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Kyivstar Group (KYIV) investor relations material
Kyivstar Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved revenue growth of 21% YoY in UAH (20% in USD) and EBITDA growth of 21.5% YoY in UAH (20% in USD) for Q3 2025, with robust cash flow generation.
Digital revenue surged over 5x (526% YoY in USD), now contributing nearly 12% of total revenue, driven by Uklon consolidation and strong organic growth across digital verticals.
Multiplay users grew 25% YoY, now 32% of the user base and 45% of customer revenue.
Completed Nasdaq listing, setting a transparent group valuation of $2.8 billion; first Ukrainian company listed on a U.S. exchange.
Completed first-in-Europe test of Starlink direct-to-cell services, with commercial launch planned and a major partnership to develop Ukraine’s first national large language model (LLM).
Financial highlights
Q3 2025 revenue: UAH 12.3 billion ($297 million), up 21% YoY; telecom revenue $262 million (+8% YoY USD); direct digital revenue $35 million (+526% YoY USD).
EBITDA: UAH 7.1 billion ($171 million), up 21.5% YoY; EBITDA margin reached 57.6%, up 0.3 p.p. YoY.
Reported net loss: $89 million, due to a $162 million one-off non-cash charge from the listing; adjusted net profit: $73 million.
Adjusted EPS for Q3: $0.33; nine-month EPS: $0.93.
Free cash flow for Q3: $174 million; LTM free cash flow: $373 million; cash position at $472 million as of September 30, 2025.
Outlook and guidance
Full-year 2025 revenue growth expected at 24%-27% (local currency), 20%-23% (USD), and EBITDA growth at 23%-26% (local currency), 19%-22% (USD), assuming stable FX rates.
CapEx intensity guided at 30%-33% of revenue, reflecting investments in network resilience and digital initiatives.
Q4 EBITDA expected to reflect higher seasonal costs, but underlying growth trajectory remains intact.
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