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.
Kyivstar, Ukraine’s largest mobile operator, increased its EBITDA in April-June 2025 by 23.5% compared to the same period last year, to 6.90 billion UAH, while its revenue grew by 25.8% to UAH 1.86 billion due to significant growth in the telecommunications and digital technology segments.
“EBITDA margin was 58.2% (-1.1 p.p. compared to the same period last year), reflecting a higher share of direct digital revenues after the consolidation of Uklon. In the second quarter, there was pressure on expenses, including an increase in utility, consulting, and IT support costs,” according to the report published by the parent company VEON on Thursday.
According to the report, EBITDA for the first half of the year increased by 39.5% to UAH 12.85 billion, while revenue increased by 36.1% to UAH 22.58 billion.
It is noted that Kyivstar increased its capital investments in the second quarter of 2025 by 72.8% to UAH 3.93 billion, and for the first half of the year by 89.8% to UAH 6.35 billion.
“Capital investments of 33.2% (of revenue) in the second quarter of 2025 and 28.2% in the first half of 2025 underscore Kyivstar’s accelerated reinvestment in its existing business to maintain its technological leadership amid the ongoing war,” VEON emphasized.
The company specified that in dollar terms, EBITDA grew by 18.6% in the second quarter to $166 million, while revenue increased by 20.8% to $286 million, while for the first half of the year as a whole, they increased by 31.5% to $309 million and 27.9% to $542 million, respectively.
According to the report, the total number of mobile subscribers decreased by 4.5% compared to the same period last year and amounted to 22.4 million, reflecting the continued migration of customers amid the conflict.
The decline in the 4G user base was smaller, at 1.2% to 14.4 million, while the number of customers using service packages increased by 23.7% compared to the same period last year and currently stands at 6.5 million, or 31.7% of total subscribers, as demand for bundled services remains high.
It is noted that ARPU (average monthly revenue per user) increased by 20.6% to UAH 146.
In addition, Kyivstar recorded a 20.3% increase in data usage in the second quarter, to 12.6 GB per user, while the number of digital users grew by 51.2% over the year, to 13.4 million.
As for subsidiary businesses, the report notes that the number of users of the Helsi medical information system reached 2.5 million in June 2025, which is 15.8% more than in the second quarter of 2024. In addition, new subscription models and the development of the B2B segment are also showing growth.
The number of users of Kyivstar TV at the end of Q2 2025 increased by 21.7% compared to the same period last year, to 2 million. The company added that the positive dynamics was ensured by the launch of an app for Xbox with Ukrainian-language content and exclusive sports broadcasts.
Uklon, which was consolidated into Kyivstar’s financial statements in April 2025, generated $21.7 million in revenue and $9.3 million in EBITDA in the second quarter of 2025, with 41.2 million trips and 1.1 million deliveries. It is noted that this integration was a strategic step in expanding the company’s presence in the digital services market.
Among other notable events in the second quarter, the report mentions the signing of a memorandum with the Ministry of Digital Transformation on the creation of the first large Ukrainian-language language model. The project is planned to be implemented by the end of the year to provide secure digital services based on localized data.
In addition, the company has received permission to conduct test trials of Direct to Cell satellite technology. Kyivstar plans to use this technology to provide connectivity in regions without traditional terrestrial mobile coverage, particularly in remote mountainous and rural areas.
Interest in the roadshow being held by Kyivstar, Ukraine’s largest telecommunications operator, and its parent company VEON, has been several times higher than expected, according to Ogi K. Fabel II, CEO and founder of VEON, in an interview with Interfax-Ukraine.
“We held dozens of meetings with investors to tell the story of Kyivstar, and there were many more meetings than we had originally planned… There are many investors who believe in and want to be part of this because they see the profits and are attracted by the protection of full transparency of public listing,” he said.
Fabela disagreed with the view that investor interest in Ukraine has declined recently due to the protracted war.
“Our experience shows enormous interest and enthusiasm… We see great interest in exploring opportunities from investors who understand the situation:
they want to invest in Ukraine not only to help, but also because they see business prospects for themselves,” said the founder of VEON.
Kyivstar CEO Alexander Komarov emphasized that the company discloses all security risks, but almost three and a half years of war have proven the resilience of the team, the business, and Ukraine as a whole.
“Kyivstar’s history is very successful. And we want to be an example to others that even in times of war, it is still possible to run a profitable business, not only in our sector, but also in many other sectors, such as energy, construction, defense technologies — there are many opportunities for successful investments… We are telling the world: look at the extraordinary nature of what can be done in Ukraine. And all this during a war, so imagine what amazing opportunities there would be in peacetime, when the economy would be more vibrant,” said Fabel.
He specified that on the way to listing Kyivstar on NASDAQ, it remains to obtain approval from the US Securities and Exchange Commission (SEC), which reviews all submitted documents, roadshows, and the process of meetings with shareholders.
“Everything is going according to plan, and by the end of this year, we should be ready to complete the listing preparation process… Kyivstar’s indirect listing, which we hope will take place this year, is an opportunity to show the world that it is possible to do legal and profitable business in Ukraine,” the VEON CEO concluded.
As reported, in January 2025, VEON announced the signing of a memorandum of intent to list a portion of Kyivstar’s shares on the NASDAQ stock exchange. In mid-March, a Business Combination Agreement (BCA) was signed with Cohen Circle, a special purpose acquisition company (SPAC) listed on NASDAQ, for the indirect listing of Kyivstar on the exchange.
Kyivstar’s parent company will be Kyivstar Group Ltd, which will be registered on NASDAQ under the ticker symbol “KYIV” instead of Cohen Circle’s current ticker symbol (CIRR). VEON will own at least 80% of Kyivstar Group’s issued and outstanding capital. At the time of closing, Kyivstar was valued at $2.21 billion.
In mid-July, VEON and Cohen Circle announced the signing of non-redemption agreements (NRAs) totaling approximately $52.3 million with accredited institutional investors, including Helikon and Clearline.
At that time, it was noted that the listing was expected in the third quarter of this year. As of March 2025, Kyivstar served approximately 22.7 million mobile subscribers and more than 1.1 million Home Internet subscribers.
The company provides services using a wide range of mobile and fixed technologies, including 4G, Big Data, Cloud solutions, cyber security services, digital TV, etc., and has announced investments in new telecom technologies of $1 billion for 2023-2027.
VEON provides converged communications and digital services to nearly 160 million customers in six countries, home to more than 7% of the world’s population.
Kyivstar, Ukraine’s largest telecommunications operator, has announced the launch of its own cloud service for Ukrainian business users – Kyivstar Cloud.
“It is available to small, medium and large businesses, as well as public sector organizations,” the company said in a release on Tuesday.
According to Ilya Poltakov, Kyivstar’s director of new business development, the company sees a strong business demand for affordable solutions and believes that the new platform will enable customers to optimize IT infrastructure costs and scale their business quickly and securely.
According to the release, Kyivstar Cloud can be easily scaled. It has an affordable price, no traffic billing due to local placement, and supports hybrid and multi-cloud models: it can be combined with public and private clouds from different providers, such as Microsoft Azure or Amazon Web Services.
It is also noted that Kyivstar Cloud will provide an opportunity to independently create and administer a server, virtual machines, an environment for remote access to programs, host CRM, ERP and other systems, store company data, deploy or test software, etc.
According to the report, Kyivstar Cloud is built on Hewlett Packard Enterprise (HPE) edge-to-cloud servers.
“In the future, Kyivstar Cloud can become not only a business service but also a part of nationwide solutions for e-government, medical systems, educational platforms and other digital infrastructure services,” the release says.
“As of March 2025, Kyivstar served about 22.7 million mobile subscribers and more than 1.1 million Home Internet subscribers. The company provides services using a wide range of mobile and fixed technologies, including 4G, Big Data, Cloud solutions, cybersecurity services, digital TV, etc. and has declared investments in new telecom technologies in 2023-2027 of $1 billion.
Kyivstar’s shareholder is the international VEON Group, whose shares are listed on the NASDAQ stock exchange (New York).
Kyivstar, Ukraine’s largest telecommunications operator, has received permission from the National Commission for the State Regulation of Electronic Communications (NCCEC) to conduct test trials of Direct to Cell (D2C) satellite technology.
“During the testing, initial research will be conducted on the operation of SpaceX Direct to Cell technology, in particular the possibility of receiving text messages on 4G smartphones in Ukraine,” the company said in a press release on Wednesday.
Kyivstar notes that it is the first electronic communications operator in Europe to launch a new format of direct satellite communication with smartphones, alongside the US, Australia, Japan, and New Zealand.
The company notes that thanks to Direct to Cell, it plans to provide connectivity in so-called “white spots,” i.e., regions without traditional terrestrial mobile coverage, particularly in remote mountainous and rural areas.
This is especially important in times of war, when infrastructure may be damaged or power is unavailable.
It is noted that in the initial phase of implementation, the technology will allow subscribers to send text messages: users’ 4G/LTE phones will connect directly to a satellite in orbit without the need for additional equipment or software. The technology will work in open areas with a clear view of the sky.
“With this step, we are confirming our technological leadership and are proud to be among the first in the world to launch such an innovation… Our task at the testing stage is to take into account all technical aspects and make the service as convenient and accessible as possible for subscribers,” said Kyivstar CEO Alexander Komarov in the release.
It is noted that the company’s specialists will begin the first beta testing of the service in the summer of 2025 in selected regions of Ukraine, with wider access in test mode for subscribers expected in the fourth quarter of 2025.
Kyivstar recalled that the first registration of a Kyivstar SIM card in a satellite network was successfully completed in the US at the Starlink laboratory. This allowed the compatibility of the networks to be tested and technical readiness for pilot testing in Ukraine to be confirmed.
At the end of 2024, Kyivstar was the first in Europe to sign an agreement with Starlink, a division of SpaceX, to begin the implementation of Direct to Cell satellite communications in Ukraine.
As of March 2025, Kyivstar served approximately 22.7 million mobile subscribers and over 1.1 million Home Internet subscribers. The company provides services using a wide range of mobile and fixed technologies, including 4G, Big Data, Cloud solutions, cyber security services, digital TV, etc., and has announced investments in new telecom technologies of $1 billion during 2023-2027.
