“VF Ukraine” (“Vodafone Ukraine,” VFU), Ukraine’s second-largest mobile operator, increased its net profit by 4.3% in January–June 2026 compared to the same period last year, reaching 2.161 billion UAH.
According to the company’s interim condensed financial statements, its revenue grew by 10.3% to 13.869 billion UAH.
According to the report, gross profit for the first six months of this year rose by 4.4% to 7.998 billion UAH, while operating profit decreased by 2.4% to 4.321 billion UAH.
OIBDA for the first half of 2026 increased by 3.8% compared to the same period in 2025, reaching 7.331 billion UAH, while the OIBDA margin stood at 53%, down from 56% last year.
The mobile operator’s capital expenditures for the first six months of this year decreased by 0.8% to 3.169 billion UAH.
It is noted that during January–June 2026, VF Ukraine provided non-repayable financial assistance to its subsidiary, Farlep-Invest PJSC, in the amount of 160 million UAH, compared to 310 million UAH for the corresponding period in 2025.
According to the report, as of June 30 of this year, the mobile operator’s investments in “Farlep-Invest” were valued at 1.808 billion UAH, in LLC “Frinet”—677.4 million UAH, and in LLC “Ukrainian Network Solutions”—3.242 billion UAH.
VF Ukraine’s equity as of mid-year stood at 15.583 billion UAH, compared to 14.123 billion UAH at the beginning of the year.
The report notes that VF Ukraine’s net profit in the second quarter of 2026 increased by 5.4% compared to the same period last year—to 1.254 billion UAH—amid a 10.3% rise in revenue to 7.102 billion UAH.
In the second quarter of 2026, VF Ukraine’s gross profit rose by 5.9% to 4.212 billion UAH, while operating profit decreased by 1.3% to 2.392 billion UAH.
The company added that in June of this year, it also entered into a supplementary agreement with its parent company, Telco Investments B.V., to increase a U.S. dollar-denominated credit line from the equivalent of 660 million UAH to the equivalent of 1.32 billion UAH. The credit line carries a fixed interest rate of 10% per annum and is due for repayment in 2028. As of the reporting date, the company had received 693.4 million UAH, which was deposited into the mobile operator’s foreign currency account at a foreign bank to repay bond debt.
Among other things, the report mentions the completion of construction of a new submarine cable system across the Black Sea, which will connect Ukraine to the international transit route between Europe and Asia (the “Kardesa” system). Completion is expected within five years, and the total amount of expenditures the company plans to incur is estimated at approximately EUR 65 million.
As of June 30, 2026, project expenses related exclusively to construction-in-progress assets, which were not material for these interim condensed separate financial statements, the company clarified. “An impairment test was conducted, and the results showed no signs of impairment,” the operator emphasized.
As previously reported, “Vodafone Ukraine” increased its net profit by 12% in January–March 2026 compared to the same period last year, reaching 778 million UAH.
In 2025, the company increased its revenue by 14% compared to the previous year—to 27.8 billion UAH—while its net profit rose by 18%—to 4.18 billion UAH.
INVESTMENT, PROFIT, REVENUE, telecommunications, VODAFONE UKRAINE
Nazarii Volyansky has been appointed director of the “Kyiv Region Regional Development Agency” following a competitive selection process.
According to the Unified State Register, Volyansky has been listed as the agency’s director since July 20. The Agency’s director is appointed for a three-year term by decision of its supervisory board.
In his new position, Volyansky will focus on attracting investment and international technical assistance, developing strategic partnerships, supporting communities and businesses, and implementing projects for the recovery and economic development of Kyiv Oblast.
Volyansky has over 10 years of experience in the fields of international economics, attracting foreign direct investment, business-government relations, and strategic communications.
Since January 2025, he has served as director of government relations in Ukraine for the Polish energy group UNIMOT S.A. From 2024 to 2025, he headed the Ukrainian representative office of the Polish Union of Entrepreneurs and Employers (ZPP), where he focused on developing Ukrainian-Polish economic cooperation, establishing business contacts, and supporting Ukrainian companies’ entry into the Polish and other European markets.
In 2023, Volyansky served as head of the Department of International Relations and Communications at UkraineInvest, the government agency responsible for attracting and supporting investment. From 2021 to 2023, he worked as director of corporate communications at the Ukrainian Chamber of Commerce and Industry.
He was also the creator and host of the television program “Exclusive with Nazar Volyansky” on the Rada TV channel, as well as an advisor to the leadership of the Ukrainian Nuclear Forum Association and the technology company FRDM Group. In October 2025, he was appointed Head of Development and Representative of the National Association of Lobbyists of Ukraine in Poland.
Volyansky earned a master’s degree in journalism from Ivan Franko National University of Lviv, studied international economics and economic relations at the Kyiv Institute of International Relations, and completed a training program for specialists in attracting foreign direct investment at the Møller Institute at the University of Cambridge.
The Kyiv Regional Development Agency was registered on June 12, 2018. Its founders were the Kyiv Regional State Administration, the Kyiv Regional Council, the Kyiv Regional Chamber of Commerce and Industry, the Bila Tserkva National Agrarian University, and the non-governmental organization “Society of Researchers of Ukraine.”
The Agency’s main objective is to promote the economic development of the Kyiv region and coordinate cooperation between investors, businesses, local communities, and government agencies. The Agency provides support for investment projects, assists with the registration of industrial parks, helps prepare grant applications, identifies suitable land plots and production facilities, and develops business models and community development strategies.
Among the Agency’s projects are the European GreenGov program for implementing environmental standards, the development of community development strategies for Kyiv Oblast, the “Power of Opportunities” entrepreneurship support program, the development of the region’s biogas industry, and projects to expand rehabilitation assistance.
AGENCY, Appointment, INVESTMENT, Kyiv Oblast, REHABILITATION
According to “Serbian Economist”, the Ukrainian agricultural holding MHP has invested over 100 million euros in the modernization and development of production facilities in Serbia, Serbian Ambassador to Ukraine Andon Sapundži said in an interview with Mind.
MHP operates in the Serbian market through Perutnina Ptuj Topiko, a company specializing in the production and processing of poultry meat.
The company’s products are sold on the domestic market in Serbia and exported to Bosnia and Herzegovina, Montenegro, Albania, and North Macedonia.
MHP acquired over 90% of the shares in the Slovenian company Perutnina Ptuj in 2019. The total investment in the acquisition of the group amounted to approximately 221 million euros. The deal to purchase a controlling stake was officially completed in February 2019.
Since the deal was structured through a Slovenian company, these funds were not included in the statistics on Ukrainian direct investment in Serbia. Officially, their total volume from 2010 to the first quarter of 2026 was estimated at only approximately 9 million euros.
MHP remains the most prominent example of a major Ukrainian business operating in Serbia. Other Ukrainian companies operating in the country are predominantly small and medium-sized enterprises.
Following the acquisition of Perutnina Ptuj, the Ukrainian group began expanding its production base in Serbia. In particular, the company built seven modern broiler farming facilities in Bačka Topola. MHP refers to Serbia as Perutnina Ptuj’s largest market in the Balkans.
MHP was founded in 1998 and is an international company in the food and agrotechnology sector. The group’s headquarters are located in Kyiv, and its production assets are situated in Ukraine, Spain, and countries in Southeast Europe. The company employs over 39,000 people, and its products are exported to more than 70 countries. Yuriy Kosyuk is the founder and CEO of MHP.
In 2025, MHP’s revenue totaled $3.766 billion, EBITDA was $569 million, and net income was $187 million. The group’s shares have been listed on the London Stock Exchange since 2008.
According to “Serbian Economist”, on July 30, the Montenegrin government approved a proposal to establish a mechanism for screening foreign investments that could affect the country’s security and the functioning of critical infrastructure.
The new rules have not yet taken effect. A separate law must be passed for them to be implemented.
Prior approval will be required from investors from countries outside the EU who acquire control or at least 10% of the capital or voting rights in companies operating in strategic sectors.
The review may cover the energy sector, ports, airports, railways, banks, payment systems, telecommunications, media, digital infrastructure, technology, food production, and critical raw materials.
Real estate will be subject to review only if it is associated with strategic facilities or located near critical, military, or government infrastructure. This initiative does not directly apply to ordinary apartment purchases by foreigners.
The government will have the authority to approve a transaction, impose additional conditions, or prohibit it entirely. Potential requirements include restrictions on access to confidential data, disclosure of information about ultimate owners, and sources of funding.
The preliminary review is expected to take up to 45 days. Concluding a transaction without authorization may result in a fine, restrictions on voting rights, or the mandatory sale of the acquired stake.
The initiative is part of Montenegro’s efforts to align its legislation with EU rules. The final terms will be determined after the law is drafted and adopted.
Formally, specific countries are not named in the initiative. However, in practice, the mechanism will be particularly important for investors from Russia, Serbia, and China. All three countries are outside the EU, and their capital is significantly represented in Montenegro’s economy.
The possible adoption of this law will, in one way or another, also affect Ukrainian investors. Ukraine ranks high in terms of the number of companies in Montenegro. According to the latest data from MONSTAT, in 2024 there were 1,069 enterprises with Ukrainian owners operating in the country, accounting for 3.6% of all active companies with foreign capital. This places Ukraine fourth, behind Russia, Turkey, and Serbia.
At the same time, Ukrainian investments are concentrated primarily in real estate and small companies. In 2023, the inflow of such investments amounted to 19.1 million euros, of which 15.2 million euros went toward real estate purchases.
Therefore, the impact of the new rules on Ukrainian businesses is likely to be limited. Routine purchases of apartments and the establishment of small companies should not automatically be subject to review. Permission will be required for investments in strategic sectors or projects related to critical infrastructure.
Source: Government of Montenegro
The Ukraine Investment Congress, dedicated to investing in the country’s future, took place on July 30 at the Parkovy Congress and Exhibition Center in Kyiv and brought together over 2,000 representatives from the real estate development, investment, architecture, banking, and government sectors.
According to the organizers, the central theme of the congress was the slogan “Me, You, Society: Investing in the Country’s Future.” Participants discussed the development of the real estate market, the reconstruction of Ukrainian cities, the digitization of government services, investments in domestic tourism, energy independence, and the implementation of accessibility principles in urban planning.
At the same time, the XVII All-Ukrainian Architectural Competition “Interior of the Year 2026” took place at the “Parkovy” Exhibition and Convention Center, during which projects by Ukrainian architects, designers, and development companies were presented.
The congress was attended by Natalia Kozlovska, Deputy Minister of Community and Territorial Development of Ukraine; Roman Dzhuranuk, Deputy Head of the State Regulatory Service of Ukraine for Digital Development, Digital Transformation, and Digitalization; Ihor Reva, Deputy Minister of Community and Territorial Development of Ukraine for Digital Transformation; Artur Melezhik, Head of the Department of Industrial Parks and Investment Support; and Nazarii Volyanskyi, Director of the Kyiv Region Regional Development Agency.
Among the representatives of the business community and expert circles, the event was attended by Oleksandr Seleznyov, Founder and CEO of Spatium Group; Andriy Vavrysh, Founder and CEO of SAGA Development; Vitaliy Borul, CEO of CREDO Development; Mark Kestelboim, CEO of Well-Being Contech; Pavlo Somov, Founder and CEO of EcoBud Building Group; Serhiy Odarych, founder and CEO of ODA Development; Yuriy Podolchuk, CEO of the Ukrainian BIM Community; Andriy Dligach, founder of Advanter Group; Dmytro Karpilovskyi, co-founder of the UkrInvestClub; and Anna Iskierdo, co-founder and CEO of AIMM.
A separate panel discussion was dedicated to domestic tourism as an investment asset. Participants examined which tourism and recreational projects Ukrainian investors are currently funding and discussed the prospects for the development of hotel, resort, and income-generating real estate.
During the panel discussion “The State on a Smartphone,” representatives from government agencies and the business community discussed the impact of digitalization on reducing bureaucratic procedures, simplifying investor interactions with the state, and increasing the transparency of permitting processes.
As part of the “Battle of Assets 2026–2027” discussion, experts analyzed various capital investment instruments and the prospects for investing in real estate, business, financial assets, and infrastructure projects.
The program also included discussions on accessibility and inclusivity in urban development, the economic efficiency of facade systems, the use of BIM technologies, the energy self-sufficiency of facilities, and new design standards.
Separately, during the congress, the State Regulatory Service held a workshop for over 70 representatives of ministries and government agencies. Participants addressed issues of government regulation, deregulation, permitting procedures, and the creation of a favorable investment environment.
The event concluded with an awards ceremony for the winners of the “Interior of the Year 2026” competition. According to the organizers, the competition is intended to promote the professional selection of architectural and design projects and raise standards in the Ukrainian market.
The Ukraine Investment Congress was organized by the DMNTR media group. The general partner of the event was “Creator-Bud,” the general sponsor was Elio Home, the strategic partner was Viyar Stone, the premium partner was Itum, and the climate partner was Raum Engineering.
Detailed information about the event and a photo report are available on the official website of the Ukraine Investment Congress—www.ibc-ua.info.
Interfax-Ukraine is the information partner.
Ekipazh, a window manufacturer that currently ranks among the top three largest producers of PVC and aluminum windows and doors in Ukraine, plans to build a fourth plant in Odesa and increase its market share from 9–10% to 16% as part of its 2026–2031 development strategy, the company’s CEO and co-owner, Sergey Teplitsky, told the “Interfax-Ukraine” news agency.
“We have set ourselves an ambitious goal: to become the No. 1 manufacturer in Ukraine and confidently enter the European Union markets. We plan to achieve this through annual investments of 150 million UAH in production development and innovation—including our own tempering furnace and the production of tempered and triplex insulated glass units, seamless welding of laminated profiles, sliding systems, and new aluminum profile systems,” Teplitsky noted.
Currently, the company owns three plants: one in Zlatopol (Kharkiv Oblast) with an area of 21,000 square meters, one in Khmelnytskyi with an area of 42,000 square meters, and one in Brovary with an area of 9,000 square meters, as well as a separate facility for manufacturing double-pane windows. The total area of production facilities is 72,000 square meters. The main products are metal-plastic windows and doors, all-glass structures (tempered glass, triplex for interior partitioning and large facade glazing), as well as aluminum structures. Across its 21 production lines, the company is capable of manufacturing up to 4,000 units per day. By the end of 2025, 365,000 units had been manufactured, which is 4.3% more than in 2024.
Capital investments from 2013 to 2026 in low-value non-current tangible assets totaled approximately 27 million UAH, while investments in fixed assets amounted to 874 million UAH.
According to Teplitsky, all of the company’s profits are reinvested in development; given the security situation, a smaller portion of the funds is directed to the Kharkiv facilities, while the majority goes to Brovary and Khmelnytskyi. This involves not only new equipment but also, for example, energy independence. Specifically, solar power systems with a total capacity of about 1 MW have been installed on the roofs of the buildings, and the company plans to install an equal amount. The company also considered the possibility of installing a cogeneration plant—they prepared technical specifications, selected a plot of land, and assessed the conditions together with gas suppliers.
“If we decide to go ahead, we can install it in two to three months. The estimated investment is over $1 million, with a payback period of about six years,” Teplitsky said.
The strategy through 2031 calls for the construction of a fourth plant in the south of the country; the company is currently in the process of selecting a site. According to Teplitsky, the company is looking for sites in the Odesa region with an area of at least 5 hectares and a capacity of at least 1 MW of electricity; the future plant will be able to produce about 25,000 windows per month, with the potential for expansion. The estimated investment ranges from 600 to 700 million UAH, funded through a combination of the company’s own resources and loans. The company has had positive experience participating in the government’s “5-7-9” program and is basing its plans in part on that experience.
In recent years, overall window sales in Ukraine have declined significantly (from 5.2 million windows in 2021 to approximately 3.5 million last year), which is attributed to a decrease in the number of active real estate development projects. Despite this trend, the company reported a 28% increase in sales in 2026. This was achieved through investments in new technologies, a shift toward more affluent customers (middle-class and above), and the expansion of exports—measures that will help diversify risks and ensure stability and sustainability during wartime.
The company began its export operations in 2023, and by 2025, export revenue had reached approximately EUR2 million across more than 20 countries. Weekly shipments have already been established to four countries (Italy, Spain, the U.S., and Lithuania), and exports are also being made to Moldova, Poland, the Czech Republic, Slovakia, Hungary, Romania, Latvia, Estonia, Germany, the Netherlands, Austria, Switzerland, France, Slovenia, Croatia, and the UAE. The focus of export development over the next five years will be on EU countries. The company’s future plans include increasing the share of exports so that it exceeds domestic sales, developing its own brand, expanding production of tempered and laminated insulated glass units and sliding systems, and developing its aluminum division with new Procural profile systems and its own EKIPAZH AluLight line.
According to YouControl, Ekipazh PE was founded in 2000, with a registered capital of 101,251,145 UAH. At the end of the first quarter of 2026, net revenue from product sales amounted to 405,732,000 UAH, which is 3% more than during the same period last year, while net profit was 3,847,000 UAH (up 2%).
The ultimate beneficiaries are Sergey and Mikhail Teplitsky.
