The volume of cash inflows to banks’ teller windows in the first half of 2026 increased by 8.9% compared to the same period in 2025—to 1 trillion 554.8 billion UAH, while the volume of cash disbursements rose by 8.7% to 1 trillion 602.4 billion hryvnias, according to statistics from the National Bank of Ukraine (NBU).
“The increase in cash inflows to bank teller windows was driven by a revival in economic activity starting in the second quarter of this year and sustained consumer demand amid rising household incomes, particularly wages and pensions,” the National Bank noted on its Telegram channel on Monday.
The regulator attributes the rise in hryvnia cash withdrawals from bank teller windows to heightened security risks caused by airstrikes and the destruction of industrial, energy, and residential infrastructure, which sustained public demand for cash.
In the first half of 2026, the largest share of cash withdrawals from bank teller windows, as before, came from customer transactions using payment cards—85.5%, or 1 trillion 369.7 billion hryvnias.
Banks’ purchases of foreign currency from customers accounted for 4.9%, or 78.9 billion UAH; cash replenishments for postal operators accounted for 3.4%, or 54.9 billion UAH; and payments of salaries and scholarships accounted for 2.2%, or 34.6 billion UAH.
The main sources of cash inflows to bank teller windows remained retail sales proceeds—31.4%, or 488 billion UAH—and customer transactions using payment cards—28.0%, or 435.7 billion UAH.
Foreign currency sales accounted for another 15.3%, or 238.1 billion UAH, while revenue from all types of services accounted for 12.2%, or 188.9 billion UAH.
Zlata Estate became the largest among Ukrainian companies with jewelry-related KEVD codes that published financial statements for 2025, with revenue of 1.261 billion UAH, according to an Opendatabot study and its analysis by Experts Club dated August 17, 2026.
Resurs+ took second place with revenue of 1.019 billion UAH, while Weiss King came in third with 955.4 million UAH.
Amadeo, the official distributor of Pandora in Ukraine, generated 830.4 million UAH in revenue and ranked fourth. Rounding out the top five is “Opti Gold” with 620.4 million UAH.
Overall, the top 10 jewelry companies in Ukraine by revenue for 2025 are as follows:
“Zlata Estate” — 1.261 billion UAH
“Resurs+” — 1.019 billion UAH
“Weiss King” — 955.4 million UAH
“Amadeo” — 830.4 million UAH
“Opti Gold” — 620.4 million UAH
“Golden Hit” — 618.3 million UAH
“Parity+” — 608.5 million UAH
“Silver Tears” — 586.3 million UAH
“Silver Spectrum” — 471.1 million UAH
“Kipsayk” — 445.1 million UAH.
The combined revenue of the top five companies alone exceeded 4.68 billion UAH.
However, Opendatabot cautions that the ranking does not provide a complete picture of Ukraine’s jewelry market. Of the 1,282 active companies with the relevant KVED codes, only 358—less than one-third—submitted financial statements for 2025. Therefore, the ranking presented reflects the performance of companies for which financial data is available, rather than that of all industry participants.
In total, as of the end of July, there were 7,865 jewelry businesses in Ukraine, including 1,282 companies and 6,583 sole proprietorships.
In the first half of 2026, PJSC “Podillya Food Company” increased its net profit by 42.4% compared to the first half of 2025, reaching 587.25 million UAH.
As the company reported in the National Securities and Stock Market Commission’s (NSSMC) disclosure system, it increased its revenue 2.4-fold to 2.48 billion UAH.
According to the report, gross profit rose 4.1-fold to 541.74 million UAH, while operating profit increased by 44% to 710.91 million UAH.
Since the beginning of the year, the company’s assets have increased by 0.8% to 9.46 billion UAH, while equity rose by 12.4% to 5.34 billion UAH, including retained earnings, which increased by 12.4% to 5.33 billion UAH.
The company’s current assets increased by 5.3% over the first half of the year to 6.36 billion UAH; specifically, trade and other current receivables rose by 2% to 3.36 billion UAH, while total liabilities decreased by 11% to 4.12 billion UAH.
According to the report, in the second quarter of 2026, “Podillya Food Company” continued to invest in the acquisition, modernization, and maintenance of fixed assets—including production equipment, vehicles, infrastructure facilities, and auxiliary equipment. Specifically, the company acquired new agricultural machinery—including mineral fertilizer spreaders, a generator, and seed cleaning equipment—as well as a disc harrow; for its dairy operations, it purchased a new cooling panel and a milk pasteurizer.
Going forward, “Podillya” plans to focus on increasing the yield of sugar beets and grain crops using precision farming technologies, specifically variable-rate fertilizer application and GPS-monitored machinery. The company is also considering expanding its portfolio of leased land and upgrading its fleet of agricultural machinery with energy-efficient models.
In addition, “Podillya” is analyzing the possibility of investing in a production line for granulated beet pulp and molasses, which will allow the company to diversify its revenue streams and ensure zero-waste production.
In the livestock sector, “Podillya” plans to gradually increase the size of its dairy herd and replace low-productive animals with breeding stock possessing high genetic potential. Plans also include the renovation of barns and the automation of feeding processes to increase average daily milk yields.
PJSC “Podillya Food Company” is part of the “Ukrprominvest-Agro” agricultural holding. It owns a land bank of 51,000 hectares. It specializes in growing sugar beets, wheat, corn, and barley, as well as in swine farming (21,000 head), and maintains a herd of 3,000 head of cattle. It has a grain storage facility with a capacity of approximately 60,000 metric tons. The company employs 5,500 people.
“Ukrprominvest-Agro” is engaged in crop cultivation, sugar and flour production, and meat and dairy livestock farming. The group’s land bank exceeds 116,500 hectares. The agricultural holding is located primarily in regions that have not been invaded by Russian occupiers.
The group’s sugar business consists of two sugar factories in the Vinnytsia region. Total grain storage capacity for agricultural crops is 120,000 metric tons.
“Ukrprominvest-Agro” comprises “Agroprodinvest Group” LLC, “PK Podillya” PJSC, PK Zorya Podillya LLC, Vinnytsia Bakery Products Plant No. 2 LLC, Dniproagrolan Agricultural Farm, Ivankivtsi Agricultural Farm, Mas-Agro LLC, Pravoberezhne LLC, and Progress-NT LLC.
Since December 2019, the agricultural holding has been owned by Oleksiy Poroshenko, the son of the former president of Ukraine.
In 2025, the “Podillya” Food Company saw its revenue decrease by 39.5%—to 3.18 billion UAH—and its net profit decrease by 36.1%—to 698.8 million UAH.
During the 2025/2026 season, Ukraine earned a record 250.8 million euros in revenue from frozen raspberry exports, a 65% increase over the previous season.
Between June 2025 and May 2026, Ukrainian companies exported 63,300 metric tons of frozen raspberries, increasing the physical volume of shipments by 7%, according to data from the July analytical report by the Ukrainian Berry Growers Association, published on August 7.
Thus, the main factor driving the growth in export revenue was not an increase in volume but a significant rise in the price of Ukrainian berries. The average export price was 3.96 euros per kg, which is 54% higher than in the previous season.
In May, the final month of the 2025/2026 season, Ukraine exported approximately 2,900 metric tons of frozen raspberries at an average price of 3.95 euros per kilogram. Poland, the Czech Republic, and Germany were among the main export destinations.
This revenue growth continues a trend that began as early as the 2025 calendar year. At that time, frozen raspberry exports rose from 55,700 metric tons in 2024 to 60,700 metric tons—an increase of approximately 9%—while their value jumped from 129.3 million euros to 216.7 million euros.
The average price of Ukrainian raspberries rose significantly throughout last year. While it stood at about 2.78 euros per kg at the beginning of 2025, it exceeded 3.8 euros in the second half of the year and reached 4.29 euros per kg in December.
Poland Remains the Main Market
Poland remains the largest buyer of Ukrainian frozen raspberries and is also a major European processing and re-export hub.
In 2025, Ukraine supplied 24.1 thousand metric tons of frozen raspberries to Poland. The Polish market accounted for 39.7% of Ukraine’s total export revenue from this product, or 86.1 million euros. A year earlier, that share stood at 31.8%.
Germany is the second-largest market. Direct Ukrainian shipments there in 2025 totaled 14.1 thousand metric tons, compared to 15.4 thousand metric tons the previous year. At the same time, the “Berry Growers of Ukraine” Association suggests that a portion of German demand is increasingly being met through Polish intermediaries.
The Czech Republic retained its third-place position. Ukraine supplied approximately 10,000 metric tons of frozen raspberries there annually, and the value of shipments in 2025 rose from 24.1 million euros to 39.1 million euros, primarily due to higher prices.
The price situation remains favorable for Ukrainian producers
The “Berry Growers of Ukraine” Association expects that in the 2026/2027 season, the situation on the European market may remain favorable for Ukrainian exporters.
Among the factors supporting prices, analysts cite problems with the raspberry harvest in Serbia and the uneven condition of plantations in Poland. In its July report, the association estimates Serbia’s 2026 harvest to be 20–30% below normal levels due to drought.
This potentially reduces supply from one of Europe’s traditionally largest producers and exporters of frozen raspberries and opens up additional opportunities for Ukrainian suppliers.
As a result, Ukraine is gradually increasing not only the physical volume of berry exports but also the value of its shipments. In the 2025/2026 season, price increases had a significantly greater impact on export revenue than increases in tonnage, bringing revenue from frozen raspberries to a historic high of 250.8 million euros.
PJSC “Tobacco Company ‘V. A.T. – Pryluky” (Chernihiv Oblast), a subsidiary of British American Tobacco (BAT), increased its revenue by 3.8% in January–June 2026 compared to the same period in 2025, reaching 2.813 billion UAH.
As reported by the company in the National Securities and Stock Market Commission’s (NSSMC) disclosure system, its net profit rose by 28.2% to 374.5 million UAH.
According to the financial statements, the company’s gross profit for the first half of the year increased by 7.3% to 525.9 million UAH, while operating profit rose by 22.6% to 372.9 million UAH.
As of June 30, 2026, the assets of PJSC “A/T Tobacco Company ‘V.A.T.-Pryluky’” totaled 17.439 billion UAH, compared to 14.986 billion UAH at the beginning of the year.
Compared to the first quarter, the number of employees at the company decreased by 10 and currently stands at 374.
The company’s equity increased to UAH 13.639 billion from UAH 13.579 billion, while current liabilities rose to UAH 3.687 billion from UAH 1.296 billion.
According to the report, “V.A.T. Pryluky” is one of the largest manufacturers and exporters of tobacco products in Ukraine. It produces cigarettes under international brands and a national local brand, as well as TVEN.
According to the National Securities and Stock Market Commission (NSSMC), 100% of the shares are owned by Precis (1814) Limited (United Kingdom).
As previously reported, in 2025, the company’s net profit fell by 37.3% compared to 2024—to 413.6 million UAH—amid an 11.8% decline in net revenue to 5.04 billion UAH.
“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
