Kyivstar Group Ltd. · NASDAQ:KYIV
Kyivstar — Q2 2026 Earnings Presentation
24 slides from Kyivstar's earnings presentation, Jul 31, 2026
Slide 1: Digital Revenue Climbs 83.0%; Kyivstar Raises 2026 Revenue and EBITDA Outlook
Kyivstar Group Ltd. Digital Revenue Climbs 83.0%* Kyivstar Raises 2026 Revenue and EBITDA Outlook (* in USD terms) July 31, 2026 | 2Q26 Results Presentation
Slide 2: Disclaimer and Notice to Readers
DISCLAIMER AND NOTICE TO READERS Kyivstar’s results and other financial information presented in this document 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 ex
Slide 3: Delivering Across All Key Priorities
DELIVERING ACROSS ALL KEY PRIORITIES +19.3% Sustaining robust growth momentum across telecom and digital Delivering Strong USD revenue growth Delivering resilient margins and strong free cash flow conversion Growth +27.0% Revising up 2026 outlook to reflect the strong momentum UAH revenue growth +83
Slide 4: Sustaining Strong Growth Momentum into 2Q26
SUSTAINING STRONG GROWTH MOMENTUM INTO 2Q26 EBITDA Revenue Telecommunications & Digital revenue 188 infrastructure revenue 339 +13.7% in USD; +21.1% in UAH 265 74 Telco & Infra Digital +19.3% in USD +83.0% in USD 157 +8.8% in USD +27.0% in UAH +15.8% in UAH +94.7% in UAH 31 59.1% margin 42.0% margin
Slide 5: Telecommunications: Key Metrics
TELECOMMUNICATIONS: KEY METRICS Subscribers Churn rate (mn) (annualized, %) 22.4 22.5 22.4 22.0 21.8 15.1 16.2 14.2 13.5 9.9 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 YoY, % (4.5) (3.6) (2.8) (3.0) (2.8) YoY, p.p. (4.6) (6.3) (4.1) 0.5 (0.9) ARPU Broadband customers, mn (USD & UAH)
Slide 6: Leveraging Multiplay to Drive Customer Engagement
LEVERAGING MULTIPLAY TO DRIVE CUSTOMER ENGAGEMENT Multiplay customers growing Multiplay as % of total base Multiplay vs mobile-only ARPU (mn) (USD) 39.9 31.7 8.1 3.8x 5.8 6.5 5.0 3.5 3.9 Q2'25 Q2'26 Q2'25 Q2'26 Q2'25 Q2'26 YoY, % +23.7 +23.6 YoY, p.p. +7.2 +8.2 Multiplay ARPU Mobile ARPU Steady prog
Slide 7: Powering Strong Traction Across All Digital Verticals
POWERING STRONG TRACTION ACROSS ALL DIGITAL VERTICALS Digital customers UAH, mn (active during quarter, mn) 21.7% % of total revenue 20.9% 18.9% 3,256 105 Uklon 5.2 2,921 93 342 14.2% 15.1% 2,545 234 95 Helsi 614 453 Helsi 5.0 351 1,866 75 Tabletki 1,672 715 746 73 140 682 91 Kyivstar TV Tabletki 6.
Slide 8: Uklon: Evolving into a One-Stop Mobility Platform
UKLON: EVOLVING INTO A ONE-STOP MOBILITY PLATFORM Leading ride-hailing platform in Ukraine Scaling operations & footprint in Uzbekistan Diversified into commerce, EV scooters, exploring 2Q26 autonomous testing Digital customers 5.2 mn Total revenue +8.2% YoY 32.8 mn USD 1,448 mn UAH Rides booked Del
Slide 9: Helsi: Focused on Growing the Paying Customer Base
HELSI: FOCUSED ON GROWING THE PAYING CUSTOMER BASE The largest digital healthcare platform in Ukraine 2Q26 Digital customers Total revenue 5.0 mn 2.4 mn USD +35.9% YoY +0.7% YoY 105 mn UAH +44.6% YoY Active doctors Active healthcare Appointments Premium and specialists institutions made by patients
Slide 10: Tabletki: Strong Quarter, Progressing Ecosystem Ties
TABLETKI: STRONG QUARTER, PROGRESSING ECOSYSTEM TIES Leading marketplace for online booking of medicine and other healthcare products Consolidated effective February 2026 2Q26 Digital customers 6.3 mn Total revenue N/A 7.8 mn USD 342 mn UAH Average monthly Gross merchandise value bookings EBITDA 376
Slide 11: Kyivstar TV: Steady Upward Customer Engagement
KYIVSTAR TV: STEADY UPWARD CUSTOMER ENGAGEMENT Largest media streaming service in Ukraine 2Q26 Digital customers 3.6 mn +47.7% YoY Number of sessions Total revenue1 931 mn 13.9 mn USD +535% YoY +34.2% YoY 614 mn UAH +576% YoY 11 1. Gross (versus net) revenue recognition effective September 2025 onwa
Slide 12: Digital Enterprise: Building Momentum
DIGITAL ENTERPRISE : BUILDING MOMENTUM Digital Enterprise revenue Active contracts (UAH, mn) (‘000) 715 6 746 2Q26 681 10 103 +29.4% YoY 606 623 9 76 93 Other 7 7 2.2 2.4 67 75 2.0 2.1 165 192 243 1.8 123 141 Cloud Total revenue Big Data 409 400 431 420 16.9 mn USD 394 ID Management 746 mn UAH Q2'25
Slide 13: Growth Strategy and Priorities: Laser Focus
GROWTH STRATEGY AND PRIORITIES: LASER FOCUS Telecommunications & Infrastructure 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 a
Slide 14: Building a Profitable Ecosystem
BUILDING A PROFITABLE ECOSYSTEM 2024 2025 2026 November March May November December February May Announced acquisition Announced of Tabletki.ua to further Announced Starlink reseller acquisition of 97% Launched Starlink expand digital agreement to provide high-speed stake in Uklon Direct to Cell Sat
Slide 15: 2Q Financials: Strong Growth; Disciplined Cash Conversion
2Q FINANCIALS: STRONG GROWTH; DISCIPLINED CASH CONVERSION Revenue (UAH, bn) EBITDA (UAH, bn) USD mn 284 297 321 323 339 165 171 172 173 188 +27.0% +21.1% 14.0 14.9 13.5 11.8 12.3 8.3 7.1 7.2 7.5 6.9 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 CAPEX Equity FCF after leases and license
Slide 16: Operational Strength Driving Balance Sheet Resilience
OPERATIONAL STRENGTH DRIVING BALANCE SHEET RESILIENCE USD mn UAH mn 30 Jun 2026 31 Mar 2026 30 Jun 2026 31 Mar 2026 Cash and cash equivalents 364 353 16,353 15,446 Gross debt, of which 488 487 21,905 21,318 Bonds and loans – principal 88 94 3,955 4,098 Lease liabilities – principal 400 393 17,951 17
Slide 17: Raising 2026 Outlook on Sustained Growth Momentum
RAISING 2026 OUTLOOK ON SUSTAINED GROWTH MOMENTUM 2026 Outlook USD UAH Total Revenue, YoY 11% - 14% 14% - 16% 18% - 21% 21% - 23% EBITDA, YoY 7% - 10% 9% - 12% 14% - 17% 17% - 19% Capex Intensity 21% - 24% 1. The outlook is subject to risks and uncertainties including, but not limited to, those disc
Slide 18: Save the Date: Capital Markets Day
SAVE THE DATE Capital Markets Day 16 November 2026 New York City Further details will be shared in due course
Slide 19: Appendix
Appendix 19
Slide 20: Reconciliation of Financial Metrics (1/4)
RECONCILIATION OF FINANCIAL METRICS (1/4) Profit for the period to EBITDA reconciliation 2Q26 2Q25 (USD mn) Profit for the period 77 82 Income taxes 20 21 Amortization 24 16 Depreciation 25 22 Depreciation of right of use asset (A) 15 13 Impairment 2 2 Foreign exchange (gain) / loss, net (5) (8) (Ga
Slide 21: Reconciliation of Financial Metrics (2/4)
RECONCILIATION OF FINANCIAL METRICS (2/4) Uklon standalone profit for the period to EBITDA 2Q26 2Q25 reconciliation (USD mn) Profit for the period 10 5 Income taxes 1 1 Amortization 2 2 Depreciation 0.1 0.2 Net foreign exchange gain (1) 1 Finance income (0.4) (0.2) Finance costs - - EBITDA 12 9 Tabl
Slide 22: Reconciliation of Financial Metrics (3/4)
RECONCILIATION OF FINANCIAL METRICS (3/4) CAPEX reconciliation 2Q26 2Q25 (USD mn) Capex (excl. license and RoU) 59 83 Difference in timing b/w accrual and payment for capex (3) (36) Cash capex (excluding license payments) 56 47 Cash flow statement to EFCF reconciliation YoY 2Q26 2Q25 (USD mn) Change
Slide 23: Definitions
DEFINITIONS 4G customers 4G customers are mobile customers who used fourth-generation (4G or LTE) network Equity free cash flow (before leases and licenses) is a non-IFRS measure and is defined as free cash flow from technologies during the three months prior to the measurement date. operating activ
Slide 24: ir@kyivstargroup.com
ir@kyivstargroup.com 24