KYIV on Nasdaq
Kyivstar Group Ltd.
Radiotelephone communications company based in Dubai, Bermuda2
In its 2026 annual report (Form 20-F) the company says: “Kyivstar Group is a telecommunications and digital holding company operating Ukraine’s leading provider of mobile communication and broadband services, JSC Kyivstar. We provide a broad range of connectivity and digital services, including mobile and fixed-line voice and data, ride-hailing, e-health, digital TV, and enterprise solutions such as Big Data, cloud, and cybersecurity.”5
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Last updated Oct 20, 2026.
Overview
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- TickerKYIV on Nasdaq2
- IndustryRadiotelephone Communications2
- HeadquartersDubai, United Arab Emirates2
- Incorporated inBermuda4
- Business addressUnit 517, Level 5, Index Tower, Difc, (Dubai International Financial Center), Dubai4
- Filer categoryNon-accelerated filer, Emerging growth company4
- Legal formCOMPANY LIMITED BY SHARES2
- LEI213800N15PV89593YU132
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O M Q SERVICES LTD., HM 10 Hamilton, Bermuda2
- Registered withRegistrar of Companies (Ministry of Economic Development), 2025045572
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Kyivstar Group is a telecommunications and digital holding company operating Ukraine’s leading provider of mobile communication and broadband services, JSC Kyivstar. We provide a broad range of connectivity and digital services, including mobile and fixed-line voice and data, ride-hailing, e-health, digital TV, and enterprise solutions such as Big Data, cloud, and cybersecurity.5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Fixed Line Technology Services brought in 89% of the revenue Kyivstar Group Ltd. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Fixed Line Technology Services | $904.0M | $897.0M | $1.0B |
| Digital Revenue | $11.0M | $22.0M | $124.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Selling, general and admin34¢$393.0M
- Other costs42¢$491.0M
- Interest6¢$75.0M
- Income tax6¢$74.0M
- Profit11¢$124.0M
Out of $1.2B in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Capital spending44¢$247.0M
- Kept or used elsewhere56¢$311.0M
Out of $558.0M of cash from operations.3
Financial statements
No quarterly figures reported.
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $1.2B | $919.0M | $915.0M |
| Cost of services, equipment and accessories | -$123.0M | -$100.0M | -$94.0M |
| Selling, general and administrative expenses | -$393.0M | -$305.0M | -$284.0M |
| Depreciation | -$140.0M | -$118.0M | -$127.0M |
| Amortization | -$65.0M | -$45.0M | -$49.0M |
| Impairment, net | -$8.0M | -$3.0M | -$1.0M |
| (Loss) / gain on disposal of non-current assets | $0 | -$1.0M | $2.0M |
| Listing expense | -$162.0M | $0 | $0 |
| Other operating income | $8.0M | $1.0M | $1.0M |
| Operating profit | $274.0M | $348.0M | $363.0M |
| Finance costs | -$75.0M | -$82.0M | -$82.0M |
| Finance income | $12.0M | $40.0M | $35.0M |
| Other non-operating gain / (loss), net | $0 | $2.0M | -$8.0M |
| Net foreign exchange (loss) / gain | -$13.0M | $39.0M | $38.0M |
| Profit before tax | $198.0M | $347.0M | $346.0M |
| Income taxes | -$74.0M | -$64.0M | -$65.0M |
| Profit for the period | $124.0M | $283.0M | $281.0M |
| Basic earnings per share (in dollars per share) | $0.57 | $1.37 | $1.36 |
| Diluted earnings per share (in dollars per share) | $0.57 | $1.37 | $1.36 |
| Basic (in shares) | 216.1M shares | 206.9M shares | 206.9M shares |
| Diluted (in shares) | 216.1M shares | 206.9M shares | 206.9M shares |
No quarter-by-quarter statement was filed.
No quarterly figures reported.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Property and equipment | $849.0M | $624.0M | $597.0M | |
| Intangible assets, excluding goodwill | $363.0M | $283.0M | $257.0M | |
| Goodwill | $128.0M | $14.0M | $15.0M | |
| Investments and derivatives | $2.0M | $0 | ||
| Other assets | $88.0M | $80.0M | ||
| Total non-current assets | $1.4B | $1.0B | ||
| Inventories | $3.0M | $3.0M | ||
| Trade and other receivables | $37.0M | $40.0M | ||
| Receivables from related parties | $49.0M | $363.0M | ||
| Other financial assets | $0 | $8.0M | ||
| Investments and derivatives | $119.0M | $94.0M | ||
| Current income tax assets | $5.0M | $0 | ||
| Other assets | $24.0M | $26.0M | ||
| Cash and cash equivalents | $455.0M | $674.0M | $425.0M | $432.0M |
| Total current assets | $692.0M | $1.2B | ||
| Total assets | $2.1B | $2.2B | ||
| Equity attributable to equity owners of the parent | $1.3B | $1.1B | $887.0M | $639.0M |
| Total equity | $1.3B | $1.1B | ||
| Debt and derivatives | $287.0M | $225.0M | ||
| Provisions | $9.0M | $4.0M | ||
| Deferred tax liabilities | $21.0M | $6.0M | ||
| Other liabilities | $8.0M | $7.0M | ||
| Total non-current liabilities | $325.0M | $242.0M | ||
| Trade and other payables | $141.0M | $103.0M | ||
| Debt and derivatives | $229.0M | $669.0M | ||
| Provisions | $10.0M | $6.0M | ||
| Current income tax payables | $19.0M | $23.0M | ||
| Other liabilities | $99.0M | $86.0M | ||
| Total current liabilities | $498.0M | $887.0M | ||
| Total equity and liabilities | $2.1B | $2.2B |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Property and equipment | $849.0M | $624.0M | $597.0M | |
| Intangible assets, excluding goodwill | $363.0M | $283.0M | $257.0M | |
| Goodwill | $128.0M | $14.0M | $15.0M | |
| Investments and derivatives | $2.0M | $0 | ||
| Other assets | $88.0M | $80.0M | ||
| Total non-current assets | $1.4B | $1.0B | ||
| Inventories | $3.0M | $3.0M | ||
| Trade and other receivables | $37.0M | $40.0M | ||
| Receivables from related parties | $49.0M | $363.0M | ||
| Other financial assets | $0 | $8.0M | ||
| Investments and derivatives | $119.0M | $94.0M | ||
| Current income tax assets | $5.0M | $0 | ||
| Other assets | $24.0M | $26.0M | ||
| Cash and cash equivalents | $455.0M | $674.0M | $425.0M | $432.0M |
| Total current assets | $692.0M | $1.2B | ||
| Total assets | $2.1B | $2.2B | ||
| Equity attributable to equity owners of the parent | $1.3B | $1.1B | $887.0M | $639.0M |
| Total equity | $1.3B | $1.1B | ||
| Debt and derivatives | $287.0M | $225.0M | ||
| Provisions | $9.0M | $4.0M | ||
| Deferred tax liabilities | $21.0M | $6.0M | ||
| Other liabilities | $8.0M | $7.0M | ||
| Total non-current liabilities | $325.0M | $242.0M | ||
| Trade and other payables | $141.0M | $103.0M | ||
| Debt and derivatives | $229.0M | $669.0M | ||
| Provisions | $10.0M | $6.0M | ||
| Current income tax payables | $19.0M | $23.0M | ||
| Other liabilities | $99.0M | $86.0M | ||
| Total current liabilities | $498.0M | $887.0M | ||
| Total equity and liabilities | $2.1B | $2.2B |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Profit before tax | $198.0M | $347.0M | $346.0M |
| Depreciation, amortization and net impairment loss | $213.0M | $166.0M | $177.0M |
| Loss / (gain) on disposal of non-current assets | $0 | $1.0M | -$2.0M |
| Listing expense | $162.0M | $0 | $0 |
| Finance costs | $75.0M | $82.0M | $82.0M |
| Finance income | -$12.0M | -$40.0M | -$35.0M |
| Other non-operating (gain) / loss, net | $0 | -$2.0M | $8.0M |
| Net foreign exchange loss / (gain) | $13.0M | -$39.0M | -$38.0M |
| Changes in trade, other receivables and prepayments | -$51.0M | -$10.0M | $28.0M |
| Changes in inventories | $0 | $0 | -$2.0M |
| Changes in trade and other payables | $88.0M | $32.0M | -$33.0M |
| Changes in provisions, pensions and other | $9.0M | $4.0M | $3.0M |
| Interest paid | -$77.0M | -$78.0M | -$75.0M |
| Interest received | $11.0M | $19.0M | $16.0M |
| Income tax paid | -$71.0M | -$52.0M | -$62.0M |
| Net cash flows from operating activities | $558.0M | $430.0M | $413.0M |
| Purchase of property, plant and equipment | -$247.0M | -$162.0M | -$96.0M |
| Purchase of intangible assets | -$86.0M | -$86.0M | -$47.0M |
| Acquisition of subsidiaries, net of cash acquired | -$157.0M | -$2.0M | $0 |
| Inflows / (Outflows) on loans granted | $358.0M | $0 | $13.0M |
| Payments on deposits | -$54.0M | -$13.0M | -$52.0M |
| Inflow / (Investment) in financial assets | $30.0M | $119.0M | -$150.0M |
| Proceeds from sale of property and equipment and intangible assets | $6.0M | $0 | $0 |
| Other proceeds from investing activities, net | $0 | $12.0M | $5.0M |
| Net cash flows used in investing activities | -$150.0M | -$132.0M | -$327.0M |
| Proceeds from borrowings, net of fees paid | $7.0M | $0 | $0 |
| Repayment of Loan Note Payable | -$123.0M | $0 | $0 |
| Proceeds from SPAC Merger, net of transaction costs | $132.0M | $0 | $0 |
| Repayment of debt | -$583.0M | $0 | -$60.0M |
| Payment of principal portion of lease liabilities | -$37.0M | -$29.0M | -$28.0M |
| Investment in shares of VEON Ltd. | -$22.0M | -$8.0M | $0 |
| Net cash flows used in financing activities | -$626.0M | -$37.0M | -$88.0M |
| Net (decrease) / increase in cash and cash equivalents | -$218.0M | $261.0M | -$2.0M |
| Net foreign exchange difference | -$1.0M | -$12.0M | -$5.0M |
No quarter-by-quarter statement was filed.
Corporate structure
Kyivstar Group Ltd. is part of a group headed by VEON. 45 entities, 12 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Kyivstar Group Ltd.
- Cohen Circle Sponsor I, LLC Filed SCHEDULE 13D/A on Kyivstar Group Ltd., latest Sep 5, 2025
- VEON Dubai, United Arab Emirates
- KYIVSTAR HOLDINGS B.V. Amsterdam, Netherlands
- VEON AMSTERDAM B.V. Amsterdam, Netherlands
- Kyivstar Group Ltd. Dubai, United Arab Emirates
- VEON LUXEMBOURG FINANCE S.A. Luxembourg, Luxembourg
- VimpelCom Subsidiary · 100% · г. Москва, Russia
- Callibri Subsidiary · Yekaterinburg, Russia
- DataFort Subsidiary · Moscow, Russia
- First ORD Subsidiary · Moscow, Russia
- Golden Telecom Subsidiary · Moscow
- Corbina telecom Subsidiary · Moscow, Russia
- VimpelCom-Information Technology Subsidiary
- Beeline Subsidiary
- CDNvideo Subsidiary · Russia
- Hive Subsidiary · Russia
- Spectrum Subsidiary · Russia
- Voca-Tech Subsidiary · Russia
- Orascom TMT Investments Subsidiary · 29.63% · Luxembourg
- Italiaonline Subsidiary · Assago, Italy
- Libero Subsidiary · Milan
- SEAT Pagine Gialle Subsidiary · Turin, Italy
- Italiaonline Subsidiary · Assago, Italy
- ArmenTel Subsidiary
- Banglalink Subsidiary · Gulshan Thana
- Global Telecom Holding Subsidiary · The Hague, Netherlands
- Djezzy GSM Subsidiary · Algiers
- Koryolink Subsidiary · Pyongyang
- Jazz Subsidiary
- JazzCash Subsidiary
- Kyivstar Subsidiary · Kyiv
- Uklon Subsidiary · Ukraine
- Helsi Subsidiary · Ukraine
- Kyivstar.Tech Subsidiary
- Lan Trace Subsidiary
- Shtorm Subsidiary
- Mobilink Subsidiary · Islamabad
- Orascom Telecom Algeria Subsidiary
- Telecel Centrafrique Subsidiary · Bangui, Central African Republic
- VEON Armenia Subsidiary
- Wind Telecom Subsidiary · Rome
- Wind Telecomunicazioni Subsidiary · Rome
- Infostrada Subsidiary · 100% · Milan
- Blu Subsidiary · Naples
- Infostrada TV Subsidiary · Italy
- KaR-Tel LLP Subsidiary · Amsterdam, Netherlands
- VEON LUXEMBOURG FINANCE HOLDINGS S.A R.L. (VEON LUXEMBOURG FINANCE HOLDINGS S.À R.L.) Subsidiary · Luxembourg, Luxembourg
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Kyivstar Group Ltd. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $455.0M3 Dec 31, 2025 | $674.0M3 Dec 31, 2024 | −32.5% |
| Long-term investments | $2.0M3 Dec 31, 2025 | $03 Dec 31, 2024 |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $128.0M3 Dec 31, 2025 | $14.0M3 Dec 31, 2024 | +814.3% |
| Intangible assets, net (excluding goodwill) | $363.0M3 Dec 31, 2025 | $283.0M3 Dec 31, 2024 | +28.3% |
Inventory
Leadership
Who has led Kyivstar Group Ltd., and when. Pick a name to see everywhere that person has worked.
Chief financial officer
- ChairMuhterem Kaan Terzioglu Jun 1, 2026 to now6
- Chief financial officerBoris Dolgushin Jun 1, 2026 to Jul 13, 20267
- Chief financial officerTaner Kiziltoprak Jul 13, 2026 to now8
Board members and other officers (7)
- Board memberSerdar Cetin Mar 18, 2026 to now9
- Board memberBetsy Z. Cohen Jun 1, 2026 to now10
- Board memberBurak Ozer Jun 1, 2026 to now11
- Board memberDmytro Shymkiv Jun 1, 2026 to now12
- Board memberDuncan Perry Jun 1, 2026 to now13
- Board memberMichael Pompeo Jun 1, 2026 to now14
- Board memberMichiel Soeting Jun 1, 2026 to now15
Subsidiaries and ownership
Parent company (GLEIF)
Ultimate parent
Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.
Timeline
Calendar
Coming up
- Nov 6, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.33 a share, on Nov 10, 2025.16
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
106 filings to the SEC since October 2021: 2 annual reports, 14 insider forms, 3 large holders, 87 other. The latest 20:
- Sep 18, 2026EFFECT EDGAR
- Sep 18, 2026424B3 EDGAR
- Aug 31, 2026F-3 EDGAR
- Jul 31, 2026424B3 EDGAR
- Jul 31, 20266-K EDGAR
- Jul 31, 20266-K EDGAR
- Jul 13, 20263 EDGAR
- Jun 2, 20263 EDGAR
- Jun 1, 20263 EDGAR
- Jun 1, 20263 EDGAR
- Jun 1, 20263 EDGAR
- Jun 1, 20263 EDGAR
- Jun 1, 20263 EDGAR
- Jun 1, 20263 EDGAR
- Jun 1, 20263 EDGAR
- Jun 1, 20263 EDGAR
- Jun 1, 20263 EDGAR
- Jun 1, 20263 EDGAR
- May 28, 2026424B3 EDGAR
- May 28, 20266-K EDGAR
The 106 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Cohen Circle Sponsor I, LLCSCHEDULE 13D/A, 1 filing Sep 5, 202517
SEC filer profile
How Kyivstar Group Ltd. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARKyivstar Group Ltd.1
- CIK0002062440
- Filer statusNon-accelerated filer an emerging growth company; not a shell company5
- Incorporated inBermuda5
- Fiscal year endsDecember 311
- Industry code (SIC)4812 Radiotelephone Communications1
- SEC reviewing officeOffice of Technology, Division of Corporation Finance1
- Business addressUnit 517, Level 5, Index Tower, Difc, (Dubai International Financial Center), Dubai, United Arab Emirates1
- Phone3806722072711
- Shares outstanding230,863,624 shares as of Dec 31, 20255
- AuditorUHY LLP, Melville, New York PCAOB ID 1195; no auditor attestation of internal control over financial reporting5
- On EDGAR sinceMar 31, 20251
- Filings106 in all: 6-K (20), 424B3 (16), 425 (14), 3 (13), CORRESP (7), EFFECT (5), UPLOAD (5), DRS (3)1
All 25 form types
F-1/A (3), F-4/A (3), 20-F (2), F-1 (2), 3/A (1), 424B1 (1), 6-K/A (1), 8-A12B (1), CERT (1), F-3 (1), F-4 (1), IRANNOTICE (1), POS AM (1), S-8 (1), SCHEDULE 13D/A (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)
- Latest filingsAnnual report (20-F) Mar 16, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Shares, par value US$0.01 per share | KYIV | Nasdaq |
| Warrants, each whole warrant exercisable for one common share at an exercise price of $11.50 | KYIVW | Nasdaq |
From the cover page of the 20-F filed Mar 16, 2026 (Section 12(b) of the Exchange Act).5
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6SEC EDGARMuhterem Kaan Terzioglu, Chair
- 7
- 8
- 9SEC EDGARSerdar Cetin, Board member
- 10SEC EDGARBetsy Z. Cohen, Board member
- 11SEC EDGARBurak Ozer, Board member
- 12SEC EDGARDmytro Shymkiv, Board member
- 13SEC EDGARDuncan Perry, Board member
- 14SEC EDGARMichael Pompeo, Board member
- 15SEC EDGARMichiel Soeting, Board member
- 16NasdaqNasdaq calendar
- 17