Q3 FY2026
Filed Nov 6, 2026Kyivstar releases 3Q26 results, raises outlook
Revenue rose 17.5% YoY, EBITDA rose 10.3%, digital revenue grew 68.9%, free cash flow increased, and Kyivstar raised its 2026 revenue and EBITDA growth outlook.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 revenueother | USD 349 mn (UAH 15.6 bn) | – | 17.5% YoY (26.5% in UAH) |
| Q3 2026 EBITDAnon-GAAP | USD 189 mn (UAH 8.4 bn) | – | 10.3% YoY (18.7% in UAH) |
| Q3 2026 EBITDA marginnon-GAAP | 54.0% | – | – |
| Q3 2026 net profitother | $99M | – | – |
| Q3 2026 diluted EPSother | USD 0.36 | – | – |
| Q3 2026 capexother | $66M | – | fell 25.6% YoY |
| LTM capex intensitynon-GAAP | 24.0% | – | – |
| Q3 2026 free cash flownon-GAAP | $83M | – | – |
| 9M26 free cash flownon-GAAP | $274M | – | up 56.8% YoY (+65.9% in UAH) |
| Telecommunications and infrastructure EBITDAnon-GAAP | $158M | – | 2.9% |
| Telecommunications and infrastructure EBITDA marginnon-GAAP | 57.7% | – | down 3.1 p.p. YoY |
| Digital EBITDAnon-GAAP | $31M | – | 74.2% |
| Digital EBITDA marginnon-GAAP | 40.7% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Telecommunications and infrastructureHigher mobile ARPU and data usage. | $273M | – | 8.4% YoY (UAH +16.7%) |
| DigitalDigital revenue reached 21.7% of Group revenue; active digital customers included Tabletki, consolidated from February 2026. | $76M | – | 68.9% YoY |
2026 outlook
- Revenue15%–17% in USD (22%–24% in UAH)
- NoteEBITDA growth, YoY: 10%–12% in USD (18%–20% in UAH)
- NoteCapex intensity: 21%–24%
What drove it
- Mobile ARPU rose 8.6% to USD 4.0 (16.9% to UAH 178.9).
- Data usage was 20.0% higher.
- 4G penetration was 71.5% (+4.9 p.p.).
- Broadband customers grew 11.3% YoY to 1.3 mn.
- Digital customers active in the quarter comprised 29.5 mn, up 48.2% YoY.
- Multiplay customers represented 40.3% of one-month active customers (+8.6p.p. YoY) and generated 1.5x the ARPU of the average mobile user.
- An Open Access agreement with Ukrtelecom allows Kyivstar to serve home-internet customers over Ukrtelecom’s fiber network.
- Kyivstar announced the acquisition of Ukrainian firm GigaCloud.
Concerns
- The telecommunications and infrastructure margin was down 3.1 p.p. YoY on account of higher energy costs.
- The 3Q25 net loss reflected a one-time, non-cash charge of USD 162 mn related to the Kyivstar listing, limiting comparability of the net-profit swing.
What to watch
- Delivery against revised 2026 revenue growth of 15%–17% in USD and 22%–24% in UAH.
- Delivery against revised 2026 EBITDA growth of 10%–12% in USD and 18%–20% in UAH.
- Capex intensity within the unchanged 21%–24% outlook range.
- Telecommunications and infrastructure margin performance amid higher energy costs.
- The contribution from digital services, Tabletki, Uklon expansion, fiber Open Access and the announced GigaCloud acquisition.
Balance sheet and cash flow
- Free cash flow was USD 83 mn in 3Q26 and USD 274 mn in 9M26.
- Cash and cash equivalents stood at USD 436 mn as of September 30, 2026.
- Net liquidity excluding leases was USD 350 mn.
- Net debt including leases was USD 66 mn.
- Capex fell 25.6% to USD 66 mn.
- LTM capex intensity declined to 24.0% from 29.0%.
Analysis
Kyivstar reported broad top-line growth in Q3 2026, with revenue rising 17.5% YoY to USD 349 mn and EBITDA increasing 10.3% to USD 189 mn. The EBITDA margin was 54.0%. Management raised its 2026 outlook for both revenue and EBITDA growth in USD and UAH, while retaining its capex-intensity outlook of 21%–24%.
The telecommunications and infrastructure business generated USD 273 mn of revenue, up 8.4% YoY, supported by higher mobile ARPU and data usage. Mobile ARPU increased 8.6% to USD 4.0, while data usage was 20.0% higher and 4G penetration reached 71.5%. Broadband customers rose 11.3% YoY to 1.3 mn. The segment's EBITDA rose 2.9% to USD 158 mn, but its 57.7% margin was down 3.1 p.p. YoY because of higher energy costs.
Digital was the principal growth engine. Digital revenue grew 68.9% YoY to USD 76 mn and represented 21.7% of Group revenue. Digital EBITDA increased 74.2% to USD 31 mn, with a 40.7% margin. Active digital customers were 29.5 mn, up 48.2% YoY, including Tabletki following its consolidation from February 2026. Multiplay customers accounted for 40.3% of one-month active customers and generated 1.5x the ARPU of the average mobile user.
Cash generation strengthened as capex declined. Q3 free cash flow was USD 83 mn versus USD 34 mn in 3Q25, while 9M26 free cash flow was USD 274 mn, up 56.8% YoY. Capex fell 25.6% YoY to USD 66 mn, and LTM capex intensity declined to 24.0% from 29.0%. Kyivstar ended the period with USD 436 mn of cash and cash equivalents, USD 350 mn of net liquidity excluding leases, and USD 66 mn of net debt including leases.
Net profit was USD 99 mn and diluted EPS was USD 0.36, compared with a net loss of USD 89 mn in 3Q25. The prior-year loss included a one-time, non-cash charge of USD 162 mn related to the Kyivstar listing, which is important for interpreting the year-over-year change. The key reported operating issue is margin pressure in telecommunications and infrastructure from higher energy costs, while the raised outlook indicates management expects revenue growth, digital scaling and cash generation to continue through 2026.
Management, verbatim
This quarter shows how Kyivstar expands. Our network brings customers in. Our different digital services give our customers reason to use Kyivstar more throughout their day, and customers who use more of Kyivstar spend more across Kyivstar. That growth turns into cash for the next round of expansion: nine-month free cash flow rose 57%. Our network stayed online even in the most demanding conditions. The stronger our business, the more we can lead the way in keeping Ukraine connected, healthy and on the move.
Oleksandr Komarov, Kyivstar President
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- Operating income or loss and operating margin were not reported.
- GAAP or IFRS reconciliation details were not included in the filing text.
- Tax expense, effective tax rate and pre-tax income were not reported.
- Prior-quarter figures were not reported for the disclosed key metrics.
- Prior-year revenue, EBITDA and segment revenue absolute values were not reported.
- Dividend, share-repurchase and other capital-return information was not reported.
- A previous earnings release outlook section was not provided, so no reported actual-versus-prior-guidance comparison is included.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.