Highlights 

  • Q3 2025 total revenue rose 20.9% YoY to UAH 12.3 bn (USD 297 mn). 
  • EBITDA increased 21.5% YoY to UAH 7.1 bn (USD 171 mn), with a 57.6% margin. 
  • Direct digital revenue surged 531% YoY to UAH 1.5 bn (USD 35 mn), reaching 12% of total. 

Kyivstar Group Ltd. (NASDAQ:KYIV), Ukraine’s leading digital operator, released selected unaudited financial and operational results for the third quarter ending September 30, 2025. Total revenue climbed 20.9% YoY to UAH 12.3 bn (USD 297 mn), reflecting the Group’s pricing policies and growth in consumer spending. Mobile ARPU rose 14.0% YoY to UAH 153.1 (USD 3.7). 

EBITDA increased 21.5% YoY to UAH 7.1 bn (USD 171 mn), representing a margin of 57.6%. Adjusted net profit reached USD 73 mn, excluding a non-cash charge of USD 162 mn related to Kyivstar’s Nasdaq listing. Without adjustments, the company reported a loss of USD 89 mn for Q3 2025. 

Digital and Multiplay Performance 
Direct digital revenue grew 531% YoY to UAH 1,464 mn (USD 35 mn), now representing 11.9% of total revenue, largely driven by the consolidation of Uklon. Uklon contributed USD 24.7 mn in revenue, USD 9.1 mn in EBITDA, and USD 6.7 mn in profit for the quarter. 

Multiplay customers increased 24.8% YoY to 6.6 mn, while digital monthly active users expanded 49.4% to 13.5 mn. Kyivstar’s digital platforms aim to integrate connectivity with value-added services, improve user engagement, and blend ARPU. 

Liquidity and Cash Position 
As of September 30, 2025, Kyivstar held USD 472 mn in cash, supported by last twelve months equity free cash flow of USD 373 mn. The Group continues to invest in network and digital infrastructure to support multiplay and digital initiatives. 

Strategic Developments 
Kyivstar completed its Nasdaq listing on August 15, 2025, becoming the first Ukrainian company on a U.S. exchange. The Group conducted Ukraine’s first Starlink Direct to Cell network test ahead of a planned nationwide rollout in late 4Q25. Kyivstar is also advancing the development of Ukraine’s first national large language model in collaboration with the Ministry of Digital Transformation. 

Outlook for 2025 
For full-year 2025, Kyivstar expects revenue growth of 24–27% YoY and EBITDA growth of 23–26% YoY in UAH terms. In USD terms, revenue is projected to grow 20–23% YoY, with EBITDA growth of 19–22% YoY. Capex intensity is expected to remain in the 30–33% range. 

Management Commentary 
CEO Oleksandr Komarov said: 
“Anchored by Kyivstar’s resilient, market-leading telecom franchise, we are scaling a strong digital ecosystem. Digital services now contribute nearly 12% of revenues, and our ~20% growth in revenue and EBITDA highlights the growing role of our digital portfolio in Ukrainians’ daily lives. This momentum is supported by our robust mobile and fixed-line businesses, where competitive pricing and reliable service sustain our market leadership. 

“Looking ahead, we are committed to shaping Ukraine’s digital future, from advancing AI and cloud to expanding how customers connect. Our upcoming nationwide Direct to Cell launch is another key milestone. As the first Ukrainian company to list on a US exchange, we look forward to sharing Kyivstar’s compelling investment opportunity.”