VF Ukraine

Vodafone Ukraine (VFU), the country’s second-largest mobile operator, has revised the terms of its Aug. 13 tender offer to repurchase a portion of its 2027 Eurobonds. The company raised the purchase price to 95pt from the originally proposed 85pt and increased the tender size to $5.6m from $3.9m. The updated offer expires on Oct. 9, with settlement by Oct. 16, 2025.

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).