In 2025, the state-owned enterprise Lesy Ukrainy earned more than UAH 8 billion in profits, paid more than UAH 15 billion in taxes, and invested about UAH 2 billion in its restoration and development, according to the company’s CEO Yuriy Bolokhovets on Facebook.
He also noted that during the war, foresters were able to implement the president’s “Green Country” program and planted 1 billion trees, saved tens of thousands of hectares of self-seeded and undistributed forests, and reduced the area of fires by four times despite constant shelling.
“The company’s performance is not a coincidence or a gift of fate. It is the result of a consistent policy of strong centralized management and control, transparent procurement, and open and competitive sales,” Bolokhovets emphasized.
At the same time, he noted that “the pre-reform fragmented and corrupt system did not achieve even a tenth of the results of the Lesy Ukrainy state enterprise, but remained a source of enrichment for the select few.” That is why, according to the head of the state-owned enterprise, forest reform still faces fierce resistance, as shadow schemes and profits always find supporters. The remnants of the old system are finding new allies, he explained.
“The pressure and persecution that continued this year are not about me personally. These are attempts to stop the changes that, for the first time since independence, have made forests a truly state resource,” emphasized the CEO of Lesy Ukrainy, thanking the team of foresters who have come through this year with dignity, maintained unity, and delivered results.
Among the plans for 2026, Bolokhovets mentioned the digitization of management, new global control systems, mechanization and increased harvesting, and large-scale demining projects.
Centrenergo PJSC plans to end 2025 with a net profit of approximately UAH 4.5 billion after many years of losses, according to Andriy Gota, chairman of the company’s supervisory board.
“This year, Centrenergo should end with financial results that have not been achieved for decades. This is approximately UAH 4.5 billion in net profit. The company’s previous managers accumulated losses of UAH 16 billion over 20 years,” Gota said in an interview with the Energorforma internet portal.
He noted that the company has not reported losses since July 2024.
“The company also repaid almost UAH 2.5 billion in debts from previous periods, including to state-owned mines and Naftogaz, and stopped accumulating them,” said the head of the NR.
According to him, at the same time, the debt of NEC Ukrenergo to the company in the balancing market amounts to UAH 2.2 billion, having doubled compared to last year’s figure.
As reported, Centrenergo is the operator of the Trypilska TPP in the Kyiv region and the Zmiivska TPP in the Kharkiv region. The company’s Vuhlehirsk TPP in Donetsk region has been occupied since mid-summer 2022. The first massive strike on the Trypilska TPP took place in April 2024, and on the Zmiivska TPP in December 2022.
The current supervisory board was appointed in August 2023. At that time, it appointed Andriy Churkin, former director of PJSC “Kharkivenergosbyt,” as chairman of the board of Centrenergo, who was replaced in July 2024 by the company’s technical director, Yevhen Harkavyi.
Applications for the competition to select candidates for the supervisory board of Centrenergo are being accepted until December 23: three independent members and two state representatives. In an interview, Gota said that he would not apply to participate in this competition and would leave the company.
Insurance company Busin (Kyiv) collected UAH 175.2 million in gross premiums in January-September 2025, which is 9.08% more than in the same period of 2024, according to Standard Rating, which updated the insurer’s credit rating/financial stability rating to “uaAA+” on the national scale based on an analysis of the specified period.
The rating agency’s report notes that revenues from reinsurers increased by 6.05% to UAH 189.1 million, and the ratio between premiums attributable to reinsurers and gross premiums decreased by 3.09 percentage points (pp) to 107.94%.
In the first nine months of 2025, the company paid out UAH 215,000 in insurance payments and reimbursements to its clients, compared to UAH 31.869 million in the same period of 2024. RA notes that significant fluctuations in the volume of business and the level of payments of JSC IC Busin are related to the specifics of its activities and specialization in insurance of large risks, in particular aviation risks.
As of September 1, 2025, the company’s assets decreased by 5.44% to UAH 282.5 million, equity increased by 13.4% to UAH 182.7 million, and cash and cash equivalents decreased by 26.9% to UAH 235.6 million.
RA notes that the financial results of Busin Insurance Company JSC improved significantly in the period under review. In particular, based on the results of the first nine months of 2025, the insurer received significant amounts of operating profit (UAH 34.08 million) and net profit (UAH 24.84 million), while based on the results of the same period in 2024, the insurer’s activities were unprofitable.
Busin Insurance Company was registered in February 1993. It specializes in risk insurance. It is a member of a number of professional and industry associations, including the League of Insurance Organizations of Ukraine, the Insurance Payments Club, the International Association of Aviation Insurers (UA), the Nuclear Insurance Pool, the American Chamber of Commerce in Ukraine, and the British Business Club.
JSC Kramatorsk Heavy Machine-Building Plant (KZVV, Perechin, Zakarpattia region), almost 97.7% of whose shares are owned by former MP Maksym Yefimov (Restoration of Ukraine group), earned nearly UAH 1.379 billion in net profit in January-September this year, twice as much as in the same period in 2024.
According to the company’s published financial report, its net income for this period increased 2.6 times to UAH 34.542 billion.
As reported, in the first half of this year, the company increased its net profit fourfold compared to January-June 2024, to UAH 1.233 billion, and its net income 3.5 times, to UAH 21.446 billion.
Thus, in the third quarter of this year, KZVV reduced its net profit by 2.5 times compared to its July-September 2024 figure – to UAH 146.6 million, but increased its revenue by 85% – to UAH 13.1 billion.
As reported, KZVV, which was relocated from Kramatorsk to Perechin in the summer of 2022, manufactures, among other things, wind turbines (WTGs) for Friendly Wind Technology.
KZVV specializes in universal special-purpose machine tools for the energy, metallurgical, oil and gas, machine-building, and railway transport industries, as well as machine tools for single and small-batch production.
Back in 2022, KZVV’s net income was UAH 119.38 million, and its net loss was UAH 134.68 million.
At the beginning of 2025, the plant employed almost 2,000 workers, compared to 296 in 2022.
Ukrainian banks will pay income tax at a doubled rate of 50% in 2026.
The corresponding law (No. 14097) on amendments to the Tax Code of Ukraine regarding the specifics of income tax for banks in 2026 was adopted by the Verkhovna Rada on Wednesday with 272 votes in favor, with a minimum of 226 votes required, according to a correspondent from the Interfax-Ukraine news agency.
According to Yaroslav Zheleznyak, first deputy chairman of the relevant parliamentary finance committee, banks will pay tax at this rate on a quarterly basis next year and in the first quarter of 2027, which should bring an additional UAH 15-23 billion to the budget in 2026 and about UAH 5 billion in 2027.
This is the third tax increase for banks to 50% since the start of Russia’s full-scale invasion, but the first two times — in 2023 and 2024 — the Rada made this decision retroactively in the fall.
At its meeting on October 30, the Financial Stability Council (FSC) noted the systemic risks that could be created by the introduction of a 50% tax rate on bank profits from 2026.
“Raising the tax rate for banks to 50% creates risks of limiting lending to the economy and weakening financial stability in wartime,” the FSC emphasized.
Council members also noted that the expected fiscal effect of raising the rate to 50% may turn out to be significantly lower than publicly communicated estimates.
Among other risks, the FRS cited possible complications in the privatization of banks with state ownership, failure by some institutions to implement capitalization programs within the specified time frame, difficulties in timely compliance with capital adequacy requirements in accordance with EU standards, the risk of violating the obligations under the Memorandum with the IMF, as well as a reduction in incentives to de-shadow the economy.
The National Bank also noted that banks and financial companies already have a higher level of income taxation compared to other sectors of the economy – 25% versus 18%.
According to the NBU, Ukrainian banks earned UAH 131.7 billion in net profit in the first 10 months of 2025, which is 4.9% more than in the same period of 2024, and paid 2.1% more income tax – UAH 34.7 billion.
PJSC Kryukiv Railway Car Building Works (KVBZ, Poltava region) ended January-September 2025 with a consolidated loss of UAH 76.1 million, while for the same period in 2024, net profit amounted to UAH 48.4 million.
According to the company’s interim consolidated financial statements published on its website, consolidated net income increased slightly to UAH 2.293 billion.
The uncovered loss amounted to UAH 138.8 million, compared to UAH 62.7 million a year earlier.
During the reporting period, the plant received UAH 106.6 million in consolidated losses from operating activities, twice as much as a year earlier, while gross profit decreased by 5% to UAH 119.8 million.
The KVBZ Group includes PJSC Kryukiv Railway Car Building Works, as well as wholly-owned subsidiaries LLC Instrumental Plant (production of equipment, spare parts, tools) and LLC V.N.V. (rental services, sale of railway cars).
According to the report, in January-September, revenue from the sale of railway cars increased by 4.2% to UAH 2.101 billion, with freight cars decreasing by 56.7% to UAH 873.2 million and passenger cars amounting to UAH 1.228 billion (there were no sales last year).
The cars were delivered to Ukrainian customers, in particular, 45 compartment passenger sleeping cars were shipped under a contract with Ukrzaliznytsia, four of which are equipped for the transportation of passengers with disabilities.
The group also reduced its revenue from the sale of spare parts by 46% to UAH 89.3 million, while revenue from the provision of services amounted to UAH 102.3 million (down 18%).
In Ukraine, products worth UAH 2.07 billion were sold (almost equal to last year’s figure), products worth UAH 207.9 million were delivered to European countries (almost three times more), and products worth UAH 10.5 million were delivered to Asia and the Middle East (12.5 times less).
According to KVBZ’s unconsolidated financial statements, the plant incurred a loss of UAH 76.7 million in January-September, compared to a net profit of UAH 40.7 million in the same period last year. Net income decreased slightly to UAH 2 billion 271 million.
KVZ notes that, given the significant surplus of freight cars on the Ukrainian market, low rental rates, and insufficient cargo base for the existing fleet of cars, only 5 freight cars were sold in the third quarter (121 in the first quarter and none in the second).
According to the company, in July-August 2025 (no information available for September), domestic competitors sold 316 freight cars under previously concluded contracts, and KVBZ’s share among private car manufacturers in Ukraine during this period was 12.7% (125 cars).
KVBZ manufactures passenger and freight cars, regional diesel trains, high-speed interregional locomotive-hauled trains, spare parts and bogies for freight cars, and escalators.
The average number of employees at the plant is 3,337 (last year – 3,611).
In 2024, the plant sold 1,096 freight cars, which is almost 10% more than sales in pre-war 2021. The first 15 passenger cars were also delivered to Ukrzaliznytsia under contracts for 66 units. Net profit amounted to UAH 81.08 million, compared to a loss of UAH 143.76 million in 2023.
