Kyivstar Group Ltd. and its parent company VEON announced that they have finished a $1.3 billion investment program in Ukraine, completing the program 30 percent ahead of the 2027 target set for the 2023‑2027 period.
The program, which began in 2023 and concluded in April 2026, exceeded the original $1 billion commitment by 30 percent, underscoring the companies’ ability to mobilize capital and execute large‑scale projects under challenging conditions.
Key investment areas included the expansion and modernization of mobile coverage, the launch of Starlink Direct‑to‑Cell satellite connectivity, accelerated deployment of high‑speed fixed connectivity, and significant capital for backup power and renewable energy solutions.
Strategic acquisitions of Uklon, Tabletki.ua, and SUNVIN 11 were also funded as part of the program, consolidating Kyivstar’s digital ecosystem and broadening its service portfolio beyond traditional telecommunications.
The early completion of the program signals strong confidence in Ukraine’s digital future, enhances energy resilience amid ongoing conflict, and positions Kyivstar as a multi‑service digital operator that can support the country’s post‑war reconstruction efforts.
Financial context shows that Kyivstar’s 2025 EBITDA reached UAH 27 billion and revenue hit UAH 48.2 billion, while 2024 revenue grew 12.8 % to $925 million and EBITDA fell 4.2 % to $518 million, illustrating the company’s growth trajectory and the impact of the investment program on its financial performance.
CEO Oleksandr Komarov said the investment reflects Kyivstar’s commitment to keeping Ukrainians connected during wartime while building for the future, and CEO Kaan Terzioglu noted that completing the program early and above target demonstrates VEON’s long‑term conviction in Ukraine’s resilience and recovery.
The program’s completion ahead of schedule and over the original commitment highlights Kyivstar’s operational excellence, strategic diversification, and readiness to support Ukraine’s digital infrastructure in a post‑war context.
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