On 16 June 2026, Kyivstar began offering Starlink Light Data across Ukraine. The service lets a customer with an ordinary 4G LTE smartphone keep using key apps when they move out of terrestrial coverage: the phone connects directly to Starlink satellites overhead, with no satellite dish, no special device, and no separate handset.
The first three apps are Viber, WhatsApp, and Google Maps. Through them a user can send and receive text, images, voice messages, and video clips, and navigate by map, even with no cell tower in range. The service runs on Android 4G devices at launch, with iOS support planned for the third quarter of 2026. More apps are planned as each is adapted to the technical requirements of satellite delivery.
Light Data is the next step in a deliberate sequence. Kyivstar launched satellite SMS through Starlink Direct to Cell in late 2025, the first such activation in Europe. That foundation has now been extended from text to data-light applications, with voice calls, government services such as Diia, and financial apps named as the stages to come. The company is also developing corporate satellite services and testing machine-to-machine SIM cards for device-to-device data across the country.
The value of satellite-to-phone connectivity is highest exactly where Ukraine needs it. Terrestrial networks depend on power and on physical sites, and both have been under sustained pressure: blackouts knock towers offline, and infrastructure near the front is damaged or destroyed. A network that falls back to satellites keeps people reachable when the ground layer cannot.
The usage data already shows this is not theoretical. More than 6 million subscribers have used Starlink Direct to Cell since the autumn launch, and over 10 million messages have been sent across the service. During the blackouts of January and February, more than 6 million messages moved over satellite. In the last 30 days alone, around 1 million SMS were sent, of which roughly 600,000 came from areas close to the front lines. These are people staying in contact with family, coordinating safety, and reaching help in places where the alternative is silence.
Light Data widens that lifeline from text to the apps Ukrainians actually live on. Viber and WhatsApp are the country's everyday messaging tools; Google Maps is how people navigate and route around danger. Extending these into no-coverage areas turns satellite connectivity from an emergency channel into something closer to normal service. The planned additions raise the stakes further: bringing Diia, the national digital-government platform, and financial apps onto satellite would mean citizens could access state services and move money even with no tower in range. For a country rebuilding while under attack, that is connectivity as critical infrastructure.
Ukraine's officials describe the launch in the same terms. Stanislav Prybytko, deputy minister at the Ministry of Digital Transformation, framed the stakes plainly: “Throughout the full-scale war, we have learned that the most important message in the world can be just a single symbol, a plus sign in a messenger. When enemy attacks cut off electricity and disable communication towers, the ability to send that plus to your mother or share your location with your brothers-in-arms or rescuers becomes, quite literally, a matter of life and death.” Liliia Malon, chair of the national communications regulator, made the same point about resilience: “It does not matter where the signal comes from, whether from a base station or from space. What matters is that it works when it is needed most.”
Step back from the war and the announcement reads as a preview of the industry's direction. For a century, mobile coverage has meant building more towers. That model leaves permanent gaps: oceans, mountains, rural expanses, and any place where it is uneconomic or impossible to put steel in the ground. Direct-to-cell satellite connectivity closes those gaps by adding a layer above the towers that any ordinary phone can reach.
The future network is therefore hybrid. Terrestrial sites carry the capacity and the dense urban traffic; satellites carry ubiquity, reaching the phone wherever the towers do not. Operators worldwide are moving toward this architecture, but most are doing it in calm markets as a coverage upgrade. Kyivstar is building it as a survival system, which has pushed it to the front of the global field. It was first in Europe to switch on satellite SMS, and it is now among the first anywhere to carry real apps over the same link, while publishing usage at a scale few peers can match.
That hard-won lead is itself an asset. The operational know-how of running a hybrid terrestrial-satellite network at national scale, under stress, is a capability the rest of the industry will increasingly need over the coming decade. Kyivstar is accumulating it now. The same satellite layer that keeps a message moving during a blackout today is the layer that will define seamless coverage everywhere tomorrow, and Kyivstar is demonstrating, under the most demanding conditions imaginable, that it works.
Kyivstar's Starlink Light Data launch does two things at once. In the near term, it strengthens a connectivity lifeline for Ukrainians precisely where and when the ground network fails, and it sets a path toward satellite voice, government services, and payments. In the longer term, it positions Kyivstar at the leading edge of the shift to hybrid networks, where towers and satellites combine so that a phone is reachable anywhere. Connection, increasingly, no longer requires coverage. Kyivstar is proving it first.
| Company | Ticker | Mkt Cap (US$m) | PER | PBV | PS | EV/EBITDA | EBITDA margin | ROE | ROA |
|---|---|---|---|---|---|---|---|---|---|
| Magyar Telekom | MTELEKOM HB | 8,094 | 11.4x | 2.5x | 2.5x | 6.4x | 43.0% | 14.0% | 13.4% |
| Hellenic Telecom (OTE) | HTO GA | 8,910 | 12.0x | 3.4x | 2.1x | 5.8x | 39.5% | 22.7% | 10.0% |
| Orange Polska | OPL PW | 5,490 | 23.4x | 1.4x | 1.5x | 6.4x | 31.7% | 6.3% | 2.8% |
| Koninklijke KPN | KPN NA | 19,002 | 19.5x | 5.9x | 2.8x | 8.6x | 46.9% | 31.6% | 6.8% |
| Orange Belgium | OBEL BB | 1,680 | 35.1x | 1.4x | 0.7x | 5.6x | 31.2% | 4.2% | 1.0% |
| Maxis | MAXIS MK | 6,573 | 16.6x | 4.3x | 2.5x | 8.1x | 40.6% | 26.7% | 7.0% |
| Saudi Telecom (stc) | STC AB | 59,681 | 15.0x | 2.6x | 2.8x | 9.2x | 31.7% | 16.9% | 9.3% |
| Etihad Etisalat (Mobily) | EEC AB | 12,914 | 13.5x | 2.4x | 2.4x | 6.8x | 39.3% | 18.5% | 8.6% |
| Safaricom | SAFCOM KN | 9,868 | 13.4x | 6.4x | 3.0x | 7.3x | 51.5% | 50.5% | 18.5% |
| Millicom (Tigo) | TIGO US | 15,205 | 9.0x | 4.9x | 2.4x | 8.4x | 47.9% | 37.8% | 8.5% |
| Telkom Indonesia | TLKM IJ | 16,506 | 17.9x | 2.2x | 2.0x | 4.8x | 48.3% | 11.6% | 6.2% |
| Indosat | ISAT IJ | 3,368 | 10.5x | 1.6x | 1.0x | 4.1x | 47.3% | 15.7% | 4.7% |
| Advanced Info Service (AIS) | ADVANC TB | 32,722 | 21.0x | 8.8x | 4.7x | 9.8x | 54.2% | 48.1% | 11.2% |
| True Corp | TRUE TB | 14,866 | n.d. | 5.9x | 2.6x | 9.2x | 50.9% | 18.0% | 1.4% |
| Median | 15.0x | 3.0x | 2.5x | 7.1x | 44.9% | 18.3% | 7.7% | ||
| Kyivstar | KYIV US | 3,244 | 26.2x | 2.5x | 2.8x | 5.0x | 56.0% | 9.5% | 5.8% |
| Kyivstar (adjusted)¹ | KYIV US | 3,244 | 11.3x | 2.5x | 2.8x | 5.0x | 56.0% | 22.0% | 13.5% |
| US$m | FY24A | FY25A | FY26E | FY27E | FY28E |
|---|---|---|---|---|---|
| Revenue | 919 | 1,157 | 1,373 | 1,588 | 1,843 |
| Revenue growth YoY | 0.4% | 25.9% | 18.6% | 15.7% | 16.1% |
| Cost of goods sold | (100) | (123) | (178) | (206) | (240) |
| Depreciation and amortisation | (166) | (205) | (229) | (246) | (268) |
| Gross profit | 653 | 829 | 965 | 1,136 | 1,335 |
| Gross margin | 71.1% | 71.7% | 70.3% | 71.5% | 72.4% |
| SG&A | (305) | (393) | (453) | (524) | (608) |
| EBITDA | 515 | 648 | 741 | 857 | 995 |
| EBITDA margin | 56.0% | 56.0% | 54.0% | 54.0% | 54.0% |
| EBIT | 348 | 435 | 512 | 612 | 727 |
| Net interest expense | (82) | (75) | (47) | (29) | (11) |
| FX gain / (loss) | 39 | (12) | 0 | 0 | 0 |
| Profit before tax | 347 | 360 | 464 | 583 | 716 |
| Income tax | (64) | (74) | (91) | (114) | (140) |
| Attributable NPAT | 283 | 124 | 374 | 469 | 576 |
| Net margin | 30.8% | 10.7% | 27.2% | 29.5% | 31.3% |
| Shares outstanding (mn) | n.d. | 216 | 231 | 231 | 231 |
| EPS (US$) | n.d. | 0.57 | 1.62 | 2.03 | 2.49 |
| US$m (period-end) | FY24A | FY25A | FY26E | FY27E | FY28E |
|---|---|---|---|---|---|
| Cash and equivalents | 674 | 456 | 599 | 794 | 1,111 |
| Accounts receivable | 40 | 37 | 44 | 51 | 59 |
| Inventory | 3 | 3 | 2 | 3 | 3 |
| Other current assets | 397 | 197 | 209 | 241 | 280 |
| Total current assets | 1,208 | 692 | 854 | 1,089 | 1,453 |
| Property, plant and equipment | 624 | 849 | 910 | 994 | 1,066 |
| Intangible assets and goodwill | 297 | 363 | 363 | 363 | 363 |
| Other non-current assets | 80 | 216 | 216 | 216 | 216 |
| Total non-current assets | 1,001 | 1,430 | 1,491 | 1,575 | 1,647 |
| Total assets | 2,209 | 2,122 | 2,345 | 2,664 | 3,100 |
| Accounts payable | 132 | 141 | 167 | 194 | 225 |
| Short-term debt | 669 | 229 | 29 | (171) | (371) |
| Other current liabilities | 86 | 128 | 151 | 174 | 202 |
| Long-term debt | 225 | 287 | 287 | 287 | 287 |
| Other non-current liabilities | 17 | 38 | 38 | 38 | 38 |
| Total liabilities | 1,129 | 823 | 672 | 522 | 381 |
| Total equity | 1,080 | 1,299 | 1,673 | 2,142 | 2,718 |
| US$m | FY24A | FY25A | FY26E | FY27E | FY28E |
|---|---|---|---|---|---|
| Attributable NPAT | 283 | 124 | 374 | 469 | 576 |
| Add back: Depreciation and amortisation | 168 | 205 | 229 | 246 | 268 |
| Change in working capital and other | (21) | 229 | 31 | 10 | 12 |
| Cash flow from operations | 430 | 558 | 634 | 725 | 857 |
| Capex | (162) | (247) | (290) | (330) | (340) |
| Acquisitions and other | (101) | 97 | 0 | 0 | 0 |
| Cash flow from investing | (132) | (150) | (290) | (330) | (340) |
| Net ST debt change | n.d. | 0 | (200) | (200) | (200) |
| Net LT debt change | (29) | (699) | 0 | 0 | 0 |
| Equity issued / (repaid) | n.d. | 132 | 0 | 0 | 0 |
| Dividends paid | n.d. | 0 | 0 | 0 | 0 |
| Cash flow from financing | (37) | (626) | (200) | (200) | (200) |
| Ending cash | 674 | 456 | 599 | 794 | 1,111 |
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