Kyivstar Group (KYIV) Q2 2025 earnings summary

Executive summary

• Total operating revenue for Q2 2025 reached $284 million, up 20.9% year-over-year in USD and 25.9% in local currency, driven by the first-time consolidation of Uklon and growth in telecom and digital segments.

• Profit for the period was $82 million, up 13.9% year-over-year, with a profit margin of 28.9%.

• Adjusted EBITDA rose to $165 million, up 18.7% year-over-year, with an adjusted EBITDA margin of 58.1%.

• Multiplay customer base grew 23.7% year-over-year to 6.5 million, representing 31.7% of active mobile customers.

• Digital monthly active users reached 13.4 million, up 51.2% year-over-year, including 3.5 million from Uklon.

Financial highlights

• Uklon contributed $21.7 million in revenue and $9.3 million in adjusted EBITDA in its first consolidated quarter.

• Direct digital revenue share rose to 10.3% of total operating revenue.

• Uklon saw 41.2 million rides booked (up 18.9% year-over-year) and 1.1 million deliveries (up 33.4%).

• Adjusted EBITDA margin was 58.1% in Q2 2025.

Outlook and guidance

• Business combination with Cohen Circle Acquisition Corp. I is expected to close on schedule, making the group the only pure-play Ukrainian investment on U.S. stock markets.

• Regulatory approval received to begin field testing Starlink's Direct-to-Cell services in Ukraine, with launch planned for Q4 2025.

• Continued focus on expanding the digital ecosystem and supporting Ukraine's digital transformation.