The manufacturer of agricultural machinery and special-purpose vehicles, JSC “Fregat Plant” (Pervomaisk, Mykolaiv region), increased its losses by 34.4% in 2025 compared to 2024, to UAH 81.2 million.
According to the company’s financial report, published in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), the company’s net sales revenue fell almost fourfold to UAH 47.57 million.
In 2025, the company received UAH 14.8 million in gross profit (UAH 71.1 million in 2024), and the loss from operating activities amounted to UAH 43.2 million, compared to a profit of UAH 12.6 million a year ago.
“During the reporting period, the company focused its efforts on maintaining its customer base, supporting long-term partnerships with counterparties, and ensuring the economical and rational use of funds,” the report says.
According to the plant, the main activity of the enterprise is currently the production of machinery and equipment for agricultural and forestry engineering. In particular, in the fourth quarter, the production of agricultural machinery for crop production accounted for 54.6% of the total output, equipment for the processing industries of the agro-industrial complex – 0.3%, and other types of products accounted for 45.1%.
The average number of employees at the plant last year was 121, at the Eastern branch – 84, and at the Dnipro branch – 6 (both branches are located in Mykolaiv). The average salary of an employee was UAH 10,190.
As reported, in 2024, the plant increased its losses by 58% compared to 2023, to UAH 60.4 million, while its net income increased by 34.6%, to UAH 188.6 million.
According to the National Securities and Stock Market Commission (NSSMC) for the fourth quarter of 2025, Fregat Engineering Limited (Cyprus) owns more than 96.25% of the authorized capital of JSC “Fregat Plant,” and the ultimate beneficiary, according to YouControl, is Olga Dementienko from Dnipro.
Electricity imports to Ukraine in February 2026 increased by 41% compared to January and reached 1,262.8 thousand MWh, which is a new monthly import record since the launch of the new electricity market, according to the DIXI Group analytical center, citing data from Energy Map.
“For comparison: in February 2025, imports amounted to 244.2 thousand MWh, which is five times less than in the reporting month,” the center said.
At the same time, there have been no electricity exports for three months in a row.
As noted by DIXI Group, Ukraine’s energy system remained under significant pressure last month. Frosty weather kept electricity consumption high, while Russian attacks caused significant damage to power generation facilities, high-voltage substations, and electricity transmission and distribution networks, creating a situation of chronic power shortages in the energy system, which at times reached 5-6 GW.
Six massive attacks were recorded during the month (more than 60 in total since the start of the full-scale war). After the attacks on February 7 and 26, in particular, Ukrainian nuclear power plants were forced to partially reduce their output, which complicated the balancing of the system and increased the need for imports.
According to DIXI Group, Hungary accounted for the largest share of imports in February – 49%, or 618.0 thousand MWh. Romania accounted for 19% of the resources provided to the country (240.6 thousand MWh), Slovakia – 18% (227.1 thousand MWh), Poland – 13% (159.4 thousand MWh), and Moldova – 1% (17.7 thousand MWh).
Electricity purchases increased in all supply directions – by 18-54% depending on the country.
As the center reminded, since January this year, the capacity limit for imports from EU countries to Ukraine and Moldova has been 2.45 GW, which is a record level for the entire period of Ukraine’s synchronization with the continental European network ENTSO-E (the previous maximum for the Ukraine-Moldova block was 2.15 GW). Taking into account that part of the imported capacity is directed to Moldova, Ukraine has access to about 2.1 GW of commercial imports.
On average, during February, the use of available capacity was 89.5% of the accepted nominal value of 2.1 GW.
“Thus, in February 2026, Ukraine remained a net importer of electricity for the fifth month in a row, and import volumes reached a historic high amid escalating Russian shelling and seasonal growth in consumption,” DIXI Group concluded.
As reported, the key factor contributing to the increase in electricity imports to Ukraine and, at the same time, the price jump on the day-ahead market (DAM) was the increase by the National Commission for State Regulation in Energy and Utilities upper price limits (price caps) on short-term market segments starting January 18, 2026.
At an extraordinary meeting on January 16, the National Energy Regulator set the maximum price limit for electricity on the day-ahead market (DAM) and intraday market (IDM) at UAH 15,000/MWh throughout the day for the period from January 18 to March 31, 2026.
According to ENTSOE data, in February 2026, Ukraine ranked first in terms of the average daily BASE price index on the DAM 21 times (February 1, 4-10, 13-14, 17-18, 20-28) compared to 26 European countries.
At the end of 2025, Ukraine ranked second among 27 European countries in terms of the BASE index on the DAM, which amounted to 5,292.62 UAH/MWh, calculated according to Central European Time (CET).
According to Fixygen, PJSC “Lactic Acid Plant” (Kyiv) will hold its annual general meeting of shareholders remotely on April 3, 2026, at which it plans to approve the results of its financial and economic activities for 2025 and the procedure for covering losses, the company reported in the NSSMC’s information disclosure system.
“To approve the results of financial and economic activities for 2025 and to approve the procedure for covering the company’s losses. Namely, given the company’s lack of profit, to cover losses at the expense of future periods,” the draft resolution of the meeting states.
The agenda also includes consideration of the reports of the supervisory board and the executive body for the past year, the adoption of new versions of the regulations on management bodies, as well as the preliminary approval of significant transactions, the value of which may exceed 25% and 50% of the value of the company’s assets.
PJSC “Lactic Acid Plant” (Kyiv) was founded in October 1996. The company specializes in the production of spices and seasonings, as well as other food products, ready-made animal feed, and agrochemical products.
According to Opendatabot, in 2024, the company increased its net loss by 11.8% compared to 2023, to UAH 2.145 million. At the same time, its revenue grew by 5.22%, to UAH 4.493 million. The plant’s assets decreased by 10.2% over the year to UAH 22.091 million, while its liabilities decreased by 0.5% to UAH 33.227 million. According to the resource’s forecast, the company’s expected revenue for 2025 is projected at UAH 5.122 million. The authorized capital of the private joint-stock company is UAH 220,353 thousand.
The beneficiaries of the enterprise are Grigory and Leonid Kostyuk, each of whom owns 45.8615% of the enterprise’s shares.
In February 2026, Ukraine’s fleet of new trucks and special-purpose vehicles was replenished with 880 new vehicles, which is 4% more than in February 2025, but 7% less than in January of this year, Ukravtoprom reported on its Telegram channel.
Renault remains the market leader with 10 units. Peugeot took second place with 106 units, and Opel took third place with 72 units. Citroen (63 units) and Toyota (61 units) rounded out the top five.
As reported, in February last year, the top five were Renault, Citroen, MAN, Iveco, and Ford.
According to Ukravtoprom, a total of 1,826 new vehicles were added to the Ukrainian fleet of trucks and special-purpose vehicles in January-February, which is almost the same as the result for the same period last year.
As reported, in 2025, registrations of new trucks and special-purpose vehicles decreased by 5% compared to 2024, to almost 12,300 vehicles.
On March 3, the Cabinet of Ministers of Ukraine approved a resolution to allocate UAH 16 billion to JSC Ukrzaliznytsia to launch a mechanism for state-ordered passenger rail transport in 2026, according to the Ministry of Development of Communities and Territories of Ukraine.
“The mechanism provides for compensation to Ukrzaliznytsia for the difference between the actual cost of passenger transportation and the income from ticket sales at current, socially accessible tariffs,” the Ministry of Development said in a Telegram post.
According to the information, funding will be provided on a quarterly basis through advance payments, and it is also planned to cover the costs of passenger transportation that were actually incurred in January-February 2026.
“The pilot project is an important step towards the introduction of the European PSO model in Ukraine – state procurement of socially important transport services – and the creation of a transparent and predictable system for financing passenger rail transport,” the Ministry of Development emphasized.
It recalled that the decision to launch this mechanism and the instruction to allocate funds for this from the reserve budget was approved by Cabinet Resolution No. 232 of February 18 this year. According to this document, advance payments to the carrier in the first quarter of this year will be made by March 6, and in the second, third, and fourth quarters – by March 25, June 25, and September 25, respectively.
For this year, the volume of state orders is set at 41.76 million train-kilometers in domestic traffic, with a planned cost of UAH 12.92 billion, while the planned revenue is projected at UAH 7.37 billion. In addition, planned investment costs of UAH 10.44 billion are included, which together forms a total of UAH 16 billion.
According to the results of Ukrzaliznytsia’s activities in 2024, the loss in the passenger transportation segment increased by UAH 2.4 billion, or 15.4%, to UAH 18.1 billion, which was covered by the profit from the freight transportation segment, which amounted to UAH 20.4 billion.
As reported by Serhiy Leshchenko, deputy chairman of the supervisory board of Ukrzaliznytsia, due to the loss of 49% of freight transportation in 2021-2025, the company can no longer subsidize unprofitable passenger transportation at their expense, proposes to increase freight tariffs by 41.5% in 2026 in two stages, and requests budget support.
In January-September 2025, Ukrzaliznytsia reduced its income from ordinary activities by 15.4% compared to the same period in 2024, to UAH 66.03 billion, and received a net loss of UAH 7.32 billion, compared to a net profit of UAH 1.66 billion in January-September 2024.
Revenue from passenger transportation increased by 11% to UAH 9.5 billion, but revenue from freight and postal transportation decreased by 19% to UAH 50.1 billion, and revenue from other services decreased by 14.7% to UAH 6.36 billion.
Investment expenses for the first three quarters of 2025 increased to UAH 11.51 billion from UAH 9.46 billion in the same period last year.
In February, the National Bank of Ukraine (NBU) reduced its interventions in the interbank market by $547.6 million, or 15.5%, to $2 billion 990.5 million, while the official hryvnia-dollar exchange rate fell by 0.8%, or 36 kopecks.
At the same time, in the last week of February, the National Bank increased its sales of dollars on the interbank market by $148.3 million, or 22.4%, to $809.5 million compared to the previous week, while the hryvnia strengthened by almost 0.2%, or 7 kopecks.
According to data from the National Bank, during the first four days of last week, the average daily negative balance of currency purchases and sales by legal entities increased to $117.9 million from $79.3 million during the same period a week earlier, totaling $471.4 million.
On the currency exchange market for the population, the negative balance for Saturday-Thursday also increased to $17.3 million from $16.4 million the week before, with non-cash currency sales exceeding purchases every day.
The official hryvnia-to-dollar exchange rate, which started last week at 43.2747 UAH/$1, ended the week stronger at 43.2081 UAH/$1.
The dollar exchange rate on the cash market also did not change significantly last week: as of February 26, the purchase rate was around 42.92 UAH/$1, and the sale rate was around 43.30 UAH/$1.
Analysts at KYT Group, a major player in the cash currency exchange market (Liberty Finance LLC), note that at the end of February, the spread between the buying and selling rates at bank cash desks and exchange offices is gradually narrowing and stands at around 0.4–0.5 UAH/$.
In their opinion, at the end of February, currency fluctuations were influenced not only by official reports on the labor market and inflation in the US and market expectations of the March 17-18 decision on the key rate, but also by US President Donald Trump’s speech to Congress on February 24: he praised his economic achievements and criticized the Supreme Court for its decision against his tariff policy, calling tariff decisions a key driver of the “economic turnaround.”
“In general, analysts do not expect the dollar to fall sharply in the near future, as the latest statistics indicate good economic prospects, and the majority forecast of an unchanged rate in March should support the dollar’s position,” the company believes.
In the domestic context, KYT Group draws attention to the gradual devaluation of the hryvnia throughout February and the role of the NBU, which maintains the balance of supply and demand through regular interventions, as well as news about international support for Ukraine and risks related to the energy sector.
According to their forecasts, in the short term (1–2 weeks), the base range of the dollar exchange rate will be 43.3–43.8 UAH/$1, with a probable tendency towards 43.5–43.6 UAH/$1, in the medium term (2–3 months) – 43.60–44.60 UAH/$1, and in the long term (6+ months) the devaluation trend will continue with a benchmark of 43.6–45.05 UAH/$1.
