Kyivstar: Ukraine's Top Telco Surpasses $1bn Investment Goal

With ongoing military conflict in Ukraine, the ability for those within the country to communicate is both critical and highly reassuring.

VEON, the parent company of Kyivstar, announced that it has fulfilled its commitment to invest US$1bn in Ukraine over 2023-2027 ahead of schedule.

The companies delivered US$1.3bn between 2023 and April 2026, exceeding their original US$1bn commitment and reinforcing the country’s connectivity backbone under sustained pressure.

As infrastructure faces repeated disruption from missile and drone attacks, Kyivstar, Ukraine’s largest digital operator, have direct their funds towards relieving the effects.

The company has targeted mobile and fixed network expansion, energy resilience and satellite connectivity to ensure service continuity.

How Kyiv is building resilience in a war-affected network

Network investment is the core focus for Kyivstar as it expands coverage and strengthens infrastructure.

The operator has built nearly 1,900 new mobile base stations and have upgraded around 13,200 existing sites, bringing 4G coverage to 95% of Ukraine's population, according to Reuters.

Energy resilience is critical as outages affect network uptime. Kyivstar has made significant investments in backup power systems and energy solutions to keep services running, if or when electricity supply fails.

In 2025, Kyivstar also partnered with Starlink for direct-to-device mobile satellite services, extending coverage to areas where terrestrial infrastructure had been damaged or destroyed.

“In Ukraine, staying connected means staying safe,” commented Oleksandr Komarov, CEO of Kyivstar, when the partnership was announced.

By March 2026, around five million users were connected, with many in wartime conditions where connectivity would otherwise be unavailable.

Oleksandr said that Starlink Mobile has “become a key part of Kyivstar’s response to the critical challenges we face in areas with no terrestrial coverage.”

He added how the operator is “supporting volunteers, rescuers, and humanitarian missions, as well as people living in frontline regions or experiencing prolonged blackouts.”

With VEON and Kyivstar now having reached US$300m above target in investments, Ukraine is likely to experience stronger network resilience.

Kaan Terzioğlu, Chief Executive Officer of VEON, says: “Completing this program early and above target underscores VEON’s and Kyivstar’s long-term conviction in Ukraine and in the resilience of its people.

“From the outset, the commitment was about action, not symbolism. At a time of extraordinary challenge, Kyivstar has remained a key element of Ukraine’s digital infrastructure while also investing in the technologies and services that will support the country’s future recovery and growth.

“We are proud to have met our US$1bn investment commitment ahead of schedule and exceeded the initial amount, demonstrating that businesses in Ukraine can continue to deploy long-term, responsible capital.”

Expanding digital services alongside connectivity

Alongside network investment, Kyivstar has developed a broader digital ecosystem through acquisitions.

The operator acquired Uklon, a ride-hailing and delivery platform, Tabletki.ua, a digital healthcare service that allows users to find and reserve medicines, and SUNVIN 11, a solar energy company.

These assets extend Kyivstar’s role beyond traditional telcos into digital services and energy.

SUNVIN 11 contributes 12.9 megawatts of solar capacity to the national grid. This reflects a convergence between connectivity and energy in a market where power supply directly affects network availability.

The integration of healthcare and mobility platforms also positions Kyivstar as a multi-service operator.

By embedding digital services into its offering, the company supports daily life for users while reinforcing customer engagement across sectors that remain active despite wartime disruption.

Investment scale and market position

The US$1.3bn total represents 130% of the original US$1bn target set for 2023–2027.

VEON initially committed US$600m in 2023 before increasing the figure to US$1bn in 2024 and extending the programme to cover five years.

The expanded scope includes connectivity, digital services, energy resilience, acquisitions and social contributions.

Oleksandr says: “Keeping Ukrainians connected during wartime while continuing to build for the future is our core mission.

“We have invested in the network, energy resilience and digital platforms that serve millions of people and businesses every day. Delivering USD 1.3 billion in investments for our nation reflects the dedication of our teams and our confidence in Ukraine’s digital future.”

Kyivstar is the only Ukrainian company listed on a US stock exchange, with Dubai-based VEON retaining at least 80% ownership following its New York listing.

This structure provides access to international capital while maintaining a strong operational focus for Ukraine.

In Ukraine, connectivity infrastructure continues to operate under strain, supported by a combination of terrestrial upgrades that keep networks active when traditional systems fail.