VF Ukraine

Vodafone Ukraine (VFU), the country’s second-largest mobile operator, reported 9M25 revenues of $493m (+8.4% y-o-y), EBITDA of $256m (+6.4%), and net income of $70m (-5.1%). The EBITDA margin declined 1.0pp y-o-y to 51.9%. The results imply 3Q25 EBITDA of $83m (-10% q-o-q, after a 15% rebound in 2Q25), with the EBITDA margin down 5.6pp q-o-q to 49.7%. Quarterly CAPEX fell 6.4% q-o-q to $44m (+38% y-o-y). ARPU reached UAH 138 ($3.3), up 1.3% q-o-q and 18% y-o-y in UAH terms, while the subscriber base was stable at 15.4 million (-3.1% y-o-y).

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.