Business news from Ukraine

Business news from Ukraine

In September, EU accepted nearly 80,000 more refugees from Ukraine

In September 2025, EU countries adopted 79,205 new decisions to grant temporary protection to non-EU citizens who fled Ukraine as a result of Russian aggression, which is 49% more than in August 2025 and is the highest monthly average of new decisions recorded since August 2023.

“This increase came after the Ukrainian government adopted a decree at the end of August 2025 granting men aged 18 to 22 inclusive the right to leave Ukraine without hindrance,” Eurostat reported on its website on Monday.

According to its data, compared to the end of August 2025, the total number of people from Ukraine under temporary protection increased by 49,560 (+1.2%) to 4,302,160 at the end of September.

In its statistics for August, the agency reported a higher total figure of 4,373,460, but this included data from Portugal and Luxembourg, where there were 65,120 and 3,880 refugees from Ukraine with the corresponding status, respectively.

It is noted that in September, according to available data, the number of people under temporary protection increased in 24 EU countries. The largest absolute increase was recorded in Poland (+12,960; +1.3%), Germany (+7,585; +0.6%) and the Czech Republic (+3,455; +0.9%), while the only decrease was in France (-240; -0.4%).

According to Eurostat data, Germany remains the country with the largest number of refugees from Ukraine in the EU and the world – 1 million 218.1 thousand, or 28.3% of the total number of beneficiaries in the EU.

The top three also include Poland with 1 million 8,890, or 23.5%, and the Czech Republic with 389,310, or 9.0%. Spain with 244,170 and Romania with 192,840 follow with a significant gap.

Eurostat clarified that the data for Spain, Greece, and Cyprus includes some people whose temporary protection status is no longer valid.

According to the agency’s data, compared to the population of each EU member state, the highest number of temporary protection beneficiaries per thousand people at the end of September 2025 was observed in the Czech Republic (35.7), Poland (27.6), and Latvia (25.5), while the corresponding figure at the EU level is 9.6.

It is also noted that as of the end of September 2025, Ukrainian citizens accounted for more than 98.4% of temporary protection beneficiaries. Adult women accounted for 44% of temporary protection recipients in the EU, children for almost a third (31.0%), while adult men accounted for about a quarter (25.1%) of the total. A year earlier, women accounted for 45%, children for 32.3%, and adult men for 22.7%, while at the end of September 2023, adult women accounted for 46.5%, children for 33.7%, and adult men for 19.9%.

At the end of September 2025, there were also more than 100,000 people with temporary protection status in Slovakia (135,770), the Netherlands (130,500), and Ireland (116,350).

Between 50,000 and 100,000 were in Belgium (93,030), Austria (88,860), Norway (80,920), Finland (76,470), Bulgaria (73,200), Switzerland (70,520), and France (54,490) (data on children in France is mostly not included – Eurostat).

Next are Lithuania – 49.32 thousand, Sweden – 47.33 thousand, Denmark – 44.50 thousand, Hungary – 42.01 thousand, Greece – 37.41 thousand, Estonia – 34.96 thousand, Latvia – 31,150, Croatia – 27,840, Cyprus – 24,680, Iceland – 4,000 (data as of the end of February), Malta – 2,390, and Liechtenstein – 0,780.

Eurostat clarified that all data provided relates to the granting of temporary protection on the basis of EU Council Decision 2022/382 of March 4, 2022, which establishes the existence of a mass influx of displaced persons from Ukraine in connection with Russia’s military invasion and entails the introduction of temporary protection. On June 25, 2024, the European Council decided to extend temporary protection for these persons from March 4, 2026, to March 4, 2027.

According to updated UNHCR data, the number of Ukrainian refugees in Europe as of October 3, 2025, was estimated at 5.192 million (5.138 million as of September 2), and 5.753 million (5.696 million) worldwide.

In Ukraine itself, according to the latest UN data for July this year, there are 3.340 million internally displaced persons (IDPs), compared to 3.757 million in April.

As Serhiy Sobolev, then Deputy Minister of Economy, noted in early March 2023, the return of every 100,000 Ukrainians home results in a 0.5% increase in GDP.

In its July inflation report, the National Bank of Ukraine worsened its migration forecast: while in April it expected a net inflow of 0.2 million people to Ukraine in 2026, it now forecasts a net outflow of 0.2 million, which corresponds to the estimate of the net outflow this year.

“Net return will only begin in 2027 (about 0.1 million people, compared to 0.5 million in the previous forecast),” the NBU added, confirming this forecast at the end of October.

In absolute terms, the National Bank estimates the number of migrants currently remaining abroad at about 5.8 million.

Source: http://relocation.com.ua/in-september-the-eu-accepted-almost-80000-refugees-from-ukraine/

 

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Ukraine exported most to Poland, Turkey, and Germany – results for first 10 months of 2025

According to the results of January-October 2025, Poland, Turkey, and Germany remain Ukraine’s largest export destinations. The volume of supplies to Poland amounted to $4.2 billion, to Turkey – $2.2 billion, to Germany – $2.0 billion, according to the State Customs Service.

Food products lead the export structure with $18.2 billion, metals and metal products with $3.9 billion, and machinery, equipment, and transport with $3.1 billion. UAH 950.7 million was paid to the budget for the clearance of goods subject to export duties.

According to the State Customs Service, total exports for 10 months decreased by 4.05% to $33.2 billion.

Source: https://expertsclub.eu/ukrayina-eksportuvala-najbilshe-do-polshhi-turechchyny-nimechchyny-pidsumky-10-misyacziv-2025-roku/

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Imports to Ukraine increased by 18% – China, Poland, and Germany lead way

Imports of goods to Ukraine in January-October 2025 reached $67.8 billion, which is 18.1% more than a year earlier, according to the State Customs Service. The largest countries of origin for imports were China with $15.1 billion,

Poland with $6.4 billion, and Germany with $5.4 billion.

Taxable imports amounted to $51.8 billion, or 76% of the total volume. The tax burden per 1 kg of taxable imports was $0.52/kg.

In terms of commodity structure, 68% was accounted for by machinery, equipment, and transport—$27 billion (customs payments—168 billion UAH, 29%); chemical industry products—$10.4 billion (81.1 billion UAH, 14%); fuel and energy products – $8.5 billion (UAH 167.9 billion, 29%).

Source: https://expertsclub.eu/import-v-ukrayinu-zris-na-18-lidyruyut-kytaj-polshha-nimechchyna/

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Krivbasvibuhprom increased its profit by 87.5%

In January-September of this year, PJSC Industrial and Manufacturing Enterprise Kryvbasvibuhprom increased its net profit by 87.5% compared to the same period last year, from UAH 100.328 million to UAH 188.105 million.

According to the company’s interim report, revenue for this period increased by 24.9% to UAH 1 billion 345.556 million.

Undistributed profit at the end of September 2025 amounted to UAH 747.398 million.

In 2024, the company received a net profit of UAH 153.893 million compared to UAH 95.121 million in 2023.

Kryvbasvibuhprom provides blasting services in the quarries of mining companies in Ukraine. It is a large manufacturer of emulsion and non-water-resistant explosives. The company’s technological chain includes storage, processing, transportation, and blasting operations.

According to the NDU for the second quarter of 2025, Quarex Ltd (Cyprus) owns 93.16% of the company’s shares, and UMG Investments of the SCM Group owns 6.56%.

The authorized capital of Kryvbasvibuhprom is UAH 97.022 million, with a share par value of UAH 1.

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Kyivstar increased EBITDA by 21.5%

Kyivstar, Ukraine’s largest telecommunications operator, reported EBITDA of UAH 7.1 billion in the third quarter of 2025, up 21.5% from the third quarter of 2024, and growth of 20.4% in dollar terms to $171 million.

“Stable high profitability reflects disciplined cost management against the backdrop of revenue growth and the implementation of Kyivstar’s digital strategy,” Kyivstar Group Ltd said in its quarterly report on Monday.
According to the report, total revenue grew by 20.9% to UAH 12.3 billion, and in dollars by 19.8% to $297 million, while mobile ARPU for the year increased by 14.0% to UAH 153.1 ($3.7).

Adjusted net income was $73 million, but this figure does not include non-cash expenses of $162 million recognized in the third quarter of 2025 in connection with Kyivstar’s listing. Without adjustments, the loss for the third quarter of 2025 was $89 million, the report said.

According to the report, direct digital revenues grew to 11.9% of total revenues thanks to a 6.3-fold increase to UAH 1.5 billion ($35 million), which in turn was driven by the consolidation of Uklon.
It is noted that the total number of mobile subscribers for the year decreased by 3.6% to 22.5 million, but the number of 4G customers increased by 2.4% to 15 million.

The report states that the total number of monthly active digital users reached 13.5 million. In particular, Uklon had 3.6 million users in the third quarter of 2025, Helsi had 2.5 million, KyivstarTV had 2.1 million users, and MyKyivstar had 5.2 million. These results were driven by the initial consolidation of Uklon, the continued expansion of Helsi’s digital medical services, and the strong absorption of Kyivstar TV, the report says.

In particular, in the third quarter, Uklon, which was consolidated into Kyivstar’s reporting in April 2025, received revenue of UAH 1.027 million, or $24.4 million. Its EBITDA amounted to UAH 378 million, or $9.1 million. Trips in the third quarter of 2025 increased by 17.2% to 42.2 million, and deliveries increased by 33.3% compared to the same period in 2024 to 1.2 million.

KyivstarTV increased its revenue 2.4 times in the third quarter of 2025, to UAH 140 million. The number of user sessions on KyivstarTV increased by 30.7% in the third quarter of 2025, reaching 670 million, while the number of minutes viewed by active users per day increased by 21.1%, reaching 244 million.

It is noted that the Helsi medical information system increased its revenue by 50% compared to the same period in 2024, to UAH 75 million. The program has more than 38,000 active specialists and doctors, more than 1,600 healthcare facilities, 2.2 million appointments made by patients through the platform, and more than 28 million registered users.

In the third quarter of 2025, big data processing and cloud services generated UAH 222 million in revenue, which is 80.5% more than in the previous year. The report states that the growth was driven by large-scale solutions for big data analytics, advertising technologies (AdTech), cloud productivity and collaboration services, as well as API-based connectivity and data exchange services.

According to the report, Kyivstar continues to develop its large language model (LLM) project in partnership with the Ministry of Digital Transformation and the WINWIN Center of Excellence in Artificial Intelligence. In particular, in the third quarter of 2025, the project strategy was defined and the legal framework for data transfer was established. The release of the first version of the Ukrainian LLM is scheduled for December 2025.

Kyivstar’s growth strategy includes maintaining its leadership in the mobile communications market, Direct to Cell technology, and stable ARPU growth. In the digital sphere, the company’s priorities are to expand its digital offerings, focusing on increasing multi-user services.

As reported, Kyivstar increased its EBITDA by 39.5% to UAH 12.85 billion in the first half of 2025, while its revenue grew by 36.1% to UAH 22.58 billion.
The main shareholder of Kyivstar Group, with an 89.6% stake, is the telecommunications holding company VEON, which was its 100% owner until Kyivstar was listed on the stock exchange in August 2025.

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Natalia Gurina will become chair of board of Raiffeisen Bank on January 1, 2026

Natalia Gurina, who has been responsible for risk management and problem assets as deputy chair of the board since January 2012, will become the new chair of the board of Raiffeisen Bank (Kyiv), Ukraine’s largest non-state-owned bank, on January 1, 2026.

According to a statement on the bank’s website, the decision was made by the supervisory board of Raiffeisen Bank following a competition, so it still needs to be approved by the state supervisory authorities.
It is noted that Gurina has devoted her entire professional career to the bank and has grown with it since its early years, starting her career at Aval (the bank’s former name) in 1994.

She will replace Oleksandr Pysaruk as chairman of the board, who was approved for this position by the supervisory board in August 2019 and who was first deputy chairman of the NBU in 2014-2016.

“Gurina has demonstrated strong professional and leadership qualities that will ensure the bank’s further development in extremely difficult military conditions,” said Andriy Stepanenko, deputy chairman of the supervisory board, whose words are quoted in the release.

It is noted that Gurina has held positions in various areas over the years, including exchange operations, currency control, treasury, credit operations, portfolio monitoring, and problem loans. Prior to her appointment as a member of the board in July 2007, she was deputy chief risk manager and director of the corporate risk department.

The replacement of the bank’s chairman is planned following the decision of the current chairman, Pysaruk, not to renew his contract for a new term, according to the release.
Raiffeisen Bank is the largest Ukrainian bank with foreign capital. According to the NBU, as of September 1, 2025, it ranked fourth (UAH 239.8 billion) among 60 banks in Ukraine in terms of assets.

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