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
JSC “Ukrzaliznytsia” expects to post a net loss of 21.9 billion hryvnia and a liquidity shortfall of 26.3 billion hryvnia for 2026, assuming no fare indexation, said the company’s CEO, Oleksandr Pertsovskyi, during a press conference on Tuesday, according to a correspondent for the “Interfax-Ukraine” news agency.
According to him, among the main reasons for the deterioration in financial performance are a 2.4-fold increase in the cost of electricity, which led to additional expenses of 15.4 billion hryvnia; the need to index wages—13.4 billion hryvnia; a decline in revenue from freight transportation—7 billion hryvnia—due to hostilities and the occupation of parts of the territory; an increase in exchange rate losses from the revaluation of liabilities amounting to 3.8 billion hryvnia; and a 28% rise in diesel fuel prices, which cost the company an additional 2.1 billion hryvnia.
According to the company’s estimates, due to the suspension of fare indexation, the shortfall in cash receipts for the period from 2023 through the first three months of 2026 amounts to 99.5 billion UAH.
To cover this financial shortfall, Ukrzaliznytsia is implementing additional optimization measures for 2026, which will allow it to raise 1 billion UAH from the sale of non-core and surplus assets and 2.3 billion UAH in loans from international financial institutions, provided that fare indexation takes place.
Other measures include optimizing CAPEX, through which the company plans to accumulate 6.9 billion UAH by addressing the underfunding of critical capital investment needs. At the same time, internal funds for financing CAPEX in 2026 will amount to approximately 16.1 billion UAH.
A government decision is also required to resume, effective July 1, 2026, the sale of electricity to Ukrzaliznytsia through specialized auctions, with the introduction of a corresponding discount from the weighted average market price of electricity.
Other factors include a plan to increase suburban rail fares by 100%, though this requires approval from regional military administrations.
Among the proposed measures to stabilize Ukrzaliznytsia’s financial situation, the company also proposes raising freight rates by 30% effective August 1, 2026. The first phase involves an immediate rate increase and the standardization of rates for empty railcars.
Pertsovskyi emphasized that June is a critical period for making a decision on revising tariffs, as the regulatory procedure takes about two months.
“This is the last chance to make a decision before August, and by August we’ll simply be heading straight into the red at this pace. We still have a guaranteed debt payment due in August,” added the chairman of the board.
According to Pertsovskyi, a second phase could involve a further tariff adjustment of up to 15% starting in January 2027, though no such decision has been made yet.
As noted in the draft order, the need to adjust tariffs stems from the deteriorating financial condition of JSC “Ukrzaliznytsia,” whose revenues are insufficient to cover current expenses. The ministry noted that the last tariff adjustment took place nearly four years ago, while between July 2022 and April 2026, the industrial producer price index rose by 252.1%.
According to the Ministry of Development, in 2025, freight volumes decreased by 12.5% compared to the previous year, and Ukrzaliznytsia’s net loss amounted to 7.6 billion UAH. In the first four months of 2026, the loss reached 9.3 billion UAH.
At that time, the ministry noted that without tariff indexation, the company’s projected net loss for 2026 would exceed 13 billion hryvnia, and the funding shortfall would reach over 26 billion hryvnia.
Among other things, in January of this year, Ukrzaliznytsia refused to make $45 million in coupon payments on its 2026 Eurobonds with an 8.25% coupon rate totaling $703.2 million and on its 2028 Eurobonds with a 7.875% coupon rate totaling $351.9 million, and announced its intention to begin a comprehensive restructuring of its bond obligations with the assistance of financial and legal advisors.
The company cited the ongoing decline in revenue from freight transportation amid a decrease in freight volumes, as well as an increase in attacks on the railway—the total number of which in 2025 (1,195) exceeded the combined total for 2023–2024—as the main reasons for suspending debt service on the Eurobonds.
FARE, FREIGHT TRANSPORTATION, liquidity, LOSS, UKRZALIZNYTSIA
PJSC “Zaporizhogneupor”, Ukraine’s largest refractory products manufacturer and a member of the Metinvest Group, reported a 4.4-fold increase in net loss for January–March of this year compared to the same period last year—rising to UAH 29.990 million from UAH 6.982 million
According to the company’s interim report, which is available to the agency “Interfax-Ukraine,” revenue from ordinary activities for this period decreased to UAH 869.871 million from UAH 970.715 million in the first quarter of 2025.
Retained earnings as of the end of March amounted to 59.283 million UAH.
According to the annual report, the company reported a net profit of 52.291 million UAH in 2025, while in 2024 the profit was 156.801 million UAH, with revenue from ordinary activities amounting to UAH 4,287,569 million (in 2024 – UAH 3,524,855 million).
Throughout 2025, refractory products were sold throughout Ukraine, excluding the temporarily occupied territories (TOT), and exports were directed to the following destinations: the Republic of Moldova (77% of total exports); Bulgaria (13%); Latvia (4%); North Macedonia (4%); Estonia (2%). A total of 2,815 thousand tons of products worth UAH 40.8 million were sold for export in 2025. In 2025, there was a 10% increase in gross export shipments in physical terms compared to 2024 (+262 tons).
In total, the plant sold 62,595 thousand tons of refractory products in 2025 and 62,976 thousand tons in 2024.
The number of employees as of the end of 2025 was 1,431, which is 3.9% more compared to 2024 (an increase of 53 employees). This increase was due to a decrease in employee turnover, the fulfillment of the hiring plan, and the additional recruitment of employees to implement projects. In 2025, the employee turnover rate decreased by 17.2% compared to 2024. The payroll fund for the company’s full-time employees in 2025 increased by 81.469 million UAH (+16.5%) compared to 2024, totaling 575.179 million UAH. The average monthly income of full-time employees was UAH 34,542, an increase of UAH 5,757 compared to 2024.
The company’s key development priorities include reducing costs; improving product quality and competitiveness; optimizing processes for supplying the company with energy resources and raw materials; and exploring new technologies and current trends in refractory production. As part of the company’s technical development in 2026, ten types of refractory products are planned for production.
“Zaporizhvognetriv” is Ukraine’s largest manufacturer of high-quality refractory products and materials.
According to the National Securities and Stock Market Commission (NSSMC) data for the first quarter of 2026, Metinvest B.V. (Netherlands) owns 50.7899% of Zaporizhogneupor’s shares, while Zaporizhstal holds 49.2101%.
The company’s authorized capital is UAH 75.925 million, with a par value of UAH 13 per share.
In January-March of this year, United Mining and Chemical Company (UMCC Titanium) doubled its net loss compared to the same period last year—to UAH 411.235 million from UAH 203.236 million
According to the company’s interim report, which is available to the agency “Interfax-Ukraine,” revenue from ordinary activities for this period rose to UAH 331.342 million from UAH 239.604 million in the first quarter of 2025.
The uncovered loss as of the end of March amounted to 3,181.364 million UAH.
According to the annual report, the company incurred a net loss of 2,118.156 million UAH in 2025, whereas in 2024 it reported a profit of 17.009 million UAH, with revenue from ordinary activities amounting to UAH 1,510,751 million (in 2024 – UAH 2,851,180 million).
The report notes that forced production stoppages at the beginning and end of last year led to increased expenses and an additional working capital deficit. In addition, market prices for electricity rose by 20–30% compared to 2024, which directly contributed to an increase in the cost of production. Repairs and maintenance of machinery and equipment, which had been postponed in 2024–2025 and were necessary to ensure sufficient volumes of stripping and beneficiation work, were carried out late due to a shortage of working capital.
In 2025, the Vilnohirsk Mining and Metallurgical Plant (VGMK) produced 4,456 thousand tons of zirconium concentrate, 8,477 thousand tons of rutile concentrate, and 22,836 thousand tons of ilmenite concentrate. At the IZG, ilmenite concentrate production amounted to 55,575 thousand tons.
Energy resources accounted for the largest share of the cost of goods produced by the VGMK branch in 2025—627.897 million UAH (56%), of which expenses for fuel and lubricants during the reporting period amounted to 53.961 million UAH. The branch’s total electricity consumption amounted to 81.349 million kWh. Labor costs with deductions accounted for a significant share—35%—and depreciation of fixed assets—6%. Other expenses—taxes to the state and local budgets and services provided by third-party organizations—accounted for 3% in the reporting period.
Actual expenses for the maintenance of fixed assets for 2025, taking into account the high degree of wear and tear on production equipment and the need to keep it in working order, amount to UAH 142.711 million, including UAH 14.121 million allocated for repairs, and UAH 107.863 million for the commissioning and maintenance of equipment at the plant’s divisions.
In 2025, the VGMK branch utilized capital investments totaling UAH 155.811 million from its own funds, of which UAH 1.121 million was allocated for the purchase of fixed assets.
During the reporting period, the Irshansk Mining and Processing Plant was supplied with energy resources in sufficient quantities; natural gas consumption amounted to 1,442.64 thousand cubic meters, and electricity consumption to 26,656.3 thousand kWh.
The Irshansk Mining and Processing Plant (IGZK) fulfilled 48% of its commercial production plan. Savings on production costs amount to UAH 533.089 million; other expenses account for the lion’s share of the production cost of the IGMK branch’s output—28%. The program of measures approved at the IMC branch provided for the utilization of UAH 296.050 million in capital investments in 2025, which exceeds the level of actual investment by UAH 299.341 million (actual investments amounted to UAH 3.291 million). In 2025, expenditures under the categories “capital construction” and “modernization, modification (reconstruction) of fixed assets” totaled UAH 3.698 million.
In 2025, the total number of employees at OGHK was 4,443, including 3,031 at VGMK and 1,194 at IGZK.
As reported, Cement Ukraine LLC, controlled by NEQSOL Holding, acquired OGHK at an auction on October 9, 2024, for UAH 3,938,351.58.
On November 19, 2024, the State Property Fund of Ukraine 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, Cement Ukraine LLC became the owner of 100% of the company’s shares. Cement 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 the National Securities and Stock Market Commission (NSSMC) data for the first quarter of 2026, LLC “Cemin Ukraine” owns 100% of OGHK’s shares.
The authorized capital of PJSC “OGHK” is UAH 1.994 billion, with a par value of UAH 1 per share.
