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.
ArcelorMittal reduced its EBITDA by 4.5% in the first quarter of 2025 compared to the fourth quarter, to $1.58 billion, the company said in a statement. Compared to the same period last year, the figure fell by 19.2%.
The quarterly decline in EBITDA was due to weather conditions in Brazil, while prices and costs in Europe also had a negative impact on the figure, along with a decline in financial results in India. At the same time, EBITDA was supported by an improved situation in North America, including higher production volumes and a positive effect from price increases.
Operating profit in the last quarter amounted to $825 million, compared to $529 million in the previous period and $1.072 billion a year earlier. The figure was impacted by impairment charges of $80 million related to the closure of the South African facility, among other things.
Net profit in January-March amounted to $805 million, compared to a loss of $390 million a quarter earlier and a profit of $938 million in Q1 2024. The quarterly increase was driven by higher operating profit, foreign exchange gains (mainly due to the depreciation of the US dollar) and lower taxes.
Revenue increased by 0.6% last quarter to $14.798 billion, amounting to $14.798 billion. In the first quarter of 2024, revenue was $16.282 billion.
ArcelorMittal’s capex in January-March amounted to $1 billion. The capex target for this year is $4.5-5 billion, including $1.4-1.5 billion for strategic projects and $300-400 million for decarbonization projects.
In the first quarter, the company increased steel production by 5.7% compared to the previous three months, to 14.8 million tons (14.4 million tons a year earlier). The company shipped 13.6 million tons of steel last quarter (13.5 million tons in the previous quarter and a year earlier). Iron ore production in the quarter decreased by 6.3% to 11.8 million tonnes (10.2 million tonnes a year earlier).
The agricultural division of one of the largest grain market operators in Ukraine, JV Nibulon LLC, reported EBITDA of $24.855 million in the 2024 season, its press service said on Facebook.
It is noted that this became possible due to the reform, which provided for a change in philosophy with a focus on efficiency and profitability through investment and the introduction of new technologies.
“The results of the season confirm the effectiveness of changes in approaches to agricultural production, introduction of new technologies and strategic reorganization. In the future, Nibulon plans to continue developing its agricultural business, focusing on increasing yields and implementing innovative solutions in production, gradually expanding its land bank,” the agricultural holding emphasized.
The press service reminded that last year Nibulon harvested almost 274 thousand tons of grain from an area of 51.28 thousand hectares, which is 115 thousand tons more than the previous year.
The main crop that brought in $16.097 million was corn, whose harvest reached 190.4 thousand tons, harvested from an area of 23.7 thousand hectares.
The agroholding added that the clusters in Cherkasy and Mykolaiv regions failed to achieve high yields, with an average of 6 tons/ha. Instead, high yields were achieved in the Kamianets-Podilskyi and Khmilnyk clusters due to corn and soybeans, which offset the shortfall in other regions.
Nibulon JV LLC was established in 1991. Prior to the Russian military invasion, the grain trader had 27 transshipment terminals and crop reception complexes, a one-time storage capacity of 2.25 million tons of agricultural products, a fleet of 83 vessels (including 23 tugs), and owned the Mykolaiv Shipyard.
“Before the war, Nibulon cultivated 82 thousand hectares of land in 12 regions of Ukraine and exported agricultural products to more than 70 countries. In 2021, the grain trader exported the highest ever volume of 5.64 million tons of agricultural products and supplied record volumes to foreign markets in August – 0.7 million tons, in the fourth quarter – 1.88 million tons, and in the second half of the year – 3.71 million tons.
It is currently operating at 32% of capacity, has created a special unit to clear agricultural land of mines, and was forced to move its headquarters from Mykolaiv to Kyiv.
