VF Ukraine

Vodafone Ukraine is a leading Ukrainian mobile operator providing a wide range of services including 3G/4G data transfer, mobile voice communications, messaging, fixed Internet and mobile TV. The Vodafone Ukraine serves 19.8 million customers.

Year	2027
Issue Volume ($m)	500
Coupon Rate (% p.a.)	9.63%
Coupon Frequency	S/A
Maturity date	2/11/2027
Ratings: Fitch/Moody`s/S&P	CCC/—/CCC+
Market Price* ($)	96.50
Market YTM*	11.90%
Spread over UST*	-
Note: *Based on bid price.

Year	2021	2022	2023
Net Sales ($m)	739	***	***
EBITDA ($m)	402	***	***
Net Income ($m)	141	***	***
EBIT Coverage Ratio (x)	3.65	***	***
Net Debt/Equity (%)	104.4%	***	***

Covenants
Financial Reports	A - within 120 days; S/A - within 60 days
Max. Consolidated Net Debt/EBITDA*	2.75:1

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Latest news about VF Ukraine

May 27, 2025

| TMT

Vodafone Ukraine — Announces $1.1m Eurobond buyback underpinned by dividend distribution

Vodafone Ukraine (VFU), the country’s second-largest mobile operator, has launched a $1.1m tender offer to repurchase a portion of its 2027 Eurobonds at 99% of par, following the first monthly dividend payment (UAH 46.1m or $1.11m) to its shareholder Telco Investments B.V. on May 14. The offer expires on Jun. 6, with settlement by Jun. 13, 2025.

May 14, 2025

| Telecommunications

Vodafone Ukraine — Reports 1Q25 EBITDA of $80m

Vodafone Ukraine (VFU), Ukraine’s second largest mobile operator, reported 1Q25 revenue of $158m (+2.4% q-o-q and +4.7% y-o-y), EBITDA of $80m (+24% q-o-q, -4.1% y-o-y) and net income of $17m (+11% q-o-q, -30% y-o-y). The EBITDA margin increased 8.8pp q-o-q to 50.7% (-4.6pp y-o-y), with the net margin up by 0.8pp q-o-q to 10.6% (-5.3pp y-o-y).