Kyivstar Group Ltd (KYIV) 2026 Q1 法說會逐字稿

Hello, and welcome to Kyivstar's 1Q '26 Results Presentation (Operator Instructions) As a reminder, this conference is being recorded today (Operator Instructions)

您好，歡迎參加 Kyivstar 2026 年第一季（1Q '26）業績簡報（接線員指示）。提醒您，本次會議將全程錄音（接線員指示）。

Cole Akeson, you may begin.

Cole Akeson，您可以開始。

Thank you. Good afternoon, and good morning. Thank you all for joining us to discuss Kyivstar Group's or Kyivstar's first quarter results. I am Cole Akeson, Group Director for Kyivstar Investor Relations. Joining me today are Kaan Terzioglu, Chairman of the Board; Oleksandr Komarov, the CEO; Boris Dolgushin, our CFO; and Anand Ramachandran, Chief Corporate Development Officer for VEON.

謝謝。各位下午好、早安。感謝各位參與我們對 Kyivstar 集團（或 Kyivstar）第一季業績的討論。我是 Cole Akeson，Kyivstar 集團投資人關係總監。今天與我一同出席的有：董事會主席 Kaan Terzioglu、執行長 Oleksandr Komarov、財務長 Boris Dolgushin，以及 VEON 企業發展長 Anand Ramachandran。

Oleksandr will begin with strategic and operational highlights, followed by Boris with a review of our financial performance. We will then open the line for questions.

Oleksandr 將先分享策略與營運重點，接著由 Boris 回顧我們的財務表現。之後我們將開放提問。

Before we begin, please note that today's presentation contains forward-looking statements, which involve risks and uncertainties. Further details are available in our SEC filings, including our Form 20-F filed March 16, 2026. Our earnings release and presentation are available on our Investor Relations website.

在開始之前，請注意今天的簡報包含前瞻性陳述，涉及風險與不確定性。更多細節請參閱我們向美國證券交易委員會（SEC）提交的文件，包括於 2026 年 3 月 16 日提交的 Form 20-F。我們的財報新聞稿與簡報已發布於投資人關係網站。

With that, I'll hand over to Oleksandr.

接下來我把時間交給 Oleksandr。

Thank you, Cole. Hello, everyone. We started 2026 with strong execution. Our telecom core is resilient. Our digital ecosystem is scaling. The two businesses fit each other. Let me start with the numbers. Revenue reached $323 million. This is an increase of nearly 27% year-over-year. EBITDA grew more than 23% to $173 million. We focus on cash generation.

謝謝你，Cole。各位好。我們以強勁的執行力展開 2026 年。我們的電信核心業務具韌性。我們的數位生態系正在擴張。這兩項業務彼此契合。我先從數字談起。營收達到 3.23 億美元。年增近 27%。EBITDA 成長逾 23%，至 1.73 億美元。我們聚焦於現金創造。

Equity free cash flow grew almost 32% to $87 million for the quarter. Second, our digital transformation. Digital revenue more than tripled year-on-year, reaching almost 21% of our total revenue in first quarter 2026. This is an increase of more than 5 percentage points quarter-on-quarter and more than 13 percentage points from a year ago.

本季股東自由現金流（Equity free cash flow）成長近 32%，至 8,700 萬美元。第二，我們的數位轉型。數位營收年增超過三倍，於 2026 年第一季占總營收比重接近 21%。較前一季提升超過 5 個百分點，較去年同期提升超過 13 個百分點。

Our platforms have scaled. We now serve more than 28 million non-unique digital customers, a number now larger than our mobile subscriber base. We also streamlined our reporting this quarter, integrating identity services into our Digital Enterprise vertical to provide a clearer and more consistent view of performance. Identity services are undergoing a transition away from traditional A2P messaging to more varied API-based platforms, becoming more digital than traditional analog mobile.

我們的平台已擴大規模。目前我們服務超過 2,800 萬名非唯一（non-unique）的數位客戶，這個數字已大於我們的行動用戶基礎。本季我們也精簡了揭露方式，將身分識別服務整合至數位企業（Digital Enterprise）垂直領域，以提供更清晰且一致的績效視角。身分識別服務正從傳統 A2P 訊息傳送轉型至更多元的 API 平台，變得更偏向數位，而非傳統類比行動業務。

We also moved to reporting customers across service line on three months active basis to provide better comparability between lines and over time. Accordingly, we provide reclassified numbers for past periods to ensure comparability and maximum visibility.

我們也改以「近三個月活躍」口徑來揭露各服務線的客戶數，以提升不同產品線之間及跨期間的可比性。因此，我們提供過往期間的重分類數據，以確保可比性與最大透明度。

Third, our multiplay strategy. Multiplay customers use voice, data, and at least one of our apps. They generate more revenue individually and are less likely to churn. Multiplay customers grew 31.6% to 8.1 million. They now make up nearly 40% of our active mobile base.

第三，我們的多重服務（multiplay）策略。Multiplay 客戶同時使用語音、數據，並至少使用我們的一款 App。他們單戶貢獻更高營收，且較不易流失。Multiplay 客戶成長 31.6%，達 810 萬。目前約占我們活躍行動用戶基礎的 40%。

This engagement drives the top line. Mobile ARPU rose 14.1% year-on-year to $3.80. Finally, our strategic investments. In February, we consolidated Tabletki. Tabletki is Ukraine's leading online health care marketplace. It processed $258 million in gross merchandise value over the two months of consolidation for the quarter. We expanded our cooperation with SpaceX to resell Starlink Internet to enterprise customers.

這樣的互動帶動營收成長。行動 ARPU 年增 14.1%，至 3.80 美元。最後，談到我們的策略性投資。2 月我們完成對 Tabletki 的併表。Tabletki 是烏克蘭領先的線上醫療健康市集平台。在本季併表的兩個月期間，其總商品交易額（GMV）達 2.58 億美元。我們也擴大與 SpaceX 的合作，向企業客戶轉售 Starlink 網際網路服務。

Over 5 million customers already use our Direct to Cell messaging services, and we will launch Light Data later this year.

已有超過 500 萬名客戶使用我們的 Direct to Cell 訊息服務，我們將於今年稍晚推出 Light Data。

As for our first quarter financials. Telecom revenue grew 8% to $256 million. Customers are moving to 4G and using more data. Digital revenue grew 257% to $67 million. The consolidations of Uklon and Tabletki drove this surge.

至於第一季財務表現。電信營收成長 8%，至 2.56 億美元。客戶正轉向 4G 並使用更多數據。數位營收成長 257%，至 6,700 萬美元。Uklon 與 Tabletki 的併表推動了這波大幅成長。

Our other digital products also grew organically. Starting from this quarter, we are splitting our EBITDA disclosure to show digital separately from telecom and infrastructure. This better clarifies the development of the respective verticals. Total EBITDA rose more than 23% to $173 million. Our telecom and infrastructure core generated $144 million in EBITDA, resulting in a 56% margin.

我們其他數位產品也呈現有機成長。自本季起，我們將 EBITDA 揭露拆分，分別呈現數位與電信及基礎設施。這能更清楚說明各垂直領域的發展。總 EBITDA 成長逾 23%，至 1.73 億美元。電信與基礎設施核心業務貢獻 1.44 億美元 EBITDA，EBITDA 利潤率為 56%。

Our digital platforms generated $29 million in EBITDA, producing a nearly 43% margin. Net profit reached $85 million. Earnings per share was $0.37. We invested $67 million in capital expenditure. Our CapEx intensity was 20.9% for the quarter. We generated $161 million in operating cash flow. Equity free cash flow grew 32% to $87 million. Cash generation funds our growth. Our cash position remains strong at $353 million.

數位平台貢獻 2,900 萬美元 EBITDA，利潤率接近 43%。淨利達 8,500 萬美元。每股盈餘為 0.37 美元。我們資本支出投資 6,700 萬美元。本季資本支出強度（CapEx intensity）為 20.9%。我們產生 1.61 億美元營運現金流。股東自由現金流成長 32%，至 8,700 萬美元。現金創造支撐我們的成長。我們的現金部位仍然強勁，為 3.53 億美元。

Now let's look at the Mobile business, where we served 22 million customers. Our annualized churn rate was 16% for the quarter. We remain the country's clear market leader. Mobile ARPU grew 14% to $3.80. Customers are moving to 4G and using more data.

接著看行動業務，我們服務 2,200 萬名客戶。本季年化流失率為 16%。我們仍是該國明確的市場領導者。行動 ARPU 成長 14%，至 3.80 美元。客戶正轉向 4G 並使用更多數據。

Data consumption grew 31% to almost 15 gigabytes per user monthly. Nearly 70% of our mobile base is now on 4G. Our fixed broadband base grew almost 12% to move to the 1.2 million customers. This includes 52,000 new users from our recent Shtorm acquisition.

數據用量成長 31%，每位用戶每月接近 15GB。目前我們的行動用戶中，近 70% 已使用 4G。我們的固網寬頻用戶基礎成長近 12%，達到 120 萬名客戶。其中包含近期收購 Shtorm 帶來的 52,000 名新用戶。

Broadband and digital entertainment work closely together. Today, nearly 46% of our broadband users also subscribe to Kyivstar TV. Cross-sales and synergies bring us back to the core of our digital growth strategy, multiplay. Multiplay customers grew almost 32% year-over-year to 8.1 million. They now make up nearly 40% of our active mobile customer base.

寬頻與數位娛樂密切結合。目前，近 46% 的寬頻用戶也訂閱 Kyivstar TV。交叉銷售與綜效讓我們回到數位成長策略的核心：multiplay。Multiplay 客戶年增近 32%，至 810 萬。目前約占我們活躍行動客戶基礎的 40%。

They also generate higher revenue. The average multiplay customer generates $5.30 in a monthly ARPU. That is nearly 40% more than the average mobile customer. They spend more on our digital suite, but they also spend more on connectivity.

他們也帶來更高營收。平均每位 multiplay 客戶的月 ARPU 為 5.30 美元。這比平均行動客戶高出近 40%。他們在我們的數位產品組合上花費更多，同時在連線服務上的支出也更高。

Let's look closer to our digital revenue. Digital revenue grew by 2.6 times to $67 million. It now makes up almost 21% of total revenue. Three points about this performance. First, strategic acquisitions enhance our scale. The consolidations of Uklon and Tabletki drove the bulk of this quarter's surge. That said, the growth is also broad-based. We see momentum across all verticals, Uklon, Helsi, Tabletki, Kyivstar TV, and the digital enterprise business. Third, we have a structural cost advantage. Our telecom customer base provides low acquisition costs.

我們再更深入看看數位營收。數位營收成長 2.6 倍，至 6,700 萬美元。目前約占總營收的 21%。關於這項表現有三點。第一，策略性併購提升我們的規模。Uklon 與 Tabletki 的併表貢獻了本季成長的大部分。不過，成長也呈現廣泛分布。我們看到各垂直領域皆有動能，包括 Uklon、Helsi、Tabletki、Kyivstar TV，以及數位企業業務。第三，我們具備結構性的成本優勢。我們的電信客戶基礎帶來較低的獲客成本。

Our multiplay bundles act as an optimized distribution model. This synergy allows us to scale platforms, profitability, and maintain strong unit economics. Moving to Uklon, our mobility platform. In the 1st quarter, Uklon generated nearly $33 million in revenue and more than $12 million in EBITDA. This reflects both a scaled business in Ukraine and a growing business in Uzbekistan.

我們的多重服務（multiplay）組合方案可作為最佳化的分銷模式。這種協同效應使我們能夠擴大平台規模、提升獲利能力，並維持強勁的單位經濟效益。接著談到 Uklon，我們的移動出行平台。第一季，Uklon 產生近 3,300 萬美元營收，EBITDA 超過 1,200 萬美元。這反映了其在烏克蘭的規模化業務，以及在烏茲別克斯坦持續成長的業務。

The platform processed nearly 44 million rides and 1.5 million deliveries, the latter reflecting an almost 10% rise quarter-on-quarter. Active customers rose to more than 5 million for the quarter. We are expanding the product range. Customers can now book inter-city bus tickets directly in the new Uklon Travel. We continue to explore new ways to develop Uklon further at a comprehensive one-stop mobility platform.

該平台處理了近 4,400 萬趟行程與 150 萬筆配送，後者較上一季成長近 10%。本季活躍客戶數增至超過 500 萬。我們正在擴展產品範圍。客戶現在可在全新的 Uklon Travel 直接預訂城際巴士車票。我們持續探索進一步發展 Uklon 的新方式，將其打造為全面的一站式移動出行平台。

Our Digital Enterprise business is gaining scale with more than $16 million in revenue and 9% increase year-over-year. We manage 2.2 thousand active B2B contracts, up 31% year-on-year. Big Data and AI drove the majority of this quarter's growth. The segment's revenue grew 75% to $4.4 million. Cloud revenue grew 42% to $2.3 million.

我們的數位企業（Digital Enterprise）業務規模持續擴大，營收超過 1,600 萬美元，年增 9%。我們管理 2,200 份活躍 B2B 合約，年增 31%。大數據與 AI 推動了本季大部分成長。該分部營收成長 75% 至 440 萬美元。雲端營收成長 42% 至 230 萬美元。

Adwisor, our self-service advertising platform primarily focused on small and medium-sized businesses, expanded to over 4,000 registered clients. The division also contains Kyivstar.Tech, which binds our ecosystem together and is responsible for one of our most cutting-edge work. An example is our work in cooperation with the Ukrainian government and leading international partners to produce our sovereign LLM, which is trained exclusively on Ukrainian language data to meet the unique needs of Ukrainian clients.

Adwisor 是我們的自助式廣告平台，主要聚焦中小企業，已擴展至超過 4,000 家註冊客戶。該部門亦包含 Kyivstar.Tech，負責將我們的生態系統串聯起來，並承擔我們最前沿的部分工作。例如，我們與烏克蘭政府及主要國際夥伴合作，打造我們的主權 LLM；該模型僅以烏克蘭語資料訓練，以滿足烏克蘭客戶的獨特需求。

Moving to entertainment, Kyivstar TV remains the largest media streaming service in Ukraine. Revenue grew 390% year-over-year to $10.5 million. Last year's shift to gross revenue recognition is complemented by strong organic momentum spurred by two factors. First, customer expansion and engagement. Our customer base reached a new record at the more than 3 million.

在娛樂方面，Kyivstar TV 仍是烏克蘭最大的媒體串流服務。營收年增 390% 至 1,050 萬美元。去年改採總額營收（gross revenue）認列方式後，在兩項因素帶動下，強勁的自然成長動能得以延續。第一，客戶擴張與互動提升。我們的客戶基礎創下新高，達到超過 300 萬。

As I mentioned earlier, more than 46% of our fixed broadband base now subscribes to our TV platform. Second, our original content continues to inspire engagement. New crime drama, Tykha Nava, is the most-watched title in the platform's history. Exclusive Ukrainian content attracts new customers and strengthens our ecosystem. We are looking forward to soon being exclusive Ukrainian broadcaster of an upcoming boxing match featuring world heavyweight champion and proud Ukrainian, Oleksandr Usyk.

如我先前提到的，我們的固網寬頻用戶中，現已有超過 46% 訂閱我們的 TV 平台。第二，我們的原創內容持續帶動互動。全新犯罪劇《Tykha Nava》成為平台史上觀看次數最高的作品。獨家烏克蘭內容吸引新客戶並強化我們的生態系統。我們也期待不久後成為一場即將登場的拳擊賽之烏克蘭獨家轉播方，該賽事由世界重量級冠軍、以身為烏克蘭人為榮的 Oleksandr Usyk 出賽。

On the healthcare, Helsi is Ukraine's leading health tech platform. We served 4.9 million active digital customers in Q1. Patients booked 2.4 million appointments through the platform. We are scaling the platform paid services. Customer paying the premium offerings increased by more than half quarter-on-quarter to reach more than 87,000.

在醫療健康方面，Helsi 是烏克蘭領先的健康科技平台。第一季我們服務了 490 萬名活躍數位客戶。病患透過平台預約了 240 萬次門診。我們正在擴大平台的付費服務規模。付費升級至高階方案的客戶數較上一季增加逾五成，達到超過 87,000 人。

Revenue grew nearly 32% year-over-year to more than $2 million. Helsi powers appointment scheduling, prescriptions, and health records, including integration with Ukraine's state health system. The platform makes care easier and faster to access, a win-win for patients and doctors alike. Customers are upgrading for a range of advanced health insights. Our Helsi Superpower telecom bundle helps drive these conversions.

營收年增近 32% 至超過 200 萬美元。Helsi 提供門診預約、處方箋與健康紀錄等功能，並包含與烏克蘭國家健康系統的整合。該平台讓醫療照護更容易、更快速取得，對病患與醫師而言是雙贏。客戶為了多項進階健康洞察而升級方案。我們的 Helsi Superpower 電信綑綁方案有助於推動這些轉換。

Helsi highlights our commitment to corporate social responsibility and ESG. We are expanding access to digital healthcare for Ukrainians during the wartime.

Helsi 彰顯我們對企業社會責任與 ESG 的承諾。我們正在戰時擴大烏克蘭民眾取得數位醫療的可近性。

Then we have Tabletki, the leading online healthcare marketplace. We consolidated this business in February. In just two months, the platform contributed more than $5 million in revenue and more than $4 million in EBITDA. Customer volume is strong. The platform facilitated 15.3 million average monthly bookings in the first two months of the year.

接著是 Tabletki，領先的線上醫療健康市集。我們於二月將此業務納入合併報表。僅兩個月內，該平台即貢獻超過 500 萬美元營收與超過 400 萬美元 EBITDA。客戶量表現強勁。該平台在今年前兩個月促成每月平均 1,530 萬筆預訂。

For the same period, gross merchandise value reached $258 million. We continue to work on integrating Tabletki with Helsi, and ultimately with Uklon's delivery network. We expect these synergies to drive deeper engagement across our digital customer base.

同一期間，商品交易總額（GMV）達到 2.58 億美元。我們持續推動 Tabletki 與 Helsi 的整合，並最終與 Uklon 的配送網路整合。我們預期這些協同效應將在我們的數位客戶基礎中帶來更深度的互動。

All these parts come together in our growth strategy. We intend our core connectivity business to maintain market leadership. We focus on retaining a high quality customer base and driving technological innovation. For example, over 5 million customers use our direct-to-cell satellite messaging, and we expect to launch light data later this year. In fixed broadband, we aim to expand market share.

所有這些部分共同構成我們的成長策略。我們希望核心連線業務維持市場領導地位。我們聚焦於留住高品質客戶基礎並推動技術創新。例如，超過 500 萬名客戶使用我們的直連手機（direct-to-cell）衛星訊息服務，我們預計於今年稍晚推出輕量數據服務。在固網寬頻方面，我們的目標是擴大市占率。

We plan to drive this expansion through both organic growth and targeted acquisitions. This market brings entire household into our ecosystem, mutually reinforcing the mobile and digital businesses. Third, our digital ecosystem. We anticipate scaling our digital platforms through organic momentum and strategic acquisitions. Our core strategy is to increase multiplay adoption and deepen daily engagement across our customer base.

我們計畫透過自然成長與精準併購雙軌推動此擴張。此市場可將整個家庭納入我們的生態系統，並與行動與數位業務相互強化。第三，我們的數位生態系統。我們預期透過自然動能與策略性併購擴大數位平台規模。我們的核心策略是提高多重服務（multiplay）採用率，並在整體客戶基礎中深化每日互動。

We continue to progress our strategy through both organic and inorganic growth. Most recently, we announced the expansion of our cooperation with SpaceX to include selling high-speed internet services to Ukrainian businesses and public institutions, allowing us to provide B2C customers a full-featured connectivity stack within Kyivstar packages.

我們持續透過自然成長與非自然成長（併購）推進策略。最近，我們宣布擴大與 SpaceX 的合作，納入向烏克蘭企業與公共機構銷售高速網際網路服務，使我們能在 Kyivstar 套餐中為 B2C 客戶提供功能完整的連線服務堆疊（connectivity stack）。

Now, Boris will tell us more about the financials.

接下來，Boris 將為我們進一步說明財務表現。

Thank you, Oleksandr. Total revenue reached $323 million in the first quarter, an increase of nearly 27% year-over-year. This reflects UAH 14 billion in revenue, a 31% increase. EBITDA grew more than 23% to $173 million, based on a 29% gain to UAH 7.5 billion. As discussed, our telecom margin expanded to more than 56%, while our digital platforms created nearly 43% margin.

謝謝你，Oleksandr。第一季總營收達 3.23 億美元，年增近 27%。這相當於 140 億烏克蘭格里夫納（UAH）的營收，成長 31%。EBITDA 成長逾 23% 至 1.73 億美元，對應 UAH 75 億、成長 29%。如前所述，我們的電信利潤率擴大至超過 56%，而數位平台創造了近 43% 的利潤率。

This split reflects our strategy. We generate strong cash flow from our core network that partially goes to fund the rapid scaling of our digital ecosystem. Capital allocation remained disciplined. CapEx totaled $67 million, reaching nearly 21% of revenue. A significant portion of this capital goes toward network resilience during the war.

這樣的分布反映了我們的策略。我們由核心網路產生強勁現金流，其中一部分用於資助數位生態系統的快速擴張。資本配置仍維持紀律。資本支出（CapEx）合計 6,700 萬美元，約占營收近 21%。其中相當大一部分資本用於戰時的網路韌性建設。

Despite these critical investments, our cash conversion remains strong. Equity free cash flow after leases and licenses grew 32% to $87 million.

儘管進行這些關鍵投資，我們的現金轉換能力仍然強勁。扣除租賃與牌照後的股權自由現金流（equity free cash flow）成長 32% 至 8,700 萬美元。

Turning now to the balance sheet. We ended the first quarter with $353 million in cash and deposits. The sequential decrease reflects our capital allocation to fund Tabletki and Shtorm acquisitions. Gross debt, excluding leases, is $94 million. We carry immaterial external debt, mostly owed to parent company, VEON.

接著看資產負債表。第一季末，我們持有 3.53 億美元的現金與存款。較前一季下降，反映我們進行資本配置以資助 Tabletki 與 Shtorm 的收購。不含租賃的總負債（gross debt）為 9,400 萬美元。我們的外部負債金額不具重大性，主要為應付母公司 VEON。

Lease liabilities totaled $393 million. These arise from our tower agreements with Ukrainian tower company and are fully recognized under IFRS 16. Excluding these lease liabilities, our net cash position is $259 million.

租賃負債合計為3.93億美元。這些源自我們與烏克蘭鐵塔公司之鐵塔協議，並已依IFRS 16全數認列。若排除這些租賃負債，我們的淨現金部位為2.59億美元。

Let me now hand the call back to Oleksandr.

現在我把電話交回給Oleksandr。

Thank you, Boris. Looking further ahead, we raise our full year outlook for 2026 on a mix of the ongoing strong execution and external influences that have been less turbulent than assumed in our base case. In UAH, we expect revenue to grow 18% and 21% and EBITDA to grow 14% to 17%. On our average exchange rate assumption of UAH 44.5 to the US dollar, we expect revenue to grow 11% to 14% in US dollars and EBITDA 7% to 10%.

謝謝你，Boris。展望未來，我們上調2026年全年展望，原因在於持續強勁的執行力與外部影響的組合，而外部環境的動盪程度也低於我們基準情境的假設。以烏克蘭格里夫納（UAH）計，我們預期營收成長18%至21%，EBITDA成長14%至17%。在我們假設平均匯率為1美元兌44.5 UAH的情況下，我們預期以美元計的營收成長11%至14%，EBITDA成長7%至10%。

While this is an upgrade to our previous guidance, it represents moderation from our first quarter growth rates due largely to base effects. This anticipates a comparison base that will no longer include the immediate aftermath of the 2023 cyberattack, a weaker spot exchange rate and the lapping of the Uklon consolidation. We plan to allocate capital efficiently with CapEx intensity at the range of 21% to 24% of revenue for the year. We intend to continue targeted investments in network quality and energy resilience, while normalizing from our elevated 2025 investment cycle.

雖然這是對先前指引的上調，但由於基期效應，這相較於第一季的成長率有所放緩。這反映比較基期將不再包含2023年網路攻擊後的即時影響、較弱的即期匯率，以及Uklon併表效應的消退。我們計畫有效率地配置資本，全年資本支出強度（CapEx intensity）預計維持在營收的21%至24%區間。我們打算持續對網路品質與能源韌性進行精準投資，同時自2025年較高的投資週期回歸常態。

To wrap up, we are delivering double-digit growth across segments driven by our digital momentum and strong execution. Despite external volatility, our business remains resilient, and our strong cash generation continues to fund our expansion. We think these trends would look impressive for any company, let alone one operating in a war zone, and hope you agree with us.

總結來說，在數位動能與強勁執行力的帶動下，我們在各業務分部皆實現雙位數成長。儘管外部波動，我們的業務仍具韌性，而強勁的現金創造能力持續為擴張提供資金。我們認為這些趨勢對任何公司而言都相當亮眼，更何況是在戰區營運的公司，也希望各位能認同。

Thank you for your support. We can now open the line for Q&A.

感謝各位的支持。我們現在可以開放問答。

(Operator Instructions)

（接線員指示）

Max Findlay, Rothschild & Co.

Max Findlay，Rothschild & Co.（羅斯柴爾德公司）。

Hello all. Congratulations on an impressive set of results and the upgrades. In Mobile, there were 400,000 subscription losses in Q1, which was higher than Q1 last year. It's sometimes hard to discern what contributes to net losses, and it would be useful to understand how much of this is secondary SIMs dropping off versus primary SIM loss, and what sight do you have of how net adds will develop throughout the year.

各位好。恭喜取得一組令人印象深刻的業績以及上調指引。在行動業務方面，第一季訂戶淨減40萬，較去年第一季更高。有時很難辨識淨減的成因，因此若能了解其中有多少是次要SIM卡流失、多少是主要SIM卡流失，以及你們對今年全年淨增趨勢的掌握，將會很有幫助。

And then secondly, sticking to Mobile. Mobile ARPU growth was very impressive in Q1. I guess there are a few things going on here with the loss of roaming revenues and the drop-off, low ARPU, secondary SIM subs. So if you're able to quantify what is driving mobile ARPU growth, that would be very useful. Thank you.

第二個問題同樣關於行動業務。第一季行動ARPU成長非常亮眼。我想這裡有幾個因素同時發生，包括漫遊收入的流失，以及低ARPU的次要SIM訂戶流失。因此若你們能量化說明推動行動ARPU成長的因素，將非常有用。謝謝。

Okay. Let me start with the first question. So this Kyivstar customer base decline is actually the reflection of the overall market trend. This trend is very much driven by a few factors. The first factor is decline in the number of double SIMers across the market.

好的。我先回答第一個問題。Kyivstar客戶基礎的下滑其實反映了整體市場趨勢。這個趨勢主要由幾個因素驅動。第一個因素是全市場使用雙SIM的人數下降。

The second factor is the decline in the new gross adds because of a certain shelf price increase. And the third factor is overall demographic situation in Ukraine. It's a bit difficult to quantify, but the biggest factor is actually double SIMers that is very much situational and driven by very heavy blackouts we faced during December, January this year.

第二個因素是，由於某些資費上調，新申辦的總新增（gross adds）下降。第三個因素是烏克蘭整體人口結構情勢。這有點難以量化，但最大的因素其實是雙SIM用戶，這非常具有情境性，並且受到我們在今年12月與1月面臨的嚴重停電影響。

Let me also draw your attention to one simple fact that according to the national regulation statistic, Kyivstar is maintaining subscriber market share year on year. We grew 0.1% in 2025 versus 2024. Okay. And we are relatively stable for the last years with around 47-plus percentage subscriber market share. Okay.

也請注意一個簡單事實：根據國家監管機構的統計，Kyivstar的訂戶市占率年對年維持不變。2025年相較2024年我們成長了0.1%。好的。而且過去幾年我們相對穩定，訂戶市占率約在47%以上。好的。

And your second question is, could you please remind me?

第二個問題是，請你再提醒我一下？

Drivers for mobile ARPU.

行動ARPU的驅動因素。

Okay. The drivers for mobile ARPU, there are two main drivers for mobile ARPU. The first one is growing data consumption. Despite the war, despite the overall decline in an active number of the SIM cards, our customers are consuming more and more data. We observed a 30% increase year-on-year.

好的。行動ARPU的驅動因素主要有兩項。第一是數據用量增加。儘管戰爭、儘管活躍SIM卡數量整體下降，我們的客戶仍在消耗越來越多的數據。我們觀察到年增30%。

And the second one is actually disciplined pricing that is actually focused to address inflation in Ukraine, and potential GDP growth. We already declared that our kind of objective is to maintain the mobile and telecom business growth at a low double digit that is very much driven by inflation and growing consumption of data services.

第二是有紀律的定價，重點在於因應烏克蘭的通膨以及潛在GDP成長。我們已經表明，我們的目標是維持行動與電信業務在低雙位數的成長，這主要由通膨與數據服務消費增加所驅動。

Boris, thank you very much.

Boris，非常感謝。

Ganesha Nagesha, Barclays.

Ganesha Nagesha，Barclays（巴克萊）。

Yeah, congratulations on the results. A question from me on the digital segment. So you had a very strong growth in the quarter. So just trying to understand on the Kyivstar TV and Uklon, so the numbers were quite strong, similar to the 4Q. So what are the factors that are driving this?

是的，恭喜這次的業績。我有一個關於數位業務分部的問題。你們本季成長非常強勁。我想了解Kyivstar TV與Uklon的情況，這些數字相當強，與第四季類似。那麼推動這些成長的因素是什麼？

So just trying to understand, are there any seasonality in them, or like how should we think of the growth for these two segments in the coming quarters? Thank you.

也想了解它們是否存在季節性，或我們應如何看待這兩個分部在未來幾季的成長？謝謝。

Let me take it one by one. So the Uklon growth is actually driven by three major factors. The first one is a growing number of riders. The second one is a growing number of rides per one rider. And the third one is actually pricing, which was very much driven by global energy crisis and the growing prices for the fuel and gas.

我逐一回答。Uklon的成長主要由三個因素驅動。第一是乘客數增加。第二是每位乘客的搭乘次數增加。第三是定價，這在很大程度上受到全球能源危機以及燃油與天然氣價格上漲所驅動。

These are three major factor that are affecting Uklon's performance. We also observed a certain market share increase in the ride-hailing business, but it was also supported by the much faster growing delivery business. In Kyivstar TV, we observed a certain, let's say, non-organic growth very much driven by the 3P penetration. So our 3P offer is growing quite significantly, which is driving our Kyivstar TV business growth, which was extremely successfully supported by originals at the beginning of the year.

以上三個主要因素影響Uklon的表現。我們也觀察到叫車業務的市占率有所提升，但同時也受益於成長更快的外送業務支持。在Kyivstar TV方面，我們看到某種程度的、可以說是非有機成長，主要由3P滲透率提升所驅動。因此，我們的3P方案成長相當顯著，帶動Kyivstar TV業務成長，而年初的自製原創內容也提供了極為成功的支撐。

You're right, it is a certain seasonality incorporated into Q1 result, because normally, this wintertime and New Year's Eve time is actually a high season for the entertainment business. But the main growth was very much driven by the overall growing number of active customers and originals. Tykha Nava, our own, let's say, originals, demonstrated the record high numbers of unique watchers since the launch of the platform. And we do hope and expect that the boxing match, Usyk's fight, will be another stimulus for the further growth.

你說得對，第一季的結果確實包含一定的季節性，因為通常冬季與跨年期間是娛樂業的旺季。但主要成長仍是由活躍客戶總數增加與原創內容所驅動。我們自製原創《Tykha Nava》自平台上線以來，創下最高的獨立觀眾數紀錄。我們也希望並預期拳擊賽——Usyk的比賽——將成為進一步成長的另一項刺激因素。

Yeah, very clear. Thank you.

是的，非常清楚。謝謝。

Jesse Sobelson, BTIG.

Jesse Sobelson，BTIG。

Good morning. Thanks for taking my question here. Can you help us think about the Starlink and direct-to-cell service? Is it a defensive coverage and resilience feature that protects users in ARPU, or a standalone revenue line that could enable further monetization? I see the 5 million users here, but I'm very curious on exactly how to think about that part of your business. Thank you.

早安。感謝讓我在這裡提問。能否請您協助我們思考 Starlink 與直連手機（direct-to-cell）服務？它是用於防禦性的覆蓋與韌性功能、以保護用戶並支撐 ARPU，還是一條可獨立計價的營收線，能夠帶來進一步變現？我看到這裡有 500 萬用戶，但我非常好奇應該如何精確地看待你們業務的這一部分。謝謝。

Let me start with a kind of segmentation. So right now, we provide only one service, which is based on direct-to-cell technology service's SMS. We decided for ourselves that taking into account the war situation and the overall humanitarian risk and loss of connectivity risk, we will provide this for every Ukrainian with a Kyivstar SIM card for free. And this is what you see as a reflection in our statistics. So more than 5 million Kyivstar customers use this service since the launch in November 2025, and they send and receive more than 8 million messages through the satellite technology.

我先從某種分層/區隔來說明。目前我們只提供一項服務，也就是基於直連手機（direct-to-cell）技術的簡訊（SMS）服務。我們自己決定，考量到戰爭情勢、整體人道風險以及失去連線的風險，我們將對每一位持有 Kyivstar SIM 卡的烏克蘭人免費提供這項服務。這就是你在我們統計數據中看到的反映。因此，自 2025 年 11 月上線以來，已有超過 500 萬名 Kyivstar 客戶使用此服務，並透過衛星技術收發超過 800 萬則訊息。

In the mid of the year, we are going -- actually, second half of the year, we are going to introduce Light Data services based on the direct-to-cell technology. And this Light Data will let us to use certain applications that will be adapted to the satellite technology across the whole territory of Ukraine. And our main focus is to provide this feature to the messengers, to the financial applications, and to the state-owned applications like Diia. And since this, we are planning a direct monetization of the direct-to-cell services. And we just recently signed a resell agreement for the Starlink services.

在年中——其實是下半年——我們將推出基於直連手機（direct-to-cell）技術的輕量數據（Light Data）服務。這項輕量數據將使我們能在烏克蘭全境使用某些會針對衛星技術進行調整的應用程式。我們的主要重點是把這項功能提供給即時通訊軟體、金融應用，以及像 Diia 這類國有應用程式。基於此，我們計畫對直連手機服務進行直接變現。而且我們最近剛簽署了 Starlink 服務的轉售協議。

Kyivstar will be the first reseller of the Starlink services in Ukraine, keeping in mind that Ukraine is one of the biggest market for the Starlink services across the globe.

Kyivstar 將成為烏克蘭第一家 Starlink 服務轉售商；同時也要記得，烏克蘭是全球 Starlink 服務最大的市場之一。

Great. Thank you for the detail there. Also, I'd love to just follow up real quick on the M&A front and the environment there with the cash that you have. Can you just elaborate on maybe where valuations are in the space, and if there's any particular verticals within Ukraine that you're currently focused on researching for further expansion?

很好。謝謝你提供這些細節。另外我也想就併購（M&A）面向，以及在你們擁有的現金水位下當前的環境，快速追問一下。你能否進一步說明一下這個領域的估值大概在哪裡，以及目前在烏克蘭是否有任何特定的垂直領域，是你們正聚焦研究、以利進一步擴張的？

We are quite open with our non-organic development strategy. We have three main priorities to invest non-organically in our core business, and this is mainly infrastructure and fixed broadband providers. And you already saw a couple of examples, acquisition of Shtorm, 50,000 customers. Our second priority is to facilitate and accelerate our transformation from the telecom service provider to the digital service provider with a telecom license through organic development like Kyivstar TV and non-organic acquisitions like Uklon. And the third priority is alternative energy.

我們對非有機成長策略相當開放。我們有三個主要優先事項，會以非有機方式投資於核心業務，主要是基礎設施與固網寬頻供應商。你們已經看到幾個例子，例如收購 Shtorm，約 50,000 名客戶。第二個優先事項，是透過有機發展（如 Kyivstar TV）以及非有機收購（如 Uklon），加速並推動我們從電信服務供應商轉型為「持有電信牌照的數位服務供應商」。第三個優先事項是替代能源。

It is very much driven by the current energy situation in Ukraine and the growing electricity pricing. We see this as a well-thought investment that will let us not only diversify the supply of the energy to our infrastructure, but also to ensure a certain hedge of the growing energy prices, so in our core business. These are three main priorities for our non-organic M&A strategy.

這很大程度上是由烏克蘭當前的能源情勢與電價上漲所驅動。我們認為這是一項經過周全思考的投資，不僅能讓我們的基礎設施能源供應多元化，也能在核心業務層面對沖能源價格上升的風險。以上就是我們非有機併購策略的三大優先事項。

Great, thank you.

很好，謝謝。

Matthew Harrigan, Benchmark StoneX.

Matthew Harrigan，Benchmark StoneX。

Thank you. You can hear me, of course, right?

謝謝。你們聽得到我，對吧？

Yes.

是的。

Great. I have one down in the weeds question and then one broad conceptual question. On the cybersecurity side, clearly, Russian military intelligence, Fancy Bear, Cozy Bear, haven't gotten any less active. The attack last year was massively disruptive. I mean, do you feel like you've made incredible progress on the vulnerabilities, or are the Russians laying off?

很好。我有一個比較細節的問題，然後還有一個較宏觀的概念性問題。在資安方面，很明顯俄羅斯軍事情報單位、Fancy Bear、Cozy Bear 的活動並沒有減少。去年的攻擊造成了極大的破壞。我的意思是，你們覺得自己在弱點改善上已經取得了驚人的進展，還是俄方只是暫時收手了？

And are you dealing very much with AI and cybersecurity in your enterprise offerings as well, because clearly, you have some necessary competencies in-house.

另外，在你們的企業解決方案中，你們是否也大量處理 AI 與資安議題？因為很明顯你們內部具備一些必要的能力。

Let me start with a very brief description. What we faced at the end of 2023 was not a kind of hacker's attack. It was one of the biggest act of the cybersecurity war and terrorism in the world. Yes, you are right, we are one of the probably primary targets from the Russian perspective. At the same time, I feel ourselves really confident in our ability to protect Kyivstar infrastructure and Kyivstar customers from the cybersecurity threats.

我先做一個非常簡短的說明。我們在 2023 年底所面對的並不是一般所謂的駭客攻擊。那是全球最大規模之一的資安戰爭與恐怖行動。是的，你說得對，從俄方角度來看，我們很可能是主要目標之一。同時，我對我們保護 Kyivstar 基礎設施與 Kyivstar 客戶免受資安威脅的能力非常有信心。

And we invested a lot since the incident. We have hired the biggest global consultants, and right now I think that we are much better protected than we used to be in 2023, with the support of the global companies like Microsoft, Cisco, and others. We are using probably one of the most advanced SIEM system in the world, very heavily supported by AI monitoring and threat recognition system.

自該事件以來，我們投入了大量資源。我們聘請了全球最大的顧問公司；在 Microsoft、Cisco 等全球企業的支援下，我認為我們目前的防護水準已遠優於 2023 年。我們使用的可能是全球最先進的 SIEM 系統之一，並且大量結合 AI 監控與威脅辨識系統。

So these are two major factors of our investments. Instead of one perimeter, we create multiple perimeters inside our infrastructure, and automate this perimeter with the SIEM and AI platforms as much as possible in order to ensure early recognition of any potential threats.

因此，這是我們投資的兩個主要面向。我們不再只依賴單一邊界，而是在基礎設施內部建立多重邊界，並盡可能透過 SIEM 與 AI 平台將這些邊界自動化，以確保能及早辨識任何潛在威脅。

And I guess the second question, I think it's instructive to look at your mobile and digital pricing relative to some of the Eastern European markets and even Africa. And certainly, you've got more growth potential than just about any market maybe outside of Africa and you're at some pretty substantial discounts. I can remember, years ago, the holy grail for Mexico was getting Mexican advertising CPMs at the level of Brazil, and it finally happened, but it took about 50 years.

至於第二個問題，我想把你們的行動與數位定價，拿來和一些東歐市場甚至非洲相比，會很有啟發。很顯然，你們的成長潛力幾乎高於除非洲以外的任何市場，而且目前的定價折價幅度相當大。我記得多年前，墨西哥的「聖杯」是讓墨西哥的廣告 CPM 達到巴西的水準；最後確實做到了，但花了大約 50 年。

And I think consumers just kind of get acclimated to a certain pricing level, and it's hard to get things level on a global market scale. But what are your strategies for pushing the pricing forward when you get a more normal environment, maybe getting close to some comparable markets in Europe and other areas?

我認為消費者會逐漸習慣某個價格水準，而要在全球市場尺度上把價格拉齊是很困難的。但當環境回到更正常的狀態時，你們有哪些策略來推動價格上行，讓定價更接近歐洲及其他地區的可比市場？

I think we are doing a very good job in disciplined pricing right now. So I joined Kyivstar in 2018, and it was a market with average ARPU below $1. And despite the war, despite quite difficult economic situation, from my perspective, we're able to demonstrate our ability to grow ARPU year-over-year, not only in the local currency, but also in the reported currency. And this is our vision. So right now Ukraine has one of the lowest, actually lowest Eastern European ARPU, which is not in line with the size of the Ukrainian economy.

我認為我們目前在紀律性定價方面做得非常好。我在 2018 年加入 Kyivstar，當時市場的平均 ARPU 低於 1 美元。即使在戰爭之下、經濟情勢相當艱難，從我的角度看，我們仍能展現 ARPU 年增的能力，不僅以本幣計算成長，也以報告幣別計算成長。這就是我們的願景。目前烏克蘭的 ARPU 是東歐最低（其實就是最低的東歐 ARPU），這與烏克蘭經濟體量並不相稱。

And my own perspective that in the reasonable future, Ukraine should reach at least the lowest Eastern European ARPU, that is, for the time being, for example, in Romania, is a bit above $7 per month.

我個人的看法是，在可預見且合理的未來，烏克蘭至少應該達到東歐最低檔的 ARPU；以目前為例，羅馬尼亞每月略高於 7 美元。

Great thank you so much.

非常感謝。

Ali Zaidi, Inam.

Ali Zaidi，Inam。

Hi, everybody. Thank you so much for taking our questions. So I just had one question. We saw this quarter that Tabletki had an especially high EBITDA margin of approximately 85%. Do you think this margin is sustainable in the longer run?

大家好。非常感謝你們回答我們的問題。我只有一個問題。我們看到本季 Tabletki 的 EBITDA 利潤率特別高，約為 85%。你認為這個利潤率在長期來看是否可持續？

Yeah. Ali, thank you for the question. So let me take this. So we have, as an operator, demonstrated, I think, one of the best marginalities worldwide based on the GSMA analytics. So definitely, as you know, we are moving more and more towards digital business. So this quarter, the first time I think we disclosed the margin of the digital business, which we see quite decent.

是的。Ali，謝謝你的提問。我來回答這個問題。作為營運商，根據 GSMA 的分析，我們已經證明我們在全球範圍內擁有我認為最好的邊際利潤表現之一。因此，正如你所知，我們正越來越多地轉向數位業務。所以在本季，我想是我們第一次披露數位業務的利潤率，我們認為相當不錯。

So we try to protect our marginality of the core business despite all the externalities that impact our performance. At the same time, you need to assume that the more we penetrate into the digital business, so while the percentage marginality may be lower, so it adds to the absolute margin and the absolute net income. And this business is incomparable in terms of CapEx intensity. So basically the CapEx there is just capitalization of the labor of the development staff. And in terms of cash conversion, it may result in even better cash conversion.

因此，儘管有各種外部因素影響我們的表現，我們仍努力保護核心業務的邊際利潤。同時，你需要假設的是，隨著我們更深入滲透數位業務，即便百分比利潤率可能較低，但它會增加絕對利潤與絕對淨利。而且就資本支出（CapEx）強度而言，這項業務是不可同日而語的。基本上，那裡的 CapEx 只是將開發人員的人力成本資本化。就現金轉換而言，甚至可能帶來更好的現金轉換。

So I would propose you look both at the marginality, but also at our cash conversion dynamics.

所以我建議你同時關注利潤率，也關注我們的現金轉換動態。

Let me add a bit. I'm considering our digital margin not as decent, but as impressive. I think that we are running a big digital business, fast-growing, with the marginality higher than 40%, and I think this is, to some extent, unprecedented. Thank you.

我補充一點。我認為我們的數位利潤率不只是「不錯」，而是「令人印象深刻」。我認為我們正在經營一個規模很大的數位業務，成長很快，利潤率高於 40%，我認為這在某種程度上是前所未見的。謝謝。

Vincent Fernando, Zero One.

Vincent Fernando，Zero One。

Thank you. I wanted to touch on the Cloud and Big Data side of your Digital Enterprise business. So obviously, with the conflict, I imagine it structurally changes what a data center means in Ukraine. You probably want to be distributed. We have resilient architecture. That's probably more valuable than being like a centralized large hyperscaler.

謝謝。我想談談你們數位企業（Digital Enterprise）業務中的雲端與大數據部分。顯然，隨著衝突發生，我想這在結構上改變了資料中心在烏克蘭的意義。你們可能希望採取分散式部署。我們需要具備韌性架構。這可能比成為一個集中式的大型超大規模雲（hyperscaler）更有價值。

So how is Kyivstar thinking about the data center opportunity given you have that nationwide network footprint, you have some energy independence assets like SUNVIN and the sovereign cloud positioning. So what comes with being a Ukraine domicile provider? What does addressable market look like, and how might it be different than other markets, because like in that there's kind of risk of being too centralized? thank you.

那麼，鑑於你們擁有全國性的網路覆蓋、也有一些能源自主資產（例如 SUNVIN），以及主權雲的定位，Kyivstar 如何看待資料中心的機會？作為一家以烏克蘭為註冊地的供應商，會帶來哪些優勢或特性？可服務市場（addressable market）看起來如何？又可能與其他市場有何不同——例如在那裡，過度集中可能存在風險？謝謝。

We see the cloud business as quite promising. So far our main business is resale of Microsoft primarily and a bit of Amazon. But our own consideration that we, in order to be competitive cloud service provider, we need to be a multi-service provider, multi-cloud service provider. We just recently launched our own cloud business in Ukraine, our own data center. We started to commercialize it at the end of 2025.

我們認為雲端業務相當有前景。到目前為止，我們的主要業務是以 Microsoft 為主的轉售，並有一部分 Amazon。但我們自己的判斷是，若要成為具競爭力的雲端服務供應商，我們需要成為多服務供應商、也就是多雲服務供應商。我們最近才在烏克蘭推出自有雲端業務，也就是我們自己的資料中心。我們在 2025 年底開始將其商業化。

We are looking for a way how to accelerate it in organic and non-organic way. To some extent, I am absolutely sure that especially after the war and with a certain recovery, and with a certain return to a sovereignty, it will be a very, very fast-growing business stream, and we want to be prepared. We want to be prepared from the list of service perspective, from the market share perspective, and available competencies in place. So this is quite essential part of our business development.

我們正在尋找加速發展的方法，包括有機與非有機的方式。在某種程度上，我非常確信，特別是在戰後、隨著一定程度的復甦，以及某種程度的主權回歸，這將會是一條非常、非常快速成長的業務線，而我們希望做好準備。我們希望從服務清單的角度、市占率的角度，以及具備可用的能力與人才等方面做好準備。因此，這是我們業務發展中相當關鍵的一部分。

Got it thank you.

了解，謝謝。

Adrian Cundy, Emerging & Frontier Capital LLP.

Adrian Cundy，Emerging & Frontier Capital LLP。

Good afternoon, gentlemen. Thank you for taking making the time available. My question evolves My first question revolves around digital top line. If I back out to Tabletki and Uklon, and I look at the sort of organic growth basis year-over-year, it looks to be very, very high, the growth rate. I'm just wondering if you might sort of compare and contrast the organic growth opportunity in your digital portfolio versus the new acquisitions. Do you think that it'd be great if there's some sort of pro forma view on how Uklon is growing and Tabletki is growing year-over-year. That's my first question.

各位先生，下午好。感謝你們撥冗。我的問題是——我的第一個問題圍繞數位業務的營收（top line）。如果我把 Tabletki 和 Uklon 的影響剔除，並以有機成長的基礎來看年對年（YoY），看起來成長率非常、非常高。我想請問，你們是否可以比較並對照你們數位投資組合中的有機成長機會，與新併購帶來的成長？如果能有某種形式的備考（pro forma）視角，來看 Uklon 與 Tabletki 的年對年成長情況，會很棒。這是我的第一個問題。

My follow-on question comes back to the capital expenditure of $66 million (sic - $67 million ). I would assume that's overwhelmingly in the telecom business, and relative telecom revenues, that obviously sustainably remains quite high, well above sort of 21%. How much of that is really network resilience? How much of that is things like the 5G test bed?

我的後續問題回到資本支出 6,600 萬美元（原文誤植—為 6,700 萬美元）。我假設這幾乎全部都在電信業務上；相對於電信營收而言，這顯然持續維持在相當高的水準，遠高於約 21%。其中有多少是真正用於網路韌性？又有多少是用於像 5G 測試平台（test bed）這類項目？

And given that really sort of 4G subs are now about 70% of your total sub base penetration, what is sort of the -- given that older people tend not to be on data as much, what is sort of the roadmap for boosting data through, and how much do you think you're eventually, in a year or two out will your network, be in 5G given that the government has a test policy there?

另外，鑑於 4G 用戶目前約占你們總用戶基數滲透率的 70%，而年長族群通常不太使用數據，你們提升數據使用的路線圖是什麼？

Okay. I will ask Boris to answer the first question, and then I will take a second one. So Boris, please, could you please address this organic growth versus non-organic of the digital revenue stream?

好的。我會請 Boris 回答第一個問題，然後我來回答第二個。那麼 Boris，請你說明一下數位營收來源的有機成長與非有機成長（併購）之間的情況，好嗎？

Adrian, thank you for the question. So as we discussed in the previous calls, even if you exclude Uklon and Tabletki impacts, we have grown about 60% year-over-year. This growth is supported primarily by the existing streams, our digital enterprise solution and the TV, which as Oleksandr explained, is growing due to the unique content quite aggressively. So it's in line with our promise to grow the digital business at the high double digits to triple digit levels, and we are executing this trend.

Adrian，謝謝你的提問。如同我們在先前的電話會議中討論過的，即使排除 Uklon 和 Tabletki 的影響，我們的年對年成長約為 60%。這個成長主要由既有的業務線支撐，包括我們的數位企業解決方案以及 TV；正如 Oleksandr 所解釋的，TV 因為獨特內容而相當積極地成長。因此，這符合我們承諾將數位業務以高雙位數到三位數的速度成長，而我們正在落實這一趨勢。

How long do you think that's sustainable for? That sort of super-normal growth rate.

你認為這能持續多久？也就是那種超常態的成長率。

So it will be a kind of forward-looking statement, to be honest, declare the forward growth rate. So we are a bit careful and limited by the current rules imposed on us. But you can make this trend by yourself. We were declaring our, let's say, organic growth rate, 2025 organic growth rate in our presentation. Boris just said where we are at the beginning of 2026, and I think that you can make your simulation quite easily.

坦白說，這會屬於前瞻性陳述，要宣告未來的成長率。因此我們會比較謹慎，也受到目前對我們施加的規則限制。但你可以自行推估這個趨勢。我們在簡報中已經揭露了我們所稱的 2025 年有機成長率。Boris 剛剛也說了我們在 2026 年初的狀況，我想你可以很容易做出你的模擬。

Adrian, if I may make our legal team slightly more comfortable, the raw numbers are, of course, on slide 7.

Adrian，如果我可以讓我們的法務團隊稍微安心一點，原始數字當然都在第 7 頁投影片上。

Yeah, thank you.

好的，謝謝。

Coming back to CapEx. Of course, we do not consider CapEx higher than 20% as a normal one, so it is definitely elevated by necessity to invest in resilience. And around 15% of our CapEx is actually streamlined into the different resilience projects. But still, let me emphasize that quite a big share of our CapEx is focused on the modernization and strengthening of our healthy network. We have accelerated 3G sunset.

回到資本支出（CapEx）。當然，我們不認為 CapEx 高於 20% 是正常水準，因此這確實因為必須投資於韌性而被推高。而我們約 15% 的 CapEx 實際上被導入各類韌性專案。但我仍要強調，我們相當大的一部分 CapEx 仍聚焦於現有健康網路的現代化與強化。我們已加速 3G 退網（sunset）。

This year is the last year of 3G technology for Kyivstar in Ukraine. We want to strengthen our technological leadership versus the competition. We are very close to finalize our 4G-driven license obligation with a population coverage almost 97% with all the major roads covered by the LTE technologies.

今年是Kyivstar在烏克蘭3G技術的最後一年。我們希望相較於競爭對手進一步強化我們的技術領先地位。我們已非常接近完成以4G為驅動的牌照義務，人口覆蓋率接近97%，且主要道路皆已由LTE技術覆蓋。

And my own perspective is that this will be the main technological wiggle of mobile telecom for the next probably 5, 7 years. We do not expect 5G to be really introduced in Ukraine until end of the war. So the most probable scenario is something like 12 months after the war, and that's why we are considering our investments in LTE technology as a strategic one. And by the way, this is very much confirmed by the Ookla, this external monitoring company that actually awarded Kyivstar with all 3 available awards. The biggest network by coverage, the fastest network by speed, and the best one from the customer experience perspective.

以我個人的觀點，這將會是未來大概5到7年行動電信領域最主要的技術變化。我們預期在戰爭結束之前，烏克蘭不會真正導入5G。因此最可能的情境是戰後約12個月左右才會導入，這也是為什麼我們將LTE技術投資視為一項策略性投資。順帶一提，這也獲得外部監測公司Ookla的充分印證；該公司實際上頒給Kyivstar所有3項可得獎項。包括覆蓋範圍最大的網路、速度最快的網路，以及從客戶體驗角度來看最佳的網路。

Just one final question on -- I wasn't aware of the sunset on 3G, but is that going? You have 30% of your base that's not on 4G right now. I mean, is there a device limitation there? Are these old folks without a smartphone, and when you migrate them off, is that going to have an impact?

最後再問一個問題——我之前不知道3G要退場，但這件事正在進行嗎？你們目前有30%的用戶基礎還不在4G上。我的意思是，這裡是否存在裝置限制？這些是沒有智慧型手機的年長族群嗎？當你們把他們遷移出去時，會不會造成影響？

It's a good question. But to be fair, 4G smartphones penetration is not an issue in Ukraine. So as I mentioned at the beginning, Ukraine market still has a relatively high penetration of double SIMers. So people using different SIM cards for the different purposes. And somehow, I think that the 70% LTE penetration according to the global benchmarks is a very healthy level despite the fact that 4G was introduced in Ukraine with a certain delay.

這是個好問題。但坦白說，在烏克蘭，4G智慧型手機的普及率不是問題。如我一開始提到的，烏克蘭市場仍有相對高比例的雙卡用戶。也就是人們會因不同用途使用不同的SIM卡。而且我認為，依全球基準來看，70%的LTE滲透率是非常健康的水準，儘管4G在烏克蘭的導入確實有一定延遲。

Okay. Thank you. Congratulations again on what was a pretty exceptional quarter on execution and results. Thank you.

好的。謝謝。再次恭喜，這一季在執行與成果上都相當出色。謝謝。

You're welcome.

不客氣。

Thank you very much.

非常感謝。

Tim Savageaux, Northland Capital Markets

Tim Savageaux，Northland Capital Markets

Tim, we don't hear you. Maybe you're on mute?

Tim，我們聽不到你。你是不是靜音了？

I see -- okay. Maybe there I am. Okay. Can you hear me?

我看到——好。也許我現在可以了。好。你們聽得到我嗎？

It's okay right now.

現在可以了。

Great. Thanks. Sorry about that. And yeah, congrats on the Tabletki deal as well. Looks like based on those financials, we should be looking for more of those. My question is on organic growth as well, except sort of with an EBITDA focus. I don't know to what extent Tabletki was contemplated in your previous guidance increase last quarter for 2026 or this one. It seems like there's some offsets on the cost side where we might expect, like, a greater increase.

太好了。謝謝。抱歉剛剛那樣。另外也恭喜完成Tabletki這筆交易。看起來依照那些財務數據，我們應該會期待看到更多類似的交易。我的問題也關於內生成長，但會更聚焦在EBITDA。我不確定在你們上一季針對2026年上調指引或這次上調時，Tabletki在多大程度上已被納入考量。看起來在成本端有一些抵銷因素，使我們可能會預期例如更大的增幅。

I mean, you talked about energy costs before. It does look like the organic EBITDA growth rate for the company is kind of low single digit implied in 2026. Am I getting that right, and is there some offset on the cost factor or on the cost front that's kind of a headwind to your strategic growth, your inorganic growth?

我是說，你們之前談到能源成本。看起來公司在2026年的內生EBITDA成長率，隱含的是偏低的個位數。我這樣理解對嗎？另外在成本因素或成本面，是否有一些抵銷項，成為你們策略性成長、你們非內生成長的逆風？

Tim, I will ask Boris to answer this question. Okay, so Boris, please.

Tim，我請Boris來回答這個問題。好，那麼Boris，請。

Yeah, Tim, thank you for the question. I think when we look at the Q1, so it should be organic growth without, as you said, kind of Tabletki and Uklon acquisition, because we didn't have Uklon consolidated in 2025. So if you look at this, we are at 16%. I'm talking organic terms.

好的，Tim，謝謝你的問題。我想當我們看第一季時，這應該是內生成長，不包含你所說的Tabletki與Uklon的收購，因為我們在2025年並沒有把Uklon併表。所以如果你看這部分，我們是16%。我指的是以內生口徑來看。

I'm not putting dollars here, because you also have definitely a translation impact on our numbers. So we are about 16% in terms of both revenue and EBITDA growth year-on-year. So we are continuing this trend for the rest of 2026.

我這裡不談美元，因為你們也確實會看到匯率換算對我們數字的影響。所以我們的營收與EBITDA年增率大約都是16%。因此我們在2026年其餘時間也會延續這個趨勢。

So we gave the guidance of 18% to 21% in revenue, 14% to 17% in EBITDA, which is in line with this guidance. And despite the fact that we do have some factors pressing negatively our performance such as definitely utilities prices you mentioned or the EU regulation introduction, which is quite a significant impact for 2026, we are trying to offset them both in terms of the telecom growth and in terms of the digital growth that we just discussed.

因此我們給出的指引是：營收成長18%到21%，EBITDA成長14%到17%，這與上述趨勢一致。儘管我們確實面臨一些對績效造成負面壓力的因素，例如你提到的公用事業價格，或是歐盟法規的導入——這對2026年的影響相當顯著——我們正嘗試透過電信成長以及我們剛討論的數位成長，來抵銷這些影響。

Okay. Great. And then to follow up, I think we've seen a pretty notable uptick in multiplay subscribers really the last 2 quarters in particular. I mean, would you attribute that to bringing in some of the new digital services in terms of acquisition and in terms of maybe those subscribers already having that service? And this might be a tough one, but whether you expect that multiplay trend to continue, or what exactly you would attribute this uptick we've seen really in the last couple of quarters in multiplay?

好的。很好。接著追問一下，我想我們看到多重服務（multiplay）訂戶在最近兩季特別明顯地上升。我的意思是，你會把這歸因於引入一些新的數位服務，無論是在收購帶來的新增，或是那些訂戶本來就已經有該服務？這可能有點難回答，但你是否預期這個multiplay趨勢會持續，或你會把我們在最近幾季看到的multiplay上升歸因於哪些因素？

I will not answer on trend, but this is one of our ultimate objective, to grow number of multiplay and multiplay penetration into our customer base. What you see is a result of three major factors. The first one is organic growth of the multiplay penetration. Every new gross add with a certain probability being converted into the multiplay. On the shelf right now, we do not propose mobile standalone.

我不會對趨勢做出回答，但這確實是我們的終極目標之一：提升multiplay用戶數，以及multiplay在客戶基礎中的滲透率。你所看到的是三個主要因素的結果。第一個是multiplay滲透率的內生成長。每一個新增用戶（gross add）都有一定機率被轉化為multiplay用戶。目前在產品架上，我們不提供單獨的行動方案（mobile standalone）。

Our basic value proposition consists of mobile, fixed, and Kyivstar TV, plus extra services provided in a form of Superpowers. How customers can customize their own value proposition with certain services provided by the ecosystem. As one of the example, Helsi subscription.

我們的基本價值主張由行動、固網與Kyivstar TV組成，並加上以「Superpowers」形式提供的額外服務。客戶可以透過生態系提供的某些服務，自行客製化其價值主張。例如Helsi訂閱。

And at the same time, of course, the second major factor is nonorganic, driven by the acquisitions of the business like Tabletki. And the third one is actually seasonality. It's a certain seasonality in multiplay mainly driven by the entertainment business and the certain periods of activity. For example, Uklon has certain seasonality, Kyivstar TV has certain seasonality. So these are three major factors that are actually affecting our quarterly results with the overall trend to grow number of multiplay customers.

同時，當然，第二個主要因素是非內生因素，來自像Tabletki這類業務的收購所帶動。第三個其實是季節性。multiplay存在一定的季節性，主要由娛樂業務以及特定期間的活動所驅動。例如，Uklon有一定的季節性，Kyivstar TV也有一定的季節性。因此，這三個主要因素會影響我們的季度結果，而整體趨勢是提升multiplay客戶數。

Thanks very much. Appreciate it.

非常感謝。感激不盡。

Nicholas Payton, Edison Group

Nicholas Payton，Edison Group

Thank you very much for all of the additional information on the digital business. I think it's actually very useful to see the granularity. We had a very interesting and instructive conversation on the full year VEON call regarding capital returns for the various businesses.

非常感謝你們提供關於數位業務的所有補充資訊。我認為看到這樣的細部拆解其實非常有用。我們在VEON全年電話會議上，就各項業務的資本回饋進行了一段非常有趣且具啟發性的對話。

And I'm interested in the difference between your various digital businesses, because clearly some of them are pure digital, whereas Uklon, which is half of your revenues in digital, is actually a relatively physical business with a sophisticated digital front end. So when you look at the capital returns going forward, how do you place Uklon versus the other digital businesses and versus the traditional telecom business?

我想了解你們各項數位業務之間的差異，因為顯然其中有些是純數位，而 Uklon（在你們數位業務收入中占一半）其實是一項相對偏實體的業務，只是擁有精密的數位前端。因此，當你們展望未來的資本回報時，你們如何看待 Uklon 相對於其他數位業務，以及相對於傳統電信業務的定位？

I'm not sure that you have a right approach to our Uklon business. So what we are running in Ukraine is a ride-hailing platform. Platform that lets riders to find driver for the transportation. So for the time being, Uklon is a pure light-asset business, and it's a pure digital service. So from this perspective, I think that all the businesses are actually demonstrating a quite healthy marginality with the top one demonstrated by Tabletki, and with an excellent marginality demonstrated by Uklon, which is actually at a lower end, but close to -- we can disclose?

我不確定你對我們的 Uklon 業務是否有正確的理解。我們在烏克蘭營運的是一個叫車平台。這個平台讓乘客能找到提供運輸服務的司機。所以就目前而言，Uklon 是一個純輕資產的業務，也是一項純數位服務。從這個角度來看，我認為所有業務其實都展現出相當健康的邊際利潤率，其中最高的是 Tabletki，而 Uklon 也展現出非常優異的邊際利潤率，雖然相對較低一些，但接近——我們可以披露嗎？

Okay. Which is close to 40%. Nicholas, I'm sorry.

好的。接近 40%。Nicholas，不好意思。

Nicholas, if you're asking about return on capital employed, definitely, with the digital businesses such as Uklon, without adding any kind of heavy assets, yes, so this will be way higher versus what you see in our traditional telecom business.

Nicholas，如果你問的是投入資本報酬率（ROCE），那麼毫無疑問，像 Uklon 這類數位業務在不需要增加任何重資產的情況下，是的，其 ROCE 會遠高於你在我們傳統電信業務中看到的水準。

But maybe, Nicholas, for the future, if you think about the ride-hailing business, and if you think about driverless cars or Kyivstar businesses, which are not having a driver, I think the future of this business will become more, I think, asset-heavy as we see. But it's not the issue of today, of course. Three years out, I think driverless cars will be actually a CapEx-heavy business, more CapEx-heavy business.

但也許，Nicholas，從未來來看，如果你思考叫車業務，以及無人駕駛車或 Kyivstar 的業務（也就是不需要司機的情境），我認為這項業務的未來會變得更偏重資產，正如我們所看到的。但這當然不是今天要討論的問題。我認為三年之後，無人駕駛車實際上會是一個資本支出（CapEx）很重、更加 CapEx 密集的業務。

If you take a look at what Uklon is directly announcing, some of the tech fairs they're doing, some very interesting work on the expertise they're building.

如果你看看 Uklon 對外直接發布的內容，他們正在做的一些科技展會，以及他們在建立的專業能力方面，有一些非常有趣的工作。

Okay. Thanks for that.

好的。謝謝你的說明。

Vincent Fernando, Zero One

Vincent Fernando，Zero One。

I just want to touch back on the Starlink reseller agreement. That's for Ukrainian businesses and public institutions, is that correct? Is it exclusive to Kyivstar in Ukraine? How should we think about the revenue model? Pure margin on resales or bundled into B2B connectivity?

我想再回到 Starlink 轉售協議這件事。這是針對烏克蘭的企業與公共機構，對嗎？在烏克蘭是否由 Kyivstar 獨家？我們應該如何理解其營收模式？是單純轉售的毛利，還是會打包進 B2B 連線服務？

Just curious what's the structure of that?

只是好奇其架構是怎麼設計的？

You're absolutely right. So we will be focused on the B2B and B2G market with the resale. The income model is structured around certain markups on equipment and traffic, with the potential to convert this model into the data pool model that will open new opportunities based on the wholesale relationship with Starlink.

你說得完全正確。因此我們將以轉售方式聚焦在 B2B 與 B2G 市場。收益模式是針對設備與流量加收一定的加價幅度（markup），並且有可能將此模式轉換為「數據池」模式，藉由與 Starlink 的批發合作關係開啟新的機會。

Got it. Is there any exclusivity? In the agreement.

了解。協議中有任何獨家性嗎？在這份協議裡。

No, there is no exclusivity. But so far we are the only one official reseller of Starlink services in Ukraine.

沒有，沒有獨家。但截至目前，我們是烏克蘭唯一的 Starlink 服務官方授權轉售商。

Got it. I know it's maybe only been about a week. Are you already seeing -- what kind of customer ramp you're seeing already, maybe in the early phase? Has it already started being marketed or-

了解。我知道可能才大約一週。你們是否已經看到——目前在早期階段，客戶導入的增長情況如何？是否已經開始行銷了，或是——

It's definitely at very early stage. B2B market is relatively developed, but being a B2B organization, right now, you should order the Starlink device through your employee and compensate through the salary. You are not able, like a B2B organization, to order this service directly from the Starlink. So we will be the first only one official representative of Starlink in Ukraine.

確實還在非常早期的階段。B2B 市場相對成熟，但以 B2B 組織來說，目前你必須透過員工去訂購 Starlink 設備，並透過薪資進行補償。你無法像一個 B2B 組織那樣，直接向 Starlink 訂購這項服務。因此我們將會是烏克蘭第一且唯一的 Starlink 官方代表。

Great, thank you.

很好，謝謝。

Ahmed Mostafa, Inam.

Ahmed Mostafa，Inam。

Hello everyone, thanks for the opportunity. One question from me. You have made several acquisitions within roughly 18 months. So what synergies are you seeing, and how do you think about integration complexity across the portfolio? Thank you.

各位好，感謝提供這個機會。我有一個問題。你們在大約 18 個月內進行了數筆收購。那麼你們看到了哪些綜效？以及你們如何看待整個投資組合在整合上的複雜度？謝謝。

We have two types of synergies. The first one is operational synergies that are to some extent already extracted and reflected in the high marginality of our digital business stream. The second layer of synergies is a kind of customer synergies. And they are very much reflected into the growing penetration of multiplay services, combination of telecom services with the different digital services in a unique competitive value proposition in a form of bundles. But on top of this, we are right now focused on developing our vision of the holistic ecosystem over all KGL Group assets in Ukraine.

我們有兩種類型的綜效。第一種是營運綜效，在某種程度上已經被釋放並反映在我們數位業務板塊的高邊際利潤率上。第二層綜效是一種客戶綜效。這非常明顯地反映在多重服務（multiplay）滲透率的提升上，也就是把電信服務與不同的數位服務結合，透過以組合包（bundles）形式呈現的獨特競爭價值主張。此外，我們目前也專注於在烏克蘭 KGL 集團所有資產之上，發展我們對整體生態系的願景。

So these are three major synergies that we are trying to extract and to convert into the customers' and shareholders' value. What we are doing right now, we are focused on some kind of, let's say, no regrets moves. One of them is a single ID across the whole KGL ecosystem in order to have proper identification mechanism, in order to streamline customer journey, and to have better visibility of the customer base.Great, thank you.

因此，這是我們試圖提取並轉化為客戶價值與股東價值的三大綜效。我們目前正在做的是聚焦於一些可以說是「不會後悔」的舉措。其中之一是在整個 KGL 生態系中導入單一 ID，以建立適當的身分識別機制、簡化客戶旅程，並更清楚掌握客戶基礎。謝謝。

We have no further questions at this time. I will now hand back to Cole Akeson for closing remarks.

目前沒有進一步的問題。我現在把時間交回給 Cole Akeson 作結語。

Well, we'll keep this very brief. Thank you, as always, for your interest in Kyivstar. We are proud to have presented another strong quarter, and we look forward to speaking to you in the following quarter. Thank you again.

好的，我們會非常簡短。一如既往，感謝各位對 Kyivstar 的關注。我們很自豪能再度呈現一個強勁的季度表現，也期待在下一個季度與各位交流。再次謝謝。