92% of American Chamber of Commerce member companies in Ukraine continue to operate at full capacity after more than four years of full-scale war, according to the results of the “Doing Business in Wartime Ukraine” survey conducted by AmCham Ukraine in partnership with Citi Ukraine.
According to the study, nearly 70% of the companies that participated in the survey have been operating in Ukraine for more than 20 years. AmCham believes this demonstrates the resilience of these businesses and their long-term commitment to the Ukrainian market.
Despite the risks posed by the war, 87% of companies reported that their financial results in the second quarter of 2026 remained the same or improved compared to the second quarter of 2025. Only 13% of respondents reported a decline in performance.
Compared to 2021, before the war, nearly two-thirds of companies—63%—reported that their financial results remained stable or improved. At the same time, 37% of companies are still operating below pre-war levels.
Investment plans also remain stable: 87% of companies stated that their investments in Ukraine in 2026 will remain unchanged or increase compared to 2025. Of these, 54% plan to maintain their investment levels, while 33% plan to increase them.
The war continues to directly impact business. 47% of companies reported that their factories, production facilities, warehouses, offices, or other sites were damaged during the war. Among the affected companies, 46% have already fully restored their damaged assets, while 39% have completed partial repairs.
Half of the surveyed companies reported cases of employees being injured as a result of the war, and 37% reported employee fatalities. At the same time, 87% of companies have employees who are currently serving in the Armed Forces of Ukraine, and 60% are already hiring veterans.
71% of companies have already implemented, are developing, or have begun to roll out support and reintegration programs for veterans following demobilization. Specifically, 24% of companies have comprehensive policies for reintegrating veterans into the workforce, 20% are developing such policies, and 27% have already introduced initial support measures.
The main challenges for businesses remain employee safety (82%), issues related to mobilization and reserving employees (71%), and the threat of Russian missile attacks on critical infrastructure and business assets (63%). Among other challenges, companies cited the health and mental well-being of employees—50%—as well as attracting and retaining qualified personnel—44%.
At the same time, most companies do not plan to fill staffing shortages on a large scale with foreign workers. 63% of respondents stated that they are not considering hiring non-Ukrainian employees to address staffing issues, 25% are undecided, and only 12% are actively considering this option.
According to the business community, Ukraine will remain a stable but unpredictable market in 2026. This view is shared by 45% of respondents. Another 21% view Ukraine as one of the most promising markets for future growth in Europe, 18% consider it primarily a high-risk market focused on survival, and 16% see it as a market preparing for recovery.
Fifty percent of companies expect Ukraine’s economic recovery to become clearly visible 2–3 years after the end of the war. Another 18% believe that a gradual recovery is already underway, 16% see 2026–2027 as a possible turning point toward growth, and 16% believe that the recovery has not yet begun.
Respondents identified defense and military tech (78%), infrastructure and construction (71%), energy and distributed generation (50%), and agriculture and food processing (45%) as the key sectors for post-war recovery.
Companies consider Ukraine’s long-term growth potential to be the main factor driving investment attractiveness. 76% of respondents cited the vast opportunities for reconstruction and post-war economic growth as the primary driver of investment, 49% cited Ukraine’s path toward EU accession and integration into the European market, and 39% cited the potential of the defense and military tech sector.
Among the main barriers to business participation in reconstruction projects, respondents cited the security of reconstruction sites (56%), a lack of information and transparency regarding projects (55%), and an unclear legal and tender framework (55%).
The business community also outlined priorities for the government for 2026. Eighty percent of companies cited support for the rule of law, the fight against corruption, and genuine judicial reform as the top priority. Fifty-five percent pointed to the need to strengthen national security, defense, and demining efforts, while 44% emphasized the need for predictability and stability in tax legislation.
The “Doing Business in Wartime Ukraine” survey was conducted by AmCham Ukraine and Citi Ukraine from May 21 to June 16, 2026. It included 112 executives from AmCham member companies across various industries; 69% of respondents hold CEO positions.
Source: American Chamber of Commerce in Ukraine, Citi Ukraine
Citizens of which countries own businesses in Ukraine?
According to the Unified State Register, as of mid-March 2026, nearly 3,000 companies with foreign owners that file financial reports and have annual revenues of at least 100 million UAH were recorded in Ukraine. Citizens of Cyprus are among the owners of nearly a quarter of these companies. And the largest number of businesses with foreign owners are registered in the capital. Foreigners most often choose the wholesale trade, agriculture, and IT sectors for their companies.
There are currently 2,997 companies with foreign owners in Ukraine. Note that this analysis examined companies with revenue of at least 100 million UAH according to their 2025 financial statements.
Nearly a quarter of the companies have owners from Cyprus—694 companies. Next are German citizens—they are represented in 300 companies—and the United States—292. Following are the Netherlands (239 companies), the United Kingdom (224), Austria (187), and Poland (146). It is worth noting that a single company may have multiple owners.
It should be noted that Cyprus and the Netherlands have long remained key “hubs” for structuring Ukrainian businesses.
Nearly half of all companies with foreign owners—1,478 businesses—are registered in Kyiv. Next are Lviv and Kyiv regions—223 in each region. The fewest such businesses are in the frontline regions of Kherson and Donetsk.
More than a quarter of all foreign-owned companies operate in wholesale trade—774. Another 268 companies are in agriculture and 176 in IT.
https://opendatabot.ua/analytics/foreigners-business-2025-12
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.
Which companies go bankrupt most often in Ukraine?
780 companies began bankruptcy proceedings in 2025, according to data from the Supreme Court of Ukraine. This is about 10% of the total number of business closures. The turnover of the largest bankrupt companies ranges from UAH 3.4 to 7.7 billion. Most often, limited liability companies go bankrupt. Last year, companies engaged in wholesale trade and agriculture became insolvent. Kyiv leads in terms of the number of bankrupt businesses.
780 companies began bankruptcy proceedings in 2025. This is only 10% of the total number of business closures. Most companies in Ukraine go through the process of voluntary closure — this is 60% of cases. A total of 8,191 companies undergoing procedures related to the termination or change of business operations were recorded in Ukraine last year.
Most often, LLCs go bankrupt — 84% of cases in 2025.
Only in 48 cases do bankrupts try to stay afloat: to restore solvency and continue working through a reorganisation procedure. However, this is less than 1% of cases.
Currently, owners are increasingly opting for preventive restructuring: 8 cases in 6 companies were opened in 2025. These are cases where a business begins restructuring before it becomes insolvent, trying to avoid bankruptcy.
Most often, wholesale companies go bankrupt: 266 enterprises. In second place is agriculture: 71 companies. Next are real estate operations — 53 companies, construction — 48 companies, and retail trade — 38 companies.
Most bankruptcy proceedings against businesses are opened in Kyiv — 140 companies (18%). Almost as many are in the frontline Zaporizhzhia region — 138 companies (17.7%). Next are Kyiv region — 86 companies (11%), Dnipropetrovsk region — 85 (10.9%) and Odesa region — 53 companies (6.8%).
The top 10 companies against which bankruptcy proceedings have been initiated include enterprises that until recently had revenues ranging from 3.4 to 7.7 billion hryvnia. The largest case concerns DEGS HOLDING, which was engaged in gas trading and had revenues of over 7.7 billion hryvnia in 2024. Next are PRIDE SOLUTIONS UKRAINE with revenues of UAH 6.08 billion and OPT-SYSTEMS with UAH 5.46 billion.
Almost half of all Polish companies founded by Ukrainians were established during the Great War
About 30 thousand companies founded by Ukrainians were registered in Poland as of the beginning of July 2025, according to the Polish register of legal entities Krajowy Rejestr Sądowy (KRS). Almost half of them were opened after the start of the full-scale program. Most Ukrainian businesses are concentrated in three voivodeships: Mazowieckie (Warsaw in particular), Małopolskie (Krakow and the region), and Dolnośląskie (Wrocław and the surrounding area).
29,044 companies with Ukrainian citizens as ultimate beneficiaries are currently registered in Poland. Almost half of them have been opened by Ukrainians since the beginning of the full-scale war – 13,014 businesses. A total of 208,251 companies have been opened in Poland over the past 3.5 years. Ukrainians accounted for 6% of new businesses during this time.
Most companies were registered by Ukrainians in 2022 – 4,780 businesses. This is a third more than in 2021.
Most often, Ukrainians register an analog of the Ukrainian LLC – spółka z ograniczoną odpowiedzialnością – 27,656 or 95% of all Ukrainian businesses in Poland.
The number of charitable organizations founded by Ukrainians in Poland has also increased significantly: since 2022, Ukrainians have established 486 foundations. This is 4 times more than before the start of the full-scale program.
Most Ukrainian companies are concentrated in three voivodeships: Mazowieckie (including Warsaw) – 11,568 companies, Małopolskie (Kraków and the region) – 3,200 businesses, and Dolnośląskie (Wrocław and the surrounding area) – 3,019.
Most of the Ukrainian companies registered by Ukrainians after the start of full-scale business in Poland are small businesses. Almost 10 thousand companies have an authorized capital of less than 10 thousand zlotys. Only 133 businesses have a capital of more than 500 thousand zlotys.
In total, the capital of all Ukrainian companies in the Polish register is over 7.34 billion zlotys. Of this amount, 533 million zlotys are accounted for by businesses opened after the start of full-scale trade. It is worth noting that although 45% of companies were established after the outbreak of the war, their total capital is 12 times less than that of the “pre-war” Ukrainian business in Poland.
As a reminder, in 2024, Ukrainians paid almost 1.65 billion zlotys ($414 million) to the Polish state budget in personal income and corporate income taxes, according to the analytical center of the international employment company Gremi Personal, citing the Polish Ministry of Finance.
https://opendatabot.ua/analytics/ukrainian-business-in-Poland
More than 15% of sanctioned companies will be under restrictions for life
184 companies in Ukraine are currently under NSDC sanctions, according to the National Security and Defense Council of Ukraine. Most of these businesses are located in Kyiv, Odesa, and Lviv. Most often, these companies are engaged in wholesale trade, except for the trade in motor vehicles and motorcycles.
Most of the companies appeared on the sanctions list after a series of updates in 2024. So this year, the number of such businesses has almost tripled: by 119 companies. By contrast, the fewest companies were added to the sanctions list in 2023 – only 10 (5.4%).
Every second company in the total number will be under sanctions until 2027. Another 19.4%, or 36 businesses, will be released from the restrictions no earlier than 2034. The sanctions are in place for an indefinite period of time, with 15.1% or 28 companies.
The majority of these businesses are wholesale trade, except for trade in motor vehicles and motorcycles – 61 companies (33.2%). Another 10.3% are engaged in specialized construction work – 19 companies.
Film production and construction of buildings are in the top three, with 7 companies or 3.8% each.
Most businesses under sanctions are located in Kyiv – 102 in total. There are significantly fewer companies in Odesa region – 17 or 9.2%. Lviv region is also among the leaders in terms of the number of companies – 13 or 7.1%.
Among the sanctioned companies, the top three in terms of revenue in 2023 are as follows:
The sanctions list can only be left if the President of Ukraine signs the relevant decision of the National Security and Defense Council or if the sanctions against the company have expired and have not been renewed. The most profitable businesses that have already left the sanctions list are:
Detailed information about the companies under the NSDC sanctions can be found in the special register of the Openatabot. The relevant information will also be available in the regular company card on our website.
https://opendatabot.ua/analytics/rnbo-companies
