Kyivstar 4Q25 Results (KYIV US): From Telco to Super-App in Four Quarters

240 Views17 Mar 2026 10:12

Issuer-paid

SUMMARY

Telco-to-Platform Transformation: Digital revenue surged from 2.8% to 15.7% of quarterly sales in four quarters, driven by the Uklon acquisition and 15m digital MAUs across health, mobility, and entertainment.
Cash Flow Inflection Ahead: Capex intensity drops from 30% to the mid-20s while listing costs fade. We model NPAT of US$385m in FY26E as one-time charges roll off.
Super-App Strategy Taking Shape: Tabletki.ua acquisition (US$160m) creates a health + mobility + pharmacy loop. MVP pilots in 2026 will link Helsi prescriptions to Uklon delivery.

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