Kyivstar Reports Strong Q3 Revenue and EBITDA Growth

Kyivstar, Ukraine’s leading digital operator and the first Ukrainian company to list on a U.S. stock exchange, reported strong financial results for the third quarter of 2026, marking a significant turnaround from the previous year. Revenue surged 17.5% year-over-year (YoY) to USD 349 million (UAH 15.6 billion, up 26.5%). The company’s telecommunications and infrastructure revenue grew 8.4% (UAH 16.7% growth) on the back of higher mobile average revenue per user (ARPU) and data usage. Digital revenue, a key driver of growth, expanded by 68.9% (UAH 81.8% growth) to account for 21.7% of total revenue.

EBITDA (earnings before interest, taxes, depreciation, and amortization) increased by 10.3% YoY to USD 189 million (UAH 8.4 billion, up 18.7%), with a margin of 54.0%. The margin for telecommunications and infrastructure was 57.7%, while the digital segment saw a margin of 40.7%. Net profit for the quarter reached USD 99 million, compared to a net loss of USD 89 million in the same period of 2025, reflecting a one-time, non-cash charge of USD 162 million related to the Kyivstar listing.

Capital expenditure (Capex) decreased by 25.6% YoY to USD 66 million, leading to a lower capex intensity of 24.0% from 29.0% in the previous year. Free cash flow (FCF) improved significantly, reaching USD 83 million in the third quarter and USD 274 million for the first nine months of 2026, up 56.8% YoY. Cash and cash equivalents stood at USD 436 million, while net liquidity excluding leases was USD 350 million.

Kyivstar is optimistic about the remainder of the year, revising its outlook to expect revenue growth of 15% to 17% in USD (22% to 24% in UAH) and EBITDA growth of 10% to 12% in USD (18% to 20% in UAH). The company plans to maintain its capex intensity at 21% to 24%.

In other significant developments, Kyivstar expanded its Uklon services in Ukraine and abroad, entering four more Ukrainian cities and five cities in Uzbekistan’s Fergana Valley. The company also opened fiber access with Ukrtelecom, establishing an Open Access agreement for reciprocal use of each operator’s fiber networks in three regions. Kyivstar is deepening its presence in the international and multinational business community by opening a New York office at Rockefeller Center and marking one year on Nasdaq.

These achievements reflect Kyivstar’s strategic focus on expanding its digital services and enhancing its network infrastructure, driving growth and profitability.