Kyivstar Group Ltd. · NASDAQ:KYIV
Kyivstar — Q4 2025 Earnings Presentation
28 slides from Kyivstar's earnings presentation, Mar 13, 2026
Slide 1: Revenue +25.9% in 2025, +28.4% in 4Q25
Kyivstar Group Ltd. Revenue +25.9% in 2025, +28.4% in 4Q25 EBITDA +25.8% in 2025, +21.7% in 4Q25 Digital Revenue +4.7x in 2025, +6.2x in 4Q25 (in USD terms) Digital, Connectivity Synergies Fuel Growth 13 March 2026 | FY25 & 4Q25 Results Presentation
Slide 2: Disclaimer and Notice to Readers
DISCLAIMER AND NOTICE TO READERS Kyivstar’s results and other financial information presented herein are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and have not been externally r
Slide 3: FY25 – Delivering Results Across All Fronts
FY25 – DELIVERING RESULTS ACROSS ALL FRONTS FY25 4Q25 +30.3% +30.1% Expanded telecom & digital to deliver strong topline growth Delivering Strong UAH revenue growth Drove operational efficiency & scale to sustain resilient margins Growth +25.9% +28.4% USD revenue growth Generated robust cash flows +
Slide 4: FY25 Key Financial Metrics
FY25 KEY FINANCIAL METRICS All figures expressed in USD mn, unless specified otherwise Revenue Telecom revenue Digital revenue EBITDA 1,157 1,033 124 648 +25.9% in USD +15.1% in USD +467% in USD +25.8% in USD +30.3% in UAH +19.2% in UAH +485% in UAH +30.0% in UAH 1 Net cash flow from Adjusted net pr
Slide 5: 4Q25 Financial Metrics – Solid Exit Momentum
4Q25 FINANCIAL METRICS – SOLID EXIT MOMENTUM All figures expressed in USD mn, unless specified otherwise Revenue Telecom revenue Digital revenue EBITDA 321 mn 271 mn 50 mn 172 mn +28.4% in USD +11.5% in USD +619% in USD +21.7% in USD +30.1% in UAH +12.8% in UAH +636% in UAH +23.1% in UAH 1 Net profi
Slide 6: Telecom Business – Driving ARPU and Broadband Growth
TELECOM BUSINESS – DRIVING ARPU AND BROADBAND GROWTH Subscribers Churn rate (mn) (annualized, %) 23.0 22.7 22.4 22.5 22.4 17.6 15.7 15.1 13.5 9.9 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 YoY, % (3.8) (4.9) (4.5) (3.6) (2.8) YoY, p.p. +3.2 +4.3 (4.6) (6.3) (4.1) ARPU Broadband subs
Slide 7: Powering Revenue Growth with Multiplay
POWERING REVENUE GROWTH WITH MULTIPLAY Multiplay customers growing Multiplay as % of total base Multiplay vs mobile-only ARPU (mn) (USD) 35.0 31.7 31.7 29.1 29.5 4.8 5.0 3.8x 5.3 5.2 4.4 7.3 6.1 6.1 6.5 6.6 3.3 3.4 3.5 3.7 3.8 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q
Slide 8: Robust Growth in Digital Revenue
ROBUST GROWTH IN DIGITAL REVENUE 1 MAUs (mn) Digital revenue UAH, mn 15.7% Uklon 3.8 11.9% 2,114 10.8% 95 351 Kyivstar TV 2.5 % of total revenue 1,466 75 250 1,264 73 140 91 222 Helsi 2.5 2.8% 3.1% 197 329 1,417 287 330 1,027 68 903 57 My Kyivstar 6.2 89 80 149 172 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 15.0
Slide 9: Ride-Hailing & Delivery: Uklon Delivered >160 mn Rides in 25
RIDE-HAILING & DELIVERY: UKLON DELIVERED >160 MN RIDES IN 2025 Leading ride-hailing platform in Ukraine Scaling operations and footprint in Uzbekistan 4Q25 MAU1 3.8 mn Total revenue N/A 33.7 mn USD 1,417 mn UAH Rides booked2 Deliveries completed2 43.6 mn 1.3 mn EBITDA3 +8.6% YoY +21.7% YoY 9.2 mn US
Slide 10: Digital Enterprise: Gaining Momentum
DIGITAL ENTERPRISE: GAINING MOMENTUM Empowering businesses through seamless digital connectivity Total revenue Big data & Cloud & industry M2M & AdTech solutions IoT 6.0 mn USD 250 mn UAH Subscriptions Cloud services provided Adwisor (AdTech platform) to RTK to B2B clients registered clients 1,800+
Slide 11: Entertainment: Engagement Fuels Kyivstar TV Momentum
ENTERTAINMENT: ENGAGEMENT FUELS KYIVSTAR TV MOMENTUM Largest media streaming service in Ukraine 1 2 MAU Total revenue 2.5 mn 8.4 mn USD +333% YoY +19.7% YoY 351 mn UAH +338% YoY Usage time per user, Number of sessions per active day3 891 mn 257 min +25.4% YoY (6.9%) YoY 1. Refers to users active dur
Slide 12: Healthcare: Helsi is Scaling its Paying Customer Base
HEALTHCARE: HELSI IS SCALING ITS PAYING CUSTOMER BASE The largest digital healthcare platform in Ukraine MAU1 Total revenue2 2.5 mn 2.3 mn USD +65.7% YoY +6.7% YoY 95 mn UAH +67.8% YoY Active doctors Active healthcare Appointments Paying and specialists2 institutions2 made by patients2 customers2 42
Slide 13: FY25 – Resilient Revenue, EBITDA and Free Cash Flow Growth
FY25 – RESILIENT REVENUE, EBITDA AND FREE CASH FLOW GROWTH… Revenue (UAH, bn) EBITDA (UAH, bn) USD mn 250 255 284 297 321 141 140 165 171 172 +30.1% +23.1% 13.5 11.8 12.3 10.3 10.6 6.9 7.1 7.2 5.8 5.8 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 1 CAPEX Equity FCF 4Q25: USD 128 mn / U
Slide 14: Drive a Strong Cash Position and Balance Sheet
…DRIVE A STRONG CASH POSITION AND BALANCE SHEET UAH mn USD mn Dec 31, 2025 Sep 30, 2025 Dec 31, 2025 Sep 30, 2025 Cash and cash equivalents and deposits 19,319 19,534 456 473 Strong cash position Gross debt, of which 20,259 19,094 478 462 Bonds and loans primarily reflect the Bonds and loans – princ
Slide 15: Growth Strategy and Priorities
GROWTH STRATEGY AND PRIORITIES Telecom Business Digital Leverage our loyal customer base to develop and launch Sustain mobile market leadership digital products Grow digital offerings organically and through adjacent Maintain paying subscriber base and grow share of acquisitions while focusing on in
Slide 16: Delivering to Our Inorganic Growth Strategy
DELIVERING TO OUR INORGANIC GROWTH STRATEGY 2024 2025 2026 November March May November December February Announced Announced acquisition of acquisition of 97% Tabletki.ua to further expand Launched Starlink stake in Uklon digital healthcare offering Direct to Cell Satellite Connectivity in Ukraine A
Slide 17: Scaling Digital Health & Synergies via Tabletki.ua Acquisition
SCALING DIGITAL HEALTH & SYNERGIES VIA TABLETKI.UA ACQUISITION Immediately earnings accretive with material synergy potential Acquisition terms Potential synergies Purchase price Digital health ecosystem development Fully aligned with Digital Operator strategy; substantial 1 USD 160 mn catalyst for
Slide 18: Outlook
OUTLOOK FY 2026 Outlook 1 FY 2025 USD 2 UAH USD UAH Total revenue, YoY 8%-11% 15%-18% 25.9% 30.3% Adj. for cyberattack impact3 19.9% 24.4% EBITDA, YoY 5%-8% 12%-15% 25.8% 30.0% Adj. for cyberattack impact3 15.3% 19.8% Capex intensity 23%-26% 30.3% 1. The outlook herein regarding Ukraine is subject t
Slide 19: In Summary
IN SUMMARY National champion Leading digital operator, one of the most recognizable national brands Sustained growth driven by multiple engines Robust margins & cash flows powering reinvestment and performance Strong balance sheet Significant financial and strategic flexibility World-class team Prov
Slide 20: Valuation and Ownership
VALUATION AND OWNERSHIP Equity metrics Ownership structure Public shareholders 30-day average daily Share price trading volume 15.6% 11.96 10.9 mn VEON 83.6% Cohen Circle 0.8% USD USD Valuation Shareholders Shares, mn Market capitalization USD 2,761 mn VEON 193.0 Net debt / (cash), excluding lease l
Slide 21: FY25 & 4Q25 Results Presentation
FY25 & 4Q25 Results Presentation ir@kyivstargroup.com 21
Slide 22: Appendix
% . KYIVSTAR Appendix
Slide 23: Reconciliation of Financial Metrics (1/4)
RECONCILIATION OF FINANCIAL METRICS (1/4) EBITDA to profit for the period reconciliation 4Q25 4Q24 FY25 FY24 (USD mn) EBITDA 172 141 648 515 Amortization (19) (11) (65) (45) Depreciation (38) (29) (140) (118) Impairment reversal (2) (1) (8) (3) Gain / (loss) on disposal of non-current assets 1 - - (
Slide 24: Reconciliation of Financial Metrics (2/4)
RECONCILIATION OF FINANCIAL METRICS (2/4) Adjusted Net Profit to Profit for the period 4Q25 4Q24 FY25 FY24 reconciliation (USD millions) Adjusted Net profit 90 93 286 283 Listing expense - - (162) - Profit for the period 90 93 124 283 Adjusted Earnings per Share (USD) 1,2 0.39 0.45 1.32 1.37 Uklon E
Slide 25: Reconciliation of Financial Metrics (3/4)
RECONCILIATION OF FINANCIAL METRICS (3/4) CAPEX reconciliation 4Q25 4Q24 FY25 FY24 (USD millions) Capex excluding license and ROU 128 90 351 221 Adding back purchase of licenses - 35 1 35 Difference in timing b/w accrual and payment for capex 1 (20) (20) (8) Cash paid for capital expenditures Incl.
Slide 26: Reconciliation of Financial Metrics (4/4)
RECONCILIATION OF FINANCIAL METRICS (4/4) EFCF reconciliation to Cash Flow Statement YoY YoY (USD millions) 4Q25 4Q24 FY25 FY24 Change Change Net cashflow from operating activities 152 106 45 558 430 128 Proceeds from sales of non current assets 5 - 5 5 1 4 Cash capex (excluding license payments) (1
Slide 27: Definitions
DEFINITIONS 4G customers are mobile customers who have engaged in revenue-generating activity during the three months Multiplay customers are Doubleplay 4G customers who also engaged in usage of one or more of our digital products at any prior to the measurement date as a result of activities over f
Slide 28: FY25 & 4Q25 Results Presentation
FY25 & 4Q25 Results Presentation ir@kyivstargroup.com 28