Kyivstar, VEON report $1.3 bln investment since 2023, faster and 30% more than planned

Kyivstar Group Ltd (Nasdaq: KYIV), the parent company of Ukraine’s largest telecommunications operator JSC Kyivstar, and its largest shareholder VEON Group (Nasdaq: VEON), have announced the completion of a multi-year investment program in Ukraine totaling $1.3 billion, compared to an initial plan of $1 billion for 2023-2027.

"We have invested in the network, energy resilience and digital platforms that serve millions of people and businesses every day. Delivering $1.3 billion in investments for our nation reflects the dedication of our teams and our confidence in Ukraine’s digital future," Kyivstar CEO Oleksandr Komarov said in a release on Wednesday.

According to the release, the investment included further expansion and modernization of mobile coverage, the implementation of Starlink Mobile direct-to-device satellite communication, the accelerated rollout of high-speed fixed broadband via the Kyivstar network, and significant investment in backup power and energy resilience to maintain service continuity during outages.

In parallel, Kyivstar attracted capital to expand its digital ecosystem through strategic acquisitions, which included Uklon, a leading Ukrainian ride-hailing and delivery platform; Tabletki.ua, one of the country’s most widespread digital healthcare platforms for searching, comparing, and reserving medicines; and SUNVIN 11, which owns solar power plants and became Kyivstar’s first investment in renewable energy and a strategic step toward increasing energy resilience.

As reported, the companies initially announced a three-year commitment of $600 million in 2023, which was later expanded to a five-year program of $1 billion covering connectivity, digital services, energy resilience, strategic acquisitions, and social contribution.

As of the end of 2025, Kyivstar served 22.4 million mobile subscribers and 1.2 million Home Internet subscribers.

In 2025, Kyivstar increased its EBITDA by 30% to UAH 27 billion, with revenue growing 30.3% to UAH 48.2 billion. In the fourth quarter of last year, EBITDA increased 23.1% to UAH 7.2 billion, with revenue rising 30.1% to UAH 13.5 billion.