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.
Ukrainian egg producers exported 2.05 billion eggs in 2025, which is 65.5% more than a year earlier, while cash proceeds increased 2.8 times to $201.9 million, according to the Ukrainian Poultry Association (UPA).
The industry association noted that the most active buyers of Ukrainian eggs in 2025 were Spain (16.4%), the United Kingdom (11.9%), the Czech Republic (10.3%), Poland (10.0%), Croatia (8.7%), and Israel (7.8%).
Exports of egg products in 2025 amounted to 8.2 thousand tons and brought Ukraine $47.8 million, which is 2.6% and 40.3% more than in the previous year, respectively. The largest importers of this product were Latvia (24%), Italy (23.8%), Poland (17.2%), and Denmark (12.6%).
“Ukraine was able to strengthen its trade presence in the European market for eggs and egg products, with the share of EU countries reaching 73.4% and 92.6% of total exports of these goods in 2025. A significant reduction in egg production in EU countries due to the difficult epizootic situation over the past year and the need for a long recovery period led to price increases in the European market and contributed to increased demand for Ukrainian products,” the APU explained.
According to the association, the Ukrainian egg production sector is gradually recovering after a significant reduction in livestock and loss of production capacity in eastern and southern Ukraine at the beginning of the war.
“Due to the significant reduction in population and its low purchasing power, exports play a decisive role in balancing the domestic market and ensuring the country’s food security,” the business association emphasized, recalling that Ukrainian poultry producers are currently operating in extremely difficult conditions of martial law caused by security risks, the energy crisis (power outages), the disruption of logistics chains, and a sharp increase in production costs.
Blockbuster Mall reduced vacancy by 20% and increased revenue by 25% in 2025, according to the mall’s press service.
“During 2025, new retail outlets with a total area of 14,459 square meters were opened, which was one of the factors contributing to the reduction in vacancy rates. Throughout 2025, our team focused on strengthening key categories and relocating brands to areas with higher commercial efficiency. As a result, we reduced vacancy rates by 20% compared to 2024,” said Blockbuster Mall CEO Dmytro Lashyn.
As of early 2026, Blockbuster Mall already cooperates with more than 150 retailers. In particular, two major international players launched in August 2025: Half Price opened the largest store in Ukraine with an area of over 2,269 square meters, and CCC strengthened its offering in the footwear and accessories category. Last fall, Blockbuster Mall launched an experiment with Ukraine’s first vegetarian KFC.
The company plans to commission approximately 17,500 sq. m of retail space in 2026. Among those already announced is the opening of Antoshka with an area of 1,577 sq. m.
“I will not say anything about IKEA at this time—they remain an important tenant for us and the Ukrainian market in general, but at this time, any details regarding the brand’s future decisions can only be announced after official statements from IKEA itself. At the same time, Blockbuster Mall maintains a working dialogue and has grounds for positive expectations regarding the development of cooperation,” Lashin said.
In general, according to him, the structure of tenants is changing: if previously the team focused on mass-market brands, now it is focusing on “mid-range+” brands.
Last year, there was steady growth in traffic (reaching +35% in peak months compared to the same periods in 2024) and turnover – by 25% overall compared to 2024. Lashin said that in 2025, there were periods of decline in revenue for the Epicenter construction supermarket, although it remains one of Blockbuster Mall’s key anchor tenants and accounts for about 17% of total turnover.
According to him, last year’s festivals had a significant impact on the shopping center’s performance. For example, the B-Mall Fest 2025 charity music festival attracted more than 120,000 visitors over three days, November 28-30, and Atlas sold nearly 72,000 tickets this year.
“During the festival days, the shopping center’s traffic increased by 30%, conversion in the fashion and beauty categories by 10-20%, and the food zone had twice as much revenue,” the CEO of Blockbuster Mall gave as an example.
Among the trends for 2026, he named the development of omnichannel retailing, format flexibility, the growth of the “mid-range+” segment, and the consumer’s focus on experience rather than goods.
“We in Ukraine are developing retail during the war, and after a 90% collapse in the first weeks of the invasion, we have already reached pre-war levels. And this is not about optimism, but about our ability to adapt. Yes, we work with a much shorter planning horizon, and while European retailers plan for 5-10 years, our horizon is 6-12 months. 2025 has shown that even in wartime, Ukrainians want to live a full life: they go to festivals, buy quality goods, and support brands. Our task as a shopping center is to create the right conditions and infrastructure for this,” said Lashin.
The total area of the Blockbuster Mall shopping center is 450,000 square meters, with a leasable area of about 150,000 square meters. The opening of the shopping center’s anchor tenant, the Silpo supermarket, took place on November 20, 2019. The shopping center has over 150 stores, a cinema, a food market and entertainment area, the GALAXY indoor family park, and Ukraine’s largest skate park and roller rink, Turbo X Spot. The shopping center also has the largest shelter in the country (certified by the State Emergency Service).
According to open registries, the beneficiaries of Investbud Garant LLC (the formal owner of Blockbuster Mall) are Oleksandr Spektor and Maryna Dorokhina.
The Ukrainian one-dollar store chain Aurora opened 235 new stores in Ukraine in 2025, with the chain’s revenue amounting to UAH 58.6 billion (including VAT), which is 28.6% more than in 2024, the chain’s CEO Taras Panasenko said on Facebook.
He said that in 2025, more than 12 million customers chose Aurora stores more than 370 million times, and the Net Promoter Score (NPS) rose to 59 points.
“We are strengthening our support for Ukrainian manufacturers: about 50% of our assortment consists of goods from Ukraine, from more than 600 manufacturers, 36 of which export products to 65 Aurora stores in Romania. An important event of the year was also obtaining AEO (Authorized Economic Operator) status, which confirms that the company operates completely “in the white” and according to all the rules,” Panasenko emphasized.
Over the year, Aurora paid more than UAH 8.6 billion in taxes, entering the top 20 largest taxpayers in Ukraine and becoming the largest taxpayer in the Poltava community (UAH 288.4 million in personal income tax). The company’s support for social and charitable projects amounted to UAH 322 million.
“Importantly, we have created the roles of Chief Veteran Officer and Chief Inclusion Officer and are developing veteran and inclusive initiatives as part of our systematic work. More than 140 veterans, including defenders with disabilities, already work at Aurora,” he said.
Aurora was founded in 2011 by Lev Zhydenko, Taras Panasenko, and Lesya Klymenko. By the end of 2025, the chain will have over 1,700 stores in Ukraine and 65 in Romania. The retail chain’s headquarters are located in Poltava.
According to Opendatabot, the owner of Vygidna Pokupka LLC, which develops the chain, is the Cypriot company Aurora Retail Investments Limited, its beneficiary is Lev Zhydenko, and among the owners are funds managed by Horizon Capital.
Rozetka Group companies earned a total of UAH 30.2 billion in revenue in January-September 2025, which accounts for 76% of the total revenue of the 10 largest online retailers, according to a study by the YouControl analytical team.
“The top 10 online retailers earned almost UAH 40 billion in the first nine months of 2025, of which UAH 30.2 billion (76%) came from two companies in the Rozetka corporate group,” the company said.
According to its data, Rozetka.ua LLC received UAH 21.1 billion in revenue in the first three quarters of last year, and OTC Europlus LLC (operator of the Rozetka retail chain) received UAH 9.1 billion.
The leaders in terms of revenue during the specified period also included Makeup Trading LLC (Makeup online cosmetics and perfumery store) with UAH 3.5 billion, Mauda LLC (Fozzy Group’s marketplace for everyday goods) with UAH 2.2 billion, Ukrzoogroup LLC (Pethouse online retailer of pet products), which received UAH 1.13 billion, and Book Club Family Leisure Club LLC (book retailer) with UAH 1.04 billion.
Actual revenues to the general fund of the state budget from taxes and fees controlled by the State Tax Service of Ukraine (STS) amounted to UAH 1 trillion 246 billion in January-December 2025, which is 20.2% or UAH 209.3 billion more than last year, according to a publication on the institution’s website.
According to the STS, despite an increase in planned indicators during the year by more than UAH 100 billion, the annual revenue plan was fulfilled by 97.4%.
According to the acting head of the State Tax Service, Lesya Karnaukh, quoted in the report, the stable over-fulfillment of targets during the first half of the year created the necessary financial reserve, which made it possible to avoid significant shortfalls at the end of the year.
It is noted that in the structure of the main sources of budget revenues for the 12 months of 2025, the largest share was provided by personal income tax and fees, which amounted to UAH 362.9 billion. Value added tax (including budget refunds) brought UAH 306.5 billion to the budget, and corporate income tax brought UAH 284.7 billion. In addition, excise tax revenues amounted to UAH 163.9 billion, while rent payments provided UAH 48.4 billion.
Karnaukh separately highlighted the dynamics of VAT budget refunds, which totaled UAH 179.6 billion for the year. At the same time, the monthly refund rate during the year was not less than UAH 13 billion.
“Today, businesses have to reorient significant financial resources and invest in recovery and relocation. I am grateful to everyone who does not give up,” said the acting head of the State Tax Service.
She also added that the achievement of these indicators in the context of war, shelling, and energy challenges is the result of the responsibility of each taxpayer.
