Taxes, fees, and mandatory payments to the general and special funds of Ukraine’s state budget for the first seven months of 2025 amounted to UAH 2.09 trillion, while cash expenditures amounted to UAH 2.78 trillion, which is approximately 41% and 24% higher than the corresponding figures for the first seven months of 2024.
According to operational data from the State Treasury Service published by the Ministry of Finance on its website on Tuesday, revenues to the general fund increased by 42% to UAH 1.47 trillion, while expenditures increased by 20% to UAH 2.17 trillion.
It is noted that after raising the military tax from 1.5% to 5% and introducing a condition for reserving salaries of UAH 20,000 this year, personal income tax and military tax came in second place in terms of revenues for the first seven months of this year, amounting to UAH 200.1 billion compared to UAH 117.0 billion last year.
In addition, the main revenues were provided by: VAT on goods imported into the customs territory of Ukraine – UAH 294.4 billion (from January to July 2024 – UAH 262.3 billion), VAT on goods produced in Ukraine – UAH 183.1 billion for reimbursement of UAH 101.5 billion (UAH 153.3 billion for reimbursement of UAH 83.6 billion), corporate income tax – UAH 160.5 billion (UAH 153.0 billion), excise tax – UAH 159.6 billion (UAH 109.7 billion).
In addition, dividends and part of the net profit of state-owned companies amounted to UAH 60.8 billion (UAH 64.6 billion), import and export duties – UAH 30.1 billion (UAH 27.6 billion), rent for the use of subsoil resources – UAH 22.0 billion (UAH 28.0 billion).
The Ministry of Finance added that another UAH 84.2 billion (UAH 38.6 billion) was added to the budget from the National Bank’s profits.
According to the information, the ERA mechanism launched by the G7 at the end of last year to use revenues from frozen Russian assets significantly increased grant international aid revenues to the budget – to UAH 210.9 billion compared to UAH 40.3 billion in the first seven months of 2024, although in July of both this and last year, these funds were not available.
Revenues from the single social contribution to pension and social insurance funds in January-July 2025 increased by 22.4% to UAH 369.4 billion, including in July by 20.4% to UAH 54.8 billion.
The Ministry of Finance also reported that as part of the financing of the general fund of the state budget, state borrowings to it in January-July 2025 amounted to UAH 998.0 billion (for 7 months of 2024 – UAH 873.2 billion), or 93.8% of the plan, including UAH 302.9 billion (UAH 279.2 billion) from the domestic market through the placement of government bonds, including UAH 61.8 billion in foreign currency – $853.8 million and EUR557.7 million. At the same time, UAH 140.3 billion was raised through the issuance of military government bonds.
According to the release, approximately $16.7 billion or UAH 695 billion (UAH 594 billion) was received from external sources, including approximately $12.1 billion under the ERA, out of the total amount of this mechanism of up to $50 billion.
In addition, Ukraine received another EUR3.1 billion from the EU under the Ukraine Facility preferential long-term loan, $0.96 billion from the IMF, and $0.26 billion from the World Bank for the projects “Transforming Health Care through Reform and Investments in Efficiency” (THRIVE), “Building Resilient Infrastructure in Vulnerable Environments in Ukraine” (DRIVE) and “Modernization of the Social Support System for the Population of Ukraine.”
Payments on public debt in January-July 2025 amounted to UAH 370.5 billion (UAH 259.1 billion), or 96.7% of the plan, and service payments amounted to UAH 198.5 billion, or 72.6% of the plan.
As reported, the 2025 state budget was approved with revenues of UAH 2 trillion 327.1 billion, including the general fund – UAH 2 trillion 133.3 billion (excluding grants and international assistance), and expenditures of 3 trillion 929.1 billion hryvnia, including the general fund – 3 trillion 591.6 billion hryvnia. Last week, the Verkhovna Rada, at the government’s proposal, increased this year’s budget expenditures by 400.5 billion hryvnia and revenues by 147.5 billion hryvnia.
In 2024, the state budget received UAH 3 trillion 120.5 billion in revenues, which is UAH 448 billion, or 16.8%, more than the 2023 state budget. The general fund’s revenue grew by 513.9 billion hryvnia, or 30.9%, to 2 trillion 177 billion hryvnia, including international financial assistance in the form of grants amounting to 453.6 billion hryvnia, compared to 433.9 billion hryvnia in 2023.
State budget expenditures in 2024 increased by UAH 464.5 billion, or 11.6%, compared to 2023, to UAH 4 trillion 479.3 billion, in particular, under the general fund – by 15%, or UAH 454.5 billion – to UAH 3 trillion 488.8 billion.
JSC Ukrenergomash (Kharkiv) ended the first quarter of this year with net sales revenue of UAH 225.3 million, which is 23.3% more than in January-March 2024.
According to the company’s financial report on its website, net profit amounted to UAH 0.25 million, up 35%.
The company received UAH 92.75 million in gross profit, almost nine times more than in the first quarter of last year, while operating profit amounted to UAH 8.1 million, up 87%.
Ukrenergomash slightly reduced its current liabilities compared to the beginning of the year to UAH 2.302 billion, while long-term liabilities also decreased slightly to UAH 182.4 million.
Ukrenergomash, more than 75.22% of whose shares are owned by the state, is the only manufacturer of turbine equipment for hydro, thermal, and nuclear power plants in Ukraine. It also manufactures electric motors for rail and urban transport.
According to the company’s annual report, in 2024, it more than doubled its net sales revenue to almost UAH 799 million and received UAH 0.88 million in net profit compared to UAH 0.2 million in 2023.
The average number of employees in 2024 was 2,739 (3,492 in 2023).
Investment revenues after the end of hostilities may continue, 74% of Ukrainians surveyed believe so, 16% do not believe in it and another 10% bother to answer, according to the results of the Gradus Research survey of professional mobility of Ukrainians against the background of human capital crisis.
According to it, 84% of respondents believe in the creation of new jobs after the end of hostilities, 13% do not believe and another 5% found it difficult to answer.
“Attracting older people to the labor market is another stream that is now being discussed widely in the business community. 70% of people of retirement age are willing to consider a job after retirement. The reason is the same: pensions are small, insufficient, people are ready to work as long as they can,” said Eugenia Bliznyuk, founder and director of the research company, during the presentation of the study at the Kyiv International Economic Forum (KIEF) on Thursday.
According to her, the main barriers that are important for the elderly are the limited number of vacancies for them.
As for Ukrainians in general, the majority consider changing profession as a real step to improve the quality of life: more than 64% of respondents are ready to learn a new profession to remain competitive in the labor market.
In addition, 73% of respondents noted that they have changed their occupation at least once, 18% have changed their job more than three times in the last three years.
The majority of respondents wishing to change jobs in the next year prefer to find employment in Ukraine – 82%. However, 9% consider the possibility of working abroad, which emphasizes the importance of creating promising jobs within the country.
Decent salary level (67%), social package (40%) and official employment (40%), comfortable working conditions (39%) are the most important for the interviewed Ukrainians when choosing a place of work.
Also 70% of respondents noted that their main motive for changing profession is the opportunity to receive a higher salary. Other important factors include flexible working hours and job security after training. This indicates that Ukrainians strive for a work-life balance.
At the same time, among the main barriers that complicate mastering a new profession, the surveyed Ukrainians named high cost of training (55%), difficulty in acquiring the necessary skills (38%) and insufficient level of skills (34%).
The majority of surveyed citizens support the idea that women can work in traditionally “male” fields (58%), but barriers remain. The main difficulties for women in such occupations are the physical characteristics of the occupations (69%), the difficulty of balancing work and family (43%), stereotypes (36%), unequal pay (30%) and lack of appropriate infrastructure (26%).
In 2023, Vodafone Ukraine showcased resilience and positive momentum across all key operational and financial indicators. Despite the impact of the ongoing war, the company not only preserved but also increased its investments in the development and support of Ukraine’s telecommunications infrastructure. Compared to the previous year, Vodafone’s investments surged by an impressive 58%, reflecting a commitment to enhancing business efficiency.
Financial and Operational Highlights
Revenue Growth: Vodafone’s revenue grew by 9% to reach UAH 21.6 billion in 2023. Key drivers included a focus on expanding fixed-line services, increased data usage, and growth in both mobile and fixed-line service revenues.
OIBDA Increase: The company achieved a 13% increase in OIBDA, which reached UAH 12.7 billion. The OIBDA margin also improved to 58.7%, representing a 1.8 percentage point increase.
Net Profit Surge: Vodafone’s net profit soared to UAH billion, a remarkable fivefold growth compared to 2022. Factors contributing to this substantial increase included currency stabilization (due to NBU’s managed exchange rate regime), reduced losses and impairment related to assets located on non-controlled territories, partner discounts, and overall business efficiency gains.
Investment Milestone: The generated profit allowed Vodafone to reinvest in network coverage and maintain network stability. Notably, the company achieved record-breaking investment levels, surpassing even pre-war figures from 2021.
Vodafone’s commitment to Ukraine’s telecommunications infrastructure underscores its resilience and determination to thrive despite challenging circumstances.
Investments
In 2023, Vodafone’s investment in Ukraine’s infrastructure amounted to UAH 5.7 billion. Throughout the two years of full-scale war, Vodafone invested a total of UAH 9.3 billion in the country.
Despite continuous network damage and the need for equipment restoration, the operator continued to expand. During the active phase of the war, Vodafone successfully brought 5,500 base stations online, enhancing coverage and network capacity. Over these two years, data traffic increased by 1.5 times. On average, a Vodafone data customer uses approximately 9 GB of mobile internet per month. This surge in usage contributed to an increase in the ARPU, reaching UAH 107.2 per month in 2023.
Expanding the network by 40% allowed Vodafone customers across Ukraine to consume more content while maintaining high-quality mobile internet. In the third and fourth quarters of 2023, Vodafone emerged as the leader in mobile internet speed in Ukraine, as confirmed by user tests using Ookla’s Speedtest®.
Subscriber Base
Systematic investments in network development and restoration, coupled with attractive tariff initiatives, positively impacted the subscriber base. In 2023, Vodafone managed to increase its customer count. As of the end of the year, 15.9 million people in Ukraine use Vodafone services, representing a 3.2% growth compared to 2022.
Additionally, more than 2 million Vodafone customers remain abroad and continue to use Vodafone services with Ukrainian tariffs. Since the onset of the full-scale invasion, Vodafone has supported Ukrainians seeking refuge in European countries. Most tariffs include free access to the “Affordable Roaming” service in 30 countries. This service provides 10 GB of mobile internet and 100 minutes for calls to Ukrainian and destination-country subscribers, subject to payment of the Ukrainian service package.
Fixed Internet
Vodafone Ukraine has made significant strides in its fixed business segment. In 2023, Vodafone continued its development of fixed business by increasing investments in the expansion of new fibre optic lines based on Vega, a company within the Vodafone Ukraine group. Additionally, Vodafone acquired a new asset, purchasing 90.6% shares of LLC “Freenet”.
During the past year, the company actively expanded its coverage in the cities of its presence and started the construction of the GPON network in Mykolaiv and Ivano-Frankivsk. In 2023, a network was built in 3,125 apartment buildings with the possibility of access to high-speed Internet for 411,426 households.
In total, access to the Vodafone Gigabit Net service is already available in more than 6,000 homes in Ukraine.
Vodafone tripled its fixed internet user base using GPON technology, which has proven to be the most reliable and energy-independent access technology for home and office internet. Thanks to the development of its own network and the acquisition of a new provider, Vodafone has now entered the top 5 fixed internet providers in terms of user count.
Vodafone Retail
Retail revenue increased by 16%, reaching UAH 773 million in 2023, contributing to 3.6% of the entire Vodafone Ukraine group’s revenue. Vodafone Retail improved the efficiency of its retail points, nearly doubling the number of available brands in Vodafone stores. The company received industry recognition, winning the “Retailer of the Year in the Portable Electronics Segment” award from the Association of Retailers of Ukraine (RAU), as chosen by Ukrainian consumers. Throughout the year, Vodafone opened 5 new stores, bringing the total number of retail outlets to 430: 92 company-owned stores and 338 dealer stores.
Vodafone’s Commitment to Ukraine
Vodafone Ukraine has made substantial investments in supporting the country and its citizens. Since the onset of the full-scale invasion, Vodafone has been dedicated to ensuring millions of citizens remain connected with their loved ones and have access to information during these challenging times, regardless of their mobile account status.
Vodafone has launched a series of social and charitable initiatives, including humanitarian and Financial Assistance:
• Providing direct financial aid and humanitarian support.
• Procuring emergency vehicles and medical equipment.
• Initiating the “League of Warmth” charity challenge, aimed at insulating maternity hospitals.
• Supporting children who have lost parents due to the war.
In total, Vodafone’s social investments during 2022-2023 amounted to UAH 1.7 billion
For more information, please contact:
Vodafone
Press service
press@vodafone.ua
About Vodafone
Vodafone is one of the world’s largest telecommunications companies, providing a wide range of services including mobile voice, data transfer, messaging, fixed broadband and cable television. The Company operates across 17 countries and partners with mobile networks in 43 countries. As of 31 March 2024, Vodafone provides services to over 340m mobile customers and 28m fixed broadband customers, 20m TV customers and connects more than 162m IoT devices. For more information, please visit www.vodafone.com.
Vodafone Ukraine is a leading telecommunications company that provides high-speed 3G and 4G Internet services and fixed broadband services. The Vodafone’s investments during the active construction of high-speed Internet networks in 2015 –2023 exceeded 42 billion UAH. The record investments have ensured the technological leadership and the development of new technological services – Internet of Things (IoT), technologies and solutions for Smart City, big data analytics, fintech services, cloud services. Vodafone has 15.9 m customers in Ukraine. Since December 2019, Vodafone Ukraine is part of NEQSOL Holding.
About NEQSOL Holding
NEQSOL Holding is a diversified group of companies operating across the energy, telecommunications, hi-tech, and construction industries.
The group of companies operates in the Netherlands, the UK, the USA, Turkey, Azerbaijan, Ukraine, Georgia, Kazakhstan and the UAE.
Along with its plans for further business development in Ukraine, the Holding opened its representation office in Ukraine at the end of 2020.
The aviation industry enterprise FED JSC (Kharkiv) in January-June 2022 received a net income of UAH 228.18 million, which is 2.7 times less than in the same period of 2021.
According to the interim financial statements of the enterprise, published in the information disclosure system of the National Commission for Securities and Stock Market (NCSM), its net profit in the first half of the year decreased by almost 9 times – to UAH 19.84 million.
FED received UAH 26.48 million of net profit from operating activities against UAH 223.3 million a year earlier, while gross profit decreased 3.4 times, to UAH 88.36 million.
The report notes that the suspension of the company’s activities during the war period affected the financial statements, resulting in, in particular, a decrease in revenues. At the same time, the report does not indicate the period for which the work was suspended.
According to the company’s previously published statements for the first quarter of this year, its net income for this period decreased by 40% – to UAH 170.35 million, and net profit by 39% – to UAH 40.12 million.
Thus, in the second quarter of this year, the FED received a loss of UAH 20.28 million against a net profit of UAH 110.19 in April-June 2021, and net income decreased by 5.8 times to UAH 57.83 million.
JSC “FED” is one of the leading enterprises in Ukraine, specializes in the development, production, maintenance and repair of units for aviation, space and general engineering purposes. Export geography includes EU countries, China, South Korea, India, UAE.
In 2021, according to preliminary data, the company increased its net profit by 55% by 2020 – up to UAH 395.37 million, net income has not yet been made public.
By the beginning of 2021, the company employed more than 940 people.
More than 98% of the shares of JSC “FED”, according to the National Securities and Stock Market, belongs to the head of the board Viktor Popov.
Ukrainian insurance companies in January-June 2021 received financial income of UAH 1.358 billion, which is 17.3% less than in the same period a year earlier (UAH 1.642 billion), according to the website of the National Bank of Ukraine.
At the same time, it is clarified that income from participation in capital amounted to UAH 17.8 million (2.9 times more), income from bonds – UAH 719.8 million (more by 28.4%), from deposits – UAH 566.3 million (less by 39.7%), dividends on shares – UAH 3 million against UAH 100,000 for the same period a year earlier.
Other revenues of insurers for the first half of the year amounted to UAH 1.972 billion, while a year earlier, UAH 2.863 billion.
The regulator also reports that during the reporting period, insurance companies reduced their net profit to UAH 1.361 billion from UAH 1.918 billion in the first half of 2020.
In addition, income tax from ordinary activities in January-June of this year amounted to UAH 833.2 million, which is 2% more than in the same period a year earlier (UAH 816.2 million). Tax on gross income from activities by types of insurance, other than life insurance, amounted to UAH 534.6 million (more by 10.6%), life insurance – UAH 63.7 million (more by 9.8%), for transactions with non-resident reinsurers – UAH 300,000 (less by 25%), tax on profits from extraordinary events – UAH 200,000, which corresponds to the indicator for the same period a year earlier.
According to the NBU, the total number of insurance companies in Ukraine as of June 30, 2021 is 181, while on the same date a year earlier – 215, including 19 life insurers (20). At the same time, 166 insurance companies submitted reports on their activities to the regulator.
