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, with robust cash flow generation.

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

• Multiplay users grew 25% year-over-year, now 32% of the user base and 45% of customer 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 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% 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 reached 57.6%, up 300 bps.

• Reported net profit: -$89 million, due to a $162 million one-off non-cash charge related to sponsor shares from the listing; adjusted net profit: $73 million.

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

• Ended Q3 with $472 million in cash and $100 million in debt (excluding leases); gross debt at $453 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.