The level of outages is now one of the highest since the summer of 2024, resulting in over 30% of the network of the largest mobile operator Kyivstar being without power, says the company’s CEO Alexander Komarov, advising fixed internet users to ensure they have backup power for their routers so that everyone can stay connected for longer.
“Today is a very difficult day. One of the most difficult since the summer of 2024. As of 9 a.m., more than 30% of the network is without power, almost evenly distributed across the country. Five regional technology centers are running on generators,” Komarov wrote on Facebook on Thursday morning.
According to him, for the most part, the network has been running on batteries and generators for most of the day. “Unfortunately, about 4% of sites have lost their functionality,” the CEO said.
He recalled that in preparation for prolonged blackouts, the company had reserved 99% of the Home Internet network for up to 12 hours of autonomous operation before the start of autumn, installing more than 80,000 modern LiFePO4 batteries and investing almost UAH 300 million in this in 2024-2025.
“This way, when there is no electricity, the fixed network remains operational. But in order to use the Internet for as long as possible, subscribers should do their part of the ‘backup’ — connect their routers to a backup power supply. A power bank, uninterruptible power supply (UPS), or charging station will suffice,” Komarov explained.
At the same time, according to his data, as of mid-November, only 15-20% of Home Internet subscribers had taken care of backup power for their routers, and during the recent total blackout in the Poltava region, the customer reserve was only 2%.
“And then everything is interconnected: users switch to mobile Internet, the load on base stations increases, their autonomous operation time is reduced, and the quality of mobile communication and data transfer speed deteriorate,” the head of the largest mobile operator described the current situation.
He called on customers to do their part to provide backup solutions for the network so that the country remains connected.
As noted, after the attack on November 8 and subsequent ones, Ukrenergo imposes restrictions on up to four queues every day, which in many regions means no electricity for more than 12 hours a day.
Kyivstar served 22.5 million mobile subscribers in the third quarter of 2025, which is 3.6% less than a year earlier, but the number of 4G customers grew by 2.4% to 15 million. In addition, it had more than 1.1 million Home Internet subscribers. In early September, Komarov announced that the company had over 16,000 telecom sites.
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.
Kyivstar, Ukraine’s largest telecommunications operator, may acquire Sanvin 11 LLC (Odesa), which owns a 12.95 MW solar power plant in Zhytomyr region that was commissioned in 2019.
According to the Antimonopoly Committee of Ukraine on its website, the issue of granting the relevant permission will be considered on Thursday.
According to YouControl, Sanvin 11 is currently owned on a parity basis by Czech citizen Natalia Bogachova and Israeli citizen Peter Rosenkrantz through the Cypriot company Merestono Limited.
Last year, the company increased its revenue by 16% to UAH 89.0 million, while its net profit grew by 62.9% to UAH 33.2 million.
Kyivstar serves nearly 23 million mobile subscribers and over 1.1 million home internet subscribers. Recently, the company, which accumulated a significant amount of free cash during the war amid currency restrictions, has been actively investing in other industries and expects to reap synergies from these investments.
Its portfolio of digital services includes the Helsi medical platform, the Kyivstar TV film and television platform, and Uklon, a leading ride-hailing and delivery company. Kyivstar is also a provider of solutions for corporate clients, offering cloud technology, cyber security, and artificial intelligence services. Through its Kyivstar.Tech division, the company is developing software development in Ukraine and is a partner for international technology companies such as Starlink.
In the second quarter of this year, Kyivstar increased its net profit by 18.6% compared to the same period in 2024, to UAH 3.4 billion, while its operating revenue grew by 25.9%, to UAH 11.86 billion.
The valuation of Kyivstar Group Ltd., which owns Ukraine’s largest mobile operator Kyivstar, has grown by approximately 20%, or $600-700 million, since the conclusion of the agreement with SPAC company Cohen Circle and the listing on the stock exchange, and the company has the potential to increase it, according to Alexander Komarov, president of Kyivstar Group and Kyivstar.
“I am deeply convinced that this is a significant underestimation of our business. There are two major factors. The first is the valuation of the company in a country at war, and the war will end. The second is that we are now seen more as a telecom operator, while Kyivstar is a digital services operator with a telecom license,” Komarov told reporters on August 29, when Nasdaq held an official trading opening ceremony together with Kyivstar and representatives of the Ukrainian government.
According to him, in the second quarter of 2025, the share of revenue from digital services in Uklon, Helsi, big data, cloud services, and Kyivstar TV already exceeded 10% of the company’s total revenue.
“Any business that we develop in the digital environment grows by at least 50% year-on-year. And some grow by 100+, 200% year-on-year,” said the company’s president.
He specified that Kyivstar’s current capitalization is about $2.8 billion, while the capitalization of its parent company VEON is about $4.2 billion.
As reported, on August 15, Kyivstar Group Ltd., after completing all the necessary procedures with SPAC company Cohen Circle, announced the start of trading on Nasdaq.
“It seems to me that these two weeks, during which Kyivstar has already been part of the international market, have shown that even during the war it is possible to develop, it is possible to create new services, it is possible to create value for all stakeholders, for customers, for shareholders, and thus increase the capitalization of companies,” Komarov emphasized.
He also cited two independent estimates: according to the first, the price per share will reach $14 in 12 months, and according to the second, $19.8, while at the end of the day on Friday, August 29, it was $12.43.
According to him, Kyivstar’s multiplier (revenue/EBITDA) is about 4, which corresponds to the lower level of valuation of Eastern European operators.
“Therefore, I believe that, given the current situation and the deals that have been made in Ukraine over the past few years in the telecom sector, the current situation looks quite optimistic,” Komarov concluded.
He also announced that the company has created a new expanded supervisory board of 10 members headed by VEON CEO Kaan Terzioglu.
Regarding the Kyivstar office in Dubai, which was opened in connection with the company’s IPO, the president specified that it will employ about 10 people who will deal with legal issues, among other things.
When asked by journalists how dividends would be paid to investors, Komarov reminded them that their payment for 2023-2024 is limited by the National Bank of Ukraine to EUR1 million per month, so Kyivstar will decide whether to pay or not after the relevant restrictions are lifted.
Komarov said that the company currently has approximately $400 million in its account, and this money is being used for investment.
“I will use last year’s figure, but I can say that this year’s figure will be significantly higher. We invested (in 2024) approximately 26% of our income, which is more than $200 million.”
According to Nasdaq data, on the first day of trading under the KYIV ticker, the share price fell by 7.4% to $11.52, corresponding to a capitalization of $2.437 billion.
The share of the parent company VEON in Kyivstar after the merger with SPAC decreased from 100% to 89.6%, while the deal provided $178 million in revenue, including investments from institutional partners Helikon and Clearline.
Kyivstar serves nearly 23 million mobile subscribers and over 1.1 million home internet subscribers. Its digital services portfolio includes the Helsi medical platform, the Kyivstar TV movie and television platform, and the leading ride-hailing and delivery company Uklon. Kyivstar is also a provider of solutions for corporate clients, offering cloud technology, cyber security, and artificial intelligence services. Through its Kyivstar.Tech division, the company is developing software development in Ukraine and is a partner for international technology companies such as Starlink.
Kyivstar increased its EBITDA by 32% to $06 million in the first half of 2025, while its revenue grew by 28% to $539 million.
Kyivstar, the largest mobile operator, announced the price of its May buyout of 28% of the digital healthcare platform Helsi, which allowed it to increase its stake from 69.99% to 97.99% for $11 million.
According to Kyivstar’s SEC report, this involves 26.9% of the shares of Ukrainian Investment Platform LLC and 1.1% of the shares of other minority shareholders.
It is noted that at the same time, previously concluded put and call option agreements for 30.01%, valued at $10 million at the end of March, were terminated and new agreements were concluded on the same terms for the remaining 2.01% of shares.
Kyivstar recalled that in August 2022, it acquired a controlling stake in Helsi of 69.99% for $15 million.
Helsi’s revenue for 2024 increased by 48% compared to 2023, to $5.1 million.
The report also mentions for the first time Kyivstar’s $2 million acquisition last September of LanTrace (Boryspil), a regional provider of fixed broadband Internet access in the Kyiv region.
According to YouControl, Samvel Akopian owns 96.3% of Ukrainian Investment Platform LLC, with Artem Mikhailiuk owning the remaining 3.7%.
Helsi is a digital data management platform that supports the provision of medical services by healthcare institutions and doctors and improves patient access to medical care, in particular by simplifying remote consultations and appointment scheduling, as well as medical data storage. As of January 1, 2025, the company had approximately 29 million registered patients with access to 1,600 public and private clinics and over 60,000 medical professionals. As of the end of 2024, the Helsi app had been downloaded by 10 million users, 2.5 times more than two years earlier.
As reported, the AMCU this week began considering Kyivstar’s application to purchase the owner of the online service Tabletki.ua, emphasizing that the combined share of the participants in the concentration in one of the markets involved in the concentration may exceed 35%. Kyivstar submitted its first application to acquire MTPC in November 2024, but the committee rejected it as not complying with the requirements of the regulations on the procedure for considering applications and cases concerning the concentration of business entities.
According to Kyivstar CEO Alexander Komarov, Kyivstar plans to achieve a 10% share of revenue from non-telecommunications businesses – Uklon, Kyivstar TV, Helsi, as well as cloud services and Big Data services – by the end of 2025.
Kyivstar Group Ltd. (Nasdaq: KYIV, “Kyivstar”) increased its net profit in the second quarter of 2025 by 18.6% compared to the same period in 2024, to 3.4 billion hryvnia, the company reported in its SEC filing.
“Kyivstar Group continues to demonstrate the resilience and strength of our digital operator strategy, delivering significant revenue growth and high profitability. This quarter’s results demonstrate our ability to deliver stable financial performance while expanding our digital ecosystem,” said Alexander Komarov, CEO of Kyivstar Group.
It is added that net profit in dollars increased by 13.9% to $82 million.
According to the report, Kyivstar Group’s operating revenue in the second quarter increased by 25.9% to UAH 11.86 billion, and adjusted EBITDA increased by 23.6% to UAH 6.8 billion.
In dollars, revenue grew by 20.9% to $284 million, EBITDA by 18.7% to $165 million, of which $21.7 million was revenue from Uklon, which was consolidated in the report for the first time.
Kyivstar Group Ltd announced on August 15 the completion of its listing on the Nasdaq stock exchange. The share of the parent company VEON after the merger with SPAC decreased from 100% to 89.6%, while the deal provided $178 million in proceeds.
Kyivstar serves nearly 23 million mobile subscribers and over 1.1 million home internet subscribers. Its digital services portfolio includes the Helsi medical platform, the Kyivstar TV movie and television platform, and Uklon, a leading ride-hailing and delivery company. Kyivstar is also a provider of solutions for corporate clients, offering cloud technology, cyber security, and artificial intelligence services. Through its Kyivstar.Tech division, the company is developing software development in Ukraine and is a partner for international technology companies such as Starlink.
