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
PJSC “Tovkachivsky Mining and Processing Plant” (TGZK, Pershotravneve, Zhytomyr Oblast) reported a net loss of UAH 2.806 million in January-March of this year, compared to a net profit of UAH 4.885 million in the same period last year.
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 6.307 million from UAH 18.790 million in the first quarter of 2025.
Retained earnings as of the end of March amounted to UAH 463.231 million.
According to the annual report, the company reported a net profit of UAH 6.336 million in 2025, compared to a profit of UAH 1.260 million in 2024, while revenue from ordinary activities amounted to UAH 80.377 million (UAH 91.104 million in 2024).
The average number of full-time employees on the payroll was 110. Compared to the previous year, the payroll fund for 2025 increased by 1,758,500 UAH and amounted to 24,479,300 UAH. Due to the armed aggression of the Russian Federation, there was an exodus of qualified personnel throughout 2025; from November 2024 through May 2025 inclusive, and from October 2025 onward, the enterprise was idle.
As reported, TGZK earned a profit of 78,175,767 thousand UAH in 2020, 44,223,637 thousand UAH in 2021, and 14,659,029 thousand UAH in 2022. The company ended 2023 with a net loss of UAH 794,133 thousand.
TGZK is a company engaged in the extraction, processing, and enrichment of quartzite. It is the main supplier of raw materials for the production of ferroalloys, refractories, and dinas in Ukraine. TGZK operates the Tovkachivska section of the Ovruch quartzite deposit, located in the town of Pershotravneve, using open-pit mining methods.
According to the National Securities and Stock Market Commission’s data for the first quarter of 2026, Navaro Development Limited owns 5.1898% of the company’s shares, Lucrino Investments Limited – 9%, Mantara Holdings Limited – 72.0629%, and Duxton Holdings Limited (all based in Cyprus) – 12.1891%.
According to the report, the ultimate beneficial owners (controllers) of the company are Ihor Kolomoyskyi and Hennadiy Boholyubov, against whom sanctions have been imposed.
The company’s authorized capital is UAH 1.588 million, and the par value of a share is UAH 2.25.
The unaudited EBITDA of six solar power plants (SPPs) with a total installed capacity of 105 MW in the Lviv region, which Ukraine’s largest mobile operator Kyivstar acquired for 3.6 billion UAH (or $80.8 million), amounted to UAH 596 million in 2025.
According to Kyivstar’s presentation on the acquisition, the revenue of these six SPPs, commissioned between 2017 and 2025, totaled UAH 682 million last year.
The operator noted that this investment, calculated at $0.77 million per 1 MW, aligns with one of its four priorities—capital investment in real assets that mitigate inflationary and/or currency risk.
“Renewable energy is one of the key areas of Kyivstar’s investment portfolio, as it opens up opportunities for the further use of ‘green’ electricity to cover part of the company’s energy needs,” Kyivstar CEO and President Oleksandr Komarov is quoted as saying in the press release.
The three other priorities listed are investments in infrastructure reconstruction and preventive network protection, the development of a digital ecosystem through adjacent acquisitions, and increasing the market share of fixed broadband through targeted acquisitions.
Taking into account the initial purchase last December of the 13-MW “Sunwin 11” solar power plant for $3 million in the Zhytomyr region, Kyivstar’s total “green” generation capacity has grown to 118 MW, which enables the production of electricity equivalent to approximately 30% of the company’s current annual consumption, according to the press release.
“Electricity from the acquired solar power plant group will be fed into Ukraine’s unified power grid in accordance with current market and regulatory rules, which will allow Kyivstar to partially hedge risks associated with fluctuations in electricity prices,” Kyivstar explained.
The mobile operator noted that these “green” projects also enable it to build a long-term energy consumption model, strengthen the country’s energy sector, and align with sustainable development goals.
Kyivstar’s stock price rose by 2.18% on May 26, the day the purchase of six solar power plants was announced, reaching $14.51 per share.
As reported, in March of this year, Kyivstar received approval from the Antimonopoly Committee of Ukraine (AMCU) to purchase six solar power plants in the Lviv region: Energo-Postach-Plus LLC, Lightful, Sunlight Generation, Ternovytsia Solar, Energy Space, and Ternovytsia Solar Plus.
In the first quarter of 2026, Kyivstar increased its EBITDA by 28.5% to UAH 7.5 billion, while revenue grew by 31.3% to UAH 13.9 billion.
In 2025, the Kyivstar Group increased its EBITDA by 30% to UAH 27 billion, with revenue growing by 30.3% to UAH 48.2 billion. In particular, in the fourth quarter of last year, EBITDA increased by 23.1% to UAH 7.2 billion, with revenue growing by 30.1% to UAH 13.5 billion.
British mobile operator Vodafone Group reported a pre-tax profit in fiscal year 2026, compared to a loss a year earlier, with revenue increasing by 8%.
According to the company’s statement, pre-tax profit for the fiscal year ended March 31 was €1.86 billion, compared to a loss of €1.48 billion a year earlier, when it wrote down the value of assets in Germany and Romania by €4.5 billion.
Adjusted earnings before interest, taxes, depreciation, and amortization, including lease payments (EBITDAaL), rose 4% last year to €11.35 billion. Organic growth was 4.5%.
Vodafone’s annual revenue rose to €40.46 billion from €37.45 billion a year earlier.
Organic growth in service revenue—a key performance indicator for Vodafone—was 5.4%, with increases recorded in all regions except Germany (-0.2%). In the rest of Europe and Turkey, service revenue increased by 0.5% on an organic basis, in the UK by 0.3%, and in Africa by 12.9%.
The consensus forecast of analysts, compiled by Vodafone itself, projected annual revenue of €40.42 billion and adjusted EBITDAaL of €11.48 billion.
The company forecasts that in fiscal 2027, adjusted EBITDAaL will be €11.9–12.2 billion, and free cash flow excluding one-time items will be €2.6–2.9 billion.
In total, the company returned €3.1 billion to shareholders in the past fiscal year.
Vodafone shares are down 3.5% during Tuesday’s trading. Since the start of this year, their value has risen by 17.5%.
Piskivsky Glassworks LLC, a manufacturer of clear glass jars and bottles (PZS, Bucha District, Kyiv Region) increased its net revenue from product sales by 19.4% in January–March 2026 compared to the same period in 2025, reaching UAH 438.6 million.
According to the company’s interim financial statements, it ended the first quarter with a net profit of UAH 1.663 billion, whereas a year earlier it had reported a loss of UAH 37.2 million.
The company generated UAH 19 million in gross profit (compared to a loss of UAH 7.7 million in the first quarter of 2025), and operating profit exceeded UAH 2 billion (driven by “other income,” which amounted to UAH 1.8 billion), whereas last year the loss reached nearly UAH 13 million.
The accumulated loss as of March 31, 2026, amounted to UAH 824.8 million, while at the beginning of the year it was UAH 2.487 billion.
According to the report, exports accounted for 77.7% of total sales (nearly UAH 341 million). Among the importing countries are Poland, Italy, Germany, France, Greece, Romania, Turkey, Lithuania, Latvia, Moldova, and Georgia,
The company lists Francesco Arpaia, Saulite Partikas Grupa SIA, and Ferret LLC as its main clients.
In the first quarter, the plant produced more than 78.4 million units of products (including 72.5 million cans and nearly 6 million bottles), which amounts to 375.4 million UAH in monetary terms.
The report notes that following the start of the full-scale invasion, the plant suspended operations; after the furnaces cooled down, work continued from May 2022 to June 2023 to restore production on one of the two furnaces, which was launched in June 2023.
At the same time, it is emphasized that operating only one furnace has implications for the range of finished products: while before the war the plant produced both clear (Flint) and colored (brown and green) glass, it now produces only clear glass.
At the same time, the company managed to increase export shipments again due to changes in the geography of its sales market after they fell in 2023 to 47% of sales volume.
PZS assesses competition in the industry as fierce and notes that some Ukrainian competitor companies, like the Piskivsky Glassworks, have suffered losses and damage as a result of the war.
Among competitors, particularly in the Rivne region, the following are listed: “Consumers-Skl-Zorya” (clear glass bottles and jars), “Kostopil Glass Factory” (glass containers for low-alcohol and non-alcoholic beverages, perfume and canning containers, and liquor bottles), and “Rokytne Glass Factory” (green, brown, and clear glass bottles).
Other manufacturers of similar products include “Malyniivsky Glass Plant” (Chuhuiv District, Kharkiv Region), “Vetropack Gostomel Glass Plant” (Kyiv Region), and “Merefyanska Glass Company” (Kharkiv Region).
Among other challenges facing the industry, the plant cites stagnation amid declining consumer demand in Ukraine, and increased competition and dumping abroad.
“The main task for the next few years is to return to pre-war production volumes, and to do this, we need to resume production at Furnace No. 1,” the report states.
According to the company’s 2025 report, it plans to launch a second glass furnace this year, which will increase production capacity by 75%, enabling it to boost exports and optimize costs.
At the same time, PZS notes, about two-thirds of finished products are planned to be exported to EU countries, where a steady growth in demand for glass containers has been observed over the past few years (an increase of about 5% per year) due to rising interest in environmentally friendly packaging materials.
In 2025, the plant increased its net sales revenue by 12% compared to 2024—to 1.607 billion UAH—while incurring a loss of 227.9 million UAH.
As of the beginning of the second quarter of 2026, the company employed 449 people.
Comfy (Comfy Trade LLC), a retailer of home appliances and electronics, generated 14 billion hryvnias in revenue from January to March 2026, a 28% increase compared to the same period in 2025, according to the company’s press service.
The amount of taxes and fees paid totaled 643 million hryvnias, which is 14% more than in the first quarter of 2025.
“The retail market and customer behavior are changing. The line between offline and online stores has practically disappeared—and customers want the best experience regardless of their chosen path to purchase. That is why we are developing Comfy as a single seamless experience; in 2026, we will invest in the digitalization and convenience of every step of the customer journey. One of the key steps is that this year we are beginning to test marketplace functionality. One in three purchases today is made online. Tomorrow, it will be every second one. We are preparing for this,” said Comfy CEO Gennadiy Verbylenko.
The growth driver for the reporting period remains the development of e-commerce; Comfy’s share of online sales reached 36.6% (+6.6 percentage points compared to Q1 2025). The Comfy mobile app now generates over a third of the company’s total online sales. The number of downloads in January–March 2026 increased by 8%, and the share of monthly active users (MAU) grew by 38% over the year.
Data from the first quarter of 2026 indicates a shift in Ukrainian consumer behavior toward rationality and functionality. The strongest growth was seen in: robot vacuums (up 380%), gaming keyboards (up 374%), refurbished tablets (up 205%), epilators—up 191%, and hair stylers—up 73.3%, indicating Ukrainians’ investment in home comfort and self-sufficiency. Sales of cameras (+65.3%), multi-cookers (+46.4%), dryers (+23.8%), and laptops (+23.7%) are also growing steadily. Building on these trends, COMFY is expanding categories with high practical value and the refurbished electronics segment in response to demand for smart savings and environmental sustainability.
In the first quarter of 2026, the company opened two new stores: one in Lviv (Victoria Gardens shopping center) and a large two-story facility in Dnipro (1-M Heroiv Avenue). The store in Zaporizhzhia has also resumed operations: following a Russian drone strike and a fire at the Amstor shopping center on January 2, some of the equipment and the premises were destroyed, but the store was restored by the end of February.
As of the end of March, the Comfy chain comprises 115 stores in 56 cities across Ukraine. Two more openings are planned by the end of the year. According to the company, revenue for 2025 totaled 55.8 billion UAH, which is 17% more than in 2024. Over the course of the year, the company paid 2.3 billion UAH in taxes and fees to the state budget.
