Kyivstar Group Ltd (Nasdaq: KYIV), the parent company of Ukraine’s largest telecommunications operator Kyivstar JSC, and its largest shareholder, the VEON Group (Nasdaq: VEON), announced the completion of a multi-year $1.3 billion investment program in Ukraine, while the initial plan was to invest $1 billion between 2023 and 2027.
“We have invested in the network, energy resilience, and digital platforms that serve millions of people and businesses every day. The implementation of $1.3 billion in investments for our country reflects the dedication of our teams and our confidence in Ukraine’s digital future,” Kyivstar CEO Alexander Komarov said in a press release on Wednesday.
According to him, the investments included further expansion and modernization of mobile coverage, the rollout of Starlink Mobile direct-to-device satellite connectivity, accelerated deployment of high-speed fixed-line connectivity via the Kyivstar network, and significant investments in backup power and energy resilience to ensure service continuity during outages.
At the same time, Kyivstar raised capital to expand its digital ecosystem through strategic acquisitions, which included Uklon—a leading Ukrainian ride-hailing and delivery platform; Tabletki.ua—one of the country’s most widely used digital healthcare platforms for searching, comparing, and ordering medications nationwide; and SUNVIN 11, which owns solar power plants and marked Kyivstar’s first investment in renewable energy and a strategic step toward enhancing energy resilience.
As reported, the companies initially announced a three-year commitment of $600 million in 2023, and later expanded it to a five-year program worth $1 billion, covering connectivity, digital services, energy resilience, strategic acquisitions, and social contributions.
As of the end of 2025, Kyivstar served 22.4 million mobile subscribers and 1.2 million “Home Internet” subscribers.
In 2025, Kyivstar increased its EBITDA by 30% to UAH 27 billion, driven by a 30.3% rise in revenue to UAH 48.2 billion; including in the fourth quarter of last year, when EBITDA increased by 23.1% to UAH 7.2 billion, driven by a 30.1% rise in revenue to UAH 13.5 billion.
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.
In the fourth quarter of 2024, telecommunications holding VEON received revenue of $998 million, which is 4.7% more than in the same period of 2023, the company reported.
The holding’s EBITDA in the reporting period increased by 11.3% to $408 million. The EBITDA margin amounted to 40.9% compared to 38.5% in the fourth quarter of 2023.
In local currencies, VEON’s revenue increased by 10.3% and EBITDA by almost 19%.
The holding’s telecommunications and infrastructure revenues amounted to $872 million, showing a year-on-year increase of 0.8%.
VEON’s revenues from its business in Ukraine increased by 15.9% and in Pakistan by 18.8%; revenues from its business in Kazakhstan decreased by 7%, in Bangladesh by 18.6% and in Uzbekistan by 6.8%.
The holding’s mobile subscriber base decreased by 2.7% to 152 million in the fourth quarter. The 4G user base grew by 5.3% to 99.2 million.
In the fourth quarter, VEON recorded a net profit of $93 million against a loss of $3.5 billion a year earlier.
As of the end of 2024, VEON’s CAPEX amounted to $826 million, up 27% since 2023. Net debt amounted to $2.9 billion, down 0.5%.
At the end of 2024, VEON’s revenue increased by 8.3% (12.8% in national currencies) to $4 billion. EBITDA amounted to $1.7 billion, showing an increase of 4.9% (10% in local currencies). In 2025, VEON expects to increase its performance in local currencies by 12-14% in terms of revenue and 13-15% in terms of EBITDA.
Representatives of VEON, the parent company of Kyivstar, the largest Ukrainian mobile operator, who visited Ukraine, confirmed their intention to invest $1 billion in the country in 2023-2027 and to indirectly list Kyivstar on the Nasdaq Stock Exchange (USA).
“Ogi Fabela, Chairman of the Board and Founder of VEON, and Kaan Terzioglu, CEO of VEON, met with the Kyivstar team to commemorate the third anniversary of the war and reaffirm the company’s commitment to invest in the recovery and reconstruction of Ukraine… The delegation emphasized the importance of immediate investment in the country’s recovery and stressed the plans to invest $1 billion in Ukraine over 2023-2027,” the press service of Kyivstar reported. “We are very pleased to announce that the government of Ukraine has decided to invest $1 billion in Ukraine.
According to the press service, representatives of VEON’s top management, together with Kyivstar CEO Oleksandr Komarov, took part in a special meeting of the Yalta European Strategy (YES) held in Kyiv on February 24. During the meetings with government representatives, including Mykhailo Fedorov, Vice Prime Minister for Innovation, Education, Science and Technology and Minister of Digital Transformation, and Oleksiy Chernyshov, Vice Prime Minister and Minister of National Unity, the participants were informed about the work to support the country’s critical communications and digital services sector. The parties discussed the progress of Kyivstar’s indirect listing on the Nasdaq Stock Market LLC.
Fedorov said after the meeting that he discussed possible joint AI projects and the implementation of innovative solutions in the mobile communications sector with Fabela, Terzioglu, and Komarov.
“I met with VEON top management and Kyivstar CEO… In the midst of the war, the company takes a proactive stance and does everything possible to keep Ukrainians connected. Our team is now actively working on the development of artificial intelligence in Ukraine. At a meeting with Auggie Fabella, co-founder and chairman of VEON, VEON CEO Kaan Terzioglu and Kyivstar CEO Oleksandr Komarov focused on possible joint projects with artificial intelligence and the introduction of innovative solutions in the field of mobile communications,” he wrote on Facebook.
In addition, the minister announced the launch of new major projects by Kyivstar, in particular, to provide connectivity to the country’s main highways.
“VEON is deeply committed to Ukraine’s future and the important role that the private sector and international investment must play in rebuilding the country. We are honored to be in Ukraine at this historically important time and to discuss our investment plans that will contribute to the development of Ukraine’s future,” the VEON press service quoted Fabela as saying following his visit to Ukraine.
He emphasized that VEON, together with Kyivstar, will continue to support Ukraine by investing in its digital infrastructure, expanding investment opportunities for the Ukrainian economy and introducing game-changing technologies. In particular, it will continue to develop Starlink’s Direct to Cell satellite communications service.
VEON, headquartered in Dubai, provides digital services to nearly 160 million customers, operating in six countries with more than 7% of the world’s population. VEON’s shares are listed on the Nasdaq Stock Market.
“Kyivstar, Ukraine’s largest telecommunications operator, and its parent company VEON have confirmed their intention to invest a total of $1 billion in the country between 2023 and 2027, First Vice Prime Minister and Minister of Economy Yulia Svyrydenko said following a meeting on the sidelines of the World Economic Forum (WEF) with VEON CEO and founder Augie Fabella.
“No less important is the potential listing of Kyivstar on Nasdaq, which will open Ukraine’s access to global capital markets. In addition, global technology partnerships with companies such as Starlink will support sustainable growth,” Svyrydenko said in a post on X.
Kyivstar CEO Oleksandr Komarov, who took part in the meeting, toldInterfax-Ukraine on the sidelines of the Davos Ukrainian Breakfast organized by the Pinchuk Foundation that the company has already invested more than $400 million of the $1 billion in investments it had declared.
“We are planning to continue, nothing has changed,” Komarov emphasized, speaking about increasing these investments to $1 billion.
The CEO noted that the first priority is to invest in critical infrastructure, network, and new technologies. According to him, Kyivstar is on track to meet its 2024 target, and the results achieved, in particular in terms of increasing data transfer speeds, are encouraging.
Komarov added that the company is also taking steps towards possible inorganic business expansion. According to him, Kyivstar has made a purchase of a small fixed-line operator in 2024.
“We are looking at other goals, including those within the digital ecosystem,” the CEO said.
He also said that an important task for the Ukrainian government is to attract domestic and foreign investors and unite with business to improve the investment climate and business opportunities.
“Kyivstar – as of September 2024, Kyivstar served about 23.3 million mobile subscribers and more than 1.1 million home Internet subscribers in Ukraine. The company provides services using a wide range of mobile and fixed technologies, including 4G, Big Data, Cloud solutions, cybersecurity services, digital TV, etc.
In mid-January this year, VEON announced the signing of a protocol of intent to place a part of Kyivstar shares on the Nasdaq stock exchange through the SPAC company Cohen Circle Acquisition Corp (CCIRU).
On Friday, Forbes Ukraine reported that Kyivstar had filed an application with the Antimonopoly Committee late last year to buy Uklon, a digital taxi service.
Kaan Terzioğlu, CEO of VEON Group, the parent company of Ukraine’s largest telecom operator Kyivstar, plans to return to Kyiv in late January to meet with his team and continue the dialogue with the Ukrainian authorities, he said in an interview with Forbes Ukraine.
“I hope that we will meet with many stakeholders, including the Ukrainian government, but not only,” Terzioglu said.
He added that during his first visit in October last year, he was unable to talk to Deputy Head of the Presidential Office Rostyslav Shurma, who has been publicly stating the possibility of nationalizing Kyivstar since July last year, and hopes that he will be able to do so during his upcoming visit.
“When the rumors emerged and Mr. Shurma gave his interviews, it had a significant impact on trading volumes and share prices. Now the shock has passed, but we lost almost 30% of the value of our shares during that period,” stated the CEO of VEON.
Commenting on the seizure of 47.85% of Kyivstar shares, which is comparable to Letter One’s stake in VEON, Terzioglu said that an appeal has been filed and expressed hope that the seizure will be lifted and this will help reassure international investors. He emphasized that VEON owns all 100% of Kyivstar’s shares, and Letter One, according to his information, has distanced itself from co-owners Mikhail Fridman and Petr Aven, who are subject to international sanctions, and is not subject to such international sanctions.
According to VEON’s CEO, the seizure of Kyivstar shares does not affect the company’s operations, ability to operate and maintain its networks. “The arrest only affects the ability to receive dividends or transfer shares from one owner to another,” Terizoglu explained.
Earlier it was reported that the Shevchenkivskyi District Court of Kyiv reduced the package of seized shares of Kyivstar from 99.994654% to 47.85%, and the seized share of LifeSell LLC from 100% to 19.8% as part of interim measures in the case against Alfa Group co-owner Mikhail Fridman opened in late September. He made such changes to the earlier ruling of October 4 based on a motion filed by a prosecutor from the Prosecutor General’s Office due to a typo. As for the rest of the seized assets, the court confirmed the accuracy of their original description. In particular, 100% of the corporate rights of three Kyivstar-affiliated companies, including Kyivstar.Tech, Helsi, and the Ukrainian Tower Company, remain under arrest.
