Kyivstar Group (KYIV) Q4 2025 earnings summary

Executive summary

• Achieved robust financial and operational results for FY25 and Q4 2025, with revenue up 25.9% YoY to $1,157 million and EBITDA up 25.8% YoY to $648 million, outpacing guidance in both USD and local currency terms.

• Digital revenue surged 467% YoY to $124 million in FY25, now contributing up to 16% of total revenue, driven by acquisitions and ecosystem expansion.

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

• Strategic acquisitions (Tabletki.ua, SUNVIN 11, Shtorm/Storm, Uklon, Helsi) expanded digital healthcare, energy resilience, and broadband footprint.

Financial highlights

• FY25 revenue grew 25.9% YoY in USD to $1,157 million; Q4 revenue up 28.4% YoY to $321 million.

• EBITDA rose 25.8% YoY to $648 million, with a 56% margin; Q4 EBITDA up 21.7% YoY to $172 million.

• Net profit for FY25 was $124 million (EPS $0.57); adjusted for a $162 million one-time non-cash charge, adjusted net profit was $286 million (EPS $1.32).

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

• Ended FY25 with $456 million in cash and equivalents, maintaining a strong balance sheet.

Outlook and guidance

• FY26 revenue expected to grow 8%-11% in USD (15%-18% in UAH); EBITDA to grow 5%-8% in USD (12%-15% in UAH), assuming 44.5 UAH/USD.

• CapEx intensity to moderate to 23%-26% of revenue, reflecting normalization after elevated 2025 investments.

• Guidance incorporates full-year Uklon and Tabletki contributions, EU Roam Like at Home impact, digital mix shift, and prudent assumptions due to macro uncertainty.