TAS-Dniprovagonmash LLC (DVM, Kamianske, Dnipropetrovsk Oblast), controlled by the TAS financial and industrial group owned by businessman Serhiy Tihipko, ended January–March 2026 with a loss of UAH 39.67 million, which is 2.4 times higher than the figure for the first quarter of 2025.
According to the company’s published interim financial statements, net revenue fell by nearly four times—to 72.73 million UAH.
No products were exported during this period, and the main customers in Ukraine were ENVIO Ukraine LLC and TAS Poltavavagon.
According to the plant, during this period it reduced freight car production by 4.8 times—to 38 units—and production capacity was utilized at only 5%. Total sales revenue amounted to UAH 140.7 million.
The average selling price of freight cars was 2,460,800 UAH (compared to 2,569,400 UAH during the same period last year).
In terms of total car production in Ukraine in January–March 2026, TAS Dniprovagonmash ranked fourth. Its main competitors are the Kryukiv Carriage Works, DMZ Karpaty, and Ukrzaliznytsia’s plants.
The value of contracts signed but not yet fulfilled as of the end of the first quarter of 2026 was 103.1 million UAH (excluding VAT), and the expected profit from their fulfillment was 6.2 million UAH.
“TAS Dniprovagonmash,” which has the capacity to produce 9,000 railcars per year, reportedly offers the widest range of freight railcars among domestic manufacturers (over 160 models) and also produces metal structures, railcar bogies, spare parts, and equipment for the agricultural sector.
As of April 1, 2026, the plant employed 596 people (744 a year ago).
As reported, in 2025, it reduced freight car production by 8.6% compared to the previous year—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.
The national postal operator Ukrposhta reported a net loss of UAH 204.8 million for January–March 2026, which is UAH 1.1 million, or 0.5%, higher than in the same period of 2025, but 40% lower than projected in the plan, according to the company’s financial report.
According to the report, in the first quarter of 2026, Ukrposhta reduced its revenue by 0.1% or 5 million UAH to 3.34 billion UAH, which is 2% less than planned.
It is noted that in the first quarter of 2026, Ukrposhta handled 15.8 million domestic and international items of written correspondence (compared to 20.9 million in the first quarter of last year), 9.8 million parcels (11.1 million), and 18.3 million payments (22.4 million).
“Compared to the same period last year, there has been revenue growth in the segments of letter mail, money transfers, and payments, while revenue from other services has declined,” the report notes.
EBITDA for the reporting period decreased by 38.6% compared to the same period last year—to 25.4 million UAH.
The company emphasized that these figures were influenced by the loss of markets and company assets due to Russia’s aggression and stagnation in domestic demand for services.
Other reasons cited for the deterioration in financial results include delays in the rollout of additional services for customers, the shift of pensioners to banking services, the ongoing digitization of payments, and population decline.
The company has 7,193 customer service locations (7,235 a year ago), including 2,026 mobile postal branches (2,058), serving 21,300 settlements.
According to the report, Ukrposhta currently has 25,950 employees (28,860), and the average salary is 20,300 UAH (18,200 UAH). It is noted that the review of salaries for operational staff has also been postponed due to failure to meet financial targets.
Ukrposhta stated that a plan of measures to improve its financial condition was developed at a meeting of the supervisory board. This involves maintaining a delivery quality rate of at least 95%, improving the customer experience, and further integration with key clients and marketplaces to increase shipment volumes. According to the report, integration with OLX has already taken place.
The report also highlights the launch of the first parcel pickup points and parcel lockers to improve walkability. A separate component is the topic of payments: an update to the front-end system and a transition to a new payment system are to be implemented, and payment rates have been revised to increase revenue.
Other issues include the sale of real estate not used in operational activities. Last week, CEO Ihor Smelyansky announced that since the beginning of 2026, Ukrposhta has received 517 million UAH from the sale of unused real estate following the results of eight auctions on the Prozorro.Prozazhi platform, including UAH 461.5 million for its former sorting center building near the railway station in Lviv, which was purchased by the Eurotek Invest fund from Mykhailo Veselskyi, owner of the Arsen supermarket chain.
It is expected that in the second quarter of 2026, Ukrposhta will direct investments toward energy independence of infrastructure and the digitization of services as part of a national strategy. Specifically, this involves improving the mobile app, the CRM system, and self-service customer service channels.
Other plans include scaling logistics solutions, including the deployment of new parcel lockers in the regions and the optimization of delivery routes, improving operational efficiency, strengthening the energy independence of the postal infrastructure ahead of the coming winter, as well as strengthening the risk management and cybersecurity program.
As reported, Ukrposhta posted a net profit of 257.9 million UAH in the fourth quarter of 2025, which is 69.2% higher than in the same period of 2024. The company increased its revenue by 10.7 million UAH to 3.6016 billion UAH.
PJSC “Interpipe Dnipropetrovsk Vtormet” (Dnipro), a subsidiary of the pipe and wheel company (PWC) “Interpipe,” ended January-March of this year with a loss of UAH 4.731 million, whereas it reported a net profit of UAH 40.698 million for the same period last year.
According to the company’s data in the NSSMC’s disclosure system, the pre-tax loss for this period amounted to UAH 4.786 million, compared to a pre-tax profit of UAH 50.446 million in Q1 2025.
At the same time, revenue from ordinary activities amounted to UAH 776.710 million, compared to UAH 1.807 billion in January–March 2025.
Retained earnings as of the end of March 2026 reached UAH 327.043 million.
As reported, Interpipe Dnipropetrovsk Vtormet ended 2025 with a loss of UAH 2.821 million, while in 2024 it reported a net profit of UAH 65.931 million.
“Interpipe” is a Ukrainian industrial company and a manufacturer of steel pipes and railway products. The company’s products are supplied to more than 50 countries worldwide through a network of sales offices located in key markets in the Middle East, North America, and Europe.
The company’s structure includes six industrial assets: “Interpipe Nizhnedneprovsky Pipe Rolling Plant (NTZ),” “Interpipe Novomoskovsky Pipe Plant (NMTZ),” “Interpipe Nico-Tube,” “Dnipropetrovsk Vtormet,” the ‘Dniprostal’ electric steelmaking complex under the “Interpipe Steel” brand, and the Interpipe Roman pipe plant in Romania.
The company has a total workforce of approximately 9,500 employees.
The ultimate owner of Interpipe Limited is Ukrainian businessman and philanthropist Viktor Pinchuk and members of his family.
“Interpipe Dnipropetrovsk Vtormet” specializes in the procurement and processing of ferrous metal scrap in the Dnipropetrovsk region, followed by the sale of this product, specifically in the preparation of metal feedstock for steelmaking enterprises. The company’s production facilities have the capacity to process 1.35 million tons of scrap per year. The company has an extensive regional network of procurement and production facilities (Dnipro, Nikopol, Pavlohrad, Zhytomyr, Kyiv, Odesa, Poltava, Vinnytsia, Kharkiv, and Cherkasy).
According to the State Registration Service data for the fourth quarter of 2025, Interpipe Limited (Cyprus) owns 98.6699% of the shares of PJSC “Interpipe Dnipropetrovsk Vtormet.”
The company’s authorized capital is UAH 64.876 million.
The Lviv Locomotive Repair Plant (LLRP), part of Ukrzaliznytsia, ended the January-March 2026 period with a loss of 16.2 million UAH, whereas during the same period in 2025, net profit amounted to 9.3 million UAH.
According to the plant’s financial report published in the NSSMC disclosure system, its net revenue decreased by 26.2% to nearly 163 million UAH.
The plant reported an operating loss of UAH 10 million compared to a profit of UAH 30.4 million, and the loss from operating activities amounted to UAH 22.6 million, whereas in January–March of last year, operating profit stood at UAH 13.3 million.
According to LLRZ, in January–March it repaired 3 units of rolling stock for Ukrzaliznytsia (6 units during the same period in 2025), 144 wheel sets (161), 29 traction motors (64), 20 auxiliary electric machines (45), 16 anchors (36), and 67 units of other line products (8 units).
Founded in 1861, the Lviv Locomotive Repair Plant is now a major Ukrainian enterprise specializing in the repair of electric locomotives (VL10, VL11m, and VL80t series), traction motors, and wheel sets.
As reported, in 2025 the plant increased its production volume by 24.2% compared to 2024—to 1.026 billion UAH.
By a decision of the shareholder of PJSC “LLRZ” dated April 23 of this year, 95% of the nearly UAH 7 million in net profit earned in 2025 will be allocated to cover losses from previous periods, and 5% will go to the reserve capital.
In 2024, the plant increased its net profit by 55% compared to 2023—to 24 million UAH—and its net revenue by 39%, to 827.7 million UAH.
Ferrexpo, a mining company with assets in Ukraine, reported a net loss of $211 million, which is 4.2 times higher than the 2024 figure ($50.03 million).
According to the report on consolidated unaudited results for 2025, the operating loss for the past year amounted to $197 million, compared to an operating profit of $18 million in 2024.
Revenue for 2025 was $787 million, compared to $933.263 million in 2024 (a 16% decline). Meanwhile, EBITDA was $28 million compared to the adjusted figure of $69.310 million for 2024 (a 60% decrease).
Ferrexpo’s capital expenditures in 2025 amounted to $49 million, compared to $101.688 million in 2024.
Cash balances as of the end of 2025 were $47 million, compared to $100.835 million as of the end of 2024.
The announcement states that these financial results are unaudited and remain subject to the completion of the Group’s audit procedures, as well as approval by the Company’s Audit Committee and Board of Directors. As of the date of this announcement, these unaudited, consolidated financial results were prepared on a going concern basis; however, this basis of preparation is contingent upon the successful completion of the planned fundraising.
As reported, Ferrexpo ended the first half of 2025 with a net loss of $196.004 million, whereas in the same period of 2024 it recorded a net profit of $55.490 million. The pre-tax loss for this period amounted to $186.899 million, whereas in January–June 2024 there was a pre-tax profit of $75.671 million. Revenue in the first half of 2025 decreased by 17.5% to $452.607 million. Meanwhile, EBITDA amounted to $3.890 million compared to $79.043 million at the end of June 2024 and $69.310 million at the end of 2024.
Cash and cash equivalents as of the end of June 2025 amounted to $52.262 million, as of the end of June 2024 – $115.131 million, and as of the end of 2024 – $105.919 million.
In 2024, Ferrexpo reported a net loss of $50.03 million, which is 41% less than the 2023 figure ($84.753 million). Revenue for 2024 was $933.263 million, compared to $651.795 million in 2023 (a 43.2% increase). Meanwhile, EBITDA was $69.310 million, compared to the adjusted figure of $98.871 million for 2023. Cash balances as of the end of 2024 were $100.835 million, as of the end of 2023 – $108.293 million, in 2022 – $106.397 million, and as of the end of 2021 – $117 million.
Ferrexpo ended 2023 with a net loss of $84.753 million, compared to a net profit of $219.997 million in 2022, which is four times lower than the profit for the pre-war year of 2021 ($870.993 million). Revenue for 2023 amounted to $651.795 million, while in 2022 it was $1.24849 billion (a decrease of 47.8%). At the same time, EBITDA fell by 83% to $130.242 million compared to $765.113 million in 2022.
Ferrexpo is an iron ore company with assets in Ukraine. Ferrexpo owns 100% of the shares in Poltava Mining, a 100% stake in Yeristiv Mining, and a 99.9% stake in Bilaniv Mining.
“Demurinsky Mining and Processing Plant” LLC (MMPP, Dnipropetrovsk Oblast), which extracts titanium and zirconium ores and was confiscated from Russian billionaire Mikhail Shelkov, increased its net loss by 2.5 times in 2025 compared to 2024—to 278.673 million UAH.
According to information from the State Property Fund, net revenue from the sale of products (goods, works, services) last year decreased by 15%—to UAH 154.067 million.
The main type of activity is the extraction of other non-ferrous metal ores (activity code under the Classification of Economic Activities: 07.29).
Demurinsky GOK LLC is one of the largest mining and processing enterprises in Ukraine. Registered on May 30, 2001, the company has been developing the Vovchanske complex placer titanium-zircon deposit in the Dnipropetrovsk region (Northern and Central deposits) since 2006.
Preliminary beneficiation is carried out at the open-pit mine, followed by mineral separation at the processing plant. The reserves of ore sands in the deposit, categorized as B+C1, amount to 22.8 million cubic meters with an average grade of 9%: 1,614 thousand tons of ilmenite, 520 thousand tons of rutile, and 181 thousand tons of zircon.
The company holds a special subsoil use permit for the extraction of titanium-zirconium ores suitable for the production of zircon, rutile, ilmenite, disten-silimanite, and staurolite concentrates. The permit is valid until July 29, 2031. The company also holds permits for discharges, water use for high-risk operations, and others (total number of permits: 23).
Main product range: KDSZ distene-selimanite concentrate; ilmenite concentrate; rutile concentrate; staurolite concentrate; KTSZ zircon concentrate.
The asset (single lot) includes: 100% corporate rights and claims.
As of December 31, 2025, the GZK’s accounts payable amounted to UAH 142.504 million.
The state’s share in the LLC is 100%.
The LLC’s authorized capital is UAH 39,621,414 thousand.
