05 Jun 2025
Kyivstar Group Reports First Quarter 2025 Financial Results in Conjunction with its Nasdaq Listing Process
Total operating revenue reaches USD 255 million or UAH 10.6 billion, up 37.1% year-on-year in USD and 49.6% in local currency terms
Profit for the period amounts to USD 44 million, up 22.2% year-on-year in USD and 33.7% in local currency terms, with a profit margin of 17.3%
Adjusted EBITDA1 reaches USD 140 million, up 50.5% year-on-year in USD and 64.6% in local currency terms, with an adjusted EBITDA margin1 of 54.9%
Completes acquisition of Uklon, Ukraine's leading ride-hailing business, and increases stake in Ukraine's leading digital health platform Helsi, subsequent to quarter-end
KYIV, Ukraine, June 5, 2025 - Kyivstar Group, Ukraine's leading digital operator ( Kyivstar Group or the Company ) and a subsidiary of VEON Ltd. (Nasdaq: VEON) ( VEON Group or VEON ), today announced its unaudited financial and operating results for the first quarter ended March 31, 2025.
1Q25
1Q24
YoY
1Q25
1Q24
YoY
USD mln or %
UAH bln or %
Total operating revenue 255
186
37.1%
10.6
7.1
49.6%
Profit for the period 44
36
22.2%
1.8
1.4
33.7%
Adj. EBITDA1 140
93
50.5%
5.8
3.6
64.6%
Average UAH/USD exchange rates: 1Q25: 41.7563 UAH/USD; 1Q24: 38.1727 UAH/USD
End-of period UAH/USD exchange rates as of March 31, 2025: 41.4787 UAH/USD; as of March 31, 2024: 39.2214 UAH/USD
1For more information, see section titled Presentation of Non-IFRS Financial Measures at the end of this press release, including the reconciliations of non-IFRS measures to IFRS measures.
Kyivstar Group continues to deliver exceptional value to our customers and stakeholders, leveraging our market-leading network and innovative digital services to drive growth, said Oleksandr Komarov, CEO of Kyivstar Group. Our first quarter results reflect the strength of our digital operator strategy, delivering robust financial growth. In parallel, we continue to invest in strategic opportunities that drive Ukraine's digital future, such as the acquisition of Uklon and increasing our stake in Helsi. We are excited to complement this operational performance with the continued progress towards our plans to list Kyivstar Group on the Nasdaq Stock Market.
First Quarter 2025 Financial and Operational Highlights
Robust Revenue Growth: Total operating revenue for 1Q25 was USD 255 million, up 37.1% year-on-year in USD and 49.6% year-on-year in local currency terms. This result includes the impact of the customer appreciation program undertaken by the Company in the first quarter of 2024 following a cyber security incident at the end of 2023, which lowered revenue in the first quarter of 2024 by an estimated USD 46 million (UAH 1.7 billion) in value. Excluding the impact of the customer appreciation program, local currency revenue growth was 20.1% year-on-year in 1Q25.
Strong Profitability: Adjusted EBITDA for 1Q25 was USD 140 million, up 50.5% year-on-year. This represents an adjusted EBITDA margin of 54.9% in 1Q25. In local currency terms, 1Q25 adjusted EBITDA growth was 64.6% year-on-year, and adjusted EBITDA margin was 54.9%, driven by revenue growth and a decrease in operating costs. Excluding the impact of the customer appreciation program, local currency adjusted EBITDA growth was 10.2% year-on-year in 1Q25.
Multiplay Customers Supporting Growth: The Multiplay customer base, which are customers who use at least one digital application in addition to 4G data and voice connectivity, was up by 40.7% year-on-year to 6.1 million customers, and represented 29.5% of one-month-active mobile customers reflecting increased adoption of digital products.
Digital Services Users: Total digital monthly active users across Kyivstar Group's digital applications MyKyivstar, Kyivstar TV and Helsi reached 10.3 million in 1Q25, up 32.9% from 7.7 million a year earlier.
Strategic Milestones:
Announced business combination agreement with Cohen Circle Acquisition Corp. I (Nasdaq: CCIR) ( Cohen Circle ), beginning the process for Kyivstar Group to be the only pure-play Ukrainian investment opportunity on U.S. stock markets.
Completed the acquisition of Uklon, a leading Ukrainian ride-hailing and delivery platform, for approximately USD 155.2 million in April 2025. Uklon operates in 28 cities across Ukraine and facilitated more than 100 million rides and 3 million deliveries in 2024, and also provides ride-hailing services in Uzbekistan.
Increased ownership stake in Helsi, Ukraine's largest digital platform, from 69.99% to 97.99% in May 2025. Helsi is a digital data management platform supporting the provision of healthcare services and improving patients' access to healthcare with over 9.4 million appointments booked in the year ended December 31, 2024.
The results announcement is made concurrently with Kyivstar Group and VEON Holdings B.V.'s filing of a registration statement on Form F-4 (File No. 333-287802) in conjunction with Kyivstar's anticipated listing on the Nasdaq Stock Market LLC ( Nasdaq ) following the anticipated completion of a business combination with Cohen Circle that was previously announced on March 18, 2025. With the announcement of its 1Q2025 results, Kyivstar Group also updated the investor presentation available to its potential investors. A copy of the investor presentation will be available on a Current Report on Form 8-K to be filed by Cohen Circle with the SEC and available at www.sec.gov.
Additional Information and Where to Find It
Kyivstar Group Ltd. and VEON Holdings B.V. have filed on June 5, 2025 a registration statement on Form F-4 (File No. 333-287802) (as may be amended from time to time, the Registration Statement) as co-registrants that includes a preliminary proxy statement/prospectus of Cohen Circle and a preliminary prospectus
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