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.
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.
