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.
According to unaudited financial statements, Ukrtelecom, the country’s largest fixed-line operator, increased its total revenue by 7% in 2025 compared to 2024, to UAH 5.2 billion, the company said in a statement.
“In 2025, we continued to invest in network stability: in optical infrastructure, energy independence, and cyber protection,” said Yuriy Kurmaz, CEO of Ukrtelecom, in the release.
It is noted that EBITDA in 2025 exceeded UAH 1.2 billion, which is 31% more than in the previous year, and EBITDA margin increased by 4.3 percentage points (pp) to 24%.
The operator emphasized that capital investments in 2025 amounted to about UAH 500 million and were directed toward the development of optical infrastructure and energy sustainability of the network. The company also transferred almost UAH 1.6 billion in taxes and fees to budgets of all levels over the past year.
According to the release, 4.5 thousand km of fiber-optic cable were laid during 2025, and the total length of the optical network reached almost 93 thousand km. As of the end of 2025, the company’s optical coverage covers 3.4 million Ukrainian households, and 1,400 medical and 1,900 educational institutions use modern optical services.
Ukrtelecom specified that by the beginning of 2026, the share of fiber optic internet users exceeded 80% of the operator’s total internet subscriber base, and revenue from providing fiber optic internet services grew by 12%.
The company added that on January 1, 2026, it introduced a new speed standard for households—up to 1 Gbit/s based on GPON.
Among other achievements last year, the operator highlighted more than UAH 550 million in revenue from commercial leases (excluding reimbursement of electricity, heat, and other utility costs), with leased properties totaling nearly 590,000 square meters.
It is noted that in 2025, the mobile operator TriMob, founded by Ukrtelecom, introduced LTE/4G mobile communication services.
“In 2025, Ukrtelecom became the first Ukrainian company to join Connect Europe, which brings together leading European operators,” the release also notes.
TAS Agro agricultural holding ended 2025 with EBITDA of $25.46 million, exceeding its financial target by 4%, according to a press release posted on LinkedIn.
“2025 was a real crash test for our team. Despite unfavorable climatic conditions — spring frosts and prolonged autumn rains — the company not only survived but exceeded its financial plan by 4%,” the agricultural holding said, expressing confidence that this was the result of clear synergy between production and commerce.
Agronomic solutions helped the agricultural holding withstand the weather challenges.
“It was technological discipline and moisture-saving approaches that made it possible to achieve yields higher than the market average: wheat — 5.9 t/ha, corn — 9.6 t/ha. Investments of $4.9 million in upgrading the technical park played an important role. This made it possible to get through the peak harvest periods without losses, minimizing the impact of the weather,” TAS Agro emphasized.
According to the agricultural holding, the commercial department ensured high profitability for the year by transitioning from situational sales to systematic position management.
The use of hedging and forward instruments (in partnership with StoneX) made it possible to sell 64% of the next season’s harvest on favorable terms. Effective liquidity management and a record VAT refund of UAH 290 million made it possible to finance operating activities mainly with own resources, the agricultural holding explained.
TAS Agro was established in 2014. Its land bank includes 88,000 hectares in the Chernihiv, Sumy, Kyiv, Vinnytsia, Kirovohrad, and Mykolaiv regions. It specializes in crop production, with the agroholding’s elevator capacity amounting to approximately 250,000 tons. The livestock business is represented by a herd of 5,500 head of cattle, of which 2,500 are dairy cattle.
The agricultural holding is part of the TAS group, founded in 1998. Its business interests cover the financial sector (banking and insurance segments) and pharmacy, as well as industry, real estate, and venture projects.
Serhiy Tihipko is the founder of TAS and the beneficiary of the TAS Agro agricultural holding.
Kyivstar, Ukraine’s largest telecommunications operator, reported EBITDA of UAH 7.1 billion in the third quarter of 2025, up 21.5% from the third quarter of 2024, and growth of 20.4% in dollar terms to $171 million.
“Stable high profitability reflects disciplined cost management against the backdrop of revenue growth and the implementation of Kyivstar’s digital strategy,” Kyivstar Group Ltd said in its quarterly report on Monday.
According to the report, total revenue grew by 20.9% to UAH 12.3 billion, and in dollars by 19.8% to $297 million, while mobile ARPU for the year increased by 14.0% to UAH 153.1 ($3.7).
Adjusted net income was $73 million, but this figure does not include non-cash expenses of $162 million recognized in the third quarter of 2025 in connection with Kyivstar’s listing. Without adjustments, the loss for the third quarter of 2025 was $89 million, the report said.
According to the report, direct digital revenues grew to 11.9% of total revenues thanks to a 6.3-fold increase to UAH 1.5 billion ($35 million), which in turn was driven by the consolidation of Uklon.
It is noted that the total number of mobile subscribers for the year decreased by 3.6% to 22.5 million, but the number of 4G customers increased by 2.4% to 15 million.
The report states that the total number of monthly active digital users reached 13.5 million. In particular, Uklon had 3.6 million users in the third quarter of 2025, Helsi had 2.5 million, KyivstarTV had 2.1 million users, and MyKyivstar had 5.2 million. These results were driven by the initial consolidation of Uklon, the continued expansion of Helsi’s digital medical services, and the strong absorption of Kyivstar TV, the report says.
In particular, in the third quarter, Uklon, which was consolidated into Kyivstar’s reporting in April 2025, received revenue of UAH 1.027 million, or $24.4 million. Its EBITDA amounted to UAH 378 million, or $9.1 million. Trips in the third quarter of 2025 increased by 17.2% to 42.2 million, and deliveries increased by 33.3% compared to the same period in 2024 to 1.2 million.
KyivstarTV increased its revenue 2.4 times in the third quarter of 2025, to UAH 140 million. The number of user sessions on KyivstarTV increased by 30.7% in the third quarter of 2025, reaching 670 million, while the number of minutes viewed by active users per day increased by 21.1%, reaching 244 million.
It is noted that the Helsi medical information system increased its revenue by 50% compared to the same period in 2024, to UAH 75 million. The program has more than 38,000 active specialists and doctors, more than 1,600 healthcare facilities, 2.2 million appointments made by patients through the platform, and more than 28 million registered users.
In the third quarter of 2025, big data processing and cloud services generated UAH 222 million in revenue, which is 80.5% more than in the previous year. The report states that the growth was driven by large-scale solutions for big data analytics, advertising technologies (AdTech), cloud productivity and collaboration services, as well as API-based connectivity and data exchange services.
According to the report, Kyivstar continues to develop its large language model (LLM) project in partnership with the Ministry of Digital Transformation and the WINWIN Center of Excellence in Artificial Intelligence. In particular, in the third quarter of 2025, the project strategy was defined and the legal framework for data transfer was established. The release of the first version of the Ukrainian LLM is scheduled for December 2025.
Kyivstar’s growth strategy includes maintaining its leadership in the mobile communications market, Direct to Cell technology, and stable ARPU growth. In the digital sphere, the company’s priorities are to expand its digital offerings, focusing on increasing multi-user services.
As reported, Kyivstar increased its EBITDA by 39.5% to UAH 12.85 billion in the first half of 2025, while its revenue grew by 36.1% to UAH 22.58 billion.
The main shareholder of Kyivstar Group, with an 89.6% stake, is the telecommunications holding company VEON, which was its 100% owner until Kyivstar was listed on the stock exchange in August 2025.
Ukrtelecom, Ukraine’s largest fixed-line operator, increased its revenue by 5.6% in January-September 2025 compared to the same period in 2024, to UAH 3.8 billion, and its EBITDA by 6.6%, to UAH 906 million.
According to the company’s press release on Friday, revenue from fiber-optic internet services grew by 11.3%, and the share of subscribers using fiber-optic internet reached 80%.
The operator added that in January-September 2025, more than 3.5 thousand km of fiber-optic lines were laid, and in total, since the beginning of the full-scale invasion, more than 20 thousand km of optics have been built, which has enabled 1.4 million households to connect to fiber-optic internet. In total, fiber-optic internet is currently available to over 3.3 million users.
Ukrtelecom specified that this year, over 90 medical and nearly 160 educational institutions were also connected to fiber-optic internet, increasing their total number to over 1,360 and about 1,860, respectively.
It is noted that the company’s commercial rental income for the third quarter of 2025 exceeded UAH 400 million, while last year this figure was UAH 325 million.
In the first nine months of 2025, Ukrtelecom paid UAH 1.175 billion in taxes and fees to the budget, which is more than 17% better than the same indicator last year.
As reported, in January-June 2025, Ukrtelecom received total revenue of almost UAH 2.47 billion, which is approximately 7.4% higher than in the same period of 2024, while EBITDA decreased by approximately 12.9% to over UAH 540 million.
Metinvest B.V. (Netherlands), the parent company of the mining and metallurgical group Metinvest, increased its EBITDA by 11% in 2024 compared to 2023, to $957 million, according to updated data published in its annual report.
According to the report, EBITDA in the metallurgical segment grew by 82% to $289 million, while in the mining segment it remained unchanged at $768 million.
At the same time, it is specified that last year, corporate overhead costs and eliminations amounted to $100 million (in 2023 – $68 million). As a result, in 2024, the mining segment’s share in the group’s EBITDA (excluding corporate overhead costs and eliminations) was 73% compared to 83% in 2023, while the metallurgical segment’s share last year increased to 27% compared to 17% in the previous year.
The growth in the group’s EBITDA was primarily due to an increase in sales of own iron ore products, as well as billets and long products, operational improvements, the positive impact of the hryvnia’s depreciation against the US dollar on costs, increased efficiency at both joint ventures, lower raw material costs due to lower prices for coal, coke, and iron ore, and reduced purchases of third-party raw materials for rolling mills.
These factors were partially offset by lower sales prices, higher overall logistics costs, primarily due to increased sea shipments from Ukraine to distant markets, and higher energy costs, primarily due to higher electricity costs.
In 2024, the Group’s EBITDA margin was 12% (unchanged from 2023). The EBITDA margin of the mining segment was 20% (down 6 percentage points (pp) compared to 2023), while the EBITDA margin of the metallurgical segment was 6% (up 3 pp).
In 2024, net cash used in investing activities amounted to $197 million, down 34% from 2023. The total amount of cash used to acquire property, plant, and equipment and intangible assets decreased by 29% to $216 million. Interest income doubled to $13 million, while proceeds from the sale of property, plant, and equipment and intangible assets decreased slightly to $6 million.
In 2024, net cash used in financing activities amounted to $241 million, compared to $115 million in 2023. Net repayment of loans and borrowings amounted to $216 million (in 2023 – $185 million), mainly due to bond redemptions. Net trade financing amounted to $25 million, compared to $70 million a year ago.
In 2024, Metinvest adhered to a fairly balanced investment policy, dictated by wartime restrictions in Ukraine and the need to decarbonize the European steel industry. Investments in Ukraine were primarily directed toward employee safety, ensuring the availability and operation of critical equipment, strengthening energy resilience, and complying with environmental standards at the companies.
In addition, particular attention was paid to resolving logistical issues. Although most large strategic projects remained frozen, Metinvest launched a new project to concentrate enrichment waste at the Northern GOK. It aims to reduce waste volumes, lower operating and capital expenditures, and minimize environmental impact while maintaining production volumes.
At the same time, the group is also preparing for the country’s post-war recovery. Outside Ukraine, Metinvest is working on the Adria project to build a low-carbon steel plant in Italy.
The group’s total capital expenditures decreased by 17% to $235 million. Approximately 83% of this amount was allocated to maintenance projects and 17% to strategic projects.
Metinvest increased the capacity utilization of most of its enterprises. This was an important achievement for the group, given the prolonged impact of the war. The resumption of shipping in the Black Sea played a decisive role in our work. This ensured a reliable export route and allowed us to increase delivery volumes. At the same time, significant challenges remained. Throughout the year, power outages had a negative impact on profitability. In addition, despite incredible resilience throughout most of the year, the approaching front line forced us to gradually suspend operations at the Pokrovsk Coal Group,” said Yuriy Ryzhenkov, CEO of the group, in the report.
As reported, Metinvest’s consolidated net loss in 2024 increased sixfold compared to 2023, to $1.152 billion from $194 million, while revenue rose to $8.050 billion from $7.397 billion.
Metinvest is a vertically integrated group of mining and metallurgical companies. Its enterprises are located in Ukraine, in the Donetsk, Luhansk, Zaporizhia, and Dnipropetrovsk regions, as well as in the European Union, the United Kingdom, and the United States. The main shareholders of the holding company are the SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the managing company of the Metinvest Group.
