Starting July 1, 2026, the duties of General Director of the state-owned enterprise “Forests of Ukraine” will be entrusted to Igor Zubovich, head of the commission for the enterprise’s transformation, who served as Deputy Minister of Economy, Environment, and Agriculture from August 2025 until early May, and prior to that, he served as head of the State Environmental Inspection of the Southwestern District and acting head of the Inspection.
As reported by the Ministry of Economy on its website on Wednesday, the relevant decision was made by the state enterprise’s supervisory board.
Currently, the head of “Forests of Ukraine” is Yuriy Bolokhovets, who has served as head since its establishment in May 2023, and following the decision to transform the state-owned enterprise into a joint-stock company, has been chairman of the transformation commission since September 2025. Prior to that, from 2021 to 2023, he was head of the State Agency of Forest Resources of Ukraine.
According to the results of 2025, the state-owned enterprise “Forests of Ukraine” ranked among the top three contributors to the state budget with UAH 5.9 billion in accrued dividends, more than four times the level of 2024 (UAH 1.3 billion), the state-owned enterprise’s press service reported on Facebook.
According to the report, the leaders in terms of accrued dividends were also JSC “NAEK ‘Energoatom’ (UAH 9.3 billion) and PJSC ”Ukrhydroenergo” (UAH 6.3 billion).
As noted with reference to the Ministry of Economy, Environment, and Agriculture of Ukraine, the growth in these figures was driven by systemic changes: the open sale of forest products, the transition to procurement through Prozorro, the divestment of non-core business areas, and cost optimization.
According to the company, in January–March 2026, the volume of timber harvesting increased to nearly 3 million cubic meters, which is 50% more compared to the same period in 2023. Net revenue for the reporting period rose by 87% to UAH 8.6 billion, while pre-tax profit increased by 273% to UAH 3 billion. The return on operations for the quarter reached 34.9%.
Tax payments by the state-owned enterprise “Forests of Ukraine” in the first quarter of 2026 increased by 166% compared to the first quarter of 2023, reaching UAH 4 billion.
As of early May 2026, the enterprise had increased timber harvesting by 560,000 cubic meters compared to last year’s figures. The state-owned enterprise’s share of the country’s total timber harvest rose from 83% to 88%.
State Enterprise “Forests of Ukraine” has now launched a modernization program to transition to mechanized timber harvesting. Last week, the first contract for the supply of harvesters from Sweden was signed. The program also includes the renewal of the firefighting equipment fleet and the operation of a modern seed center.
The state-owned specialized enterprise “Forests of Ukraine” increased its pre-tax profit 3.7-fold in January-March 2026 compared to the same period in 2023—to 3 billion UAH, the company reported on Facebook.
According to the published data, the company’s net revenue for this period grew by 87% to UAH 8.6 billion. Timber harvesting volumes increased by 50% to nearly 3 million cubic meters. The pre-tax profit margin rose from 17.5% to 34.9%.
“Our results are not a coincidence or a matter of favorable market conditions. This is the result of systematic, comprehensive work,” the statement emphasizes.
The company attributes the growth in performance to the implementation of an open system for the sale of forest products, transparent procurement through Prozorro, and the discontinuation of non-core activities, particularly wood processing. Additionally, the company optimized its workforce: the number of employees decreased over three years from 30,000 to 21,000.
According to the state-owned enterprise, the average salary of forestry workers in the first quarter of 2026 rose to 38,000 UAH, compared to 15,000 UAH in the first quarter of 2023. At the same time, administrative expenses as a percentage of the payroll fund decreased from over one-third to 17%.
The amount of taxes paid to budgets at all levels during the reporting period increased by 166% and amounted to 4 billion UAH.
The state-owned enterprise “Forests of Ukraine” has begun the forest management season and plans to carry out work on an area of 107,000 hectares in 2026, the company’s press service reported on Facebook.
The state enterprise noted that the spring forest cultivation campaign is currently nearing completion: trees have been planted across an area of over 11,000 hectares, which is 95% of the plan, using over 70 million seedlings.
“Planting a forest is just the first step. Maintenance continues throughout the entire growing season, on average 3–4 times a year per plot. Work began earliest in the Southern, Eastern, Central, Podillia, and Slobozhanshchyna branches, where foresters have already treated over 500 hectares,“ said ”Forests of Ukraine.”
In 2026, the state-owned enterprise intends to focus on mechanizing processes: over 80% of the work is performed using specialized equipment (cultivators, mulchers, and disc harrows). This allows for faster inter-row cultivation to loosen the soil and eliminate weeds, which is critical for the survival of young trees.
“To carry out this work on time, the enterprise is gradually updating its fleet of equipment. Over the course of the year, the State Enterprise ”Forests of Ukraine“ plans to replace over 200 units of outdated equipment,” the press service added.
State Enterprise “Forests of Ukraine” is one of the largest forest users in Europe. The enterprise is responsible for the conservation, protection, rational use, and regeneration of the country’s forest resources.
As reported, State Enterprise “Forests of Ukraine” will implement a large-scale investment program worth 4.1 billion UAH in 2026. The program involves replacing Soviet-era equipment from the 1980s and 1990s with modern European-style machinery. Specifically, by mid-summer 2026, the Carpathian branch will receive 11 modern skidding tractors (skidders) manufactured in Slovakia for use in mountainous terrain. In total, the company plans to purchase over 200 units of specialized equipment this year, including harvesters and energy-efficient tractors for reforestation.
The first skidders manufactured for the Carpathian branch of State Enterprise “Forests of Ukraine” under a contract with a Slovak manufacturer have successfully passed factory tests, the state enterprise announced on its Facebook page.
According to the post, the contract for the delivery of 11 units of equipment was signed in January 2025. The first two skidders have now been manufactured at the plant, and the company’s specialists personally tested them before they were shipped to Ukraine.
“This is a crucial stage, because it’s not just about the quality of the equipment, but also about people’s safety and the reliability of operations in challenging mountainous conditions. That is precisely why we conduct testing at the factory—before the equipment is put into service,” the post notes.
According to the State Enterprise, the first units will arrive in Ukraine in the coming weeks, and deliveries of the remaining nine units are scheduled for mid-summer. The new tractors will be used in 11 forest districts of the Western Region, specifically in the Brustury, Rakhiv, Uzhhorod, and Ivano-Frankivsk districts.
The company emphasized that this is the first purchase of modern specialized equipment of this caliber. Currently, the Carpathian Forest Office uses about 350 tractors, of which more than 80% (285 units) are machines manufactured in the 1980s and 1990s that frequently break down.
“The new equipment will provide greater off-road and mountain mobility thanks to a reinforced frame and all-wheel drive. Twin-drum winches will boost productivity, and modern remote control systems will make the operator’s work safer,” summarized the State Enterprise “Forests of Ukraine.”
As reported, the State Enterprise “Forests of Ukraine” will implement an investment program in 2026 with a total funding volume of 4.1 billion UAH. The modernization strategy allocates over 2.1 billion UAH for the procurement of goods and services from domestic manufacturers, specifically firefighting equipment, trailers, and reforestation equipment.
The modernization of the vehicle fleet aims to replace outdated Soviet-era equipment from the 1980s and 1990s with specialized European-standard machines. The program includes the purchase of more than 200 units of equipment, including modern skidders, harvesters, and energy-efficient tractors, which are expected to increase productivity in challenging terrain and reduce fleet maintenance costs.
The state-owned enterprise “Forests of Ukraine,” together with Latvian partners, has launched a project to create living memorials in the EU, under which 2,000 pine trees were planted in Latvia in honor of nearly 200 Ukrainian foresters who lost their lives, the enterprise’s press service reported on Facebook on Monday.
“The memory of the fallen must be transformed into the world’s determination to stop aggression,” said Ukrainian President Volodymyr Zelenskyy during the presentation of the 2026 Four Freedoms Award.
The event in the Talsi region near Kamparkalns marked the first step in the international expansion of the “Forests of Memory” project, under which nearly 50 memorial groves have already been planted in Ukraine. On April 23, a memorial plaque was installed and trees were planted on the Latvian site in honor of the Ukrainian heroes.
“Today, here on Latvian soil, we are creating a living monument to Ukrainian foresters who defended their homeland with weapons in hand. These trees will remind everyone of the courage of the Ukrainian people and the price paid for independence,” emphasized Maris Lopa, Chairman of the Latvian Forest Certification Council.
The event was organized by the Latvian Ministry of Agriculture, the Latvian Forest Certification Council, and the companies Latvijas valsts meži and Latvijas Finieris.
The State Enterprise “Forests of Ukraine” predicts that this year such memorial forests will also appear in other European Union countries to strengthen international support and honor the heroic deeds of Ukrainian soldiers.
In addition, on April 19, Latvian volunteers delivered another batch of aid to the Armed Forces of Ukraine: seven buses, including two minibuses for units where foresters from Volyn and Rivne regions serve.
