Latest news with #Uklon
Yahoo
4 days ago
- Business
- Yahoo
Kyivstar Group Reports First Quarter 2025 Financial Results in Conjunction with its Nasdaq Listing Process
Total operating revenue reaches USD 255 million or UAH 10.6 billion, up 37.1% year-on-year in USD and 49.6% in local currency terms Profit for the period amounts to USD 44 million, up 22.2% year-on-year in USD and 33.7% in local currency terms, with a profit margin of 17.3% Adjusted EBITDA1 reaches USD 140 million, up 50.5% year-on-year in USD and 64.6% in local currency terms, with an adjusted EBITDA margin1 of 54.9% Completes acquisition of Uklon, Ukraine's leading ride-hailing business, and increases stake in Ukraine's leading digital health platform Helsi, subsequent to quarter-end KYIV, Ukraine, June 05, 2025 (GLOBE NEWSWIRE) -- Kyivstar Group, Ukraine's leading digital operator ('Kyivstar Group' or 'the Company') and a subsidiary of VEON Ltd. (Nasdaq: VEON) ('VEON Group' or 'VEON'), today announced its unaudited financial and operating results for the first quarter ended March 31, 2025. 1Q25 1Q24 YoY 1Q25 1Q24 YoY USD mln or % UAH bln or % Total operating revenue 255 186 37.1 % 10.6 7.1 49.6 % Profit for the period 44 36 22.2 % 1.8 1.4 33.7 % Adj. EBITDA1 140 93 50.5 % 5.8 3.6 64.6 % Average UAH/USD exchange rates: 1Q25: 41.7563 UAH/USD; 1Q24: 38.1727 UAH/USDEnd-of period UAH/USD exchange rates as of March 31, 2025: 41.4787 UAH/USD; as of March 31, 2024: 39.2214 UAH/USD1For more information, see section titled 'Presentation of Non-IFRS Financial Measures' at the end of this press release, including the reconciliations of non-IFRS measures to IFRS measures. 'Kyivstar Group continues to deliver exceptional value to our customers and stakeholders, leveraging our market-leading network and innovative digital services to drive growth,' said Oleksandr Komarov, CEO of Kyivstar Group. 'Our first quarter results reflect the strength of our digital operator strategy, delivering robust financial growth. In parallel, we continue to invest in strategic opportunities that drive Ukraine's digital future, such as the acquisition of Uklon and increasing our stake in Helsi. We are excited to complement this operational performance with the continued progress towards our plans to list Kyivstar Group on the Nasdaq Stock Market.' First Quarter 2025 Financial and Operational Highlights Robust Revenue Growth: Total operating revenue for 1Q25 was USD 255 million, up 37.1% year-on-year in USD and 49.6% year-on-year in local currency terms. This result includes the impact of the customer appreciation program undertaken by the Company in the first quarter of 2024 following a cyber security incident at the end of 2023, which lowered revenue in the first quarter of 2024 by an estimated USD 46 million (UAH 1.7 billion) in value. Excluding the impact of the customer appreciation program, local currency revenue growth was 20.1% year-on-year in 1Q25. Strong Profitability: Adjusted EBITDA for 1Q25 was USD 140 million, up 50.5% year-on-year. This represents an adjusted EBITDA margin of 54.9% in 1Q25. In local currency terms, 1Q25 adjusted EBITDA growth was 64.6% year-on-year, and adjusted EBITDA margin was 54.9%, driven by revenue growth and a decrease in operating costs. Excluding the impact of the customer appreciation program, local currency adjusted EBITDA growth was 10.2% year-on-year in 1Q25. Multiplay Customers Supporting Growth: The Multiplay customer base, which are customers who use at least one digital application in addition to 4G data and voice connectivity, was up by 40.7% year-on-year to 6.1 million customers, and represented 29.5% of one-month-active mobile customersi reflecting increased adoption of digital products. Digital Services Users: Total digital monthly active users across Kyivstar Group's digital applications MyKyivstar, Kyivstar TV and Helsi reached 10.3 million in 1Q25, up 32.9% from 7.7 million a year earlier. Strategic Milestones: Announced business combination agreement with Cohen Circle Acquisition Corp. I (Nasdaq: CCIR) ('Cohen Circle'), beginning the process for Kyivstar Group to be the only pure-play Ukrainian investment opportunity on U.S. stock markets. Completed the acquisition of Uklon, a leading Ukrainian ride-hailing and delivery platform, for approximately USD 155.2 million in April 2025. Uklon operates in 28 cities across Ukraine and facilitated more than 100 million rides and 3 million deliveries in 2024, and also provides ride-hailing services in Uzbekistan. Increased ownership stake in Helsi, Ukraine's largest digital platform, from 69.99% to 97.99% in May 2025. Helsi is a digital data management platform supporting the provision of healthcare services and improving patients' access to healthcare with over 9.4 million appointments booked in the year ended December 31, 2024. The results announcement is made concurrently with Kyivstar Group and VEON Holdings B.V.'s filing of a registration statement on Form F-4 (File No. 333-287802) in conjunction with Kyivstar's anticipated listing on the Nasdaq Stock Market LLC ('Nasdaq') following the anticipated completion of a business combination with Cohen Circle that was previously announced on March 18, 2025. With the announcement of its 1Q2025 results, Kyivstar Group also updated the investor presentation available to its potential investors. A copy of the investor presentation will be available on a Current Report on Form 8-K to be filed by Cohen Circle with the SEC and available at Group Ltd. and VEON Holdings B.V. have filed on June 5, 2025 a registration statement on Form F-4 (File No. 333-287802) (as may be amended from time to time, the 'Registration Statement) as co-registrants that includes a preliminary proxy statement/prospectus of Cohen Circle and a preliminary prospectus of Kyivstar Group. When available, Cohen Circle will mail a definitive proxy statement/prospectus relating to the business combination and other relevant documents to its shareholders. This communication does not contain all the information that should be considered concerning the business combination and is not intended to provide the basis for any investment decision or any other decision in respect of the business combination. VEON, Cohen Circle and Kyivstar Group may also file other documents regarding the business combination with the SEC. Cohen Circle's shareholders and other interested persons are advised to read, when available, the Registration Statement, the proxy statement/prospectus and other documents filed in connection with the business combination, as these materials will contain important information. Investors and shareholders will be able to obtain free copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed or will be filed with the SEC by Cohen Circle through the website maintained by the SEC website at or by directing a written request to: Cohen Circle Acquisition Corp. I, 2929 Arch Street, Suite 1703, Philadelphia, PA Group operates Ukraine's leading digital operator, serving more than 23 million mobile customers and over 1.1 million home internet fixed line customers as of December 31, 2024. Kyivstar Group and its subsidiaries provide services across a wide range of mobile and fixed line technologies, including 4G, big data, cloud solutions, cybersecurity, digital TV, and more. VEON, together with Kyivstar Group, intends to invest USD 1 billion in Ukraine during 2023-2027, through social investments in infrastructure and technological development, charitable donations and strategic acquisitions. Kyivstar Group and its subsidiaries have been operating in Ukraine for more than 27 years. For more information, visit: is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on Nasdaq. For more information, visit: Circle Acquisition Corp. I is a special purpose acquisition company sponsored by investment firm Cohen Circle, LLC and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more technology and/or financial services businesses. Cohen Circle's units, Class A ordinary shares and warrants are listed on Nasdaq under the symbols 'CCIRU,' 'CCIR' and 'CCIRW,' press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the transactions mentioned herein or the proposed business combination with Cohen Circle. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as Circle, Kyivstar Group, certain shareholders of Cohen Circle, VEON and certain of Cohen Circle's, Kyivstar Group's and VEON's respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from the shareholders of Cohen Circle with respect to the proposed business combination. A list of the names of such persons and information regarding their interests in the proposed business combination is set forth in the Registration Statement. Free copies of these documents may be obtained from the sources indicated Group's results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ('IFRS') and have not been externally reviewed and/or audited. The financial information included in this document is preliminary and is based on a number of assumptions that are subject to inherent uncertainties and subject to change. The financial information presented herein is based on internal management accounts, is the responsibility of management and is subject to financial closing procedures which have not yet been completed and has not been audited, reviewed or verified. Certain amounts and percentages that appear in this document have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, may not be an exact arithmetic aggregation of the figures that precede or follow them. Although we believe the information to be reasonable, actual results may vary from the information contained above and such variations could be material. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for the current period or any future period. This press release contains 'forward-looking statements,' as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the words 'anticipate,' 'believe,' 'estimate,' 'expect,' 'forecast,' 'future,' 'intend,' 'may,' 'opportunity,' 'plan,' 'project,' 'should,' 'strategy,' 'will,' 'will be,' 'will continue,' 'will likely result,' 'would' and similar expressions (including the negative versions of such words or expressions). Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements relating to, among other things, the timing of the closing of the proposed business combination and the listing of Kyivstar Group's common shares and warrants on Nasdaq, the expected investment opportunity in Kyivstar Group following the closing of the business combination, including the expectation that Kyivstar Group will be the only pure-play Ukrainian investment opportunity and the growth potential of Kyivstar Group. These statements are based on VEON, Cohen Circle and Kyivstar Group management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Kyivstar Group's, VEON's or Cohen Circle's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements in this press release, including, but not limited to, the inability to complete the business combination due to the failure to obtain the necessary shareholder approvals or to satisfy other conditions to closing; changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations; the decision by the SEC to deem effective the Registration Statement; the ability to meet the Nasdaq listing standards upon closing of the business combination and admission of Kyivstar Group for trading on Nasdaq; changes in applicable laws or regulations; the escalation or de-escalation of war between Russia and Ukraine; the successful integration of Uklon; continued growth in digital services; and other risks and uncertainties set forth in the section entitled 'Risk Factors' included in the Registration Statement filed by Kyivstar Group with the SEC on June 5, 2025 and in any other subsequent filings with the SEC by Kyivstar Group or Cohen Circle. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON, Kyivstar Group and Cohen Circle cannot predict with accuracy and some of which neither VEON, Kyivstar Group nor Cohen Circle might not even anticipate. The forward-looking statements contained in this press release speak only as of the date of this release. VEON, Kyivstar Group and Cohen Circle do not undertake to publicly update any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, except as required by U.S. federal securities laws. Presentation of Non-IFRS Financial Measures and Performance Metrics In addition to the results provided in accordance with IFRS throughout this press release, Kyivstar Group has provided the non-IFRS financial measures Adjusted EBITDA and Adjusted EBITDA Margin (the 'Non-IFRS Financial Measures'), as well as key performance indicators mobile ARPU, multiplay customers and total digital MAU. Kyivstar Group defines Adjusted EBITDA as earnings before interest, tax, depreciation, amortization, impairment, gain/loss on disposals of non-current assets, net foreign exchange gain and other non-operating gains/losses, net. Kyivstar Group defines Adjusted EBITDA Margin as Adjusted EBITDA divided by total operating revenues. Kyivstar Group uses the Non-IFRS Financial Measures in addition to its results determined in accordance with IFRS in order to evaluate its financial and operating performance, to generate future operating plans and make strategic decisions. Kyivstar Group believes that the Non-IFRS Financial Measures may be helpful to investors because they provide additional tools for investors to use in evaluating its ongoing operating results and trends and in comparing its financial results with other companies operating in similar industries because they provide consistency and comparability with past financial performance. The Non-IFRS Financial Measures are not intended to replace, and should not be considered superior to, the presentation of the Kyivstar Group financial results in accordance with IFRS. The Non-IFRS Financial Measures may not be comparable to other similarly entitled measures computed by other companies. The following table presents reconciliations of Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable IFRS financial performance measures, which are profit for the period and profit margin, respectively: (USD in millions) Income taxes 14 9 Depreciation 31 31 Amortization 13 12 Impairment, net 2 1 Finance costs 21 21 Finance income (7) (8) Other non-operating gain/(loss), net 1 (1) Net foreign exchange (loss)/gain 21 (8) 17% 19% 55% 50% Key Performance Indicators Mobile ARPU measures the monthly average revenue per mobile user. Kyivstar Group calculates mobile ARPU by dividing its mobile service revenue (excluding guest roaming and wholesale interconnection revenue) during the relevant period by the average number of its mobile customers during the period and dividing by the number of months in that period. Mobile service revenue used to calculate mobile ARPU excludes guest roaming and wholesale interconnection revenue, as this revenue is not generated by Kyivstar Group's customers but are proceeds received by other operators for the services received by its subscribers. Multiplay customers are doubleplay 4G customers who also used one or more of Kyivstar Group's digital products at any time during the one month prior to such measurement date. Total digital MAU is a gross total cumulative MAU of applications offered. Under this metric, a single individual who is active in more than one application is counted as a separate MAU under each such application, such that the total digital MAUs may include individuals being counted more than once. Media and Investor Contact: Kyivstar@ Email: pr@ i Multiplay as a % of total active Kyivstar one-month subscriber base in March 2025 (unique active subscribers over one-month period)Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Kyivstar Group Reports First Quarter 2025 Financial Results in Conjunction with its Nasdaq Listing Process
Total operating revenue reaches USD 255 million or UAH 10.6 billion, up 37.1% year-on-year in USD and 49.6% in local currency terms Profit for the period amounts to USD 44 million, up 22.2% year-on-year in USD and 33.7% in local currency terms, with a profit margin of 17.3% Adjusted EBITDA1 reaches USD 140 million, up 50.5% year-on-year in USD and 64.6% in local currency terms, with an adjusted EBITDA margin1 of 54.9% Completes acquisition of Uklon, Ukraine's leading ride-hailing business, and increases stake in Ukraine's leading digital health platform Helsi, subsequent to quarter-end KYIV, Ukraine, June 5, 2025 – Kyivstar Group, Ukraine's leading digital operator ('Kyivstar Group' or 'the Company') and a subsidiary of VEON Ltd. (Nasdaq: VEON) ('VEON Group' or 'VEON'), today announced its unaudited financial and operating results for the first quarter ended March 31, 2025. 1Q25 1Q24 YoY 1Q25 1Q24 YoYUSD mln or % UAH bln or % Total operating revenue 255 186 37.1% 10.6 7.1 49.6% Profit for the period 44 36 22.2% 1.8 1.4 33.7% Adj. EBITDA1 140 93 50.5% 5.8 3.6 64.6% Average UAH/USD exchange rates: 1Q25: 41.7563 UAH/USD; 1Q24: 38.1727 UAH/USDEnd-of period UAH/USD exchange rates as of March 31, 2025: 41.4787 UAH/USD; as of March 31, 2024: 39.2214 UAH/USD1For more information, see section titled 'Presentation of Non-IFRS Financial Measures' at the end of this press release, including the reconciliations of non-IFRS measures to IFRS measures. 'Kyivstar Group continues to deliver exceptional value to our customers and stakeholders, leveraging our market-leading network and innovative digital services to drive growth,' said Oleksandr Komarov, CEO of Kyivstar Group. 'Our first quarter results reflect the strength of our digital operator strategy, delivering robust financial growth. In parallel, we continue to invest in strategic opportunities that drive Ukraine's digital future, such as the acquisition of Uklon and increasing our stake in Helsi. We are excited to complement this operational performance with the continued progress towards our plans to list Kyivstar Group on the Nasdaq Stock Market.' First Quarter 2025 Financial and Operational Highlights Robust Revenue Growth: Total operating revenue for 1Q25 was USD 255 million, up 37.1% year-on-year in USD and 49.6% year-on-year in local currency terms. This result includes the impact of the customer appreciation program undertaken by the Company in the first quarter of 2024 following a cyber security incident at the end of 2023, which lowered revenue in the first quarter of 2024 by an estimated USD 46 million (UAH 1.7 billion) in value. Excluding the impact of the customer appreciation program, local currency revenue growth was 20.1% year-on-year in 1Q25. Strong Profitability: Adjusted EBITDA for 1Q25 was USD 140 million, up 50.5% year-on-year. This represents an adjusted EBITDA margin of 54.9% in 1Q25. In local currency terms, 1Q25 adjusted EBITDA growth was 64.6% year-on-year, and adjusted EBITDA margin was 54.9%, driven by revenue growth and a decrease in operating costs. Excluding the impact of the customer appreciation program, local currency adjusted EBITDA growth was 10.2% year-on-year in 1Q25. Multiplay Customers Supporting Growth: The Multiplay customer base, which are customers who use at least one digital application in addition to 4G data and voice connectivity, was up by 40.7% year-on-year to 6.1 million customers, and represented 29.5% of one-month-active mobile customersi reflecting increased adoption of digital products. Digital Services Users: Total digital monthly active users across Kyivstar Group's digital applications MyKyivstar, Kyivstar TV and Helsi reached 10.3 million in 1Q25, up 32.9% from 7.7 million a year earlier. Strategic Milestones: Announced business combination agreement with Cohen Circle Acquisition Corp. I (Nasdaq: CCIR) ('Cohen Circle'), beginning the process for Kyivstar Group to be the only pure-play Ukrainian investment opportunity on U.S. stock markets. Completed the acquisition of Uklon, a leading Ukrainian ride-hailing and delivery platform, for approximately USD 155.2 million in April 2025. Uklon operates in 28 cities across Ukraine and facilitated more than 100 million rides and 3 million deliveries in 2024, and also provides ride-hailing services in Uzbekistan. Increased ownership stake in Helsi, Ukraine's largest digital platform, from 69.99% to 97.99% in May 2025. Helsi is a digital data management platform supporting the provision of healthcare services and improving patients' access to healthcare with over 9.4 million appointments booked in the year ended December 31, 2024. The results announcement is made concurrently with Kyivstar Group and VEON Holdings B.V.'s filing of a registration statement on Form F-4 ((File No. 333-287802) in conjunction with Kyivstar's anticipated listing on the Nasdaq Stock Market LLC ('Nasdaq') following the anticipated completion of a business combination with Cohen Circle that was previously announced on March 18, 2025. With the announcement of its 1Q2025 results, Kyivstar Group also updated the investor presentation available to its potential investors. A copy of the investor presentation will be available on a Current Report on Form 8-K to be filed by Cohen Circle with the SEC and available at Group Ltd. and VEON Holdings B.V. have filed on June 5, 2025 a registration statement on Form F-4 (File No. 333-287802 (as may be amended from time to time, the 'Registration Statement) as co-registrants that includes a preliminary proxy statement/prospectus of Cohen Circle and a preliminary prospectus of Kyivstar Group. When available, Cohen Circle will mail a definitive proxy statement/prospectus relating to the business combination and other relevant documents to its shareholders. This communication does not contain all the information that should be considered concerning the business combination and is not intended to provide the basis for any investment decision or any other decision in respect of the business combination. VEON, Cohen Circle and Kyivstar Group may also file other documents regarding the business combination with the SEC. Cohen Circle's shareholders and other interested persons are advised to read, when available, the Registration Statement, the proxy statement/prospectus and other documents filed in connection with the business combination, as these materials will contain important information. Investors and shareholders will be able to obtain free copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed or will be filed with the SEC by Cohen Circle through the website maintained by the SEC website at or by directing a written request to: Cohen Circle Acquisition Corp. I, 2929 Arch Street, Suite 1703, Philadelphia, PA Group operates Ukraine's leading digital operator, serving more than 23 million mobile customers and over 1.1 million home internet fixed line customers as of December 31, 2024. Kyivstar Group and its subsidiaries provide services across a wide range of mobile and fixed line technologies, including 4G, big data, cloud solutions, cybersecurity, digital TV, and more. VEON, together with Kyivstar Group, intends to invest USD 1 billion in Ukraine during 2023-2027, through social investments in infrastructure and technological development, charitable donations and strategic acquisitions. Kyivstar Group and its subsidiaries have been operating in Ukraine for more than 27 years. For more information, visit: is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on Nasdaq. For more information, visit: Circle Acquisition Corp. I is a special purpose acquisition company sponsored by investment firm Cohen Circle, LLC and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more technology and/or financial services businesses. Cohen Circle's units, Class A ordinary shares and warrants are listed on Nasdaq under the symbols 'CCIRU,' 'CCIR' and 'CCIRW,' press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the transactions mentioned herein or the proposed business combination with Cohen Circle. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as Circle, Kyivstar Group, certain shareholders of Cohen Circle, VEON and certain of Cohen Circle's, Kyivstar Group's and VEON's respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from the shareholders of Cohen Circle with respect to the proposed business combination. A list of the names of such persons and information regarding their interests in the proposed business combination is set forth in the Registration Statement. Free copies of these documents may be obtained from the sources indicated Group's results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ('IFRS') and have not been externally reviewed and/or audited. The financial information included in this document is preliminary and is based on a number of assumptions that are subject to inherent uncertainties and subject to change. The financial information presented herein is based on internal management accounts, is the responsibility of management and is subject to financial closing procedures which have not yet been completed and has not been audited, reviewed or verified. Certain amounts and percentages that appear in this document have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, may not be an exact arithmetic aggregation of the figures that precede or follow them. Although we believe the information to be reasonable, actual results may vary from the information contained above and such variations could be material. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for the current period or any future period. This press release contains 'forward-looking statements,' as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the words 'anticipate,' 'believe,' 'estimate,' 'expect,' 'forecast,' 'future,' 'intend,' 'may,' 'opportunity,' 'plan,' 'project,' 'should,' 'strategy,' 'will,' 'will be,' 'will continue,' 'will likely result,' 'would' and similar expressions (including the negative versions of such words or expressions). Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements relating to, among other things, the timing of the closing of the proposed business combination and the listing of Kyivstar Group's common shares and warrants on Nasdaq, the expected investment opportunity in Kyivstar Group following the closing of the business combination, including the expectation that Kyivstar Group will be the only pure-play Ukrainian investment opportunity and the growth potential of Kyivstar Group. These statements are based on VEON, Cohen Circle and Kyivstar Group management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Kyivstar Group's, VEON's or Cohen Circle's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements in this press release, including, but not limited to, the inability to complete the business combination due to the failure to obtain the necessary shareholder approvals or to satisfy other conditions to closing; changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations; the decision by the SEC to deem effective the Registration Statement; the ability to meet the Nasdaq listing standards upon closing of the business combination and admission of Kyivstar Group for trading on Nasdaq; changes in applicable laws or regulations; the escalation or de-escalation of war between Russia and Ukraine; the successful integration of Uklon; continued growth in digital services; and other risks and uncertainties set forth in the section entitled 'Risk Factors' included in the Registration Statement filed by Kyivstar Group with the SEC on June 5, 2025 and in any other subsequent filings with the SEC by Kyivstar Group or Cohen Circle. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON, Kyivstar Group and Cohen Circle cannot predict with accuracy and some of which neither VEON, Kyivstar Group nor Cohen Circle might not even anticipate. The forward-looking statements contained in this press release speak only as of the date of this release. VEON, Kyivstar Group and Cohen Circle do not undertake to publicly update any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, except as required by U.S. federal securities laws. Presentation of Non-IFRS Financial Measures and Performance Metrics In addition to the results provided in accordance with IFRS throughout this press release, Kyivstar Group has provided the non-IFRS financial measures Adjusted EBITDA and Adjusted EBITDA Margin (the 'Non-IFRS Financial Measures'), as well as key performance indicators mobile ARPU, multiplay customers and total digital MAU. Kyivstar Group defines Adjusted EBITDA as earnings before interest, tax, depreciation, amortization, impairment, gain/loss on disposals of non-current assets, net foreign exchange gain and other non-operating gains/losses, net. Kyivstar Group defines Adjusted EBITDA Margin as Adjusted EBITDA divided by total operating revenues. Kyivstar Group uses the Non-IFRS Financial Measures in addition to its results determined in accordance with IFRS in order to evaluate its financial and operating performance, to generate future operating plans and make strategic decisions. Kyivstar Group believes that the Non-IFRS Financial Measures may be helpful to investors because they provide additional tools for investors to use in evaluating its ongoing operating results and trends and in comparing its financial results with other companies operating in similar industries because they provide consistency and comparability with past financial performance. The Non-IFRS Financial Measures are not intended to replace, and should not be considered superior to, the presentation of the Kyivstar Group financial results in accordance with IFRS. The Non-IFRS Financial Measures may not be comparable to other similarly entitled measures computed by other companies. The following table presents reconciliations of Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable IFRS financial performance measures, which are profit for the period and profit margin, respectively: (USD in millions) Income taxes 14 9Depreciation 31 31Amortization 13 12Impairment, net 2 1Finance costs 21 21Finance income (7) (8)Other non-operating gain/(loss), net 1 (1)Net foreign exchange (loss)/gain 21 (8) 17% 19% 55% 50%Key Performance Indicators Mobile ARPU measures the monthly average revenue per mobile user. Kyivstar Group calculates mobile ARPU by dividing its mobile service revenue (excluding guest roaming and wholesale interconnection revenue) during the relevant period by the average number of its mobile customers during the period and dividing by the number of months in that period. Mobile service revenue used to calculate mobile ARPU excludes guest roaming and wholesale interconnection revenue, as this revenue is not generated by Kyivstar Group's customers but are proceeds received by other operators for the services received by its subscribers. Multiplay customers are doubleplay 4G customers who also used one or more of Kyivstar Group's digital products at any time during the one month prior to such measurement date. Total digital MAU is a gross total cumulative MAU of applications offered. Under this metric, a single individual who is active in more than one application is counted as a separate MAU under each such application, such that the total digital MAUs may include individuals being counted more than once. Media and Investor Contact:Kyivstar@ Email: pr@ Multiplay as a % of total active Kyivstar one-month subscriber base in March 2025 (unique active subscribers over one-month period) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Axios
21-03-2025
- Business
- Axios
Ukrainian company plans to list shares in the U.S.
Kyivstar, the Ukrainian mobile operator that just agreed to list on the Nasdaq via a reverse merger, has agreed to buy local ride-hail and delivery firm Uklon for $155 million. Why it matters: This suggests some level of economic optimism for the besieged country, even as that giant minerals deal with the U.S. remains in limbo. Catch up quick: Kyivstar, which is majority owned by Dubai-based Veon, earlier this week agreed to go public on the Nasdaq at an implied $2.2 billion valuation via Cohen Circle Acquisition, a SPAC led by blank-check vets Betsy and Daniel Cohen. It would be the first Ukraine-based business to list in the U.S., and the first non-fintech deal for Cohen Circle. By the numbers: Uklon says it operates in 27 Ukrainian cities with more than 100,000 drivers on its platform. Last year it completed over 100 million rides and more than three million deliveries.
Bloomberg
19-03-2025
- Business
- Bloomberg
Ukraine's Largest Mobile Operator to Buy Ride-Hailing Firm Uklon
Veon Ltd. subsidiary Kyivstar has agreed to buy Ukrainian ride-hailing and delivery platform Uklon, expanding the offering of the country's largest mobile operator ahead of its New York listing. Kyivstar will acquire 97% of Uklon's shares for $155.2 million, Veon said in a statement on Wednesday. Uklon, which operates in 27 cities in Ukraine and expanded to Uzbekistan in 2023, also sells ads that appear on cars and in its app. Uklon's Chief Executive Officer Serhii Hryshkov will continue to run the company.
Yahoo
19-03-2025
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VEON's Kyivstar Expands Digital Portfolio with Acquisition of Uklon, Ukraine's Top Ride-Hailing Business
Kyiv and Dubai, March 19, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator ('VEON'), today announces its wholly-owned subsidiary JSC Kyivstar ('Kyivstar') has signed an agreement to acquire Uklon group ('Uklon'), a leading Ukrainian ride-hailing and delivery platform. This strategic acquisition marks Kyivstar's expansion into a new area of digital consumer services in line with VEON's digital operator strategy. Uklon operates in 27 cities across Ukraine and unites more than 100 thousand driver-partners on the platform. The company facilitated over 100 million rides and more than 3 million deliveries in 2024. In 2023, Uklon entered the deliveries business and expanded its operations into Uzbekistan, where VEON's Beeline Uzbekistan also operates as the country's leading digital operator. Upon closing of the deal, Kyivstar will acquire 97% of Uklon shares for a total consideration of USD 155.2 million. Uklon CEO Serhii Hryshkov is expected to remain in his position, where he will continue developing the company's products and services in Ukraine and other geographies. The agreement is subject to customary closing conditions and approvals. Strategic investment to Ukraine's Digital Economy 'Kyivstar's investment in Uklon is more than an exciting business expansion – it is a statement of confidence in Ukraine's digital growth potential. Uklon joins VEON's digital products that serve 120 million monthly active users in 5 countries; and Kyivstar's other successful digital offerings such as Helsi, the country's leading digital healthcare platform, and KyivstarTV, one of the top digital streaming platforms of Ukraine, and digital enterprise services. We are looking forward to exploring the expansion of Uklon's capabilities beyond Ukraine and Uzbekistan with the support of our digital operators in Kazakhstan, Pakistan and Bangladesh,' said Kaan Terzioglu, CEO of VEON Group and Chairman of Kyivstar Supervisory Board. 'Kyivstar has been at the forefront of rebuilding and enhancing Ukraine's digital infrastructure. We look forward to welcoming Uklon to Kyivstar, adding a new and complementary expertise to our portfolio of market-leading digital services and solutions. Uklon is the leader in its market, a favorite brand for many Ukrainians, and a technology pioneer in ride-hailing. With this acquisition, we are happy to bring together two market-leading companies with strong value propositions, enhancing our ability to offer digital experiences for millions of Ukrainians 1440 minutes a day,' said Oleksandr Komarov, CEO of Kyivstar. "Uklon has succeeded at delivering rapid organic development in recent years, including with our entry into the Uzbekistan market. We have launched new urban services like deliveries and enterprise services like Uklon AdTech. We invested in the development of our user support service, worked with partners, and strengthened our team. We have always had ambitions to move forward, both into new market verticals in Ukraine and into new geographies, and I am confident that now, with the support of Kyivstar, Uklon will have more opportunities and expertise to further improve our service in a way that provides additional value to all our users and partners,' said Dmytro Dubrovsky, co-founder of Uklon. Committed to Ukraine's digital future VEON continues to invest in Ukraine's digital future, including a USD 1 billion investment commitment between 2023 and 2027, and collaborations like its partnership with Starlink to enhance connectivity. On March 18, 2025, VEON announced the signing of a business combination agreement with Cohen Circle Acquisition Corp. I (Nasdaq: CCIRU) that will result in the listing of Kyivstar on the Nasdaq Stock Market in the United States under the ticker symbol KYIV. The transaction is subject to the approval of Cohen Circle's shareholders and other customary closing conditions and is expected to close in the third quarter of 2025. About VEONVEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information visit: About KyivstarKyivstar is Ukraine's largest digital operator, serving more than 23 million mobile subscribers and over 1.1 million Home Internet fixed line customers as of December 2024. The company provides services across a wide range of mobile and fixed line technologies, including 4G, big data, cloud solutions, cybersecurity, digital TV, and more. Kyivstar has committed to invest USD 1 billion into the development of new telecom technologies in Ukraine over 2023-2027. Kyivstar has allocated over UAH 2 billion over the past two years to help Ukraine overcome wartime challenges, including providing support for the Armed Forces, clients and social projects. Kyivstar has been operating in Ukraine for 27 years and is recognized a leading employer and a top contributor to socially important initiatives. About UklonUklon is the largest ride-hailing player in Ukraine. Uklon was founded in Kyiv 15 years ago as a tech start-up, successfully competing with global players with zero dollars of external financing. The company's founders are industry veterans with 15+ years of experience in taxi automation. Uklon's team includes more than 700 experts, including 250 software engineers who every day improve and maintain one of the largest consumer technology platforms in Ukraine. Uklon's digital services include ride-hailing, delivery, and other synergic mobility services, as well as AdTech for businesses. DisclaimerThis release contains 'forward-looking statements', as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the words 'anticipate,' 'believe,' 'estimate,' 'expect,' 'forecast,' 'future,' 'intend,' 'may,' 'opportunity,' 'plan,' 'project,' 'should,' 'strategy,' 'will,' 'will be,' 'will continue,' 'will likely result,' 'would' and similar expressions (including the negative versions of such words or expressions). Forward-looking statements are not historical facts, and include statements relating to, among other things, VEON's and its subsidiaries' commercial strategies and M&A plans. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements including, without limitation, statements relating to, among other things, the expected listing of Kyivstar on the Nasdaq Stock Market in the United States under the ticker symbol KYIV, the proposed acquisition, the expected timing of closing the proposed acquisition, the expected impact of the proposed acquisition for Uklon, Kyivstar and the Group, and the expansion Uklon's capabilities beyond Ukraine and Uzbekistan. These statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause VEON's, Kyivstar's or Uklon's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements in this press release, including, but not limited to; the occurrence of any event, change or other circumstances that could give rise to the termination of the agreement(s) pursuant to which the proposed acquisition is to be undertaken; the termination of the business combination agreement between VEON and Cohen Circle Acquisition Corp. I, the inability to close the business combination agreement, or close the business combination agreement on the timeframe currently contemplated; the withdrawal of the transaction approval by the Antimonopoly Committee of Ukraine; the outcome of any legal proceedings that may be instituted against Kyivstar, VEON or Uklon, any of their respective subsidiaries or others following or in connection with the proposed acquisition; changes to the proposed structure of the proposed acquisition that may be required or appropriate as a result of applicable laws or regulations; the risk that the proposed acquisition disrupts current plans and operations of VEON or Kyivstar as a result of the announcement and closing of the proposed acquisition; the inability to recognize the anticipated benefits of the proposed acquisition due to competition in digital mobility services, lower than expected growth in the sector or the inability of Uklon to retain its management and key employees; costs related to the acquisition; changes in applicable laws or regulations or required regulatory approvals; the escalation or de-escalation of war in Ukraine and other risks and relevant uncertainties. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events. Contact Information VEON Hande Asik Group Director of Communication pr@ Sign in to access your portfolio
