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.
According to the results of 2025, the state-owned enterprise “Forests of Ukraine” received UAH 29.9 billion in revenue, UAH 8.4 billion in pre-tax profit, and 23% profitability, said the general director of the state-owned enterprise, Yuriy Bolokhovets, on Facebook.
He specified that “Forests of Ukraine” paid UAH 15.8 billion in taxes in 2025, which is 44% of its revenue and is the highest percentage in the forestry and woodworking industries.
“For the first time since independence, billions in profits from timber sales have not been diluted by shadow schemes and divided between officials and intermediaries, but have been directed entirely to the budget. This is an indisputable fact. Numbers are stubborn things, and they make it possible to evaluate the work of an enterprise on the basis of objective figures rather than subjective judgments,” Bolokhovets wrote.
The CEO expressed confidence that the growth in indicators is largely due to de-shadowing, as the product sales system is now as open as possible. The state-owned enterprise “Forests of Ukraine” publishes information on each exchange transaction: who contracted what volume of timber and at what price. A list of product refusals is also published.
In 2025, the state-owned enterprise transferred 100% of its procurement of harvesting services to Prozorro. However, due to a shortage of personnel, contractors often do not have time to complete the work. Therefore, additional teams are being formed throughout Ukraine and new vacancies for loggers are being opened.
According to his information, “Forests of Ukraine” plans to increase harvesting volumes in 2026. To this end, the procurement of special equipment has already been launched: harvesters, forwarders, skidders, tractors, trailers, and equipment for transporting timber. Currently, the state-owned enterprise “Forests of Ukraine” is working to double its investment plan for 2026 in order to increase the pace of harvesting.
“We are determined to offer the market the largest volume of forest products since the start of the full-scale war. We expect an additional million cubic meters thanks to the acceleration of the approval of forest management materials. We expect another million cubic meters from the deregulation of licensing procedures. Changes to the regulatory framework are being developed, but unfortunately, the decision has not yet been made,” Bolokhovets said.
In 2026, the state-owned enterprise “Forests of Ukraine” also plans to increase investments in forest protection, conservation, and reforestation, focusing on the care of forest crops to ensure a high-quality timber market in the future. The recreation development program will continue.
Bolochovets added that the state-owned enterprise’s plans for 2026 include restarting the implementation of an automated ERP management system and continuing the corporatization process, which involves revaluation of property, inventory, and preparation of transfer deeds. The registration of property rights to land will be completed. The enterprise will also work on incorporating forest users who are unable to fully perform their functions into its structure.
The national postal operator Ukrposhta received a net profit of UAH 257.9 million in the fourth quarter of 2025, which is 69.2% more than in the same period in 2024, according to the company’s interim report.
“The net profit target was exceeded, while the net income and EBITDA targets were not met, thanks to additional income from the sale of the company’s property, which amounted to UAH 168 million against a target of UAH 46 million,” the document states.
According to the report, Ukrposhta increased its revenue in the fourth quarter by UAH 10.7 million compared to the same period in 2024, to UAH 3 billion 601.6 million, but this was UAH 676.0 million less than planned.
The company explained that compared to the same period last year, there was an increase in revenue from the delivery of written correspondence, trade, and other commercial services, while other services saw a decline in revenue.
EBITDA for the reporting period increased by 49.7% compared to the fourth quarter of 2024, reaching UAH 461.5 million, but according to the plan, it should have amounted to UAH 591.1 million.
It is noted that in the fourth quarter of 2025, the company accepted 20.5 million domestic and international letters (22.7 million in the same period of 2024), 11.8 million parcels (13.3 million), and 21.5 million (23.3 million) payments.
According to the report, Ukrposhta currently has 5,100 stationary points (5,200 in the fourth quarter of 2024), which serve 11,100 service points, 2,000 mobile points (2.1 thousand in Q4 2024), which serve 20.13 thousand service points.
The average number of full-time employees in Q4 2025 was 26.6 thousand (28.9 thousand in Q4 2024), and the average salary was UAH 18,800 (in Q4 2024 – UAH 17,800), according to the report.
Also, during the fourth quarter, the company launched a network of the first 100 automatic post office machines in Kyiv and Odesa, updated its mobile application and CRM system. In addition, the company’s branches began accepting payment for goods with the Natskeshbek card.
According to the report, Ukrposhta’s plans for 2026 include investing in digital systems, in particular expanding the functionality of the mobile application, CRM systems, and others. It also plans to expand new parcel terminals in the regions and optimize delivery routes, strengthen operational activities, and enhance its cybersecurity program.
As reported, in the third quarter of 2025, Ukrposhta increased its losses by 10.4% compared to the same period last year, to UAH 151.8 million, with a 6.2% decrease in revenue, to UAH 3 billion 18.1 million, while EBITDA amounted to UAH 100.4 million compared to UAH 298.6 million in the same period of 2024.
In the first half of 2025, the company increased its revenue by 5.4% compared to the same period last year, to UAH 6 billion 505.0 million, reducing its net loss by 27.2% to UAH 311.8 million.
In 2025, the state-owned enterprise Lesy Ukrainy earned more than UAH 8 billion in profits, paid more than UAH 15 billion in taxes, and invested about UAH 2 billion in its restoration and development, according to the company’s CEO Yuriy Bolokhovets on Facebook.
He also noted that during the war, foresters were able to implement the president’s “Green Country” program and planted 1 billion trees, saved tens of thousands of hectares of self-seeded and undistributed forests, and reduced the area of fires by four times despite constant shelling.
“The company’s performance is not a coincidence or a gift of fate. It is the result of a consistent policy of strong centralized management and control, transparent procurement, and open and competitive sales,” Bolokhovets emphasized.
At the same time, he noted that “the pre-reform fragmented and corrupt system did not achieve even a tenth of the results of the Lesy Ukrainy state enterprise, but remained a source of enrichment for the select few.” That is why, according to the head of the state-owned enterprise, forest reform still faces fierce resistance, as shadow schemes and profits always find supporters. The remnants of the old system are finding new allies, he explained.
“The pressure and persecution that continued this year are not about me personally. These are attempts to stop the changes that, for the first time since independence, have made forests a truly state resource,” emphasized the CEO of Lesy Ukrainy, thanking the team of foresters who have come through this year with dignity, maintained unity, and delivered results.
Among the plans for 2026, Bolokhovets mentioned the digitization of management, new global control systems, mechanization and increased harvesting, and large-scale demining projects.
Centrenergo PJSC plans to end 2025 with a net profit of approximately UAH 4.5 billion after many years of losses, according to Andriy Gota, chairman of the company’s supervisory board.
“This year, Centrenergo should end with financial results that have not been achieved for decades. This is approximately UAH 4.5 billion in net profit. The company’s previous managers accumulated losses of UAH 16 billion over 20 years,” Gota said in an interview with the Energorforma internet portal.
He noted that the company has not reported losses since July 2024.
“The company also repaid almost UAH 2.5 billion in debts from previous periods, including to state-owned mines and Naftogaz, and stopped accumulating them,” said the head of the NR.
According to him, at the same time, the debt of NEC Ukrenergo to the company in the balancing market amounts to UAH 2.2 billion, having doubled compared to last year’s figure.
As reported, Centrenergo is the operator of the Trypilska TPP in the Kyiv region and the Zmiivska TPP in the Kharkiv region. The company’s Vuhlehirsk TPP in Donetsk region has been occupied since mid-summer 2022. The first massive strike on the Trypilska TPP took place in April 2024, and on the Zmiivska TPP in December 2022.
The current supervisory board was appointed in August 2023. At that time, it appointed Andriy Churkin, former director of PJSC “Kharkivenergosbyt,” as chairman of the board of Centrenergo, who was replaced in July 2024 by the company’s technical director, Yevhen Harkavyi.
Applications for the competition to select candidates for the supervisory board of Centrenergo are being accepted until December 23: three independent members and two state representatives. In an interview, Gota said that he would not apply to participate in this competition and would leave the company.
Insurance company Busin (Kyiv) collected UAH 175.2 million in gross premiums in January-September 2025, which is 9.08% more than in the same period of 2024, according to Standard Rating, which updated the insurer’s credit rating/financial stability rating to “uaAA+” on the national scale based on an analysis of the specified period.
The rating agency’s report notes that revenues from reinsurers increased by 6.05% to UAH 189.1 million, and the ratio between premiums attributable to reinsurers and gross premiums decreased by 3.09 percentage points (pp) to 107.94%.
In the first nine months of 2025, the company paid out UAH 215,000 in insurance payments and reimbursements to its clients, compared to UAH 31.869 million in the same period of 2024. RA notes that significant fluctuations in the volume of business and the level of payments of JSC IC Busin are related to the specifics of its activities and specialization in insurance of large risks, in particular aviation risks.
As of September 1, 2025, the company’s assets decreased by 5.44% to UAH 282.5 million, equity increased by 13.4% to UAH 182.7 million, and cash and cash equivalents decreased by 26.9% to UAH 235.6 million.
RA notes that the financial results of Busin Insurance Company JSC improved significantly in the period under review. In particular, based on the results of the first nine months of 2025, the insurer received significant amounts of operating profit (UAH 34.08 million) and net profit (UAH 24.84 million), while based on the results of the same period in 2024, the insurer’s activities were unprofitable.
Busin Insurance Company was registered in February 1993. It specializes in risk insurance. It is a member of a number of professional and industry associations, including the League of Insurance Organizations of Ukraine, the Insurance Payments Club, the International Association of Aviation Insurers (UA), the Nuclear Insurance Pool, the American Chamber of Commerce in Ukraine, and the British Business Club.
