Kyivstar increases EBITDA, revenue by 24-26% in 2025, better than forecast – VEON

The largest Ukrainian mobile operator Kyivstar increased revenue and EBITDA by 24-26% in 2025, which exceeds the forecast published in November 2025, according to a press release from the telecommunications holding VEON, the main shareholder of Kyivstar Group with a share of 89.6%.

According to preliminary unaudited estimates, capital expenditures in 2025 are expected to range between 29% and 31% of revenue.

VEON expects that results will exceed the 2025 forecast published on November 10, 2025, alongside its third-quarter 2025 financial results, the company said in a release.

As previously reported, Kyivstar served 22.5 million mobile subscribers in the third quarter of 2025, down 3.6% from the previous year, while the number of 4G customers increased by 2.4%, reaching 15 million.

The company posted EBITDA of UAH 7.1 billion in the third quarter of 2025, up 21.5% compared with the third quarter of 2024; in U.S. dollars, the increase was 20.4%, to $171 million.

In the first half of 2025, Kyivstar’s EBITDA rose 32% to $206 million, while revenue grew 28% to $539 million.

In August 2025, Kyivstar Group Ltd. (Nasdaq: KYIV) announced the completion of its listing on the Nasdaq Stock Market LLC (Nasdaq) and the start of trading of shares of Ukraine’s largest mobile operator, Kyivstar, under the ticker KYIV.