Kyivstar Group Ltd. (Nasdaq: KYIV), the parent company of Kyivstar, Ukraine’s largest telecommunications operator, announced the acquisition of GigaCloud, one of Ukraine’s leading cloud infrastructure providers, for nearly 2.28 billion UAH (nearly $50 million) to expand its capabilities in the field of cloud solutions for businesses.
“By combining these strengths with our telecommunications infrastructure, scale of customer engagement, and investment capabilities, we will be able to help even more companies modernize their operations and develop a more robust technology business for the corporate segment,” Kyivstar Group Ltd. President Alexander Komarov is quoted as saying in the press release.
He added that this acquisition will contribute to the development of the infrastructure Ukraine needs in the long term.
The transaction is expected to close after the standard closing conditions for such agreements are met. GigaCloud will continue to operate as a separate business unit within Kyivstar Group Ltd., retaining its own brand and management team.
In particular, the company’s founders are expected to continue leading the business.
Furthermore, the agreement does not entail any changes to existing customer contracts, service levels, or commercial terms.
“Together with Kyivstar Group Ltd., we will be able to accelerate investments in infrastructure, expand our market presence, and continue to provide the high-quality services our customers expect,” noted Nazariy Kurochko, CEO and co-founder of GigaCloud, in a press release.
For his part, GigaCloud co-founder Anton Khvastunov emphasized that this partnership will strengthen the company’s ability to scale secure cloud services and enable it to continue contributing to Ukraine’s digital development.
Kyivstar added that this investment will expand the operator’s technological capabilities for the corporate sector, as well as strengthen the company’s future potential in the field of sovereign cloud infrastructure and enable the development of artificial intelligence (AI)-based services tailored to the needs of Ukrainian businesses and government agencies.
It is noted that GigaCloud, founded in 2016, currently serves more than 1,800 corporate clients. The company specializes in providing relevant services to businesses. Among the company’s clients are the Kernel agricultural holding, Naftogaz, and others.
The mobile operator’s press release specifies that, according to unaudited management financial statements, the company generated approximately $14 million in revenue and $4.7 million in EBITDA in 2025, corresponding to an EBITDA margin of about 34%.
“The agreement is expected to have a positive impact on the development of Kyivstar Group Ltd. The valuation of the transaction takes into account GigaCloud’s growth rate, its expertise in cloud technologies, its leading market position, and the expected synergies from the business combination,” Kyivstar emphasized.
It is noted that the transaction structure includes a $41 million purchase price, up to $4 million in deferred debt obligations, as well as approximately $3 million in payments tied to the achievement of agreed-upon performance metrics, and up to $2 million in compensation for capital expenditures (CAPEX) in accordance with the terms of the deal.
As reported this summer, the Antimonopoly Committee of Ukraine authorized Kyivstar PJSC to acquire control over GigaCloud LLC, the cloud provider GigaCloud.
In June 2025, the mobile operator launched its own cloud service for Ukrainian users, Kyivstar Cloud, which is available to small, medium, and large businesses, as well as public sector organizations.
In the first half of 2026, Kyivstar increased its revenue by 29.1% compared to the same period in 2025—to 28.9 billion UAH—and by 22.8% in U.S. dollars, to $662 million.
Kyivstar’s net profit for this period increased by 36.1% compared to the same period in 2025—to 7.1 billion UAH, or 28.8% in U.S. dollars, to $162 million.
Kyivstar Group Ltd. (Nasdaq: KYIV), the parent company of Ukraine’s largest telecommunications operator Kyivstar, announced the acquisition of GigaCloud, one of Ukraine’s leading cloud infrastructure providers, for nearly 2.28 billion UAH (nearly $50 million) to expand its capabilities in the field of cloud solutions for businesses.
“By combining these strengths with our telecom infrastructure, scale of customer engagement, and investment capabilities, we will be able to help even more companies modernize their operations and develop a more robust technology business for the corporate segment,” Kyivstar Group Ltd. President Oleksandr Komarov is quoted as saying in the press release.
He added that this acquisition will help develop the infrastructure Ukraine needs in the long term.
The transaction is expected to close after the standard closing conditions for such deals are met. GigaCloud will continue to operate as a separate business unit within Kyivstar Group Ltd., retaining its own brand and management team.
Among other things, the company’s founders are expected to continue managing the business.
Furthermore, the transaction is not expected to result in any changes to existing customer contracts, service levels, or commercial terms.
“Together with Kyivstar Group Ltd., we will be able to accelerate investments in infrastructure, expand our market presence, and continue to provide the high-quality services our customers have come to expect,” noted Nazarii Kurochko, CEO and co-founder of GigaCloud, in a press release.
For his part, GigaCloud co-founder Anton Khvastunov emphasized that this collaboration will strengthen the company’s ability to scale secure cloud services and continue contributing to Ukraine’s digital development.
Kyivstar added that this investment will expand the operator’s technological capabilities for the corporate sector, as well as strengthen the company’s future potential in the field of sovereign cloud infrastructure and enable the development of artificial intelligence (AI)-based services tailored to the needs of Ukrainian businesses and government agencies.
It is noted that GigaCloud, founded in 2016, currently serves over 1,800 corporate clients. The company specializes in providing relevant services to businesses. Among the company’s clients are the Kernel agricultural holding, Naftogaz, and others.
The mobile operator’s press release states that, according to unaudited management reports, in 2025 the company generated approximately $14 million in revenue and $4.7 million in EBITDA, corresponding to an EBITDA margin of about 34%.
“The transaction is expected to have a positive impact on the development of Kyivstar Group Ltd. The valuation of the transaction takes into account GigaCloud’s growth rate, its expertise in cloud technologies, its market leadership, and the expected synergies from the business combination,” Kyivstar emphasized.
It is noted that the transaction structure includes a $41 million purchase price, up to $4 million in deferred debt obligations, approximately $3 million in payments tied to the achievement of agreed-upon performance metrics, and up to $2 million in capital expenditure (CAPEX) compensation in accordance with the terms of the agreement.
As reported this past summer, the Antimonopoly Committee of Ukraine authorized Kyivstar PJSC to acquire control over GigaCloud LLC, the cloud provider GigaCloud.
In June 2025, the mobile operator launched its own cloud service for Ukrainian users, Kyivstar Cloud, which is available to small, medium, and large businesses, as well as public sector organizations.
Based on the results of the first half of 2026, Kyivstar increased its revenue by 29.1% compared to the same period in 2025—to 28.9 billion UAH, or by 22.8% in U.S. dollars, to $662 million. Kyivstar’s net profit during this period increased by 36.1% compared to the same period in 2025—to 7.1 billion UAH, or by 28.8% in U.S. dollars, to $162 million.
The top three companies in Ukraine by revenue from telecommunications services for the first half of 2026 were, by a wide margin, mobile network operators: Kyivstar PJSC – 24.87 billion UAH, VF Ukraine PJSC (Vodafone-Ukraine brand) – 13.75 billion UAH, and lifecell LLC (lifecell brand) of the DVL Group – 8.88 billion UAH.
According to data from the National Commission for the Regulation of Electronic Communications and Postal Services (NCREC) published on its website, compared to the same period in 2025, revenue growth for Kyivstar was 17.3%, for Vodafone-Ukraine 10.2%, and for lifecell 17.1%.
As previously reported, in 2025, the growth rates for these companies were 20.3%, 13.1%, and 19.1%, respectively.
The top five revenue leaders in the first half of 2026 also included the fixed-line operator PJSC “Ukrtelecom,” which saw its revenue decline by 5.1% compared to the same period in 2025, down to 2.19 billion UAH.
Kyivstar’s “sister” company, LLC “Ukraine Tower Company” (UTC), rounded out the top five in terms of revenue for the first half of this year, increasing its revenue by 21.5% to 1.73 billion UAH.
According to the report, leading the second five in terms of revenue from telecommunications services is the fixed-line operator PJSC “Datagroup” from the DVL Group, which increased its revenue by 35% compared to the same period last year—to 1.21 billion UAH.
Next is the fixed-line operator PrJSC “Farlep-Invest,” controlled by “VF Ukraine,” which increased its revenue by a factor of 1.5 to 0.57 billion UAH and rose from 9th place in 2025 to 7th place this year.
The Radio Broadcasting, Radio Communications, and Television Concern ranks eighth with 0.52 billion UAH, which is 14% more than in the first half of last year, when it ranked 7th.
Ukrainian Network Solutions LLC, the holding company for Vodafone Ukraine, increased its revenue 1.7-fold in the first half of 2026—to 0.49 billion UAH, while “Home-Net” Scientific and Industrial Company LLC ranks 10th, having managed to increase its revenue by 23.8% to 0.44 billion UAH.
According to the regulator’s data, the top three mobile operators also led in terms of capital investments in the telecommunications sector in the first half of 2026: “Kyivstar” reduced its investments by 38% compared to 2025—to 3.24 billion UAH, “Vodafone Ukraine” maintained its level at 3.16 billion UAH, while lifecell increased its investments by 43.9% to 2.62 billion UAH.
“Farlep-Invest” also increased its investments in the first half of 2026 compared to the same period last year—by 20.7%, to 0.61 billion UAH—moving up to 4th place from 5th previously, while YTK fell from 4th to 5th place due to a 23.9% decline in investments—to 0.57 billion UAH.
A 49.8% decrease in investment volumes was also recorded by “Ukrainian Network Solutions”—to 0.20 billion UAH.
“Ukrtelecom” reduced its investments in the first half of 2026 by only 1.5%—to 0.19 billion UAH—while “Datagroup” cut its investments by 22.4%, to 0.09 billion UAH.
In contrast, Home-Net increased this figure 3.9-fold in the first half of 2026—to 0.07 billion UAH—and rose from 17th place last year to 9th this year.
Rounding out the top five in terms of investment volume is Lanet Telecom LLC, which invested 0.04 billion UAH in the telecommunications sector in the first half of 2026, a decrease of approximately 2.5 million UAH compared to the first half of last year.
As previously reported, in the first quarter of 2026, the leaders in terms of revenue were PJSC “Kyivstar” – 12.08 billion UAH, PJSC “Vodafone Ukraine” (TM “Vodafone-Ukraine”) – 6.69 billion UAH, and LLC “lifecell” (TM lifecell) from the DVL Group – 4.18 billion UAH.
Kyivstar, Ukraine’s largest mobile operator, increased its EBITDA by 21.1% in the second quarter of 2026 to 8.3 billion UAH, while revenue rose by 27% to 14.9 billion UAH, according to the company’s quarterly report released on Friday.
“Kyivstar has demonstrated another quarter of broad-based profitable growth, and we are once again raising our full-year forecast,” Kyivstar CEO and President Oleksandr Komarov is quoted as saying in the document.
He noted that digital technologies now account for more than one-fifth of the company’s revenue, which is 7 percentage points higher than a year ago.
“We remain focused on leading Ukraine’s digital future and ensuring sustainable returns for our shareholders,” Komarov added.
In U.S. dollars, Kyivstar now estimates revenue growth in the second quarter of this year at 19.3%—to $339 million—and EBITDA at 13.7%, to $188 million, resulting in a margin of 55.4%.
Kyivstar’s net income was $77 million, with earnings per share of $0.33. Revenue from digital services grew by 94.7% to 3.3 billion UAH, accounting for 21.7% of total revenue, or 83%, to $73.7 million.
The number of Kyivstar’s multiplay customers in the second quarter of 2026 grew by 23.6% to 8.1 million, representing 39.9% of the total number of active mobile customers during the month. Revenue from these services increased by 47.4% to $139 million (up 56.9% to 6.2 billion UAH), or 41.1% of total revenue.
ARPU (Average Revenue Per User) for this period rose by 11.2% to $3.9 (up 18.3% to 172.7 UAH).
The report also states that the total number of monthly active digital users for the quarter was 29.3 million. Specifically, the figure rose by 8.2% at Uklon—to 5.2 million; by 0.7% at Helsi—to 5 million; stood at 6.3 million at Tabletki; and increased by 47.7% at KyivstarTV—to 3.6 million.
The online taxi service Uklon, which was consolidated into Kyivstar’s financial statements in April 2025, generated 1.448 billion UAH in revenue, or $32.8 million, in the second quarter of 2026. Its EBITDA amounted to 554 million UAH, or $12.5 million. The number of booked trips during this period increased by 4.5% to 43 million, while the number of completed trips rose by 25.9% to 1.4 million.
It is noted that as of the end of the second quarter of 2026, the Helsi healthcare information system had 109,000 paid subscribers; its revenue increased by 44.6% compared to the same period in 2025—to 105 million UAH—or by 35.9%—to $2.4 million. The service’s clients have access to 1,800 healthcare facilities. The number of patient visits reached 2.4 million.
Tabletki.ua, which was acquired in February of this year for $160 million, generated 342 million UAH, or $7.8 million, in the second quarter. EBITDA amounted to 274 million UAH, or $6.2 million. The average monthly number of orders reached 15 million, and gross merchandise value (GMV) reached $376 million.
Revenue for the Kyivstar TV platform in the second quarter of 2026 reached 614 million UAH, or $13.9 million, as the number of user sessions grew by 34.2% to 931 million.
The report specified that capital expenditures, excluding licenses and assets in the form of rights of use, amounted to $59 million. The company emphasizes that the capital expenditure intensity in the second quarter of 2026 was 17.3% and 26.6% over the past 12 months, which is 3.3 percentage points lower than the 29.9% recorded in the first quarter.
It is noted that going forward, the group expects revenue growth in dollar terms of 14–16% (previously projected at 11–14%) and EBITDA growth of 9–12% (previously indicated as 7–10%), while the capital expenditure rate will remain unchanged at 21–24%, assuming an average UAH/USD exchange rate of 44.5.
Free cash flow to shareholders, after accounting for lease and license expenses, increased by 32.2% to $104 million. Additionally, as of June 30, 2026, cash, cash equivalents, and deposits totaled 16.4 billion UAH, or $364 million.
Kyivstar added that more than 6 million of its customers currently use the Starlink Direct-to-Cell service, which during the reporting period also expanded its capabilities beyond messaging to include data transmission via specific apps—such as Google Maps, Viber, and WhatsApp—in areas without terrestrial coverage.
Among other things, during the second quarter of this year, the group acquired six solar power plants in the Lviv region (105 MW in total for $80.8 million), expanding its renewable energy portfolio nearly ninefold—to approximately 30% of expected energy needs—and strengthening its energy resilience.
The Uklon service launched the Uklon Store, signed an agreement to acquire E-wings, and conducted Ukraine’s first real-time testing of autonomous vehicles.
The group also signed a memorandum of understanding with the Ministry of Economy to explore the possibility of establishing an AI-ready data center, as well as a memorandum with the National Securities and Stock Market Commission of Ukraine to examine the possibility of providing domestic investors with access to the group’s Nasdaq-listed shares through established brokerage channels.
As reported, in the first quarter of 2026, Kyivstar increased its EBITDA by 28.5% to 7.5 billion UAH, while revenue grew by 31.3% to 13.9 billion UAH
In 2025, the company increased its EBITDA by 30% to 27 billion UAH, with revenue growing by 30.3% to 48.2 billion UAH; including in the fourth quarter, when EBITDA increased by 23.1% to 7.2 billion UAH, with revenue growing by 30.1% to 13.5 billion UAH.
DIGITALIZATION, EBITDA, KYIVSTAR, REVENUE, telecommunications
Kyivstar Group Ltd. (Nasdaq: KYIV), the parent company of Ukraine’s largest telecommunications operator Kyivstar, has announced the opening of its own office at Rockefeller Center in New York, marking an important stage in the company’s international development following its historic Nasdaq listing in August 2025.
“The opening of our New York office is an important milestone in the international development of Kyivstar Group Ltd.,” Kyivstar President and CEO Oleksandr Komarov was quoted as saying in the release.
According to him, a presence in one of the world’s key financial centers will help strengthen relations with investors and international partners, as well as expand cooperation.
The Kyivstar office is located at 1270 Avenue of the Americas. It is expected to support the company’s investor relations and corporate communications activities, as well as strengthen its presence in the United States.
“The opening of the office also creates additional opportunities to present Ukrainian business and its investment potential to the international community,” Kyivstar emphasized.
At the same time, the office will not perform commercial, contractual or operational functions on behalf of the Group, the press release said.
The company recalled that Kyivstar is celebrating the first anniversary of its Nasdaq listing this summer. During this period, the company continued to develop its portfolio of digital products and implement strategic initiatives, including the expansion of digital healthcare services, the development of the Uklon platform and the introduction of new telecommunications solutions, including Starlink Direct to Cell.
“In addition, the new office will become the New York base for the Invest In Ukraine NOW! initiative launched by VEON and Kyivstar in August 2025,” the company said.
As reported, Kyivstar increased EBITDA in the second quarter of 2026 by 21.1% to UAH 8.3 billion, while revenue rose by 27% to UAH 14.9 billion.
In 2025, the Group increased EBITDA by 30% to UAH 27 billion, while revenue grew by 30.3% to UAH 48.2 billion.
The top three operators in Ukraine by revenue from telecommunications services for January–March 2026 were, by a wide margin, mobile operators: Kyivstar PJSC – 12.08 billion UAH, VF Ukraine PJSC (Vodafone-Ukraine brand) – 6.69 billion UAH, and lifecell LLC (lifecell brand) of the DVL Group – 4.18 billion UAH.
According to data from the National Commission for the Regulation of Electronic Communications and Postal Services (NCREC) published on its website, compared to 2025 figures, Kyivstar’s revenue increased by 15.1%, Vodafone-Ukraine’s by 10%, and lifecell’s by 13.9%.
As previously reported, for 2025 as a whole, these growth rates were 20.3%, 13.1%, and 19.1%, respectively.
The top five operators by revenue in the first quarter of 2026 also included the fixed-line operator PJSC “Ukrtelecom,” which saw its revenue decline by 6.3% compared to the same period in 2025, to 1.10 billion UAH.
Kyivstar’s “sister” company, LLC “Ukraine Tower Company” (UTC), rounded out the top five in terms of revenue in the first quarter of 2026, increasing its revenue by 20.7% to 0.86 billion UAH.
According to the report, in the second group of five by telecommunications revenue, the fixed-line operator PJSC “Datagroup” from the DVL Group leads the way, having increased its revenue by 37.9% compared to the same period last year—to 0.58 billion UAH—thereby moving up from 7th to 6th place.
Next is the fixed-line operator PJSC “Farlep-Invest,” controlled by “VF Ukraine,” which increased its revenue by 52.8%—to 0.27 billion UAH—and moved from 9th place in 2025 to 7th in 2026.
LLC “Ukrainian Network Solutions,” the holding company for “Vodafone Ukraine,” increased its telecommunications revenue 2.5-fold in the first quarter of 2026—to 0.27 billion UAH—ranking 8th.
Rounding out the top five was “Home-Net” Scientific and Industrial Company LLC, which managed to increase its revenue by 24.1%—to 0.21 billion UAH—moving up from 10th to 9th place.
For its part, the Radio Broadcasting, Radio Communications, and Television Concern increased its revenue in the first quarter of 2026 by 7.2% compared to the same period in 2025—to 0.17 billion UAH—ranking 10th.
According to the regulator’s data, the top three mobile operators also led in terms of capital investments in the telecommunications sector during the first quarter of 2026: “Kyivstar” increased its investments by 49.7% compared to 2025—to 3.17 billion UAH, “Vodafone-Ukraine” by 6.3% to 1.33 billion UAH, and lifecell by 23.3% to 1.27 billion UAH.
At the same time, Ukraine Tower Company LLC reduced its capital investments in the first quarter of 2026 by 18.3% compared to the first quarter of 2025, down to 0.29 billion UAH, while Farlep-Invest PJSC increased this figure by 18.3% to 0.28 billion UAH.
“Ukrtelecom” also reduced its investment volume by 28.2% in the first quarter of 2026 compared to the same period last year—to 61.9 million UAH, while “Datagroup” reduced its investment by 17.2%—to 47.9 million UAH, thus securing 7th and 8th places, respectively.
In turn, Ukrainian Network Solutions LLC, which ranked 6th in investment volume in the first quarter, also reduced its investment by 50.9% compared to the same period last year—to 94.9 million UAH.
