VF Ukraine

Vodafone Ukraine (VFU), the country’s second-largest mobile operator, reported 1H25 revenues of $325m (+8.2% y-o-y), EBITDA of $172m (+4.9% y-o-y), and net income of $41m (-18% y-o-y). The EBITDA margin contracted 1.7pp y-o-y to 53.1%. In 2Q25, ARPU rose to UAH 136 ($3.3), +6.2% q-o-q and +18.5% y-o-y in UAH terms. Subscriber numbers fell 1.9% q-o-q to 15.4m (-3.1% y-o-y), while CAPEX surged 22% q-o-q to $46m (+42% y-o-y).

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.