Kyivstar Raises 2026 Revenue Growth Outlook to 15%–17% After 17.5% Quarterly Increase
Key Facts
Kyivstar raised its 2026 dollar revenue growth forecast to 15%–17%, from 14%–16%, after third-quarter revenue rose 17.5% year over year to $349 million, according to its results statement issued on November 6. The company also revised its forecast for EBITDA growth to 10%–12%, from a previous range of 9% to 12%. It kept its capital expenditure intensity forecast at 21%–24%. In the third quarter, EBITDA rose 10.3% to $189 million, while revenue increased 26.5% in hryvnia. The new guidance combines a higher annual growth forecast with an unchanged stated range for capital expenditure.
Net profit was $99 million, and diluted earnings per share were $0.36, compared with a net loss of $89 million in the third quarter of 2025. The company attributed the comparative period’s loss to a one-off non-cash item of $162 million related to Kyivstar’s listing. This puts the year-over-year net profit comparison in the context of that item recorded in the previous period. For overall activity, quarterly revenue was $349 million, while operating profit before depreciation and amortization was $189 million. The company’s statement distinguished between revenue growth and profitability measures, with both increasing during the quarter.
Digital services continued to expand faster than group revenue, with revenue rising 68.9% year over year to $76 million. This revenue accounted for 21.7% of the group’s total third-quarter revenue. EBITDA for digital activities rose 74.2% to $31 million, with a margin of 40.7%. Digital services revenue had grown 83.0% to $73.7 million in the second quarter of 2026, according to that quarter’s statement. In the third quarter of 2025, revenue growth was 19.8% in dollars, to $297 million, and operating profit before depreciation and amortization growth was 20.4%, to $171 million.
Cash generation improved during the period; free cash flow was $83 million in the third quarter, compared with $34 million in the same period of 2025. It reached $274 million in the first nine months of 2026, up 56.8% year over year. Chief Executive Officer Oleksandr Komarov said nine-month free cash flow rose 57%, adding: "This growth is turning into cash for the next round of expansion." Komarov said the network remained connected even in the most difficult conditions. By contrast, quarterly capital expenditure fell 25.6% to $66 million, and its trailing 12-month intensity declined to 24.0% from 29.0%.
Cash and cash equivalents were $436 million on September 30, 2026, while net liquidity, excluding leases, was $350 million. Net debt including leases was $66 million on the same date. In home internet, broadband customers rose 11.3% year over year to 1.3 million in the third quarter. The company said its open-access agreement with Ukrtelecom allows it to serve home internet customers over the latter’s fiber network. According to the statement, the service relies on use of the existing fiber network under the agreement.
Against the backdrop of the company’s expansion in the Ukrainian market, Kyivstar and its parent company Veon said they had invested $1.3 billion in Ukraine between 2023 and April 2026. The amount equals 130% of an original investment commitment of $1 billion for 2023–2027, and the companies exceeded the target ahead of schedule. In its 2025 results, Kyivstar reported annual revenue of $1,157 million, up 25.9%, and an EBITDA margin of 56.0%. The company said the margin in its telecom and infrastructure business fell 3.1 percentage points year over year in the third quarter, attributing the decline to higher energy costs. Investor relations data showed the company served more than 22 million mobile subscribers and more than 1.2 million broadband subscribers as of December 2025.
Kyivstar shares closed at $12.96 in the November 5 session, according to market data cited by EL7. The company had raised its 2026 revenue growth forecast to 14%–16% after its second-quarter results, when revenue rose 19.3% to $339 million; the range then became 15%–17% in its third-quarter announcement. In the same announcement, the company postponed its Capital Markets Day, scheduled for November 17, 2026, to a date in 2027, with final details to be announced later. It also said the third-quarter results presentation and management call would take place on November 6 at 08:30 Eastern Time, 15:30 Eastern European Time, and 17:30 Gulf time. These timings are part of the results schedule published by the company.