Almost 8 out of 10 Ukrainian companies ended 2025 with a profit, according to financial reporting data. Out of 222,000 businesses, every fifth company turned out to be loss-making. The largest share of profitable companies was among medium-sized businesses, while small businesses proved to be the most profitable: half of such companies earned more than UAH 5 in profit from every UAH 100 of revenue. Ukrhydroenergo, Ukrnafta and Energoatom received the largest net profit last year.
78% of Ukrainian companies included in the analysis of financial statements for 2025 ended the year with a profit: 173,510 enterprises. Another 21%, or 45,752 businesses, recorded losses, while 1% ended the year practically at break-even: 3,005 companies.
We are monitoring companies’ financial statements in Opendatabot.
How did we calculate this? In total, 429,800 companies submitted financial statements. For the analysis, 222,300 companies were selected that did not have non-profit status, had revenue above 0, provided data on net profit and had one of the following legal forms: limited liability company, private enterprise, farm, joint-stock company or subsidiary. Large businesses included companies with revenue from UAH 1 billion, the medium segment included companies with revenue from UAH 100 million to UAH 1 billion, and all companies with revenue below UAH 100 million were grouped as small businesses.
Medium-sized businesses turned out to be the most profitable: 89% of companies. These are enterprises with revenue from UAH 100 million to UAH 1 billion. Large businesses lagged only slightly: among companies with revenue above UAH 1 billion, 86% made a profit. In the small business segment, where annual revenue does not exceed UAH 100 million, the share of profitable enterprises was 77%.
At the same time, if sales profitability is assessed, small businesses have the best indicators: half of such companies have profitability above 5%. By contrast, half of large profitable enterprises operate with profitability below 2.6%. For half of medium-sized companies, this figure does not exceed 3.85%.
Top 10 most profitable companies in Ukraine
Ukrhydroenergo declared the largest net profit in 2025 – UAH 20.91 billion. The top three also included Ukrnafta with UAH 16.05 billion and Energoatom with UAH 11.85 billion in profit.
The top ten companies with the largest net profit also included Gas TSO of Ukraine, Centrenergo, Roshen, UMZ, SCM Finance, Ukrfinzhytlo and D. Trading.
In May 2026, 1,032 new vehicles were added to Ukraine’s fleet of new trucks and specialty vehicles, which is 8% more than in May 2025 but 8% less than in April of this year, according to a report by Ukravtoprom on its Telegram channel.
Renault remains the market leader with 144 units, though this is 38.7% less than in April of this year.
Fiat took second place with 84 units (118 units in April 2026), and Volkswagen took third with 83 units.
Rounding out the top five were Mercedes-Benz with 77 units and Opel with 72 units.
As reported, in May of last year, the top five were MAN, Renault, Peugeot, Citroën, and Mercedes-Benz.
According to Ukravtoprom, a total of 5,065 new vehicles were added to Ukraine’s fleet of trucks and special-purpose vehicles from January through May, which is 6% more compared to the same period last year.
Meanwhile, the information and analytical group AUTO-Consulting, analyzing the segment of trucks with a gross vehicle weight of over 3.5 tons, noted that in May, for the first time in 14 months, a 10% increase in truck sales was recorded.
“This marks the end of a long and protracted slump caused by the suspension of foreign aid through U.S. funds last year,” the report states.
JAC became the leader in this segment in May, overtaking MAN thanks to large deliveries of special-purpose vehicles, while Volvo finished third. Meanwhile, MAN took first place among heavy-duty trucks with a 16% market share. Overall, the segment of heavy-duty vehicles with a gross vehicle weight exceeding 16 tons grew by 35%.
Increased demand was recorded for dump trucks, tractor-trailers, and municipal special-purpose vehicles. A slight increase also began in the concrete mixer and tanker segments.
As reported, according to data from “Ukravtoprom,” registrations of new trucks and special-purpose vehicles in 2025 decreased by 5% compared to 2024—to nearly 12,300 vehicles.
auto market, special-purpose vehicles, TRUCKS, UKRAINE, UKRAVTOPROM
Ukraine must ensure the right to a defence is rigorously upheld in cases involving war crimes, as breaches of procedural safeguards could lead to complaints being lodged with the European Court of Human Rights and damage the country’s international reputation, according to Inna Linyova, Director of the Human Rights Institute of the Ukrainian Bar Association.
In an interview with the Interfax-Ukraine news agency, she noted that Ukrainian courts are hearing a large number of war crimes cases in absentia, without the accused being present. Such a practice is permissible, but requires the court, the prosecution and the defence lawyers to observe procedures with particular care.
According to Linyova, if a Russian serviceman who has been found guilty in absentia subsequently claims that he was not notified of the case or the trial, and that his lawyer failed to provide a proper defence, he may appeal to the European Court of Human Rights. In such a case, Ukraine risks a ruling that it has violated the right to a fair trial.
She emphasised that the issue of notifying defendants is one of the key concerns. Ukrainian legislation currently does not require the prosecution or the investigating authorities to take all possible steps to locate the defendant. If there is no access to the defendant’s address, it is sufficient to publish information about the trial on the website of the Office of the Prosecutor General and in the newspaper ‘Uryadovy Kurier’.
However, according to Linyova, it is clear that Russian military personnel are unlikely to read such sources. Therefore, the prosecution must additionally use other methods of notification: search for the defendants’ profiles on social media, send messages, and write official letters, including to the Russian Ministry of Defence.
In her view, such actions are necessary not because Ukraine expects a conscientious response from the Russian Federation, but to demonstrate that the Ukrainian system has done everything possible to ensure a fair hearing of the case.
“We cannot expect the Ukrainian judicial system to be fair to Ukrainian citizens and unfair towards Russians. Courts are either fair or unfair,” noted Linyova.
The expert also drew attention to the pressure faced by lawyers representing defendants in such cases. According to her, some lawyers and members of the public mistakenly equate the lawyer with their client, accusing defence lawyers of supporting Russian narratives. However, international standards and professional ethics explicitly prohibit equating a lawyer with their client.
In Linyova’s view, it is extremely important for Ukraine to explain to the public that the fact that an accused Russian serviceman has a defence is not a sign of the state’s weakness, but rather a testament to the strength of the legal system. This is particularly important in the context of future European integration, international legal proceedings and compensation mechanisms.
Around 97–98% of war crimes cases in Ukraine are heard in absentia, that is, without the defendant being present, Inna Linyova, director of the Human Rights Institute of the Ukrainian Bar Association, said in an interview with the Interfax-Ukraine news agency.
According to her, this mainly concerns cases where the accused Russian serviceman is in the Russian Federation or in temporarily occupied territory, and Ukrainian investigative and judicial authorities are conducting proceedings without his physical presence.
Lynova emphasised that trials in absentia are permitted under international standards, but in such proceedings it is particularly important to ensure all guarantees of the right to a defence. Otherwise, Ukraine may face serious legal and reputational risks.
“Such a trial in the absence of the accused is permissible under international standards, but in such cases it is particularly important to ensure that the rights of the accused are protected,” she noted.
According to Linyova, problems with the quality of defence were observed in a number of proceedings: lawyers could be passive, fail to file motions, fail to examine evidence, and effectively limit themselves to a formal presence in the proceedings. In some cases, defence lawyers even used derogatory terms in relation to their clients, which contradicts the very essence of the right to defence.
The Director of the Human Rights Institute of the Ukrainian Bar Association emphasised that effective defence of those accused in war crimes cases is needed not to exonerate criminals, but to protect the interests of Ukraine itself. If the trials comply with international standards, this will strengthen Ukraine’s position as a state governed by the rule of law and reduce the risk of subsequent challenges to the verdicts in international courts.
Since July 2023, the Ukrainian Bar Association has been implementing an initiative to monitor court hearings and analyse court decisions in cases of war crimes. According to Linyova, these trials are the focus of the international community’s attention, as they relate not only to the punishment of the guilty but also to the future compensation system, the restoration of justice and Ukraine’s international reputation.
According to the Office of the Prosecutor General, the number of registered criminal offences classified as war crimes is rising rapidly. By the end of May 2024, there were 129,065 cases; by September 2025, 179,803; and by 16 April 2026, 221,929.
The Ukrainian judicial system is thus facing a massive challenge: it must simultaneously document crimes, ensure the punishment of the guilty and uphold the standards of a fair trial, even in cases that attract significant public attention.
The European Bank for Reconstruction and Development (EBRD) has lowered its forecast for Ukraine’s real gross domestic product growth in 2026 to 2.2% due to the protracted war, but notes that macroeconomic stability has been maintained thanks to external support.
“This is slightly lower than the 2.5% forecast published in February, but should hostilities ease and post-war reconstruction begin, the forecast for 2027 remains unchanged at 4.0%,” according to the EBRD’s “Regional Economic Prospects” (REP) report, published on Wednesday.
The bank emphasizes that Ukraine is maintaining macroeconomic stability even in the fifth year of Russia’s aggressive war thanks to significant external financing. The outlook continues to depend largely on the course of the war and the availability of external financial support.
“The main downside risk to the forecast is linked to the energy crisis caused by the conflict in the Middle East, which could significantly worsen Ukraine’s already unstable energy situation,” the report states.
The EBRD attributes the slowdown in economic growth to 1.8% in 2025 and the weak start this year to ongoing wartime constraints: labor shortages and persistent attacks on energy infrastructure have disrupted industrial activity and logistics, while broader supply chain issues have limited production.
The bank notes that inflation has also begun to rise again after slowing to 7.4% in January 2026 following a period of tighter monetary policy and relative exchange rate stability. Higher global energy prices linked to the conflict in the Middle East are adding new pressure, increasing costs for businesses and households and contributing to a resurgence of inflationary momentum.
According to the EBRD, fiscal support remains crucial. Ukraine’s budget deficit, excluding grants, reached 23.6% of GDP in 2025 and is projected to remain elevated at 19.3% of GDP in 2026, reflecting exceptionally high spending on defense and social services. These needs are financed largely through official external support, which continues to underpin macroeconomic stability. The allocated external financing of over EUR110 billion for 2026–27 is expected to mitigate short-term risks.
The Bank notes that it is Ukraine’s largest institutional investor and has significantly increased its support in response to the full-scale war: since its onset in February 2022, the EBRD has allocated nearly EUR10.0 billion to Ukraine.
As reported, the National Bank lowered its GDP growth forecast for this year to 1.3% from 1.8% in April.
The government’s forecast, included in the 2026 state budget, currently projects 2.4% growth, but Economy Minister Oleksiy Sobolev recently announced plans to revise it downward.
According to the State Statistics Service, Ukraine’s GDP growth slowed to 1.8% in 2025 from 2.9% in 2024 and 5.5% in 2023, following a 28.8% decline in 2022—the first year of full-scale Russian aggression.
Ukrainian men of conscription age who are already under temporary protection in European Union countries should not lose their status under the current scheme. Any restrictions currently under discussion within the EU are likely to apply primarily to new applicants, should the temporary protection scheme be extended or amended after March 2027.
The discussion began following reports in the European media that some EU countries are considering restricting access to extended temporary protection for Ukrainian men of conscription or mobilisation age. This does not refer to the immediate withdrawal of status from those already in the EU, but to the possible parameters of the future regime once the current period of temporary protection expires.
The current temporary protection for Ukrainians in the EU has been extended until 4 March 2027. This mechanism was first activated in March 2022 and allows Ukrainians to live, work, and access education, healthcare and social support in EU countries without going through the standard asylum procedure.
The European Commission has previously emphasised that the current rules on temporary protection apply to all Ukrainians eligible for this status, with no specific exception for men of conscription age. Any potential changes must be discussed by EU member states and will require a separate political and legal decision.
According to Eurostat, as of the end of March 2026, 4.33 million people from Ukraine were under temporary protection in EU countries.
Germany remained the largest host country – around 1.275 million people, or 29.4% of all recipients of temporary protection in the EU. Poland was in second place – 961,400 people, or 22.2%, and the Czech Republic in third – 379,800, or 8.8%.
The composition of Ukrainians under temporary protection remains predominantly women and children. According to Eurostat, adult women accounted for 43.3% of all beneficiaries of temporary protection, minors for 30.1%, and adult men for 26.6%.
In absolute terms, this means that approximately 1.87 million adult women, around 1.30 million children and approximately 1.15 million adult men were under temporary protection in the EU.
A rough estimate suggests there are between 0.9 and 1.1 million Ukrainian men of working age and potentially conscriptionable age under temporary protection in the EU. This is an indicative estimate, not official statistics on those liable for military service.
The discussion of possible restrictions is linked to two parallel processes. On the one hand, the EU is seeking a long-term model for the millions of Ukrainians who have been under temporary protection for over four years. On the other hand, Ukraine has an acute need for human resources for defence and economic recovery.
At the same time, any changes within the EU will be legally sensitive. Restricting access to protection on the basis of gender, age or conscription status could spark debates about discrimination, human rights, the national powers of states and the alignment of EU policy with Ukraine.
Thus, the current status of Ukrainians in the EU will remain in place until at least March 2027. The question of whether there will be new restrictions for men of conscription age after that date is still under discussion and has not yet been decided.
