Revenue and Digital Services: How Kyivstar Closed the 2025 Fiscal Year
13 March 21:50
Kyivstar, Ukraine’s largest mobile operator, has released its financial results for fiscal year 2025. According to the company’s report, adjusted net income amounted to $289 million, and earnings per share were $1.32. This is stated in the company’s report, as reported by [Komersant].
At the same time, unadjusted net profit was $124 million, which is significantly lower than the adjusted figure.
Why do the profit figures differ?
The company attributes the difference between adjusted and actual results to non-cash expenses incurred due to the company’s listing.
Specifically:
- $162 million in non-cash expenses related to the listing in the third quarter of 2025;
- these expenses impacted the final net profit figure.
As of the end of the fourth quarter of 2025, the company’s unadjusted net profit was $90 million.
The company’s revenue grew by a quarter
The financial report indicates a significant increase in revenue.
According to Kyivstar:
- total revenue in 2025 grew by 25.9%;
- the company generated $1.1 billion in revenue.
In the fourth quarter, revenue increased by 26% compared to the same period in 2024.
The company attributes this to two key factors:
- the development of digital services;
- the expansion of the telecom network.
Digital services have become a new driver
Digital services have become one of the most dynamic business areas.
Over the past year:
- revenue from digital services grew 4.7-fold;
- reaching $124 million;
- this segment accounted for 10.7% of the company’s revenue.
This indicates a shift in the operator’s business structure—from a traditional telecom operator to a provider of digital services.
The company’s forecasts for 2026
The company expects further growth in financial performance.
Kyivstar’s forecast for 2026 anticipates:
- revenue growth in dollars of 8–11%;
- a 5–8% increase in EBITDA.
This is based on the forecast of:
- 15–18% revenue growth in hryvnia;
- 12–15% growth in EBITDA.
The company also plans significant investments: capital expenditures may amount to 23–26% of revenue.
Business Expansion
In 2025–2026, Kyivstar is actively expanding its business beyond traditional mobile communications.
Specifically, the operator:
- acquired the internet service provider ISP Shtorm;
- completed a deal to acquire 100% of the shares in the medical supplies service Tabletki.ua.
These steps could strengthen the company’s position in the digital and online services market.
