The national communications operator JSC Ukrposhta intends to comply with the National Bank of Ukraine’s (NBU) capital requirements by January 1, 2026, using its own resources, without recapitalization from the budget, according to the company’s CEO Ihor Smelyansky.
“Will Ukrposhta bring its capital into line with the new requirements by January 1, 2026, as required by the NBU resolution? Yes, it will. Does Ukrposhta need additional capital from the state to do this? No, it does not. This will be done with its own resources,” he wrote on Facebook on Friday evening.
According to him, as of June 1, 2025, Ukrposhta’s capital amounted to more than UAH 4 billion. At the same time, from the same date, the NBU changed the procedure for calculating capital, which, according to the CEO, “applies to everyone, but in practice, primarily to Ukrposhta.” As a result, after revising the approaches to capital assessment, the indicator for the company turned out to be negative – minus UAH 600 million.
Smelyansky also explained that Ukrposhta had not yet submitted documents to obtain the opportunity to open a bank because it had already had a negative experience with such attempts when trying to buy Alpari Bank, which was later liquidated. The CEO noted that the company’s shareholder, the Ministry of Community and Territorial Development (Ministry of Development), the First Deputy Prime Minister, and the Ministry of Economy tried to find common ground with the regulator on how best to resolve this issue.
“Moreover, this topic was discussed last week during the IMF mission, so, of course, we did not do anything that could raise questions from our partners,” Smelyansky added.
According to him, at meetings attended by the Ministry of Economy, the Ministry of Development, and representatives of the NBU, it was agreed that Ukrposhta would submit a joint action plan with its shareholder, which would have to be approved by the NBU, and only then would it submit a package of documents in accordance with the approved plan.
“Did Ukrposhta submit a project jointly with its shareholder? Yes, it has. Has the final meeting taken place? No, it has not. Moreover, it has already been postponed three times by the NBU. Does it make sense to submit documents to the bank without an approved plan? No, it does not. Why? Because the regulator has such broad powers that it can reject any documents for any reason,” Smelyansky added.
As reported, this week, National Bank Chairman Andriy Pyshnyy said that the central bank had approached the government in response to a request regarding the fiscal risks it sees in connection with Ukrposhta’s attempts to acquire a bank.
“We have identified the possibility of the need to recapitalize Ukrposhta… The owner of a significant stake must meet the requirements set forth in the legislation: be financially capable, have a well-developed corporate governance system, and have a clear understanding and strategy for the bank. We are waiting for the supervisory board, the owner of Ukrposhta, whose functions are performed by the Ministry of Community and Territorial Development, to provide the relevant documents,” he said on September 11.
Earlier, Smelyansky stated that, despite opposition from the National Bank, the launch of a financial inclusion bank remains a priority goal and task for the national communications operator JSC Ukrposhta.
In the first half of 2025, Ukrposhta increased its revenue by 5.4% compared to the same period last year, to UAH 6 billion 505.0 million, reducing its net loss by 27.2% to UAH 311.8 million. However, the company ended the first half of this year with negative capital of UAH 101.6 million, compared to UAH 210.2 million at the beginning of the year.
Launching a financial inclusion bank remains a priority goal and task for the national communications operator JSC Ukrposhta, said its CEO Ihor Smelyansky.
“As the classic said: the goals are clear, the tasks are set – let’s get to work, friends!” he wrote following the results of Ukrposhta’s assessment at the Universal Postal Congress in Dubai, where, according to him, the company lagged far behind other countries in terms of business model compliance – only 21 out of 100 points, although this is more than 9.9 points last year.
“This is because we have not yet launched a financial inclusion bank, and that is why we are lagging behind 87 postal services around the world that have already done so. These are not my words — these are the conclusions of the UPU (Universal Postal Union) experts. At the congress, India Post showed that its bank already has 121 million customers. The Italian Post Office owns up to 80% of all deposits in the country,” Smelyansky said.
As reported, in August, the National Bank announced that Ukrposhta lacked the capital to create a bank.
According to the CEO of Ukrposhta, at the congress in Dubai, the company received the Rising Star Award for the first time for the fastest progress in the Postal Development Index (2IPD).
He specified that the reliability indicator rose from 82.6 to 91 points thanks to the timely delivery indicator of 90%, which has grown to 98% in recent months, and the launch of 24 automated sorting centers.
Smelyansky added that Ukrposhta’s delivery geography indicator jumped from 31.6 to 87.9 points thanks to 100% coverage of Ukraine, including frontline territories, and 192 countries for export, while the business model stability indicator rose from 78.1 to 85.4 points due to the development of mobile infrastructure, satellite communications, and diversification of the vehicle fleet.
As previously reported, in the first half of 2025, Ukrposhta increased its revenue by 5.4% compared to the same period last year, to UAH 6 billion 505.0 million, reducing its net loss by 27.2% to UAH 311.8 million. However, the company ended the first half of this year with a negative capital of UAH 101.6 million compared to UAH 210.2 million at the beginning of the year.
In the first half of 2025, the state-owned joint-stock company Ukrposhta increased its revenue by 5.4% compared to the same period last year, to UAH 6 billion 505.0 million, reducing its net loss by 27.2% to UAH 311.8 million.
“In the first half of 2025, the volatility of external markets was exacerbated by the uncertainty of the tariff policy of the world’s largest economies and a significant decline in the hryvnia exchange rate against foreign currencies,” the report says.
According to the report, Ukrposhta ended the first half of the year with a negative capital of UAH 101.6 million, compared to UAH 210.2 million at the beginning of the year.
However, the company noted that in the first half of 2025, it managed to improve its financial performance compared to the same period last year.
According to the reporting in the NSSMC disclosure system, the company’s gross profit in the first half of 2025 increased by 9.9% to UAH 605.2 million, while operating losses increased by 12.8% to UAH 474.8 million due to an increase in administrative and other operating expenses.
National postal services accounted for the largest share of total revenue in the first half of the year, at UAH 3 billion 859.6 million, which is 7.6% more than in the same period last year. The delivery of parcels and small packages increased by 9.7% to UAH 2 billion 078.3 million, written correspondence by 9.8% to UAH 814.2 million, subscription processing and delivery of periodicals by 1% to UAH 142.9 million, while international postal exchange remained at UAH 613.9 million.
The company’s financial and related services grew by 0.4% to UAH 2.212 billion, in particular, pension payments and delivery decreased by 6.5% to UAH 1.3416 billion, postal transfers decreased by 5.8% to UAH 147.4 million, while payment acceptance increased by 20.1% to UAH 674.7 million.
Ukrposhta’s income from trade in own and commission goods increased by 14.3% in the first half of the year to UAH 431.6 million.
It is noted that investments in non-current assets in the reporting period decreased to UAH 195.1 million from UAH 312.1 million in the same period last year.
According to the report, the company’s long-term liabilities in the first half of the year increased from UAH 1.38 billion to UAH 2.59 billion, while short-term liabilities decreased from UAH 9.95 billion to UAH 8.57 billion.
It is noted that as of June 30, 2025, financing under the loan agreement with the EBRD was received in the amount of EUR 42.5 million, and EUR 14.81 million was repaid.
According to the report, as of June 30, 2025, the company violated financial covenants under the loan agreement with the EBRD, but at the company’s request, the bank waived the covenant requirement for 2025.
Ukrposhta emphasized that significant uncertainty in its activities remains in 2025. Thus, the management’s plans to bring the company to profitability in 2025 were affected by large-scale shelling of infrastructure facilities by the aggressor, which led to disruptions in operations, loss of facilities involved in revenue generation due to their destruction by the aggressor, and loss of territory.
Separately, Ukrposhta indicated that it plans to actively invest in the second half of the year and implement measures that will ensure positive financial results and sufficient cash flow to ensure uninterrupted operations even if risks materialize.
In particular, this includes the introduction of IT solutions with 3-in-1 devices to enable offline operation in rural areas, further integration with OLX, marketplaces, and typical customer CRM systems to ensure the availability of Ukrposhta services for small business customers; delivery quality is ensured at a level of at least 95% of the stated deadlines.
“A corresponding liquidity stress test shows that even if all risks materialize, the Company will be able to continue to meet its obligations to creditors and complete key investment projects in the foreseeable future,” the report says.
In addition, the Escher front-office system is being updated, which will speed up service delivery and enable payment by bank card.
The company also noted that it is in the final stages of transitioning to a new automated parcel sorting system, purchasing and delivering new vehicles to renew its fleet and reduce dependence on third-party transport, and deploying a new front-end system for mobile branches, while continuing to improve and refine its desktop solution.
According to the report, Ukrposhta is additionally focusing on preparing for work in conditions of prolonged blackouts in winter.
Ukrposhta JSC (Kiev) on August 12 announced a tender for compulsory civil liability insurance for owners of motor vehicles (CMTPL).
According to the electronic public procurement system Prozorro, the expected cost of the service is UAH 3.369mn. Documents are accepted until August 20.
Ukrposhta JSC (Kiev) on July 17 announced a tender for services of compulsory insurance of civil liability of owners of motor vehicles (OSAGO).
As reported in the electronic public procurement system “Prozorro”, the expected cost of the service -13.246 million UAH. Documents are accepted until August 17.
In January-March 2025, Ukrposhta increased its net revenue by 9% to UAH 3.349 billion, after posting a net loss of UAH 203.65 million in the fourth quarter of 2024.
According to the company’s disclosure in the SMIDA information disclosure system, net losses in January-March 2025 increased by 6% compared to the first quarter of 2024, when they amounted to UAH 190.27 million.
EBITDA was positive and amounted to UAH 41.4 million in the first quarter, compared to UAH 31.7 million in the same period last year.
Ukrposhta’s net income was 5% less than expected, according to the report. The main reasons, in particular, despite the overfulfillment of the number of international shipments, were the loss of net income in hryvnia due to the fact that the actual dollar exchange rate in the first quarter of 2025 was lower than the rate set in the state budget for 2025, on the basis of which the company’s planned revenues for this year were formed. The continued aggression of Russia also had an impact, resulting in the loss of markets and property, a slowdown in income growth against a backdrop of inflation (103.5% in January-March), which in turn affected the volume of all services.
Ukrposhta’s revenues from almost all services, except for pensions and cash assistance, money transfers, periodicals, and other commercial and financial services, increased in the first quarter of 2025. Revenue from parcel and small package delivery increased by 10% to UAH 1.071 billion, and from international postal exchange by 15% to UAH 317.21 million. On the other hand, payments and deliveries of pensions and other social benefits decreased by 8.7% to UAH 669.12 million. The volume of payments accepted increased by 20.6% to UAH 364.98 million, while the volume of postal transfers decreased by 14% to UAH 74.25 million. The volume of trade in own goods and commission goods increased by 19% to UAH 240.68 million.
In total, in January-March this year, Ukrposhta accepted 20.9 million items of domestic and international mail, including 11.1 million parcels, and made 22.4 million payments.
Among the reasons for the losses in the first quarter of 2025, Ukrposhta noted the actual exchange rate of the dollar, which was lower than the exchange rate set in the state budget for 2025, according to which the company’s planned revenues were formed, a decline in consumer spending, and lower-than-expected income from the planned sale of property (35.1 million hryvnia). Ukrposhta also noted that it had completed a business transformation through the launch of automated parcel sorting and the optimization of personnel and business processes.
In the first quarter, the foundation was also laid for the renewal of the logistics network of JSC Ukrposhta and its IT infrastructure, according to the report.
“Overall, we are confidently looking ahead to 2025—a year of radical renewal for the company, a return to positive financial results, and the expansion of the company’s activities in new directions to provide Ukrainians with basic services under any circumstances across 100% of our country’s territory,” it said.
As of March 31, 2025, Ukrposhta had 5,177 stationary points and 2,058 mobile points, serving 11,145 and 20,320 service points, respectively. The average number of full-time employees in the first quarter was 28,859, including 6,038 postal operators and 5,808 postmen. The average salary of a full-time employee was UAH 18,189 thousand.
Earlier it was reported that Ukrposhta increased its revenue in 2024 by 12.1% compared to 2023, to UAH 12.9 billion, and reduced its loss by 1.9 times, to UAH 413.2 million.
In the fourth quarter of 2024, the company increased its net income by 11.5% compared to 2023, to UAH 3.59 billion, and for the first time since the start of the full-scale invasion, it received a net profit of UAH 97.7 million.
