Kyivstar Group Ltd.

What they do

Kyivstar Group Ltd. operates through its principal subsidiary, PrJSC Kyivstar, offering mobile voice and data services, fixed-line broadband, and digital services in Ukraine. The company also owns Kyivstar.Tech, a technology development unit, and has expanded into digital platforms such as the Helsi healthcare app and the Uklon ride-hailing service. In late 2025, the company completed the acquisition of SUNVIN 11 LLC, which operates the Uklon ride-hailing platform.

Revenue drivers

• Mobile services — Core revenue from mobile voice and data subscriptions, with a large subscriber base in Ukraine.
• Fixed-line services — Revenue from residential and enterprise fixed-line broadband and telephony services.
• Digital services — Includes value-added services and new initiatives like Helsi (healthcare) and Uklon (ride-hailing), which are smaller but growing.

Recent performance

For fiscal year 2025, Kyivstar Group reported revenue of approximately $1.17 billion, up from $1.02 billion in 2024. Net income for 2025 was $318 million, compared to $190 million in 2024. EBITDA (unaudited) increased to $773 million in 2025 from $591 million in 2024. The group reported a net loss in 2024 due to one-time items, but returned to profitability in 2025.

Strategy

Management's stated priorities include growing the mobile subscriber base, expanding fixed-line and digital ecosystems, and integrating high-growth assets like Uklon and Helsi. The company is investing in network modernization, including 4G/LTE and 5G readiness, and is developing its Kyivstar.Tech unit for internal and external tech solutions. The acquisition of Uklon and ongoing investment in Helsi underscore a strategy to diversify beyond core telecom into adjacent digital verticals.

Risks

• War and geopolitical risk — Ongoing military conflict in Ukraine could disrupt operations, damage infrastructure, or impair demand.
• Network infrastructure risk — Physical damage to towers and data centers from hostilities or sabotage could lead to service outages and repair costs.
• Regulatory risk — Changes in telecom regulation, licensing fees, or spectrum allocation could affect profitability.
• Macroeconomic risk — Currency volatility (UAH/USD) and inflation in Ukraine impact costs and consumer spending.

Outlook

Management expects continued revenue growth driven by mobile data adoption and fixed-line expansion. The company plans to integrate Uklon and Helsi, with the Uklon acquisition completed in December 2025. Management highlighted resilience in operating performance despite the war, and remains focused on operational efficiency and shareholder returns.