The company is offering bondholders the opportunity to sell their notes at 98% of face value. Applications to participate in the tender will be accepted through May 19, with settlement scheduled for May 26.
The tender relates to Eurobonds maturing in February 2027 and carrying a coupon rate of 9.625% per annum. The original issue size was $300 million.
The need for the new buyback is linked to the payment of dividends to the company’s shareholder. On April 24, 2025, Vodafone Ukraine announced the accrual of dividends for 2024 in the amount of UAH 660 million, equivalent to approximately $15.9 million at the exchange rate specified in the company’s notice.
Under the current foreign exchange restrictions imposed by the National Bank of Ukraine, dividend transfers abroad are made gradually through separate monthly payments in hryvnia equivalent to €1 million.
The company said that the terms of its Eurobond issue require the issuer to offer all bondholders the option to sell notes in an amount equal to the volume of dividends paid outside Ukraine. This is why Vodafone Ukraine regularly conducts tenders for the partial repurchase of its debt securities.
Following nine previous tenders, the total nominal amount of Vodafone Ukraine’s Eurobonds still outstanding has been reduced to $275.64 million.
Vodafone Ukraine remains one of the largest players in the country’s telecom market. According to the NCEC, the top three companies by telecommunications service revenue in 2025 were Kyivstar, Vodafone Ukraine, and lifecell.
Kyivstar’s revenue amounted to UAH 44.16 billion, Vodafone Ukraine’s to UAH 25.59 billion, and lifecell’s to UAH 15.74 billion. Compared with the previous year, the operators’ revenues increased by 20.3%, 13.1%, and 19.1%, respectively.
Vodafone Ukraine’s financial performance remains stable despite a decline in net profit in the first half of 2025. Over the six-month period, the company’s net profit fell 13% year-on-year to UAH 1.71 billion. At the same time, revenue rose 15% to UAH 13.52 billion.
The company has said that the key growth drivers remain the development of its fixed-line business, higher data consumption, the expansion of its internet user base, and increased revenue from both mobile and fixed connectivity services.
For full-year 2025, Vodafone Ukraine increased revenue by 14% to UAH 27.8 billion, while net profit rose 18% to UAH 4.18 billion.
