Ukraine’s digital operator lifted 2026 guidance after strong Q2 growth in telecom and digital businesses; parent VEON also raised its outlook and highlighted investor interest in Ukraine and planned AI infrastructure.
Kyivstar Group Ltd. raised its 2026 guidance after reporting stronger second-quarter growth across its telecom and digital businesses, while parent VEON also increased its full-year outlook. Kyivstar posted Q2 revenue of USD 339 million, up 19.3% year on year, and EBITDA of USD 188 million, up 13.7%, with a 55.4% margin. Digital revenue rose 83.0% to USD 73.7 million and represented 21.7% of total revenue. Kyivstar now expects 2026 USD revenue growth of 14%–16%, up from 11%–14%, and EBITDA growth of 9%–12%, up from 7%–10%, with capex intensity unchanged at 21%–24%. VEON, the Dubai-based telecoms group that owns Kyivstar and other brands across Asia, said it now expects 2026 revenue growth of 15%–18%, up from 11%–14%, and EBITDA growth of 9%–12%, up from 7%–10% previously. CFO Burak Ozer said higher energy prices linked to the Iran war had affected guidance issued in the first half and led VEON to take a conservative approach. CEO Kaan Terzioglu said investor appetite for Ukraine was at an all-time high and pointed to further digital investment in the country, including data inference centers.