million, or 20.9% of revenue, compared to $51 million in the first quarter of 2025. Capital expenditure intensity for 2026 is expected to be within the range of 21%–24% of revenue (previously 23%–26%).
At the end of the quarter, the company had $353 million in free cash flow against gross debt of $487 million, while at the beginning of the quarter these figures stood at $456 million and $478 million, respectively. Free cash flow from operating activities amounted to $161 million for the quarter, compared to $128 million in the first quarter of 2025.
It is also noted that the market capitalization of Kyivstar Group, which is listed on the Nasdaq stock exchange, stood at $3.214 billion as of May 11.
Kyivstar noted that the Group has expanded its cooperation with SpaceX to include the resale of Starlink high-speed internet services for businesses. The number of customers who have already used Direct to Cell technology has exceeded 5 million, and the launch of Light Data is scheduled for later in 2026.
Also during the reporting period, Ukrainians chose the name “Syayvo” for the national language model that Kyivstar is developing jointly with the Ministry of Digital Transformation.
As reported, Kyivstar increased its EBITDA by 30% in 2025—to UAH 27 billion—amid a 30.3% rise in revenue—to UAH 48.2 billion, including a 23.1% increase in EBITDA in the fourth quarter of last year—to UAH 7.2 billion—on the back of a 30.1% rise in revenue—to UAH 13.5 billion.
European apricot producers expect a partial recovery in the harvest in 2026 following a poor season in 2025, according to an industry forecast by Europech.
According to European industry estimates, apricot production in Europe in 2026 could reach about 505,000 tons, which is approximately 6% more than in 2025 and 4% higher than the 2020–2024 average. At the same time, market participants note that harvest potential remains uneven across countries and regions.
Weather was the key factor of the season. In 2026, there were no large-scale destructive frosts in Europe; however, the return of cold weather in late March and early April affected some orchards. Blooming was generally satisfactory, but frequent rains in some areas hampered fruit set. Therefore, northern regions may recover from the low volumes of 2025, while more subdued dynamics are expected in southern Europe.
For the market, this means an increase in supply, but not a complete elimination of risks. European exporters are already warning that the season could be challenging in terms of sales: as volumes increase, competition will intensify between Spain, Italy, Greece, Turkey, and other producers. This could put pressure on prices, especially in the fresh apricot and processing raw material segments.
Romanian President Nicușor Dan stated that he would not propose a candidate for prime minister without a pre-agreed parliamentary majority, following the dismissal of Ilie Bolojan’s government via a vote of no confidence.
According to Digi24, Dan intends to invite parliamentary parties for consultations on Thursday or next Monday. He emphasized that he does not want to “experiment” with appointing a prime minister who would then be unable to secure a majority in parliament.
The president also did not rule out the option of a technocratic government, which could be led by an independent expert. At the same time, he said, there are “relatively few” options capable of securing a stable majority, as the parties’ positions remain rigid following the fall of Bolojan’s cabinet.
The political crisis in Romania began after parliament passed a no-confidence vote against the Bolojan government on May 5. A total of 281 deputies voted for the cabinet’s resignation, significantly exceeding the required minimum of 233 votes. The motion was supported by the Social Democratic Party and the right-wing nationalist Alliance for the Union of Romanians.
After the vote, Bolojan’s National Liberal Party announced its move to the opposition and its refusal to form a new coalition with the Social Democrats. This sharply narrows the scope for the rapid formation of a government, as it will be difficult to secure a stable majority without the PSD or a portion of its votes.
Among the scenarios being discussed are Bolojan’s return to the post of prime minister, the formation of a technocratic cabinet, a new agreement between pro-European parties, or a more complex configuration involving the PSD. UDMR leader Hunor Kelemen stated that the option of a technocratic prime minister could be acceptable if the ministers remain political appointees of the parties that secure the majority.
For Romania, a prolonged crisis carries economic risks. The country needs to continue fiscal consolidation and meet the conditions for receiving EU funds, whereas a caretaker government has limited powers. Bolojan previously warned that the absence of a full-fledged cabinet could complicate access to European funding.
Romania remains one of the key countries on the eastern flank of the EU and NATO, as well as an important logistical partner for Ukraine on the Danube and the Black Sea.
Indonesia intends to transform Bali from a primarily tourist destination into an international financial hub capable of competing for capital with Singapore, Hong Kong, Dubai, and London.
The Kura Kura Bali SEZ is set to become the project’s key hub. Indonesian authorities view it as a future financial cluster where investment firms, family offices, funds, and technology and service companies focused on international capital can be based.
Indonesia’s Coordinating Minister for Economic Affairs, Airlangga Hartarto, stated that the development of a financial center in Bali demonstrates the country’s transition to an economy with higher value-added. According to him, global competition today is not only in the sphere of raw material exports but also for the role of a regional center for finance, innovation, and investment.
The project is linked to Indonesia’s broader goal of reducing the economy’s dependence on commodity cycles, tourism, and traditional industries. The authorities want Bali to become not only a resort but also a hub for capital management, international business, technology projects, and investment structures.
For the real estate market, this could become a new driver of demand. If the project is implemented, interest in office, residential, and hotel real estate in Bali could grow, as well as in mixed-use properties targeting expats, entrepreneurs, financial professionals, and investors. This could be particularly noticeable in areas connected to Kura Kura Bali and the infrastructure of the future business cluster.
However, experts point out that Bali’s path to becoming a full-fledged financial center will be challenging. The island will have to compete with established hubs that already have developed financial regulation, a judicial system, banking infrastructure, international talent, and the trust of institutional investors. The South China Morning Post notes that the project faces systemic and infrastructure constraints, despite its ambitious agenda.
In the “Medium- and Long-Term Market” section of the UEB, trading continued for May and June 2026 contracts. In total, eight companies placed offers to buy or sell natural gas: VK Ukrnaftoburinnya, GTS Operator of Ukraine, Ukrtransinvest, and others. During the week, 2,600,000 cubic meters of natural gas were sold in the section. Positions by the Ukrainian GTS Operator were successful. Additionally, heat-generating enterprises, namely Cherkasyteplokomunenergo and the “City Heating Networks” Concern, purchased natural gas on the exchange for the first time to generate electricity. Selling prices ranged from 22,050 to 22,700 UAH/thousand cubic meters excluding VAT, with a downward trend.
On the UEB short-term natural gas market, participants placed bids on the intraday market and the “day-ahead” market. A total of 39 deals were concluded, with a total volume of 2,227 thousand cubic meters.
Last week, European gas prices were affected by conflicting news from the Middle East, while in some markets, M+1 gas contracts experienced significant volatility—reaching 3-week highs and 2-week lows over several consecutive days. Geopolitical turmoil, uncertainty over winter supplies, and growing structural demand mean that conditions could change rapidly.
On Thursday, gas prices fell significantly for most 2026 contracts following news of a potential agreement between the U.S. and Iran to end the conflict and ensure the free flow of maritime traffic through the Strait of Hormuz: Following the successful passage of the Liberian-flagged LNG carrier Mubaraz through the strait, it appears that other loaded LNG carriers have also passed through.
On Friday morning, DA gas prices continued this trend. This decline reflects sentiment regarding comments from various news outlets confirming Iran’s readiness to negotiate regarding its nuclear program—the main source of disagreement between the parties—which increases the likelihood of resolving the conflict. This breaking news was partially offset by reduced flows from Oseberg in Norway two days before the scheduled start of a maintenance period, which strengthened the gas system on May 9.
Short-term prices demonstrated their ability to react quickly to weather conditions and system imbalances. Even outside of peak winter periods, volatility remains a defining feature of the market. A colder May forecast is driving additional demand, while wind power generation in Europe is running below average. The decline in renewable energy production is tightening the power system and forcing greater reliance on gas-fired power plants.
Hedge funds have increased their net long positions in the European gas market, according to the latest Commitments of Traders report. With little change in short positions, the funds added another 26 TWh of long positions, bringing the total net long position to 288 TWh.
EU gas storage is at 34% capacity, but gas is being injected at a rapid pace—approximately 10% per month. This has calmed the market in the short term and helped shore up prices, despite broader risks.
Natural gas imports from Europe stood at 0.11 (+0.3) million cubic meters per day. Imports came from Poland and Hungary. There were no exports from the customs warehouse. Ukraine’s storage facilities held 10.33 (+1.48%) billion cubic meters of natural gas. There were no withdrawals from UGS facilities; instead, injections were observed—about 31 million cubic meters per day.
According to Sebsky Economist, Ukraine and Bosnia and Herzegovina have agreed to liberalize international freight transport: starting January 1, 2027, bilateral and transit road transport between the countries will be carried out without permits.
The agreement was reached during the first meeting of the Joint Commission on International Road Transport in Sarajevo, the Ministry of Community and Territorial Development of Ukraine reported.
Prior to the launch of full “transport visa-free travel,” the parties agreed to increase the quota of permits for freight transport until the end of 2026. This should provide carriers with more opportunities already during the transition period and reduce the risk of permit shortages for businesses.
For Ukrainian and Bosnian carriers, the abolition of permits means a reduction in administrative burdens, more predictable route planning, and simplified transit.
For the Western Balkans region, this agreement also has practical significance. Bosnia and Herzegovina becomes yet another country through which Ukraine will be able to develop more flexible transport links with Balkan markets, the Adriatic, and neighboring countries in the region. This could be important for the export of Ukrainian agricultural products, industrial goods, construction materials, and processed goods.
Bosnia and Herzegovina will become the 36th country with which Ukraine has liberalized freight transport conditions. This regime has already become one of the tools for integrating Ukrainian logistics into the European transport space, as it allows carriers to operate without constant dependence on bilateral quotas and permitting procedures.
For the “Serbian Economist,” the key takeaway is that Ukraine continues to gradually integrate into the transport network of Southeast Europe. Following the conclusion of agreements with the EU and a number of European countries, the extension of “transport visa-free travel” to Bosnia and Herzegovina strengthens Ukraine’s logistical ties with the Balkans and creates new opportunities for trade in a region where routes, border procedures, and market access are becoming no less important than tariffs themselves.
