Yeristovsky Mining and Processing Plant LLC (YMPP, Horishni Plavni, Poltava Oblast), a subsidiary of the mining company Ferrexpo, whose majority shareholder is Konstantin Zhevago, reduced its net loss by 21.9% in January–June of this year compared to the same period last year—to 629.283 million UAH from 805.243 million UAH.
According to the company’s interim report, which is available to the Interfax-Ukraine news agency, revenue from ordinary operations for this period fell by a factor of 5.5—to 1,326.967 million UAH from 7,274.247 million UAH.
The uncovered loss as of the end of June 2026 amounted to 1,190,199 million UAH.
As previously reported, in January–March of this year, YEGZK reduced its net loss by 11.7% compared to the same period last year—to 330,780 million UAH from 374,477 million UAH; while revenue from ordinary operations for this period fell by a factor of 14.7—to 400.753 million UAH from 5 billion 898.156 million UAH.
The official report for 2025 has not yet been published. At the same time, YEGZK reported a net loss of 879.341 million UAH for January–September 2025, whereas in the same period of 2024, it had reported a profit of 514.369 million UAH. Revenue for this period decreased by 45.3%—to 8 billion 124.766 million UAH. Retained earnings as of the end of September 2025 amounted to 171.842 million UAH.
According to YouControl, YEGZK’s net loss in 2025 totaled 1 billion 488.580 million UAH, while revenue amounted to 8 billion 773.725 million UAH.
In 2024, the LLC reported a net profit of 1 billion 84.107 million UAH, compared to 1 billion 832.538 million UAH in 2023.
Yeristivsky Mining and Processing Plant LLC extracts both high- and low-grade iron ore. The LLC was registered on July 14, 2008. As of December 31, 2024, the company had 1,797 employees (compared to 1,789 in 2023).
According to the annual report, as of December 31, 2024, Ferrexpo AG (Switzerland) held a 99.999% stake in Yeristivsky GZK LLC, while Ferrexpo Service LLC (Ukraine) held a 0.001% stake.
It is noted that Ferrexpo AG, which is wholly owned by Ferrexpo plc (the ultimate parent company), exercises control over Ferrexpo Service LLC. A stake of less than 50% in Ferrexpo plc is ultimately held by Minso Trust, whose beneficiaries are Konstantin Zhevago and his immediate family members, and which was established to manage the stake in the Ferrexpo group of companies.
The authorized capital of YEGOK LLC is 8 billion 263.698 million UAH.
PJSC “United Mining and Chemical Company” (UMCC, UMCC Titanium) increased its net loss 2.5-fold in January–June of this year compared to the same period last year—to 745.401 million UAH from 295.030 million UAH.
According to the company’s interim report, which is available to the agency “Interfax-Ukraine,” revenue from ordinary operations for this period rose by 34.8%, to 1,117.088 million UAH.
The accumulated loss as of the end of June stood at 3,515.530 million UAH.
As previously reported, OGHK doubled its net loss in the first quarter of 2026 compared to the same period last year—to 411.235 million UAH from 203.236 million UAH. Revenue from ordinary operations for this period rose to 331.342 million UAH from 239.604 million UAH in the first quarter of 2025.
In 2025, the company reported a net loss of 2 billion 118.156 million UAH, whereas in 2024 it posted a profit of 17.009 million UAH, with revenue from ordinary operations amounting to 1,510.751 million UAH (in 2024 – 2,851.180 million UAH).
In 2025, the total number of employees at OGHK was 4,443, including 3,031 at VGMK and 1,194 at IGZK.
“Cement Ukraine” LLC, controlled by NEQSOL Holding, acquired OGHK at an auction on October 9, 2024, for 3 billion 938 million 351.58 UAH. On November 19, 2024, the State Property Fund of Ukraine (FGIU) and Cement Ukraine LLC entered into Agreement No. 217 for the sale and purchase of a 100% stake in OGHK. On May 29, 2025, the Antimonopoly Committee of Ukraine granted approval for the concentration. On June 10, 2025, “Cemin Ukraine” LLC became the owner of 100% of the company’s shares. “Cemin Ukraine” LLC is part of the international NEQSOL group of companies, with the ultimate parent company NEQSOL Holding B.V. (Netherlands), owned by Azerbaijani citizen Nasib Hasanov.
OGHK has two subsidiaries—the Vilnohirsk Mining and Metallurgical Plant (VGMK, Dnipropetrovsk Oblast) and the Irshansk Mining and Processing Plant (IGZK, Zhytomyr Oblast). OGHK’s main activities include open-pit mining of titanium ores, as well as the production and wholesale trade of titanium ore concentrates (zircon, ilmenite, rutile, disten-sillimanite, staurolite, and quartz sand).
According to data from the National State Treasury for the first quarter of 2026, “Cemin Ukraine” LLC owns 100% of OGHK’s shares.
The authorized capital of OGHK PJSC is 1.994 billion UAH, and the par value of a share is 1 UAH.
PJSC “Central Mining and Processing Plant” (CMPP, Dnipropetrovsk Oblast), a member of the Metinvest Group, reported a 17.8% reduction in its net loss for January–June of this year—to 940.865 million UAH from 1 billion 144.522 million UAH in the same period last year.
According to the company’s interim report, which is available to the “Interfax-Ukraine” agency, revenue from ordinary operations for this period increased by 11.8% to 9 billion 4.528 million UAH.
Retained earnings as of the end of June amounted to 2 billion 161.850 million UAH.
As previously reported, TsGZK’s net loss for the first three months of 2026 increased by 20.9%—to 468.466 million UAH from 387.594 million UAH in the same period last year. Revenue from ordinary operations for this period decreased by 3%—to 4.406260 billion UAH.
In 2025, TsGZK saw its net loss increase 5.3-fold, to 3,428.076 million UAH from 648.004 million UAH in 2024. At the same time, revenue from ordinary operations for the past year rose by 1%—to 15,988.004 million UAH.
The plant ended 2024 with a net loss of 648.004 million UAH, whereas in 2023 it amounted to 1 billion 326.661 million UAH. In 2022, the company saw its net profit drop by more than four times, to 2,117.831 million UAH from 8,919.978 million UAH in 2021. In 2020, TsGZK increased its net profit by 8.7% compared to the previous year, reaching 1.601 billion UAH.
TsGZK is one of Ukraine’s five largest producers of mining raw materials and specializes in the extraction and production of iron ore (concentrate and pellets). The average number of full-time employees is 3,360.
Metinvest B.V. owns 100% of the shares in TsGZK.
The authorized capital of PrJSC “TsGZK” is 296.635 million UAH, and the par value of each share is 0.25 UAH.
TsGZK is part of the Metinvest Group, whose major shareholders are PJSC “System Capital Management” (SCM, Donetsk) (71.24%) and the “Smart-Holding” group of companies (23.76%). The management company of the Metinvest Group is Metinvest Holding LLC.
PJSC “Pokrovsky Mining and Processing Plant” (PGZK, formerly Ordzhonikidze Mining and Processing Plant, Dnipropetrovsk Oblast) increased its net loss by 30.3% in January–June of this year compared to the same period last year, reaching 194.190 million UAH.
According to PGZK’s interim report for the first six months of 2026, which is available to the Interfax-Ukraine news agency, revenue from ordinary operations for this period decreased by 29.5% to 374.943 million UAH. The accumulated loss as of the end of June 2026 amounted to 556.538 million UAH.
The report notes that the Nikopol Ferroalloy Plant and ZZF remain the company’s main customers at present. At the same time, PGZK continues to expand its sales geography by maintaining negotiations with potential foreign buyers. During the reporting period, foreign trade contracts were signed with partners from Georgia and Slovakia. Actual product shipments are currently being made to both countries.
In the second quarter of 2026, management identified the following key areas of focus: reducing and optimizing tax liabilities; improving energy efficiency by reducing specific energy consumption; optimizing the use of fuels and lubricants; improving the organizational structure and optimizing staffing levels; increasing revenue from ancillary activities, in particular the sale of ferrous and non-ferrous scrap metal and the provision of transportation and construction services; continuing to support the Armed Forces of Ukraine.
As reported, PGZK increased its net loss by 25.56% in January–March 2026 compared to the same period last year—to 114.678 million UAH from 91.322 million UAH; revenue from ordinary operations for this period decreased by 52.2%—to 133.646 million UAH.
In 2025, PGZK reduced its net loss by 47% compared to 2024—to 377.357 million UAH from 712.380 million UAH; income from ordinary activities for this period increased by 26%—to 1 billion 281.772 million UAH.
Four Cypriot companies—Profetis Enterprises Limited, Exseed Investments Limited, Clemente Enterprises Limited, and Alexton Holdings Limited (all based in Cyprus)—each own 24.3024% of the shares in the private joint-stock company.
The authorized capital of the private joint-stock company is 736.134 million UAH, and the par value of each share is 0.25 UAH.
EXPORTS, LOSS, MANGANESE, Pokrovsky Mining and Processing Plant, REVENUE
TAS Dniprovagonmash LLC (DVM, Kamyanske, Dnipropetrovsk Oblast), controlled by the “TAS” financial and industrial group owned by businessman Serhiy Tihipko, ended the January–June 2026 period with a loss of 87.2 million UAH, which is 2.2 times higher than the corresponding figure for the first half of 2025.
According to the company’s published interim financial statements, its net revenue decreased by 44.3% to 312.7 million UAH.
The company reported a gross loss of 5.7 million UAH, whereas a year ago it had recorded a gross profit of 48.3 million UAH; the loss from operating activities doubled to 68.4 million UAH.
According to the financial statements, in the second quarter of this year, “TAS DVM” incurred a loss of 47.6 million UAH, which was more than double the loss recorded in April–June 2025, amid a 13% decline in net revenue to 240 million UAH.
As previously reported, in the first quarter of this year, the plant saw its net revenue drop by nearly four times compared to the same period in 2025—to 72.73 million UAH, while its loss increased 2.4-fold, to 39.67 million UAH.
According to the company, in the second quarter of this year, it produced 76 freight cars, compared to 202 units during the same period last year (38 units and 181 units in the first quarter, respectively), and the average selling price of the cars was 2.348 million UAH (2.78 million UAH last year).
The main customers in Ukraine were Alfa-Capital Bozhkivsky Elevator LLC, Oval LLC, Ukrsilko, and TAS Poltavvagon.
The total value of exports amounted to 4.4 million UAH (1.8% of sales volume), while in April–June 2025 it reached 222.8 million UAH (80.8%) due to a large contract to supply railcars to the Lithuanian company LTG Cargo.
“In the second quarter of 2026, the freight base for rail logistics in Ukraine showed a downward trend, which in turn continued to dampen demand for newly built freight railcars,” the report notes.
In addition, among the factors hindering railcar production in Ukraine are massive rocket attacks, which have significantly impacted the energy sector, transportation, and port infrastructure, as well as an increase in rolling stock turnaround time due to a shortage of traction rolling stock at Ukrzaliznytsia resulting from significant wear and tear.
The plant notes in its report that the value of contracts signed but not yet fulfilled as of the end of the reporting period amounts to 427.2 million UAH (excluding VAT), and the expected profit from their fulfillment is 19.2 million UAH.
As of early July of this year, the company employed 544 people (748 people last year).
“TAS Dniprovagonmash,” which has the capacity to produce 9,000 railcars per year, reportedly offers the widest range of freight railcars among domestic manufacturers (more than 160 models) and also produces steel structures, railcar bogies, spare parts, and equipment for the agricultural sector.
As previously reported, in 2025, the company reduced its production of freight cars by 8.6% compared to 2024—to 550 units—and sales by 8.2%, to 556 units. The company incurred a loss of 151.4 million UAH, whereas in 2024, net profit amounted to 62.2 million UAH, and net revenue decreased by 12% to 1.54 billion UAH.
LOSS, PRODUCTION, railcar, REVENUE, TAS
Coal Energy S.A. (Luxembourg), having lost all its coal assets in Ukraine due to Russian aggression and shifted its focus to operations in Poland, reported a net loss of $1.46 million for the first nine months of fiscal year 2026 (FY, July 2025 – March 2026), the company reported a net loss of $1.46 million, whereas for the same period of FY 2025, its net profit was $1.6 million.
According to the company’s report to the Warsaw Stock Exchange, where its shares are listed, revenue for this period decreased by 31.8% to $2.06 million, while the operating loss increased by 82.1% to $0.55 million.
Coal Energy specified that from January through March of this year, its net loss amounted to $0.11 million, compared to a net profit of $1.97 million in the same quarter last year; revenue increased by 2.5% to $0.88 million; and the operating loss decreased by 33.3% to $0.05 million.
A week earlier, Coal Energy announced the suspension of a deal with Global Tech Opportunities 31, a fund belonging to the ABO Securities group, which involved the issuance of interest-free convertible bonds worth up to 14.5 million zlotys.
In the first half of 2026F, bonds worth 2.5 million zlotys ($0.67 million at the exchange rate at the time) had already been converted into newly issued shares, and as of mid-year, bonds worth 2 million zlotys remained unconverted.
As previously reported, Coal Energy posted a consolidated net profit of $4.12 million in FY2025, compared to a net loss of $2.12 million in FY2024, primarily due to the sale of four assets to the group. The company’s consolidated revenue grew by 52.4% in FY 2025, reaching 3.76 million.
In September 2025, the board approved the company’s Updated Development Strategy for 2025–2027, which reflects the recently secured financing, current investment projects, and the ongoing war in Ukraine.
“The updated strategy is built on four pillars: 1. coal mining in Poland and Romania, 2. providing mineral extraction services in Poland and Romania, 3. developing the extraction of critical raw materials in Central and
Eastern Europe and Ukraine, and 4. global consulting services for the mineral resources sector,” the previous report stated, whereas the new report does not include a description of these activities.
Coal Energy’s shares have been listed on the Warsaw Stock Exchange since August 8, 2011. Its main line of business was coal mining at two underground mines and operations at coal dumps in the Donetsk region.
Vyshnevetsky currently controls 58.74% through Lycaste Holdings, while Global Tech Opportunities holds 2.34%. A total of 24.42% of the shares are traded on the Warsaw Stock Exchange.
The company’s market capitalization as of June 30 stood at PLN 92.18 million ($24.45 million at the current exchange rate) at a share price of 2.00 zlotys, which had fallen by 1.28% since the start of the trading day following the publication of the financial report.
bond, Coal Energy, LOSS, POLAND, REVENUE
