Three-quarters of Ukrainian businesses continue full operation despite war – EBA survey

The relevant statement was made by the EBA’s press service, referring to a regular survey, Business During War, an Ukrinform correspondent reports.

“At the beginning of 2025, three-quarters of companies (75%) are operating at full capacity, while 24% operate with restrictions, and 1% have ceased operations entirely,” the report states.

Six months ago, 64% of companies operated at full capacity, while 36% faced restrictions.

Currently, 77% of the EBA’s member companies are planning to continue operating in Ukraine, regardless of whether hostilities end this year. Another 19% remain uncertain, while only 4% suggest they may reconsider their presence in the Ukrainian market if the war persists.

According to the EBA’s survey, the most common operational constraints remain a shortage of qualified workers/mobilization (75%), geographical activity limitations (55%), and work stoppages during air raid alerts (41%).

In the past six months, the number of executives with a positive outlook on their business conditions has risen from 27% to 40%. Meanwhile, 46% rate their business situation as satisfactory, and 14% as negative.

As noted by the EBA, compared to previous survey results, business dynamics forecasts for the next six months have become more optimistic. Now, 29% of respondents expect business conditions to deteriorate in 2025 (a significant drop from 56% in the previous survey). The number of those who expect their business situation to improve has doubled in the past six months, from 16% to 32%. At the same time, 39% do not anticipate significant changes.

Meanwhile, businesses are strengthening their financial reserves. In contrast to to mid-2024, the number of companies with financial reserves for a year or more has increased to 72% (previously 53%). At the same time, 22% have reserves for six months, 5% for a few months, and only 1% have no reserves at all.

Following the survey, war-related losses remain significant. As of early 2025, 25% of surveyed companies report losses of up to USD 1 million, while 24% indicate losses between USD 1–10 million, and 16% have losses exceeding USD 10 million. Only 11% of surveyed companies report no losses, while 24% find it difficult to assess them.

Businesses currently require the most support in the following areas: improved procedures for employee exemptions from military service; easing of foreign exchange restrictions; a moratorium on inspections; coverage of war-related risks.

A reminder that, in January 2025, businesses maintained their performance expectations at last year’s level due to seasonal factors, a challenging security situation, and a rise in production costs.