Ukraine's mobile operators posted record revenue growth in 2025
The Ukrainian electronic communications market demonstrated steady growth in 2025, with mobile operators traditionally serving as the main drivers of growth.
According to data from the National Commission for the Regulation of Electronic Communications and Postal Services (NCREC), Kyivstar remained the market leader, reporting revenue of UAH 44.16 billion.
This indicates a significant strengthening of the company’s position, with its figures rising by 20.3% compared to the previous year.
Second and third place were firmly held by PJSC “Vodafone Ukraine” (TM Vodafone—Ukraine) and LLC “lifecell” (TM lifecell).
Vodafone managed to earn 25.59 billion UAH, demonstrating a 13.1% increase, while lifecell recorded revenue of 15.74 billion UAH, which is 19.1% more than in 2024.
Together, this “big three” continues to shape the industry’s core financial landscape, maintaining a significant lead over competitors.
The fixed-line and infrastructure services segment is also seeing some interesting shifts. PJSC “Ukrtelecom” entered the top five with revenue of UAH 4.59 billion, demonstrating moderate growth of 5.6%.
Fifth place went to Ukraine Tower Company, which is engaged in the construction and leasing of telecommunications towers. Its revenue grew by 21.8% to UAH 2.92 billion, reflecting high demand for network infrastructure expansion.
The second ten of the ranking was marked by a rapid rise of “tower” and technical companies. Ukrainian Network Solutions LLC, which provides infrastructure for Vodafone, increased its revenue by 8.5 times.
At the same time, the operator Volia-Kabel went through a difficult period: its telecom revenue fell by 57.4% to UAH 0.77 billion. This allowed other players, notably Datagroup and the RRT Concern, to significantly improve their positions in the overall ranking.
Investment activity in the industry in 2025 was also concentrated in the hands of the mobile giants.
Kyivstar increased its capital expenditures by 1.5 times—to 14.19 billion UAH. Vodafone Ukraine allocated 7.69 billion UAH to network development, while lifecell invested over 4 billion UAH.
As a reminder, Poles are buying the bankrupt PINbank.
Additionally, over 100 investors in the U.S. have expressed interest in Ukrainian defense companies.
