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 ($m)	500
Coupon Rate (% p.a.)	9.63%
Coupon Frequency	S/A
Maturity date	2/11/2027
Ratings: Fitch/Moody`s/S&P	CCC/—/CCC+
Market Price* ($)	98.00
Market YTM*	10.80%
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

Apr 09, 2025

| TMT

Vodafone Ukraine — Conference call notes

Vodafone Ukraine (VFU), the country’s second-largest mobile operator, held a conference call to discuss its 2024 results published on Apr. 4. The company expects its 2025 EBITDA margin at around 50%, as a higher ARPU driven by recent tariff increases will be offset by rising electricity and labor costs.

Apr 07, 2025

| Telecommunications

Vodafone Ukraine — Reports 2024 results

Vodafone Ukraine (VFU), Ukraine’s second largest mobile operator, reported 2024 revenue of $609m (+3.0% y-o-y), EBITDA of $304m (-12%), and net income of $88m (-36%), for EBITDA and net margins of 50.0% (-8.7pp y-o-y) and 14.5% (-9.0pp). VFU booked a 2024 ARPU of UAH 118.4 or $2.95, up 10% y-o-y in UAH and up 0.6% y-o-y in USD terms. Its customer base shrank by 0.6% y-o-y to 15.8 million subscribers.