Kyivstar Group (KYIV) Q3 2025 earnings summary

Executive summary

• Achieved 21% year-over-year revenue growth in UAH (20% in USD) and 21.5% EBITDA growth in UAH (20% in USD) for Q3 2025, driven by digital expansion and Uklon acquisition.

• Digital revenue grew over 5x (526% in USD), now contributing nearly 12% of total revenue, fueled by Uklon consolidation and organic growth.

• Multiplay users grew 25% year-over-year, now 32% of user base and 45% of revenue.

• Nasdaq listing completed, 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 soon.

Financial highlights

• Q3 revenue: UAH 12.3 billion ($297 million), up 21% year-over-year.

• Telecom revenue up 9% year-over-year in local currency to $262 million.

• EBITDA: UAH 7.1 billion ($171 million), up 21.5% year-over-year; EBITDA margin 57.6%.

• Adjusted net profit: $73 million; reported net loss: $89 million due to a $162 million one-off non-cash charge.

• Free cash flow: $174 million in Q3; LTM free cash flow: $373 million.

• Cash balance at quarter end: $472 million.

Outlook and guidance

• 2025 full-year revenue growth expected at 24%-27% in local currency (20%-23% in USD).

• 2025 full-year EBITDA growth expected at 23%-26% in local currency (19%-22% in USD).

• CapEx intensity guided at 30%-33% of revenue, reflecting investments in network resilience and modernization.

• Q4 EBITDA expected to reflect higher seasonal costs, but underlying growth trajectory remains intact.