Kyivstar Group (KYIV) Q1 2026 earnings summary

Executive summary

• Revenue grew 26.6% year-over-year to $323 million, with EBITDA up 23.5% to $173 million and net profit at $85 million, driven by telecom subscriber growth, digital expansion, and acquisitions.

• Digital revenue surged 257% year-over-year to $67 million, now representing 20.9%–21% of total revenue, fueled by acquisitions and organic growth.

• Multiplay customers increased 31.6%–32% year-over-year to 8.1 million, now about 40% of the active mobile base, supporting higher ARPU and lower churn.

• Strategic acquisitions (Uklon, Tabletki.ua, Helsi, Shtorm, Sunvin) and partnerships (SpaceX/Starlink) accelerated digital and connectivity expansion.

Financial highlights

• Telecom revenue rose 8.3% year-over-year to $256 million; digital revenue surged 256.6%–257% to $67 million.

• EBITDA margin was 53.5%–53.6% overall; telecom/infrastructure margin 56.4%, digital margin 42.7%–43%.

• Equity free cash flow grew 31.9%–32% to $87 million; operating cash flow was $161 million.

• CapEx was $67 million (20.9%–21% of revenue), with a strong cash position of $353 million and net cash (ex-leases) of $259 million.

• Earnings per share rose 76.2% year-over-year to $0.37.

Outlook and guidance

• Full-year 2026 guidance raised: revenue growth of 18%–21% (UAH), 11%–14% (USD); EBITDA growth of 14%–17% (UAH), 7%–10% (USD).

• CapEx intensity expected at 21%–24% of revenue, focusing on network quality, energy resilience, and renewables.

• Growth moderation expected due to base effects, currency headwinds, and regulatory changes.