According to the results of 2025, Kyivstar, Ukraine’s largest mobile operator, increased its revenue and EBITDA by 24-26%, exceeding the forecast announced in November 2025, according to a press release from telecommunications holding company VEON, the main shareholder of Kyivstar Group with an 89.6% stake.
According to preliminary unaudited estimates, capital expenditures in 2025 are expected to be in the range of 29-31% of revenue.
VEON expects the results to exceed the 2025 forecast published on November 10, 2025, along with the financial results for the third quarter of 2025, the release said.
As reported, Kyivstar served 22.5 million mobile subscribers in the third quarter of 2025, down 3.6% from the previous year, while the number of 4G customers grew by 2.4% to 15 million.
In the third quarter of 2025, the company’s EBITDA was UAH 7.1 billion, which is 21.5% more than in the third quarter of 2024, and in dollars, the growth was 20.4% to $171 million.
In the first half of 2025, Kyivstar increased its EBITDA by 32% to $06 million, while its revenue grew by 28% to $539 million.
In August 2025, Kyivstar Group Ltd. (Nasdaq: KYIV) announced the completion of its listing on the Nasdaq Stock Market LLC (Nasdaq) and the start of trading in the shares of the largest mobile operator Kyivstar under the ticker KYIV.
In its January review, the International Grains Council (IGC, headquartered in London) raised its forecast for global grain harvest in 2025/26 (July-June) by 31 million tons to a record 2 billion 461 million tons.
This is primarily due to improved forecasts for corn harvests, mainly in the US and China, and barley harvests in Canada and Australia.
In the 2024/25 season, the harvest amounted to 2 billion 238 million tons.
“Thanks to an increase in yield (by 5%) and an increase in acreage (by 1%), the grain harvest in the 2025/26 season will break all existing records. In addition to record corn and wheat harvests, barley and sorghum harvests are also expected to reach multi-year highs,” the review says.
The estimate for grain consumption has been raised by 16 million tons to 2.416 billion tons. Carryover stocks at the end of the season are forecast at 634 million tons, which is almost 16 million tons higher than the previous estimate.
Global trade this season is estimated at 446 million tons, which is 4 million tons higher than the previous forecast and 5% higher on an annualized basis.
The wheat harvest forecast has risen to 842 million tons, which is 12 million tons higher than the previous estimate. In the 2024/25 season, the harvest amounted to 801 million tons. “It is expected that in the 2026/27 season, the area sown with wheat will decrease slightly, and assuming average yields in the next season, the harvest is preliminarily forecast to decline by about 2%,” the review says. “As demand has reached a new peak, a slight reduction in global stocks is expected, but aggregate stocks in major exporting countries will remain at comfortable levels.”
The corn harvest forecast for the 2025/26 season has been raised to 1.313 billion tons from the previous 1.298 billion tons. Last season, 1.238 billion tons were harvested.
The estimate for global rice production has remained virtually unchanged at 543 million tons. Taking into account a slight decline in consumption, stocks at the end of the 2025/26 season will increase by 2 million tons. Expectations for global trade volume in calendar year 2026 have declined slightly, but at 60 million tons (a 2% increase), it will still be a record high, the review notes.
Earlier, the Experts Club analytical center presented a video analysis of global grain production by leading agricultural countries in the period 1991-2024. The video is available here: https://youtube.com/shorts/2XwiBWf9GrM?si=F9-QsXbWRl2jqV8M
The rise in global oil prices, coupled with the depreciation of the hryvnia against the euro and the dollar, could lead to higher fuel prices in the retail market as early as January, said Sergey Kuyun, director of the consulting company A-95.
“The exchange rate has added one hryvnia, and global prices have added one and a half. The market is holding steady for now, but I think that if nothing changes, there will be some correction, or more precisely, a price increase as early as January,” he said during a briefing at the Media Center of Ukraine in Kyiv on Thursday.
According to the expert, the price of gasoline on the wholesale market has already risen by 2 hryvnia per liter, and the price of diesel fuel, in particular its Arctic brand, which has seen a sharp increase in demand with the onset of frost, is showing similar growth dynamics.
As reported, the increase in excise taxes on fuel from January 1, 2026, did not lead to an increase in prices at gas stations at the beginning of the year, as the decrease in the purchase cost of fuel in December due to the decline in world oil prices offset the tax increase.
In Ukraine, the third stage of the planned increase in excise taxes on motor fuel took place on January 1, 2026, in particular, on gasoline – by UAH 1.75/liter, on diesel fuel – by UAH 2.25/liter, and on autogas – by UAH 1.5/liter.
Prior to this, on September 1, 2024, and January 1, 2025, there was a two-stage increase in excise taxes on fuel, as a result of which the tax on autogas increased by 6.4 UAH/liter, on gasoline by 3 UAH/liter, and on diesel fuel by 4 UAH/liter.
The US Department of Agriculture (USDA) has reduced its forecast for wheat exports from Ukraine in the 2025-2026 marketing year (MY) from 14.5 million tonnes to 14 million tonnes (-0.5 million tonnes or 3.4%) given the increase in domestic consumption from 7.6 million tonnes to 8.1 million tonnes (+0.5 million tonnes or 6.6%), the forecast for corn remained unchanged.
The global forecast for wheat for 2025/26 calls for increased supplies, consumption, trade, and ending stocks. (…) Global consumption increased by 0.9 million tonnes to 823.9 million tonnes, mainly due to increased use in Russia, Ukraine, and Morocco, according to the USDA’s December report.
The US Department of Agriculture has not changed its estimate of Ukraine’s wheat harvest to 23 million tonnes, with exports at 14 million tonnes (-0.5 million tonnes) and ending stocks at 1.93 million tonnes. At the same time, it is noted that domestic consumption will increase to 8.1 million tonnes (+0.5 million tonnes or 6.6%).
USDA analysts left unchanged their forecast for corn harvest in Ukraine in 2025/26 MY — 29 million tonnes, exports — 23 million tonnes, ending stocks — 0.85 million tonnes.
The USDA has increased its forecast for global wheat production in 2025/26 MY to 842.17 million tonnes (+4.36 million tonnes), global exports to 219.76 million tonnes (+1.05 million tonnes), and ending stocks — 278.25 million tonnes (+3.38 million tonnes).
The USDA has raised its forecast for global corn production in 2025/26 MY to 1,296.01 million tonnes (+13 million tonnes), exports to 205.1 million tonnes (+0.01 million tonnes), and ending stocks to 290.91 million tonnes (+11.76 million tonnes).
Fixygen identifies three basic scenarios for the cryptocurrency market in 2026. The baseline scenario for the cryptocurrency market at the beginning of the year looks like broad consolidation with periodic “spikes” on news about rates, ETF flows, and regulation.
A more positive scenario is the acceleration of institutional integration (access via ETP/ETF and platforms), the growth of stablecoin adoption and asset tokenization, as reported by Grayscale and Coinbase Institutional.
A negative scenario would be tightening financial conditions, risk-off sentiment in global markets, and increased regulatory risks, which could put pressure on high-risk assets even with strong fundamentals.
Global crypto market capitalization at the beginning of 2026 fluctuates around $3.1-3.2 trillion, with Bitcoin trading at around $90-91 thousand and Ethereum at around $3.1 thousand, according to industry aggregators and current quotes.
Expectations of rising storage prices are growing in the memory market: TrendForce predicts that contract prices for NAND Flash will increase by 33-38% in Q1 2026 compared to the previous quarter amid shortages and a shift in capacity toward server segment demand.
Separately, for the corporate segment, Nomura Securities (according to industry media reports) admits that SanDisk may raise prices for high-capacity 3D NAND for enterprise SSDs by more than 100% quarter-on-quarter in March 2026, which effectively means a doubling. However, a direct transfer of this dynamic to retail SSDs for PCs is not guaranteed — the segments are linked by production chains but differ in terms of contract structure and retail inventories.
There are no confirmed open sources confirming statements that hard drives will become “virtually unavailable” by March 2026. However, the HDD market is also becoming more tense: there have been reports of a rise in HDD contract prices of approximately 4% q/q in Q4 2025 and expectations of further pressure due to demand from data centers.
In Europe, the premium Samsung 990 Pro 1TB NVMe SSD is listed on price aggregators at around €153.99 in January 2026, while the mass-market WD Blue SN5000 1TB is listed at €119.99. If the “x2” scenario partially reaches the consumer segment, these levels could shift to around €240-320 per 1TB, depending on the model and supply channels.
In the US, the Samsung 990 PRO 1TB was priced at around $139.99 at major retailers, and the 8TB Seagate IronWolf HDD was priced at $199.99 on Newegg (higher at some retailers). With memory costs doubling and a persistent shortage, the upper price levels may become the “new normal,” but the speed of transfer to retail will depend on inventory levels and promotional activity.
In China, according to public displays and promotional materials, the WD Blue SN580 1TB was priced at around 405 yuan, and the Seagate IronWolf Pro 8TB was priced at around 1975 yuan at the end of December 2025. As the shortage intensifies, a growth scenario of tens of percent seems more realistic as a “base case,” while “x2” is more of a risk for individual corporate positions and periods of peak demand.
