Kyivstar Group’s Q3 Revenue Jumps 19.8% to $297M, Fueled by Uklon and Helsi
Kyivstar Group Ltd. has announced its financial and operational results for the third quarter ended September 30, 2025. Total revenue reached $297 million, representing a 19.8% year-over-year increase. The company attributed this growth to stable income from mobile subscribers, the acquisition of Uklon, and expansion across its digital platforms.
Scroll.media highlights the key takeaways from the report.
Key Figures
- Total revenue: $297 million (+19.8% YoY)
- Net loss: $89 million (or $0.41 per share), including a one-time non-cash loss of $162 million related to the Nasdaq listing
- Net income: $73 million (-11%)
- Capital expenditures: $89 million
- Cash and cash equivalents (as of September 30): $472 million
- Telecom revenue grew to $262 million (+8%)
- Direct digital revenue surged to $35 million (+525.9%). Digital services accounted for 11.9% of total revenue in Q3 2025, driven mainly by Uklon and Helsi:
- Uklon: $24.7 million
- Helsi: $1.8 million
- EBITDA rose to $171 million (+20.4%) with a 57.6% margin. Uklon contributed $9.1 million to EBITDA and $6.7 million to adjusted net income.
Uklon
- 3.6 million MAU
- Over UAH 1 billion in quarterly revenue
- +17% in trips and +33% in deliveries
Helsi
- 2.5 million MAU (+5.6%)
- UAH 75 million in revenue (+50% YoY)
As of September 30, 2025, Kyivstar’s healthcare ecosystem comprised approximately 29 million registered patients, offering access to 1,600 public and private clinics and 38,000 medical professionals.
Users and Employees
- Subscriber base: 22.5 million mobile users and 1.2 million fixed-internet customers
- Mobile ARPU: $3.7 (+13%)
- Digital MAU (Uklon, MyKyivstar, Kyivstar TV, Helsi): 13.5 million (+49.4%)
- Employees: Over 5,000
What’s Next?
2025 Forecast (in USD):
- Revenue: +20–23%
- EBITDA: +19–22%
- Capex intensity: 30–33% of revenue
Strategic priorities:
- Historic Nasdaq listing — the first Ukrainian company to go public on a US stock exchange
- Launch of Starlink Direct-to-Cell national coverage (pending regulatory approval)
- Development of Ukraine’s first national large language model (LLM) in partnership with the Ministry of Digital Transformation
Kyivstar Group’s Q3 Revenue Jumps 19.8% to $297M, Fueled by Uklon and Helsi
Kyivstar Group Ltd. has announced its financial and operational results for the third quarter ended September 30, 2025. Total revenue reached $297 million, representing a 19.8% year-over-year increase. The company attributed this growth to stable income from mobile subscribers, the acquisition of Uklon, and expansion across its digital platforms.
Scroll.media highlights the key takeaways from the report.
Key Figures
- Total revenue: $297 million (+19.8% YoY)
- Net loss: $89 million (or $0.41 per share), including a one-time non-cash loss of $162 million related to the Nasdaq listing
- Net income: $73 million (-11%)
- Capital expenditures: $89 million
- Cash and cash equivalents (as of September 30): $472 million
- Telecom revenue grew to $262 million (+8%)
- Direct digital revenue surged to $35 million (+525.9%). Digital services accounted for 11.9% of total revenue in Q3 2025, driven mainly by Uklon and Helsi:
- Uklon: $24.7 million
- Helsi: $1.8 million
- EBITDA rose to $171 million (+20.4%) with a 57.6% margin. Uklon contributed $9.1 million to EBITDA and $6.7 million to adjusted net income.
Uklon
- 3.6 million MAU
- Over UAH 1 billion in quarterly revenue
- +17% in trips and +33% in deliveries
Helsi
- 2.5 million MAU (+5.6%)
- UAH 75 million in revenue (+50% YoY)
As of September 30, 2025, Kyivstar’s healthcare ecosystem comprised approximately 29 million registered patients, offering access to 1,600 public and private clinics and 38,000 medical professionals.
Users and Employees
- Subscriber base: 22.5 million mobile users and 1.2 million fixed-internet customers
- Mobile ARPU: $3.7 (+13%)
- Digital MAU (Uklon, MyKyivstar, Kyivstar TV, Helsi): 13.5 million (+49.4%)
- Employees: Over 5,000
What’s Next?
2025 Forecast (in USD):
- Revenue: +20–23%
- EBITDA: +19–22%
- Capex intensity: 30–33% of revenue
Strategic priorities:
- Historic Nasdaq listing — the first Ukrainian company to go public on a US stock exchange
- Launch of Starlink Direct-to-Cell national coverage (pending regulatory approval)
- Development of Ukraine’s first national large language model (LLM) in partnership with the Ministry of Digital Transformation
