Ukraine's Kyivstar lifts outlook again on strong earnings and digital momentum

The company's quarterly revenue grew 27% in local currency, supported by double-digit percentage growth in telecoms and a sharp acceleration in digital services, where local-currency revenue jumped nearly 95%, Komarov said.

He said the digital services growth reflected both organic expansion and acquisitions, although the contribution from acquired businesses would gradually diminish in year-on-year comparisons.

Kyivstar has expanded beyond mobile services through investments in areas including television, ride-hailing, healthcare and energy. Digital services accounted for almost 22% of group revenue in the quarter, with Komarov noting e-commerce and financial services remained strategic gaps in Kyivstar's broader ecosystem.

Kyivstar TV benefited from the live broadcast of a major Usyk boxing fight, Komarov said, while ride-hailing unit Uklon recorded around 50% growth compared to last year.

Uklon has launched a pilot bus service on two international routes using eight buses and is pursuing the acquisition of a scooter company that would extend its operations to 11 cities, he added.

Kyivstar said it had 21.8 million mobile subscribers in Ukraine as of June 30. Second-quarter earnings before interest, taxes, depreciation and amortisation grew 13.7% to $188 million.

Ukraine's largest mobile operator Kyivstar on Friday raised its financial outlook for the second time this year, building on a sustained momentum in its core telecoms and rapidly expanding digital businesses despite the continuing war.

The Nasdaq-listed company now targets 2026 revenue growth of between 14% and 16% in U.S. dollars, up from a prior range of 11% to 14%. Core profit is also expected to rise between 9% and 12%, instead of the earlier forecast of 7% to 10%.

CEO Oleksandr Komarov said the upgrade reflected a good broad-based performance, as Kyivstar's earlier forecasts had been deliberately cautious given the operating conditions in Ukraine.