The top three operators by telecommunications service revenues in Ukraine in 2025, with a significant lead, were mobile operators: PJSC "Kyivstar" with UAH 44.16 billion, PJSC VF Ukraine (TM Vodafone Ukraine) with UAH 25.59 billion, and lifecell LLC (TM lifecell) of the DVL group with UAH 15.74 billion.

According to data published by the National Commission for the Regulation of Electronic Communications and Postal Services (NCEC), compared to 2024, Kyivstar's revenues increased by 20.3%, Vodafone Ukraine's by 13.1%, and lifecell's by 19.1%.

As reported, for the first nine months of 2025, the growth rates were 22.6%, 12.7%, and 18.9%, respectively.

The top five by revenue also included fixed-line operator PJSC Ukrtelecom, which increased revenues by 5.6% in 2025 to UAH 4.59 billion, and Kyivstar's sister company Ukraine Tower Company LLC (UTC), which builds and leases telecom towers to operators; its revenues rose by 21.8% to UAH 2.92 billion.

According to the report, the second five by telecom service revenues is led by fixed-line operator PJSC Datagroup (DVL group), which increased revenues by 22.9% to UAH 1.85 billion.

It is followed by the Broadcasting, Radio Communication and Television Concern, which increased revenues 1.7 times year-on-year to UAH 1.21 billion, climbing from ninth place. Meanwhile, fixed-line operator PJSC Farlep-Invest, controlled by VF Ukraine, boosted revenues by 39.3% to UAH 0.84 billion, moving from tenth to eighth place.

Ukrainian Network Solutions LLC, the tower company of Vodafone Ukraine, increased telecom revenues 8.5 times in 2025 to UAH 0.79 billion, ranking ninth.

Rounding out the second five was Volia-Cable LLC, whose telecom revenue fell by 57.4% last year to UAH 0.77 billion, only slightly ahead of Scientific and Production Company Home-Net LLC, which increased revenues 1.5 times to UAH 0.75 billion.

According to the regulator, the leaders in capital investment in telecommunications in 2025 were also the three mobile operators: Kyivstar increased investments 1.5 times year-on-year to UAH 14.19 billion, Vodafone Ukraine by 34.8% to UAH 7.69 billion, and lifecell by 13.9% to UAH 4.06 billion.

Ukraine Tower Company LLC increased capital investments 1.5 times to UAH 1.64 billion, while PJSC Farlep-Invest completed the top five largest investors with a 41.5% increase to UAH 1.19 billion.

At the same time, Ukrtelecom reduced investments by 35.5% in 2025 to UAH 0.49 billion, and Datagroup by 24% to UAH 0.25 billion, placing them eighth and ninth, respectively.

They were overtaken by Ukrainian Network Solutions LLC, which increased investments 5.4 times to UAH 0.83 billion, and municipal enterprise Kyivtelecomservice, which increased investments by 31.9% to UAH 0.54 billion.