Kyivstar FY25 Revenue Rises 25.9% to $1.16 bn as Digital Sales Surge 4.7x
Kyivstar reported FY25 revenue up 25.9% to $1,157 mn and EBITDA rising 25.8% to $648 mn (56.0% margin). Digital revenue surged 4.7x to $124 mn, while a $160 mn acquisition of Tabletki.ua and a 12.9 MW solar plant bolster growth ahead of 8–11% USD revenue expansion guidance for 2026.
1. FY25 Financial Performance
Kyivstar delivered FY25 revenue of $1.157 bn, up 25.9% YoY, and 4Q25 revenue of $321 mn, up 28.4% YoY. EBITDA rose 25.8% to $648 mn (56.0% margin), while adjusted net profit reached $289 mn (EPS $1.32) versus unadjusted $124 mn (EPS $0.57) after a $162 mn non-cash listing charge.
2. Digital and Multiplay Expansion
Digital revenue jumped 4.7x to $124 mn, accounting for 10.7% of total revenue, with 4Q digital sales up 6.1x to $50 mn (15.7% share). Multiplay customers grew 18% to 7.3 mn, representing 35% of active mobile users, while mobile ARPU increased 18.2% to $3.8.
3. Strategic Acquisitions and Investments
In February, Kyivstar acquired Tabletki.ua for $160 mn to expand digital healthcare offerings, and in December bought a 12.9 MW solar plant to diversify energy sources. The Group also acquired ISP Shtorm and expanded Starlink Direct to Cell to nearly 5 mn 4G users, while a secondary share sale reduced the parent stake to 83.6%.
4. 2026 Guidance
For 2026, Kyivstar forecasts 8–11% USD revenue growth and 5–8% EBITDA expansion, implying 15–18% local-currency revenue and 12–15% EBITDA gains, based on a UAH/USD rate of 44.5. Capex intensity is expected at 23–26% of revenue as the company invests in network and energy resilience.