Kyivstar Group (KYIV) Q2 2026 earnings summary

Executive summary

• Revenue increased 19.3% year-over-year to $339 million for 2Q26, with digital revenue surging 83% to $74 million, now representing 21.7% of total revenue.

• EBITDA rose 13.7% year-over-year to $188 million, with margins of 55.4% overall, 59.1% for telecom/infrastructure, and 42% for digital.

• Multiplay customer base grew 23.6% year-over-year to 8.1 million, driving higher ARPU and lower churn.

• Strategic developments included Starlink Direct-to-Cell rollout, acquisition of six solar power plants, and progress in sovereign AI infrastructure.

• Raised 2026 revenue and EBITDA outlook on sustained growth momentum.

Financial highlights

• Net profit declined 5.7% year-over-year to $77 million due to a $21 million non-cash warrant charge; adjusted net profit would have been $98 million.

• Equity free cash flow after leases and licenses rose 32.2% year-over-year to $104 million.

• CapEx was $59 million, representing 17.3% of revenue for the quarter.

• Ended June with $364 million in cash and equivalents, and a net liquidity position of $277 million (excluding leases).

• Earnings per share for 2Q26 was $0.33, down 17.5% year-over-year.

Outlook and guidance

• Full-year 2026 USD revenue growth guidance raised to 14%-16% (prior: 11%-14%), and EBITDA growth to 9%-12% (prior: 7%-10%), with capex intensity unchanged at 21%-24%.

• UAH-based revenue and EBITDA growth guidance also increased, assuming an average 2026 exchange rate of UAH 44.5 per USD.

• Guidance reflects both organic growth and contributions from recent acquisitions (Tabletki.ua, solar assets).