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.
The Antimonopoly Committee of Ukraine (AMCU) approved PrJSC “Kyivstar”’s acquisition of control over LLC “GigaCloud”—the cloud provider GigaCloud.
The AMCU adopted the relevant decision on July 9, 2026.
GigaCloud is a cloud service provider founded in 2016 that specializes in providing relevant services to businesses. The company’s clients include the agricultural holding Kernel, Naftogaz, and others.
In late May, during the “Business Breakfast with Volodymyr Fedorin,” Kyivstar President and CEO Oleksandr Komarov declined to comment on a possible acquisition of GigaCloud but also noted the group’s interest in strengthening its position in the cloud business.
“This is one of our strategic priorities. It could happen organically, since we are a major Microsoft partner—we are currently building our own cloud. It could also happen inorganically if we identify attractive targets,” Komarov emphasized.
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 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.
Kyivstar, Ukraine’s largest telecommunications operator, is considering a pilot bond offering on the Ukrainian market, the company’s President and CEO Oleksandr Komarov announced at the “UP 100 Business” event in Kyiv on the evening of June 17, dedicated to the 20th anniversary of “Ekonomichna Pravda.”
“We have a functioning business with fairly solid metrics. I feel that if we need financing in hryvnia or foreign currency, there are bond instruments that we plan to try in the near future. I see this opportunity and don’t see any obstacles,” Komarov noted.
He recalled that at one point in its history, Kyivstar was “approximately $250 million in debt” and successfully and promptly fulfilled all its obligations.
According to him, the company has never taken out loans secured by its assets, only against its working capital.
Komarov added that an instrument such as bonds could enable Kyivstar to implement a strategy of independence from its current liquidity levels.
He also expressed the view that “something positive is happening at the (National) Securities Commission” right now.
“I hope there will be some degree of legalization, and that new, simplified mechanisms for raising capital will be created. In other words, it seems to me that, despite the very difficult environment, we are gradually moving in the right direction,” said the president of Kyivstar on the day a bill was submitted to the Verkhovna Rada to simplify the registration of private share offerings.
As reported, Kyivstar increased its consolidated EBITDA by 28.5% in the first quarter of 2026—to 7.5 billion UAH—while revenue grew by 31.3%—to 13.9 billion UAH.
Kyivstar, Ukraine’s largest mobile operator, has announced its vision to increase the share of revenue from digital services to 50% in the future, a figure that has risen to 20% in recent years.
“Our vision is that one day our revenue from digital services will equal our revenue from telecommunications. We’ve reached 20% now. We still need 30%,” Kyivstar CEO and President Oleksandr Komarov said at Forbes Money on Thursday.
According to him, thanks to this year’s acquisition of Tabletki, the company already has more digital customers than telecom customers: the group’s digital businesses reached a three-month audience of 28 million users, compared to 22 million in the telecom business.
“In other words, we are moving forward with the implementation of our strategy. We understand that the core value today, unfortunately, is not created by the presence of a telecom connection,” Komarov added.
He clarified that the company is currently building an ecosystem of various digital services around its core offering, which is the telecom business.
“But perhaps in five years, the core offering will be, for example, the ‘Uklon’ offering. In other words, this creates a field of opportunities for the development of the Kyivstar Group,” said the president of Kyivstar.
Komarov noted that the company’s investment payback period is estimated at around 5–6 years.
“We don’t factor synergies into the deals, but we certainly keep in mind what synergies we can achieve. For example, the synergies between Kyivstar and Tabletki are quite insignificant, but the synergies between Tabletki and Helsi are quite significant,” the mobile operator’s CEO cited as an example.
He emphasized that it is also important for Kyivstar to reduce its dependence on its core telecom business, as investors are less interested in this sector.
“There is hope that at some point we will be able to position this group as a set of digital assets with a completely different perspective on its valuation,” Komarov explained.
As reported, Kyivstar increased its consolidated EBITDA by 28.5% in the first quarter of 2026—to 7.5 billion UAH—while revenue grew by 31.3%—to 13.9 billion UAH.
