Kyivstar Group Ltd: Resilient telco, Accelerating digital expansion

Research evidence excerpt

Kyivstar Group Ltd: Resilient telco, Accelerating digital expansion

Equity Research

European Telecom Services

22 May 2026

Kyivstar Group Ltd

Resilient telco, Accelerating digital

expansion

Kyivstar reported strong momentum, with robust pricing and KYIV OVERWEIGHT

rising data usage supporting resilient core performance Unchanged

despite subscriber pressures. Rapid digital scaling and European Telecom Services UnchangedNEUTRAL

multiplay growth underpin earnings expansion. We remain Price Target USD 15.00

OW. raised 20% from USD 12.50

Price (20-May-26) USD 14.05

Potential Upside/Downside +6.8%

Resilient growth, digital scale: Kyivstar delivered strong Q1 results and upgraded its FY26 Source: Bloomberg, Barclays Research

outlook, supported by continued execution. The digital business is scaling rapidly, with revenue

up sharply (driven by Uklon and Tabletki and ~60% organic growth ex-M&A), now ~21% of group Market Cap (USD mn) 3243

revenue and increasing multiplay adoption supporting engagement and monetisation. The Shares Outstanding (mn) 230.86

telco core remains resilient, with steady subscriber market share despite SIM base pressure, and Free Float (%) 16.39

strong ARPU growth (~14%) driven by data usage and pricing discipline. Kyivstar management 52 Wk Avg Daily Volume (mn) N/A

indicated ARPU growth is sustainable, driven by structurally higher data consumption and Dividend Yield (%) N/A

continued pricing discipline to offset inflation, even as the subscriber base declines partly due Return on Equity TTM (%) N/A

to multi-SIM rationalisation. On EBITDA, management emphasised continued double-digit Current BVPS (USD) N/A

organic growth (mid-teens), with digital expansion and telco resilience offsetting cost Source: Bloomberg