Kyivstar Group Ltd: 1Q26 - Solid quarter driven by digital acceleration, Outlook upgraded

Research evidence excerpt

Kyivstar Group Ltd: 1Q26 - Solid quarter driven by digital acceleration, Outlook upgraded

Equity Research

European Telecom Services

13 May 2026

Kyivstar Group Ltd

1Q26 - Solid quarter driven by

digital acceleration, Outlook First Look

KYIV OVERWEIGHTupgraded

European Telecom Services NEUTRAL

Kyivstar delivered a strong first quarter with revenue and Price Target USD 12.50

EBITDA ahead of expectations. Core telecom benefited from Price (12-May-26) USD 13.97

ARPU growth and rising multiplay, while digital drove the PotentialSource: Bloomberg,Upside/DownsideBarclays Research -10.5%

upside after acquisitions. Outlook for the year upgraded. We

European Telecom Servicesexpect a positive reaction to results.

Ganesha Nagesha

+91 (0)22 6175 1712

Kyivstar 1Q26 revenue/EBITDA up +31.3%/+28.5% y/y to UAH 13.9bn/7.5bn respectively and ganesha.nagesha@barclays.com

came +3.6%/+1.1% ahead of Bloomberg consensus (+8.7%/+4% vs our estimates). Within Barclays, UK

divisions, while mobile segment revenue came +1.2% ahead of our estimates, Digital segment Mathieu Robilliard

drove the beat. Telecom and infrastructure revenue up +12.2% y/y to UAH 11.1 bn, driven by +44 (0)20 3134 3288

sustained ARPU expansion and increasing multiplay penetration. Driven by customer migration mathieu.robilliard@barclays.com

to 4G plans and higher data consumption ARPU for the quarter up +18.4% y/y to UAH 166.5. BBI, Paris

Notably, Digital service expanded +270.3% y/y to UAH 2.9bn on the back Uklon and Tabletki Maurice Patrick

acquisition. Kyivstar now disclose that telecom and infrastructure businesses EBITDA margin at +44 (0)20 3134 3622

56.4% and 42.7% for its digital businesses for 1Q26. Kyivstar is raising its 2026 outlook and maurice.patrick@barclays.com