Kyivstar Group (KYIV) Q4 2025 earnings summary

Executive summary

• Achieved robust financial and operational results in 2025, with revenue up 25.9% in USD and EBITDA up 25.8%, outperforming prior guidance by 4 percentage points in dollar terms.

• Digital services and ecosystem strategy drove high multi-play and 4G penetration, rising data consumption, and revenue growth across all verticals.

• Digital revenue surged 467% in FY25, now contributing 16% of total revenue, supported by acquisitions such as Tabletki.ua, Uklon, and Helsi.

• Operational efficiency and scale sustained resilient margins and robust cash flows.

• Strategic acquisitions, including Tabletki.ua, Storm/Shtorm, SUNVIN 11, and increased stakes in Uklon and Helsi, expanded digital healthcare, broadband, and energy resilience capabilities.

Financial highlights

• FY25 revenue reached $1,157 million (+25.9% USD); telecom revenue was $1,033 million (+15.1% USD); digital revenue was $124 million (+467% USD).

• EBITDA rose 25.8% to $648 million, with a 56% margin; net profit was $124 million, EPS $0.57; adjusted net profit was $286 million, EPS $1.32, excluding a $162 million one-time Nasdaq listing charge.

• Net operating cash flow was $558 million; equity free cash flow after leases and licenses was $194 million.

• Capex for FY25 was $351 million, with capex intensity at 30.3%.

• Ended 2025 with a cash balance of $456 million and minimal external debt; net cash position (excluding leases) was $352 million.

Outlook and guidance

• 2026 revenue expected to grow 8%-11% in USD (15%-18% in UAH); EBITDA to grow 5%-8% in USD (12%-15% in UAH).

• Capex intensity projected at 23%-26% of revenue, down from 30% in 2025.

• Guidance incorporates full-year Uklon and Tabletki contributions and reflects prudence amid currency devaluation, EU roaming impact, and normalization post-cyberattack.

• Guidance subject to uncertainties from the ongoing war in Ukraine and potential regulatory changes.