In 2025, companies belonging to the Smart Holding investment group paid UAH 860 million to the state budget, which is 28.3% less than in 2024 and 4.3 times less than in 2022, according to a press release from the holding company.
“(This) became an anti-record since 2016 in terms of filling the state budget of Ukraine. Such a significant reduction was the result of forced downtime of Smart Energy gas production enterprises due to the systematic blocking of licenses since 2023,” the company explained.
The group recalled that in 2023, Smart Energy’s gas production enterprises in the Kharkiv region were initially blocked for 1.5 years due to sanctions imposed on the group’s owners, and now gas production in the Poltava region has been suspended for a year.
The release does not contain data on the volume of consolidated revenue for 2025 and its dynamics, but it is stated that “due to the reduction in operating activities, UAH 3.2 billion in planned investments in Ukrainian subsoil resources were suspended, and the mark of UAH 3.1 billion in aid to protect Ukraine in 2025 has not changed.”
Smart Holding specified that in 2022, its enterprises paid UAH 3.7 billion to the state budget, in 2023 – UAH 1.6 billion, and in 2024 – UAH 1.2 billion.
The group for the restoration of gas production once again proposes to specify the type of sanctions imposed by the NSDC decision of October 8, 2024, and recalls that a similar instrument, without lifting the sanctions against the ultimate beneficiaries, has already been used in Ukraine.
Smart Energy, part of the Smart Holding investment group, implements projects for the exploration and industrial development of hydrocarbon deposits and was one of the five largest private gas producers in Ukraine, producing a total of over 1 million cubic meters of gas per day at the start of full-scale Russian military aggression.
Before the war, the hydrocarbon reserves at Smart Energy’s gas production assets were estimated at C1+C2 categories in the amount of 22.633 billion cubic meters of gas and 3.722 million tons of condensate.
Belgian Revive Fund Management Group, which signed a memorandum with Ukrainian Financial Housing Company (PrJSC Ukrfinzhytlo) in January this year on a possible Workforce Houses project, is working on creating the necessary structure—a real estate investment trust in Luxembourg and its subfund in Ukraine, said Oleg Zhuravlev, deputy chairman of the board of Ukrfinzhytlo.
At the fourth Ukraine Resilience business forum, held last week by the Luxembourg-Ukrainian Chamber of Commerce (LUCC) in Luxembourg, he noted that Ukraine is undergoing a process of relocating industrial enterprises from the eastern part to the western part of the country, which is creating demand for this project.
“Our company is deeply involved in this, we are even creating a Workforce Houses project: when a huge enterprise with two, three, five thousand employees moves to the western part, they need to organize accommodation for these people… Investors are ready to invest in these things,” Zhuravlev said.
According to him, Revive Fund Management is interested in participating in such a project to provide housing for employees.
As reported, Ukrfinzhytlo, the operator of the state affordable mortgage program eOselya, and the European investment fund and developer Revive signed a memorandum of understanding at the end of January this year to launch an affordable housing program for middle-income households and workers in critical sectors (workforce housing).
It was noted that ReVive will draw on its 15 years of experience in implementing affordable housing projects in Western and Central and Eastern Europe. The goal of the collaboration is to create a scalable model of affordable housing for Ukrainians who work but cannot afford housing at market prices and at the same time do not fall under any of the categories of the eOselya affordable mortgage program.
“The combination of the expertise of a regulated fund manager with the practical experience of a developer creates added value for the formation of an institutional platform for affordable housing in Ukraine,” commented Nicolas Barelle, founder of Revive and chairman of the Urban Land Institute Belgium.
As part of the partnership, which also includes Emerge Impact Real Estate B.V., the parties plan to engage Ukrainian companies in the construction of energy-efficient housing in various regions of Ukraine and mobilize institutional investors to scale up the affordable housing program for employees.
In 2025, Emerge Impact supported the EBRD’s EUR100 million credit line to create an affordable housing platform in Ukraine, which involves the construction of approximately 1,800 housing units for internally displaced persons and vulnerable groups.
FUND, Revive Fund Management, UKRFINZHYTLO, Workforce Houses
Who shapes the country’s economy?
OpenDataBot analyzed the financial reporting data of Ukrainian companies for 2025 and compiled a list of the top 10 companies by revenue in each sector. Among the leaders in terms of revenue are companies in the energy sector, wholesale and retail trade, and the processing industry. Last year, the highest revenues were generated by businesses in Kyiv and the surrounding region, Dnipropetrovsk, and Lviv.
For the second year in a row, the energy sector leads in terms of revenue, with 1.04 trillion hryvnia. This is 23% of the total revenue of companies in the Index. Wholesale trade came in second with revenues of over UAH 697 billion (15%). Retail trade generated almost as much — over UAH 647 billion, or 14%.
The top five most profitable industries also include manufacturing, with revenues of over UAH 477 billion (11%), and mining, with over UAH 341 billion, or 8%.
Which businesses topped the list this year?
The ranking has also undergone significant changes over the year. Compared to the previous year, 44 companies dropped out of the Index and were replaced by new participants.
Among the representatives of the energy sector, the leaders were D.Trading (UAH 292.4 billion), Energoatom (UAH 254.7 billion), and gas supplier Naftogaz Trading (UAH 130.3 billion).
The leaders in retail trade in 2025 were ATB (UAH 247.3 billion), Silpo (UAH 106 billion), and Aurora (UAH 49.2 billion).
At the same time, the leaders in wholesale trade are DL Solutions (UAH 114.1 billion), Donpromtrans (UAH 98.1 billion), and OKKO-Express (UAH 85.2 billion).
The top Ukrainian banks were Privat (UAH 122.6 billion), Oschadbank (UAH 41.7 billion) and Universal Bank, which operates monobank — UAH 27.2 billion.
In the agricultural sector, the top two positions were taken by two companies of the MHP group: Vinnytsia and Myronivska poultry farms with revenues of UAH 54.2 billion and UAH 27.3 billion, respectively. The top three is rounded out by Lebedyn Seed Plant (UAH 17.4 billion).
In the transport and postal services category, the leaders are Ukrzaliznytsia (UAH 89 billion), Nova Poshta (UAH 54.2 billion), and Gas Transmission System Operator of Ukraine (UAH 28 billion).
In the hospitality sector — restaurants and hotels — the winners were McDonald’s (UAH 21.3 billion), Briscola (UAH 2.9 billion), and KFC (UAH 1.3 billion).
In the extractive industry, the leaders are Ukrnafta (UAH 99.4 billion), Ukrgazvydobuvannya (UAH 83.6 billion), and DTEK Pavlogradvuhillya (UAH 36.2 billion).
The top of the processing industry is led by Kernel-Trade — 105.9 billion in revenue last year, Zaporizhstal (72 billion UAH), and ArcelorMittal Kryvyi Rih (70.6 billion UAH).
The situation in IT remains unchanged: in the top positions are GlobalLogic Ukraine (UAH 10.9 billion) and two companies of the Epam brand, which surpassed the leader in terms of total revenue: Epam Systems (UAH 10.2 billion) and Epam Digital (UAH 9.2 billion).
In the automotive trade, the top three spots were shared by Toyota Ukraine (UAH 24.6 billion), Winner (UAH 16.9 billion), and Porsche Ukraine (UAH 15.6 billion).
In the telecommunications sector, the leadership is shared between Kyivstar (UAH 43.8 billion), Vodafone (UAH 25.8 billion), and lifecell (UAH 15.9 billion).
Among representatives of the TV+Radio+Books category, the leaders are Kyivstar TV (UAH 1.6 billion), STB (UAH 1.4 billion) and Multiplex (UAH 1.2 billion).
In the healthcare sector, the leaders are Dobrobut (UAH 4.2 billion), Dila (UAH 3.6 billion), and Sinevo Ukraine (UAH 3.3 billion).
In the leisure category — sports and entertainment — the leaders are FC Dynamo Kyiv (UAH 1.8 billion), Sport Life Kyiv (UAH 605.7 million), and a newcomer to the Index — Mavka Water Park in Bukovel (UAH 407.8 million).
You can see the rest of the leaders of Ukrainian business on the Open Data Bot Index 2026 page.
Methodology
The Open Data Bot Index is an analytical tool that allows you to assess the real situation and geography of Ukrainian business. The index is based on data from state registries, Open Data Bot registries, companies’ financial reports, information about ties with the Russian Federation, sanctions lists, and other Open Data Bot analytical tools.
The OpenDataBot Index 2026 takes into account both financial indicators (annual financial reports of companies for 2025) and the business reputation of companies.
The list does not include companies under sanctions, businesses with owners or ultimate beneficiaries from the Russian Federation, as well as enterprises whose ownership structure directly includes persons under sanctions. In addition, companies that appear on the “black list” of the Antimonopoly Committee of Ukraine were excluded from the list. This approach made it possible to compile a list of companies that meet not only economic but also ethical and legal standards of business conduct.
The Index also has special marks for certain categories of companies. In particular, businesses associated with public figures — deputies or politicians who are required to declare their income — are marked. Diy City resident companies, as well as companies undergoing reorganization, are highlighted separately. Companies that did not submit their financial statements on time may also have been excluded from the list.
Dynamics of services exports in January-September 2025 by the most important items compared to the same period in 2024, %
A joint Polish-Ukrainian enterprise, PK MIL SA, has been established to manufacture, among other things, Ukrainian self-propelled howitzers “Bogdan” and towed howitzers “Bogdan-BG,” according to the press service of the Polish company PONAR Wadowice, on whose premises the production facility is being set up.
“PONAR Wadowice SA and Kramatorskie Zakłady Budowy Ciężkich Obrabiarek (KZVV) have established a joint Polish-Ukrainian enterprise, PK MIL SA, which will work to strengthen the European defense industry and implement the priorities of the ReArm Europe initiative,” the company said in a statement on its website.
It is reported that the company’s goal is to produce 155-mm NATO-standard artillery systems, in particular the Bogdan self-propelled howitzer and the Bogdan-BG towed howitzer. The project will be implemented on the basis of European production capacities and close industrial cooperation between Poland and Ukraine.
PK MIL SA is part of the PONAR Wadowice group, and PONAR Wadowice SA owns a controlling stake of 51% in PK MIL SA. This provides the company with stable capital, a technological and organizational base, and allows it to effectively use the experience of the PONAR Wadowice group in implementing projects for the defense sector.
It is emphasized that the creation of PK MIL SA is a response to “the growing demand for proven, reliable, and scalable artillery systems. The new company will make it possible to increase production capacity, shorten supply chains, and more effectively coordinate activities in the defense sector.”
Bogdan is the first Ukrainian 155 mm (NATO standard) wheeled self-propelled artillery system (SAU) adopted by the Armed Forces of Ukraine in 2023. It has high accuracy, rate of fire (up to 5-6 rounds/min), and a range of up to 40-60 km. Its production is constantly being scaled up.
The Ukrainian team has already won ten medals — three gold, two silver, and five bronze — and is in second place in the medal count after the Chinese team, which has one more medal, according to the results of the second day of competition at the XIV Winter Paralympic Games, the Ministry of Youth and Sports of Ukraine reported on Facebook on Sunday.
In turn, the National Paralympic Committee of Ukraine reports that on Sunday, the Ukrainian team won one silver and three bronze medals.
“The final point of Ukraine’s second day of competition at the 2026 Paralympics was two high awards in para-biathlon in the individual 12.5 km race among athletes with visual impairments: Maksym Murashkovskyi (Kyiv) and leader Vitalii Trush (Zakarpattia Oblast) won the silver medal; this is the first medal for this tandem at the Paralympics, as these Games are the athletes’ debut! Dmytro Suyarko (Volyn region) – leader Oleksandr Nikonovych (Kyiv region) won bronze,” according to the committee’s Facebook page.
The Ministry of Sport reported that two other bronze medals in para-biathlon were won by Ukrainian athletes on Sunday in individual races. “Individual race, men, sitting class: Taras Rad, 3rd place… Individual race, women, standing class: Oleksandra Kononova, 3rd place,” the statement said.
In addition, para snowboarding competitions took place on Sunday. A Ukrainian athlete took fourth place in them. “Snowboard cross, men, SB-UL class, preliminary run 1: Vladislav Khilchenko 4th place, did not advance to the quarterfinals,” the ministry said.
It is reported that on Monday, the Ukrainian team at the 2026 Paralympics will have a training day, and on Tuesday, March 10, the ski races will start.
As reported, on March 7, Ukraine finished the first day of competition at the 2026 Paralympics in Milan and Cortina d’Ampezzo in first place with six medals: three gold, one silver, and two bronze.
The Ukrainian team won a triple podium in the competition for athletes with visual impairments: Ukrainians won all three medals – Oleksandr Kazik – gold, Yaroslav Reshetynsky – silver, Anatoliy Kovalevsky – bronze.
Oleksandra Kononova, representing the Kyiv region, won a gold medal in the para-biathlon sprint race among athletes in the standing class at the 2026 Winter Paralympic Games. This is the fifth gold medal of her Paralympic career and the third in para-biathlon. She also has three gold medals in cross-country skiing. Taras Rad won gold in the 7.5 km sitting biathlon sprint race.
