Serhiy Ustenko, owner of the Carpathian Mineral Waters group, signed a €11 million loan agreement with the European Bank for Reconstruction and Development (EBRD) during the ReBuild Ukraine 2025 conference in Warsaw, according to a Facebook post by the National Association of Extractive Industries of Ukraine.
“The investment will be used to build a modern, energy-efficient beverage production plant in Lviv region, which is an important contribution to Ukraine’s food security and the development of sustainable production,” the statement said.
It is expected that, as part of the implementation of an inclusive employment model, the company will create at least 50% of jobs for veterans and people with disabilities.
“The financing will allow us to expand our production capacity and make our business even more environmentally friendly and socially responsible. Thank you for investing in the development of KMW and food security in Ukraine,” Ustenko said, thanking the EU and the EBRD for their trust and support.
The association recalled that Karpatski Mineralni Vody purchased a special water permit for a new plant near Zolochiv. The company paid UAH 26 million for the plot at auction.
According to the Karpatski Mineralni Vody website, the company began operating in the mineral water market in 1996 with the first bottling of Karpatskaya Dzherelna natural mineral table water. In June 2002, it was reorganized into a plant for the production of mineral water and non-alcoholic beverages, Karpatski Mineralni Vody. At the same time, the company began producing sweet carbonated drinks under the Fruktova Dzherelna and Sokovinka brands, and in 2016, the Dragon energy drink.
CONSTRUCTION, EBRD, KMW, PLANT
Prices for construction and installation works in Ukraine in September 2025 increased by 5.2% compared to September 2024, the State Statistics Service (Gosstat) reported. According to the State Statistics Service, in September-2025 compared to September-2024 prices increased in all segments of construction: in residential construction by 5.6%, in non-residential – by 5.3%, in engineering – by 4.9%. At the same time, compared to August this year, prices rose by 0.1% in each segment.
Relative to December-2024, prices in September-2025 for construction and installation work rose 4.1%, while construction prices rose 5.9% in the first nine months of 2025 and 5.3% in the third quarter compared to the same period a year ago.
As reported, in 2024, prices for construction and installation work increased by 7.9% year-on-year, while in 2023 they increased by 15.8% relative to 2022. The State Statistics Committee noted that the figures are given without taking into account the temporarily occupied territories and part of the territories where hostilities are (were) conducted.
The business confidence indicator in the Ukrainian construction market rose by 3.8 percentage points (pp) in the fourth quarter of 2025 compared to the third quarter, to minus 28.6%, according to the State Statistics Service (Gosstat).
According to a survey of construction companies conducted by the agency, the assessment of the shortage of current orders improved by 5.6 p.p. to ‘minus’ 41.4%. Thus, 48.5% of the companies surveyed assessed their current order volume as normal for the season, while 47% assessed it as insufficient.
Forty-eight per cent of respondents expect prices for their services to increase in the fourth quarter of this year. Only 5% of respondents predict a decrease in the cost of construction work, while 47% do not expect any changes in pricing policy.
According to State Statistics Service data, the companies participating in the survey have an average of six months’ worth of orders, which corresponds to the pre-war figure at the beginning of 2022.
The statistics agency notes that in the fourth quarter of 2025, the construction industry will be negatively affected by labour shortages (55.2%), financial constraints (43.8%), insufficient demand (20.7%) and other factors (41.5%).
A third of the companies surveyed expect a reduction in the number of employees in October-December, while 54% believe that their number will remain unchanged, and 13% predict an expansion of staff.
According to the State Statistics Service, 35% of respondents noted an increase in the volume of construction work completed in the last quarter, while 24% reported a decrease in volumes.
The survey showed that 99% of Ukrainian construction companies find it quite difficult to predict future business developments.
The statistics do not include territories temporarily occupied by the Russian Federation and parts of territories where hostilities are (were) ongoing.
According to the results of 2024, PJSC Firm Fundament (Kyiv) received a net loss of UAH 19.2 million, compared to a net profit of UAH 86,000 in 2023.
According to the company’s report in the information disclosure system of the National Securities and Stock Market Commission of Ukraine (NSSMC), its net income grew by 50.8% compared to the previous year and reached UAH 69.6 million. The company’s gross profit grew by 52.6% and amounted to UAH 8.2 million.
The company’s retained earnings during 2024 decreased by 30.8% to UAH 44.2 million. Current liabilities decreased by 12.5% compared to 2023 – UAH 50.1 million, and long-term liabilities by 36% – to UAH 3.6 million.
The total assets of PJSC “Firma ”Fundament” decreased by 22.2% in 2024, to UAH 102.7 million.
As noted in the company’s annual report, in 2024, the production of concrete products for defense purposes was organized on the territory of the production and technical base. The main types of income for the company are also income from the installation of pile foundations, general construction works, and engineering services (general contracting services).
The main consumers of the company’s services are developers in Kyiv: DBK Fundament Stolitsa Group LLC, Poznyakizhylbud, and Saga Development. The main consumers of concrete products are defense industry structures.
According to the report, in 2024, the number of employees decreased from 163 to 145. The company cites the shutdown of construction projects and mobilization into the ranks of the Defense Forces as one of the main reasons for the staff turnover. Since 2021, the number of employees has halved.
According to the National Securities and Stock Market Commission, as of the first quarter of 2025, the shareholders of PrJSC “Firma ”Fundament” are Oleksandr Yarosh (46.8%) and Dmytro Alekseev (45.8%).
PJSC “Firma ‘Fundament’ is part of the ”Fundament” construction group.
Romania and Moldova have reached an agreement on the construction of a new road bridge across the Prut River, according to a government press release from Bucharest. Under the terms of the memorandum signed by the Romanian government, the project provides for:
– the creation of a new road crossing to strengthen cross-border communication between the two countries and integrate Moldova into the EU transport network (TEN-T).
– the formation of a joint working group and a mixed commission to coordinate technical, financial, and customs issues during the implementation of the project.
– financing from the Romanian budget: in the first phase of the design of four bridges across the Prut, approximately €0.22 billion is to be allocated for each section.
The implementation of the project will help reduce transport time and increase the capacity of roads between Moldova and Romania, as well as improve the overall logistics of the region and speed up transport flows, including between Ukraine, Moldova, and Romania.
KAN Development invested $120 million in education and the construction of educational institutions during the war, according to company founder Igor Nikonov.
“At KAN Development, we believe in the future and are building it today. We are creating self-sufficient ecosystems with everything you need: work, education, sports, medicine, security. During the war, we invested $120 million in education for children and are building schools of a new level,” Nikonov said on his Facebook page following his participation in the Kyiv International Economic Forum (KIEF).
As reported, KAN Development is investing $80 million in the construction of a school in the Respublika residential complex and a school on McCain Street in Kyiv. In total, the educational institutions are designed for 2,000 students.
In September 2024, the A+ architectural and engineering college also opened in the Faina Town residential district in the capital. It became the 15th educational institution in the A+ network.
KAN Development was founded in 2001. The company’s portfolio includes Ocean Plaza, Respublika Park, Tetris Hall, Central Park, Comfort Town, Faina Town, Respublika, IQ Business Center, and 101 Tower. In more than 20 years of operation, KAN Development has created over 3 million square meters of residential, retail, and commercial real estate. The company is also actively developing its own network of A+ educational institutions.
