Vodafone Ukraine (VFU), Ukraine’s second-largest mobile operator, increased its net profit by 12% in January–March 2026 compared to the same period last year, reaching 778 million hryvnia.
According to the company’s press release on Wednesday, revenue grew by 11% to UAH 7.3 billion.
Key drivers remain the growth in data service consumption, the development of the fixed-line business, and increased revenue from equipment sales and other services, Vodafone Ukraine explained.
It is noted that OIBDA increased by 4% to UAH 3.49 billion, while the OIBDA margin decreased to 47.8% from 50.7% in the first quarter of 2025, due to rising electricity costs, network resilience measures, personnel expenses, and increased radio frequency spectrum fees.
The mobile operator noted that the profit growth was driven by improved debt portfolio management.
Average revenue per user (ARPU) in the first quarter of this year increased by 13% to UAH 145.2 per month, with a stable subscriber base. At the same time, there has been an increase in the number of contract subscriptions, VFU added.
According to the press release, investment volume for January–March 2026 amounted to UAH 1.55 billion, which is 2% less than in January–March 2025. Key investment areas include improving the energy resilience of infrastructure—specifically ensuring backup power, expanding the use of generators and batteries—as well as developing and modernizing the mobile network, particularly by expanding 4G coverage.
Investments were also made in the development of fixed-line internet access based on modern technologies (GPON) and in preparing the infrastructure for the rollout of new generations of communication, including 5G.
“The company continues to implement systematic network modernization projects and is introducing technological solutions aimed at improving service quality and adapting the infrastructure to new challenges,” the statement said.
As reported, Vodafone Ukraine increased its revenue by 14% in 2025 compared to the previous year—to 27.8 billion UAH—while its net profit grew by 18%—to 4.18 billion UAH.
Vodafone Ukraine (VFU), Ukraine’s second-largest mobile operator, is rolling out 5G for international roaming, which is currently available in 15 countries: Slovenia, Poland, Bulgaria, the Czech Republic, Hungary, Switzerland, France, Malta, Croatia, Luxembourg, Germany, Slovakia, Montenegro, Cyprus, and New Zealand.
According to a press release published by the mobile operator on Thursday, access to 5G while roaming is provided under the same conditions as for 4G—within the subscriber’s plan.
It is noted that in European Union countries, the “Roam like at home” principle applies to most plans, allowing users to use minutes, SMS, and a portion of their data allowance without additional charges.
In 2025, Vodafone Ukraine increased its revenue by 14% compared to the previous year—to 27.8 billion UAH, while its net profit grew by 18%—to 4.18 billion UAH.
As reported with reference to data from the regulator, the National Commission for the State Regulation of Communications (NCC), the top three leaders in revenue from telecommunications services in Ukraine for 2025 were, by a significant margin, mobile operators: Kyivstar PJSC – UAH 44.16 billion, “Vodafone-Ukraine” – UAH 25.59 billion, and LLC “lifecell” (TM lifecell) from the DVL Group – UAH 15.74 billion. Compared to 2024 figures, Kyivstar’s revenue grew by 20.3%, Vodafone Ukraine’s by 13.1%, and lifecell’s by 19.1%.
Vodafone Ukraine (VFU), Ukraine’s second-largest mobile operator, which has repurchased approximately $24.4 million worth of its own Eurobonds since late May of last year following several offers related to dividend payments, has announced another similar tender at 98% of par value for a total of $1.17 million.
As noted in a statement on the Irish Stock Exchange, the company previously made another monthly dividend payment on May 5 in the amount of 60.18 million UAH.
Applications to participate in the tender are being accepted through May 19, and settlements are scheduled for May 26.
Bonds maturing in February 2027 with a coupon rate of 9.625% per annum were issued for $300 million. Their redemption is related to the fact that on April 24, 2025, VFU announced the accrual of dividends to its shareholder in the amount of UAH 660.245 million ($15.9 million at the exchange rate specified in the announcement) for 2024. In accordance with National Bank restrictions, these dividends will be paid in separate monthly installments in hryvnia equivalent to EUR1 million. The company emphasized that under the terms of the bond issue, in such a case it must offer all bondholders the opportunity to submit an application to sell their bonds for an amount equal to the dividends paid outside Ukraine.
In the first two tenders, mobile operator “Vodafone Ukraine” repurchased bonds in an amount equivalent to EUR1 million. The initial repurchase was announced at 99% of par value, the second at 90% of par value. The company did not announce the results of the second buyback on the exchange, while the bid-to-cover ratio for the first buyback was 0.0040355668.
Following the third tender, where the buyback price was reduced to 85% of par value and the offer was capped at $4.67 million, “Vodafone Ukraine” received bids totaling $53.395 million and satisfied them in the amount of $5.208 million. The scaling factor was 0.1315451889487317.
The fourth tender was announced on August 13 but was subsequently extended seven times. As a result, the redemption price was increased from 85% to 98%, and the redemption amount to $10.84 million. The company received bids totaling $127.14 million for this amount. Some of the bonds were returned to their holders due to the inability to split the face value, while the rest were accepted with a scaling factor of 0.1150681.
In the fifth through ninth bond buyback tenders held from December to April, the price was again 98%: in the fifth tender, with bids totaling $1.165 million, the scaling factor was set at 0.01901; in the sixth tender, with bids totaling $1.475 million – 0.04234; in the seventh, with bids of $1.185 million – 0.3246; in the eighth, with bids of $1.18 million – 0.0333333; and in the ninth, with bids of $1.16 million – 0.449.
Overall, based on the results of the nine tenders, the total nominal value of bonds remaining in circulation is $275.64 million.
As reported, mobile operator VFU increased its revenue by 14% in 2025 compared to the previous year—to 27.8 billion UAH—while its net profit rose by 18%—to 4.18 billion UAH.
On September 9, 2025, Ukraine’s second-largest mobile operator, Vodafone Ukraine (VFU), acquired a 9.4% stake in fixed-line operator Frinet LLC for $2 million (83 million UAH), bringing its total stake to 100%.
“$2 million was paid to shareholders whose stakes did not provide control. The book value of non-controlling interests in Frinet LLC was 27 million UAH,” according to Vodafone Ukraine’s annual report.
According to the report, in 2025 the group increased revenue by 14% compared to the previous year—to UAH 27.8 billion—and net profit by 18%, to UAH 4.18 billion.
It is noted that revenue from mobile subscribers grew by 16.4%—to UAH 22.09 billion—while revenue from the fixed-line business increased by 15.9%, to UAH 1.09 billion, revenue from interconnection with other mobile operators rose by 1.5% to UAH 2.51 billion, from roaming by 3.1% to UAH 0.78 billion, and from merchandise sales by 0.6% to UAH 923 million.
Last year’s increase in cost of sales to UAH 7.02 billion from UAH 6.01 billion in 2024 was largely due to higher electricity costs and other production expenses—rising to UAH 2.86 billion from UAH 2.4 billion, as well as fees for radio frequency usage—to UAH 1.38 billion from UAH 1.13 billion—and roaming expenses—to UAH 0.41 billion from UAH 0.33 billion, while expenses for traffic transit on other mobile operators’ networks even decreased slightly—to UAH 1.15 billion from UAH 1.16 billion.
In addition, last year Vodafone Ukraine’s expenses for advertising and marketing rose to 0.51 billion UAH from 0.43 billion UAH a year earlier, commissions to dealers – to 0.50 billion UAH from 0.43 billion UAH, for consulting – to 0.69 billion UAH from 0.57 billion UAH, and billing and data processing to UAH 0.46 billion from UAH 0.36 billion.
According to the report, the number of the group’s full-time employees remained unchanged over the year—approximately 4,500 people.
It is noted that the company plans to continue servicing its financial obligations on time, although there is inherent uncertainty related to the moratorium on cross-border payments. “The ability to repay the principal amount of debt (on Eurobonds), which amounts to $281 million with a maturity date in February 2027, depends to a large extent on the continuation of currency control restrictions at that time. It also depends on the Group’s ability to secure refinancing from financial institutions or to negotiate changes to the bond terms with creditors,” the document states.
According to the document, the Group may take additional measures to manage and control cash outflows in order to secure refinancing or reach agreements, and management is currently considering all options on this list depending on the status of foreign exchange controls.
“Based on management’s forecasts, it is expected that the Group will be able to meet the terms of its debt financing agreements regarding financial covenants over the next twelve months from the date of these consolidated financial statements,” the report states.
The company noted that in February it made its regular semi-annual interest payment on Eurobonds in the amount of $13.4 million (578 million UAH).
According to the report, in 2025, “Vodafone Ukraine” declared dividends to shareholders totaling UAH 3.01 billion; as of December 31, 2025, dividends in the amount of UAH 412 million remained unpaid, but in the first quarter, an additional UAH 151 million in dividends were paid.
It is also noted that to manage currency risk and purchase foreign currency, the group acquired dollar- and euro-denominated domestic government bonds with maturities of up to 12 months. At the same time, their total volume at the end of 2025 decreased to the equivalent of 0.97 billion UAH from 1.33 billion UAH a year earlier, and while all securities were denominated in dollars at the end of 2024, by the end of 2025, the equivalent of $0.28 billion had been invested in euro-denominated bonds.
As of the end of 2025, Vodafone Ukraine’s available cash amounted to UAH 8.09 billion, compared to UAH 10.34 billion a year earlier, of which 49.1% was in hryvnia, and nearly all the rest was in dollars.
In addition, as of the end of 2025, the company held a short-term deposit at 0.4% for the equivalent of UAH 0.85 billion in one of the subsidiary banks of a major international banking group, which was classified as a short-term investment, whereas a year earlier, similar deposits at 0.3–0.35% per annum were held in three subsidiary banks of major international banking groups for a total of 2.02 billion UAH.
Vodafone Ukraine (VFU), Ukraine’s second-largest mobile operator, which has repurchased approximately $22 million worth of its own Eurobonds since late May following several offers related to dividend payments, has announced another similar tender at 98% of par value for a total of $1.18 million.
As noted in a statement on the Irish Stock Exchange, prior to this, on March 2, the company made another monthly dividend payment of UAH 50.866 million, which is equivalent to the monthly cap of EUR 1 million set by the National Bank for such payments.
Applications to participate in the tender are being accepted through March 26, and settlements are scheduled for April 3.
Bonds maturing in February 2027 with a coupon rate of 9.625% per annum were issued for $300 million. Their redemption is related to the fact that on April 24, 2025, VFU announced the accrual of dividends to its shareholder in the amount of UAH 660.245 million ($15.9 million at the exchange rate specified in the announcement) for 2024. In accordance with National Bank restrictions, these dividends will be paid in separate monthly installments. It is expected that each such monthly dividend will amount to a sum in hryvnia equivalent to EUR1 million. The company emphasized that, under the terms of the bond issue, it must in such a case offer all bondholders the opportunity to submit an application to sell their bonds for an amount equal to the dividends paid outside Ukraine.
In the first two tenders, mobile operator “Vodafone Ukraine” repurchased bonds in an amount equivalent to EUR1 million. The initial repurchase was announced at 99% of par value, the second at 90% of par value. The company did not announce the results of the second buyback on the exchange, while the bid-to-cover ratio for the first buyback was 0.0040355668.
According to the results of the third tender, where the buyback price was reduced to 85% of par value and the offer was capped at $4.67 million, “Vodafone Ukraine” received bids totaling $53.395 million and accepted them for $5.208 million. The scale factor was 0.1315451889487317.
The fourth tender was announced on August 13 but was subsequently extended seven times. As a result, the redemption price was increased from 85% to 98%, and the redemption amount to $10.84 million. The company received bids totaling $127.14 million for this amount. Some of the bonds were returned to their holders due to the inability to split the face value, while the remainder were accepted with a scaling factor of 0.1150681.
In the fifth, sixth, and seventh bond buyback tenders in December, January, and February, the price was again 98%: in the fifth tender, with bids totaling $1.165 million, the scaling factor was set at 0.01901; in the sixth, with bids totaling $1.475 million, it was 0.04234; and in the seventh, with bids totaling $1.185 million, it was 0.3246.
Overall, based on the results of the seven tenders, the total nominal value of bonds remaining in circulation is $277.98 million.
As reported, mobile operator VFU increased its net profit by 10.7% to UAH 3.4468 billion and revenue by 13.3% to UAH 19.03 billion in the first nine months of 2025.
The report noted that in 2025, the company received loans from related parties to service and redeem Eurobonds. In February, the parent company Telco Investments B.V. provided $49.59 million for the partial repayment of Eurobond debt. In June, an agreement was signed with Telco Investments for a dollar-denominated credit line in an amount equivalent to 660 million UAH, at 10% per annum, maturing in 2028.
Finally, in July 2025, a loan agreement was signed with the Dutch company Cemin B.V. for $10 million at 10% per annum, with a repayment term no later than the end of 2027, but not before the maturity of the Eurobonds. The funds are credited in tranches to the company’s bank account at a foreign bank and are intended to be used to redeem the bonds that Vodafone Ukraine is issuing in connection with the resumption of dividend payments this year.
Vodafone Ukraine (VFU), Ukraine’s second-largest mobile operator, which repurchased its own Eurobonds worth approximately $18.9 million at the end of May following several offers in connection with the payment of dividends, has announced another similar tender at a price of 98% of the nominal value for a total amount of $1.475 million.
As noted in a statement on the Irish Stock Exchange on Wednesday, on January 2, the company made another monthly dividend payment of UAH 49.315 million, which is equivalent to the monthly ceiling of EUR 1 million set by the National Bank.
Applications for participation in the tender will be accepted until January 21 inclusive, and settlements are planned for January 28.
Bonds maturing in February 2027 with a nominal rate of 9.625% per annum were issued for $300 million. Their redemption is related to the fact that on April 24, 2025, VFU announced the accrual of dividends to its shareholder in the amount of UAH 660.245 million ($15.9 million at the exchange rate specified in the announcement) for 2024. According to the restrictions of the National Bank, they will be paid in separate monthly payments. Each such monthly dividend is expected to amount to UAH 1 million. The company emphasized that under the terms of the bond issue, in this case, it must offer all bondholders to submit an application for their sale for an amount equal to the amount of dividends paid outside Ukraine.
In the first two tenders, mobile operator Vodafone Ukraine repurchased bonds for an amount equivalent to EUR 1 million. The debut repurchase was announced at a price of 99% of the nominal value, the second at 90% of the nominal value. The company did not announce the results of the second buyback on the stock exchange, while the scaling factor for the first buyback was 0.0040355668.
Following the results of the third tender, where the redemption price was reduced to 85% of the nominal value and the offer was limited to $4.67 million, Vodafone Ukraine received bids for $53.395 million and satisfied them in the amount of $5.208 million. The scaling factor was 0.1315451889487317.
The fourth tender was announced on August 13, but was then extended seven times. As a result, the redemption price was increased from 85% to 98%, and the redemption amount to $10.84 million. The company received bids for $127.14 million for this amount. Some of the bonds were returned to their owners due to the impossibility of splitting the nominal value, and the rest were accepted with a scaling factor of 0.1150681.
Finally, at the fifth bond redemption tender in December, where the price was again 98%, Vodafone Ukraine received high demand, which exceeded the offer of $1 million 164.7 thousand by more than 50 times. The scaling factor was set at 0.01901.
In total, according to the results of five tenders, the total nominal value of bonds remaining in circulation is $280 million 614.93 thousand.
As reported, mobile operator VFU increased its net profit by 10.7% to UAH 3 billion 446.80 million and its revenue by 13.3% to UAH 19.03 billion in the first nine months of this year.
The report noted that in order to service and redeem Eurobonds, the company received loans from related parties in 2025. In February, the parent company Telco Investments B.V. provided $49.59 million for partial repayment of the Eurobond debt. In June, an agreement was signed with Telco Investments for a dollar credit line in the amount equivalent to UAH 660 million, at 10% per annum, maturing in 2028.
Finally, in July 2025, a loan agreement was signed with the Dutch company Cemin B.V. for $10 million at 10% per annum, with a repayment date no later than the end of 2027, but not earlier than the maturity of the Eurobonds. The funds are credited in tranches to the company’s bank account in a foreign bank and are to be used to redeem bonds, which Vodafone Ukraine is doing in connection with the resumption of dividend payments this year.
