Metinvest B.V. (Netherlands), the parent company of the Metinvest mining and metallurgical group, reduced its debt to $1.027 billion as of June 30, 2026, down from $2.242 billion at the end of 2021.
According to Metinvest B.V.’s annual report, released on Monday, Metinvest made significant progress in reducing its debt burden during the reporting period. As a result, total debt as of December 31, 2025, stood at $1.441 billion, a 15% decrease compared to the previous year. At the same time, the net debt-to-EBITDA ratio rose to 1.4x, an increase of 0.4x compared to the previous year.
It is noted that bonds listed on the Euronext Dublin stock exchange continued to constitute the bulk of the group’s capital structure—representing 88% of the debt portfolio, compared to 85% as of December 31, 2024.
Metinvest continued to actively manage its debt obligations. In the first half of 2025, the issued Senior Notes totaling EUR300 million were fully repaid upon maturity. As a result, the total amount of debt repaid since the beginning of 2022 reached $801 million.
In addition, it is noted that the overall reduction in debt during this period was driven by the full and timely repayment of senior bonds (two series); liability management measures, including cash tender offers and private repurchases; scheduled repayment of bank loans; a reduction in reliance on short-term trade finance; and the optimization of lease assets. These results were achieved despite the war and the loss of operational control over certain Ukrainian assets.
In parallel with measures to reduce its debt burden, Metinvest continued to secure targeted financing to support its operations and investment priorities. Specifically, in July 2025, a 11.5-year buyer’s credit facility in the amount of EUR23.6 million was secured for Northern GOK to finance the purchase of equipment for a project to thicken tailings. This credit line, guaranteed by the Finnish export credit agency Finnvera, marked Metinvest’s first instance of securing long-term financing for capital expenditures in Ukraine since the start of the full-scale invasion.
In addition, in April 2026, the group successfully completed the redemption of bonds maturing in 2026, marking another important milestone amid the ongoing war. To date, Metinvest has fully repaid three separate bond series, with total payments on these instruments exceeding $1 billion. These results were achieved despite the challenges of full-scale war, the loss of control over certain Ukrainian assets, and ongoing operational difficulties. At the same time, no debt has been restructured since the start of the war. According to pro forma figures, taking into account the redemption of the 2026 bonds, the group’s net debt-to-EBITDA ratio was less than 1x, the report notes.
As previously reported, Metinvest’s EBITDA in 2025 decreased by 24.2% compared to 2024—to $765 million from $1.009 billion. The year ended with a net loss of $191 million, compared to a net loss of $1.152 billion in 2024. Revenue decreased by 6% to $7.242 billion. At the same time, revenue from the mining segment fell by 25% year-over-year to $2.135 billion due to the absence of coking coal concentrate sales and a decline in iron ore product sales (by 11%). The segment’s contribution to total revenue was 29% (a decrease of 8 percentage points year-over-year).
In 2025, revenue from the metallurgical segment increased by 6% year-over-year to $5.107 billion, primarily due to growth in sales of finished products, semi-finished products (up 4% and 7%, respectively), and other products and services (up 40%). Meanwhile, coke sales fell by 20% year-over-year. This segment accounted for 71% of total revenue in the reporting period (an increase of 8 percentage points year-over-year).
For the year, the group posted an operating profit of $319 million, compared to an operating loss of $858 million in 2024.
At the time, Metinvest CEO Yuriy Ryzhenkov noted in his comments that the full-scale war continues to test both the nation and the group, which remains steadfast.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. Its facilities are located in Ukraine—in the Donetsk, Luhansk, Zaporizhzhia, and Dnipropetrovsk regions—as well as in the European Union, the United Kingdom, and the United States. The holding company’s main shareholders are the SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the management company of the Metinvest Group.
The national postal operator, JSC “Ukrposhta,” reported a pre-tax profit of 122 million UAH in the first half of 2026, compared to a pre-tax loss of 318.8 million UAH during the same period last year and a pre-tax loss of 204.8 million UAH in the first quarter of this year.
“Operating profit (EBITDA)—which excludes the sale of assets, depreciation, and exchange rate fluctuations—amounted to 293 million UAH, nearly six times the target,” wrote the company’s CEO, Ihor Smilianskyi, on Facebook.
In the first half of 2025, EBITDA was negative at 100 million UAH, whereas in the first quarter of this year it turned positive at 25.4 million UAH.
“And we achieved this result despite the injuries and deaths of our employees, the loss of hundreds of new vehicles, damage to and loss of sorting centers, and daily attacks on our branches,” the company’s CEO emphasized.
According to him, the company’s capital as of mid-year exceeded 2.3 billion UAH, compared to 2.2 billion UAH at the beginning of the year.
It is noted that year-over-year growth in the number of packages in June 2026 ranged from 12% to 17%.
“Year-over-year growth in the number of packages in June 2026 ranged from 12% to 17%, depending on the segment, which indicates growing customer confidence,” the CEO emphasized.
Among other achievements, he highlighted a 98% on-time delivery rate, a ranking among the top three global postal operators in terms of international delivery quality, and a market share of over 50% in Ukraine’s highly competitive international shipping market.
“We launched ‘Ukrposhta.Apteka’ nationwide and, for the first time in Ukraine’s history, made it possible to pay by bank card in 100% of populated areas,” Smiliansky added.
The rest of the performance metrics for the first half of the year are not yet available.
The day before, Smiliansky announced the expansion of the network of express parcel lockers. Specifically, the service has been launched in the Lviv and Ivano-Frankivsk regions. Installation has also begun in the frontline regions of Kharkiv, Sumy, and Poltava. Previously, such postal kiosks had already been opened in Odesa, Vinnytsia, Khmelnytskyi, Mykolaiv, Kyiv (122 branches), Dnipro, Zaporizhzhia, and Kropyvnytskyi.
As reported, in January–March 2026, the company posted a net loss of 204.8 million UAH, which is 1.1 million UAH, or 0.5%, more than in the same period of 2025, while its revenue grew by 1.1% to 13 billion 118.42 billion UAH.
Kyivstar, Ukraine’s largest telecommunications operator, is considering a pilot bond offering on the Ukrainian market, the company’s President and CEO Oleksandr Komarov announced at the “UP 100 Business” event in Kyiv on the evening of June 17, dedicated to the 20th anniversary of “Ekonomichna Pravda.”
“We have a functioning business with fairly solid metrics. I feel that if we need financing in hryvnia or foreign currency, there are bond instruments that we plan to try in the near future. I see this opportunity and don’t see any obstacles,” Komarov noted.
He recalled that at one point in its history, Kyivstar was “approximately $250 million in debt” and successfully and promptly fulfilled all its obligations.
According to him, the company has never taken out loans secured by its assets, only against its working capital.
Komarov added that an instrument such as bonds could enable Kyivstar to implement a strategy of independence from its current liquidity levels.
He also expressed the view that “something positive is happening at the (National) Securities Commission” right now.
“I hope there will be some degree of legalization, and that new, simplified mechanisms for raising capital will be created. In other words, it seems to me that, despite the very difficult environment, we are gradually moving in the right direction,” said the president of Kyivstar on the day a bill was submitted to the Verkhovna Rada to simplify the registration of private share offerings.
As reported, Kyivstar increased its consolidated EBITDA by 28.5% in the first quarter of 2026—to 7.5 billion UAH—while revenue grew by 31.3%—to 13.9 billion UAH.
According to the company’s annual report filed with the Warsaw Stock Exchange, the agricultural holding reported EBITDA of $1.27 million for the first quarter of 2025, a 26.6% decrease from the same period in 2026.
According to the document, the agricultural holding’s revenue for the reporting period decreased by 39.6% to $2.55 million, gross profit by 17.1% to $1.25 million, and operating profit by 24.1% to $1.01 million.
KSG Agro’s net profit for the first quarter was $0.14 million, compared to $3.04 million in the first quarter of last year, when the contribution from the sale of two of the holding’s assets amounted to $1.71 million.
In addition, in the first quarter of this year, the agricultural holding made $0.42 million in investments, which is 11 times more than in the first quarter of last year.
“The Group continues to implement its simple strategy, focusing on one winter crop, three spring crops, and a single breed of pigs… Overall, operating performance is considered satisfactory,” the report states.
According to the report, the crop production segment generated $0.81 million in revenue and a gross loss of $0.12 million in the first quarter, while the swine segment generated $1.66 million in revenue and a gross profit of $1.32 million,
As of the reporting date, KSG Agro had 1,900 hectares of winter wheat and 219 hectares of winter barley.
In 2025, the agricultural holding, which had previously decided to switch to Canadian genetics, purchased an additional 1,300 Canadian sows, enabling it to produce high-quality piglets to be sold as weaners and market hogs, the report states.
The document reiterates that the board of directors is developing a new growth strategy to expand the agricultural holding’s operations in the European Union with the clear goal of concentrating the majority of the group’s assets and revenues in the EU over the next 3–5 years. According to the company, this can be achieved through a series of mergers and acquisitions, as well as financed using equity and debt, including additional share issuances.
“The new strategy focuses primarily on expansion and investment, which reduces the potential risks of investing exclusively in Ukraine and mitigates the negative impact of the current macroeconomic situation in Ukraine on the Group’s business,” the report states.
The company’s net debt as of the end of March 2026 stood at $14.10 million, compared to $14.39 million at the beginning of the year, while equity remained at $8.94 million.
Olbis Investment LTD SA, owned by Serhiy Kasyanov, Chairman of the Board of Directors of KSG Agro, holds 47.83% of the holding company’s shares; 47.57% are in free float on the Warsaw Stock Exchange; and another 4.59% are treasury shares.
KSG Agro is a vertically integrated holding company engaged in pig farming, as well as the production, storage, processing, and sale of grains and oilseeds. Its land bank in the Dnipropetrovsk and Kherson regions totals approximately 21,000 hectares.
According to 2025 results, the agricultural holding increased its net profit by 5.4 times compared to 2024—to $4.23 million—while its revenue decreased by 14.3%—to $18.92 million.
During 2023 and 2024, one of KSG Agro’s main operating subsidiaries issued three series of foreign currency bonds at 7% per annum for a total of $4.38 million, maturing from September 2026 to February 2027.
AGRICULTURAL HOLDING, EBITDA, KSG AGRO, PIG FARMING, Warsaw Stock Exchange
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.
Fixed-line operator “Ukrtelecom” increased its net revenue by 3.5% in 2025 compared to 2024—to 4.16 billion UAH, according to the company’s separate annual report.
According to the report, other operating income last year grew 1.6 times compared to 2024—to UAH 1.20 billion, while the company’s total revenue for the year amounted to UAH 5.40 billion, which is 5% more than the year before last.
It is noted that operating profit (EBITDA) in 2025 grew by nearly 29%—to 1.20 billion UAH—although the company reported a net loss of approximately 365 million UAH for the year, due to the revaluation of the fair value of long-term accounts receivable.
According to the report, Ukrtelecom laid 4,500 km of fiber-optic cable in 2025, including in frontline settlements. The total length of the fiber-optic network reached nearly 93,000 km, serving 3.4 million households.
The number of connections to the fiber-optic network is growing across all segments, and the share of fiber-optic internet users exceeded 80% of the company’s total subscriber base of internet users, the document states.
It is noted that revenue from the provision of fiber-optic internet services for 2025 increased by 12%, and the NPS of Ukrtelecom’s new B2C fiber-optic customers as of the end of 2025 stands at nearly 75%.
In addition, as part of the “Optical Infrastructure Zone” (OIZ) program, a total of 70,700 Homepasses were built in 2025.
Reportedly, starting January 1, 2026, the company introduced a new speed standard for households connected to the GPON network nationwide—up to 1 Gbps. Thus, subscribers gained the ability to use gigabit internet regardless of their current tariff plan and “by default.”
It is noted that in 2025, Ukrtelecom paid nearly UAH 1.6 billion in taxes and fees to budgets at all levels, which is 17% more than in 2024.
The company’s assets as of the end of the year amounted to 13.82 billion UAH, which is 0.80 billion UAH more than at the beginning of the year.
The company also reported that current and long-term liabilities and provisions for 2025 decreased by 408 million UAH, while the volume of capital investments fell by 11% to 462 million UAH.
Among other significant events of the past year, the fixed-line operator highlighted the fact that it became the first Ukrainian company to join Connect Europe, an association of leading European electronic communications operators.
As for the main plans, these include scaling and modernizing the telecommunications network, building new modern fiber-optic networks, and modernizing the existing telecom network.
Other plans include the development of related and additional business areas, which include a partnership with YASNO: lead generation for solar power plant (SPP) installation projects, sales of “Smart Watt” and E-Mobility equipment, sales and leasing of IPv4 addresses, as well as the development of business processes and IT systems.
