The majority of companies operating in Ukraine continue to work despite the ongoing invasion, though optimism has waned.
According to the latest “Business in War Conditions” survey by the European Business Association (EBA), 76% of member companies are fully operational, while 24% operate under restrictions due to Russia’s attacks.
The sentiment among executives has grown more pessimistic compared to last year. The share of CEOs who positively assess the current state of their companies dropped from 40% to 32%, while those expecting conditions to worsen in 2026 rose to 39% (up from 29% a year ago).
Energy and human capital deficit
The survey highlights a shift in the primary obstacles facing the private sector, the EBA says. The most significant negative factors currently impacting business operations include:
- Attacks on the energy system (82%)
- Deficit of qualified employees (78%)
- War and occupation of territories(66%)
- Decreased domestic consumption (46%)
The deficit of the labor force is particularly acute, with 88% of companies reporting employees currently serving in the Armed Forces of Ukraine (AFU). For nearly half of these businesses (51%), the mobilized staff includes the most needed specialists such as engineers, IT professionals, and specialized drivers. Respondents are calling on the government to improve the procedures for military deferment (reservation) to maintain operational stability.
Financial resilience and losses
Despite the challenging environment, Ukrainian businesses maintain a remarkable degree of financial stamina. According to the EBA`s release, 67% of member companies report having enough financial reserves to last a year or more, while only 2% report having no reserves at all.
However, businesses also suffer losses due to war. One-fifth of surveyed companies (20%) report losses exceeding $10 million, an increase from 16% last year. Another 25% report losses between $1 million and $10 million. In response to these risks, 10% of companies relocated their offices or production facilities in 2025, primarily within Ukraine (8%).
Expectations regarding the war in Ukraine
Half of respondents (47%) do not expect the war to end in 2026, but the commitment to the local market remains high. In total, 76% of EBA member companies intend to continue their Ukrainian operations regardless of the military situation.
“After four years of full-scale war, business demonstrates a high level of resilience,” Anna Derevyanko, Executive Director of the EBA, is quoted as saying in an EBA press release. “At the same time, we see more restrained forecasts this year – a clear reaction to prolonged security, energy, and economic challenges.”
To sustain this resilience, the EBA notes that businesses are seeking government support to cover war-related risks, a moratorium on inspections, and the easing of currency restrictions.