Ukraine’s Investment and M&A Market in 2024: Investing for Survival

This study explores key trends shaping Ukraine’s investment landscape across the following segments:

• M&A transactions
• Venture capital activity in the tech sector
• Investments in defense technology
• Deals in the agricultural sector
• Commercial real estate and construction
• Privatization and transactions involving state-owned assets
• Corporate investments in the energy sector
• Greenfield and newly announced investment projects for 2025–2027
• Cross-border investments by Ukrainian businesses
• Industrial park development
• Foreign direct investment in Ukraine
• Corporate lending by international financial institutions and banks

1. Mergers and Acquisitions (M&A)

According to InVenture estimates, the total volume of announced and completed M&A transactions in Ukraine in 2024—including corporate deals, venture investments in the tech sector, privatization of state assets, and sales of distressed properties—amounted to $1.2 billion, compared to $1.7 billion in 2023.

Given the limited publicity and transparency of transactions, we estimate that the actual M&A market volume in Ukraine may have reached approximately $1.5 billion in 2024.

Due to the low level of transaction disclosure, around 30% of deals could not be reliably assessed—many of which may have exceeded tens of millions of dollars in value. It is evident that dozens of transactions valued at $1 million or more went unreported in the media and did not undergo antitrust review by the AMCU.

There were no mega-deals in Ukraine in 2024 exceeding $200 million in value (by comparison, the largest M&A deal in 2023 amounted to $500 million).

In value terms, the total volume of M&A transactions in 2024 decreased by 30% year-over-year. However, based on the number of transactions, the market showed signs of revitalization.

The number of M&A deals in Ukraine valued at over $0.5 million rose by more than 20%—from 91 in 2023 to 113 deals in 2024.
Foreign investors accounted for 45% of all investment transactions and 60% of their total value.

In global comparison, the Ukrainian private investment and M&A market remains modest—comparable in size to a single mid-size international deal, such as HMC Capital’s $1.3 billion acquisition of Global Switch Australia’s data center or General Mills’ $1.45 billion acquisition of pet food maker Whitebridge Pet Brands.

Sector Breakdown of Investment Deals in Ukraine in 2024

By both deal volume and number of transactions, the leading sector was IT, technology, and telecommunications, accounting for $496 million across 41 deals.

Second place went to construction and real estate, with $202 million across 29 transactions.

Agriculture ranked third, with at least 11 landmark deals totaling $129 million.

The extractive industry also attracted investor interest, with more than $100 million invested across 8 transactions.

Key Drivers Influencing M&A Activity in 2024:

• Regulatory restrictions on capital outflow from Ukraine prompted corporate players to consider acquiring domestic assets or reinvesting profits.
• A wave of business relocations from frontline regions—mainly Kharkiv, Zaporizhzhia, Chernihiv, Sumy, and Dnipropetrovsk—boosted demand for assets in central and western Ukraine.
• Growing financial stress on businesses due to high debt burdens, rising production costs, shrinking consumer demand, staff mobilization challenges, increased tax pressure, and broader state interference led to more distressed assets entering the market.
• Emigration of business owners and the need to quickly exit assets.
• Growth in the defense sector drove demand for industrial real estate suitable for production.
• Political persecution of certain business owners.
• New privatization auctions offering state assets at attractive prices.
  
  

Top 20 Investment and M&A Deals in Ukraine in 2024

Source: InVenture’s M&A Deals in Ukraine Database

2. Venture Investment Rounds in the Technology Sector

Ukrainian tech companies continued to demonstrate strong investment appeal in 2024, accounting for approximately 35% of all investment deals in Ukraine. The majority of transactions involved fundraising rounds by tech firms founded by Ukrainians, with capital primarily coming from international investors.
In total, 41 deals in Ukraine’s tech sector attracted nearly $500 million in 2024.

Top 5 Largest Tech Sector Deals in Ukraine in 2024:

• Creatio, a Ukrainian no-code platform for business process automation and CRM, raised $200 million from Sapphire Ventures, StepStone Group, and Volition Capital, reaching unicorn status with a $1.2 billion valuation.
• French investment firm NJJ Holding acquired telecom and pay-TV provider Datagroup-Volia for $120 million.
• SoundHound AI, a U.S.-based voice AI developer, acquired core assets of online ordering platform Allset for $50 million.
• Fintech Farm raised $32 million through an initial Series B round led by London-based VC firm Nordstar, followed by an additional Series B round led by Bank of Georgia.
• Carmoola, a car finance startup, secured $19 million in a Series A round from QED Investors, VentureFriends, InMotion Ventures, AlleyCorp, and u.ventures.

3. Investment in the Defense Tech Sector

Within Ukraine's tech sector, defense tech emerged as a distinct and rapidly growing niche amid the ongoing war with Russia. A notable increase in investment activity was observed in 2024, despite the fact that many projects and companies remain confidential for security reasons.

Angel investors remain the primary source of capital for defense tech startups, though venture capital funds are beginning to play a more prominent role. Foreign capital inflows steadily increased throughout 2024, and the average investment size now exceeds $500,000.

Key segments attracting the most investor interest include UAVs, electronic warfare (EW/ECM), robotics, military AI, cybersecurity, and demining technologies.

Investments in Ukrainian defense tech projects in 2024:

• Bavovna.AI, a Ukrainian startup, raised $2.7 million to develop autonomous drone navigation systems.
• U.S.-based RG.AI led a $2.7 million round in Ukrainian startup Swarmer.
• A Ukrainian acoustic detection systems developer secured $450,000.
• Ukrainian-Estonian miltech startup Farsight Vision raised €600,000.
• The Justin Zif Foundation invested in Ukrainian defense startup Kara Dag.
• The Unbreakable Fund invested $200,000 in drone demining producer Ailand Systems.
• Ukrainian drone startup Buntar Aerospace received $200,000 from Uklon’s founders.
• Intelligence tech provider Byne raised $325,000.
• Anti-jamming radio developer Himera Radios secured $525,000.

International defense cooperation and joint production initiatives announced in 2024:

• Franco-German arms consortium KNDS launched a new enterprise in Ukraine.
• Rheinmetall announced a joint venture for ammunition production in Ukraine.
• Quantum-Systems GmbH opened a €6 million plant in Ukraine to manufacture German reconnaissance drones.
• Estonia’s Frankenburg Technologies will begin production of anti-missile systems in Ukraine.
• Germany’s Rheinmetall plans to build four manufacturing facilities in Ukraine.
• Czech arms holding CSG aims to establish 2–3 joint ventures with Ukroboronprom.
• The Lithuanian government will invest €10 million in the Ukrainian Palianytsia missile-drone project.
• New facilities for ammunition and assault rifle production are planned in Ukraine.
• Ukroboronprom will create joint ventures, service centers, and drone production lines with European defense firms.

4. Deals in Ukraine’s Agribusiness Sector

In 2024, Ukraine’s agribusiness sector saw no major acquisitions of large agricultural holdings, although the market was active with ongoing negotiations over potential large-scale mergers.

Many transactions in the Ukrainian agricultural sector remain private. InVenture advised on several such M&A deals in 2024, including land lease rights transfers exceeding $5 million. This deal structure, which avoids the need for due diligence or AMCU (Antimonopoly Committee of Ukraine) clearance, often accelerates transaction timelines.

Additionally, the market saw a number of acquisitions involving grain elevator complexes. Oleksii Oleinikov, Managing Partner at InVenture, noted that structuring deals through land lease transfers is increasingly common and effective in simplifying the transaction process.

Key Agribusiness Transactions in Ukraine in 2024:

• Saudi Agricultural and Livestock Investment Co. (SALIC), a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), acquired 12.6% of MHP shares from the free float for $54 million.
• Under its Open Agribusiness 2.0 program, agriholding Kernel began acquiring 25–50% equity stakes in select companies to expand its managed land bank. By the end of 2024, Kernel had integrated agribusinesses with 12,000 hectares in Rivne, 7,000 hectares in Kyiv, and 8,000 hectares in Kirovohrad regions.
• GNG Retail Limited (Cyprus), which controls OKKO Group, acquired a 50% stake in Ukrpolfruit LLC and Hadz-Agro LLC. According to InVenture estimates, the value of these assets exceeds $20 million.
• The AMCU approved the acquisition of control by Bunge Global SA over Viterra Limited, which operates an agri-trading business and three major grain elevators in Ukraine. InVenture estimates the value of Viterra’s Ukrainian elevator assets at over $15 million.

Despite improving performance in 2024, Ukraine’s agricultural market continues to face structural barriers that constrain investment inflows—including land raiding, corruption related to employee military exemptions, and frequent regulatory changes.

For example, Leonid Yakovyshyn, founder of the Zemlya i Volya agroholding, publicly warned of an attempted hostile takeover by a member of parliament. Meanwhile, German investors Transkarpatia GmbH & Co are engaged in a legal dispute with the management of Agro-Svoboda LLC, which allegedly transferred company assets illegally.

Additionally, changes to export regulations have disrupted business operations. AllSeeds, a major oilseed processor, halted raw material procurement and may suspend investments and production altogether.

“It’s better to send everyone home and hold onto cash than risk being buried—if not by enemies, then by our own people,” said AllSeeds Chairman of the Board Viacheslav Petryshche. Maybe Mr. Hetmantsev will personally steer the economy. God bless him—and let the country survive it. I’ve come to a single conclusion: as strange as it sounds, doing business in this country is impossible.”

5. Commercial Real Estate and Construction Transactions

Commercial real estate continues to be one of the most attractive investment segments in Ukraine year after year. It is important to note that the actual number and volume of commercial property transactions in Ukraine are significantly higher than reported, due to limited transparency and the widespread use of corporate rights transfers to structure real estate deals, which often conceals true transaction values.

Top 5 Commercial Real Estate Transactions in 2024:

• Dragon Capital acquired Karavan Outlet Mall (Trade Solutions LLC) from DCH Investment owned by Oleksandr Yaroslavsky. Estimated deal value: $50 million.
• Dragon Capital sold its Amtel Class-A warehouse complex (100,000 sq. m) in Kyiv region to door manufacturer Nova Styl (Gistion LLC). Estimated value: $30 million.
• UFuture Holding, owned by Vasyl Khmelnytsky, sold the redevelopment project of the former Lvivprylad factory (LvivTech.City) to Ivano-Frankivsk-based developer VD Group (V.D. Group LLC). Estimated value: $15 million.
• Aurora, a Ukrainian multi-format retail operator (Vyhidna Pokupka LLC), acquired the destroyed West Gate Logistic complex from Dragon Capital. Estimated value: $10 million.
• Ukreximbank sold its 7,000 sq. m Lviv branch building at auction for $10 million.

6. Privatization and State Asset Transactions

In 2024, state asset sales in Ukraine generated approximately $275 million through 23 completed deals. The majority of this value came from privatization auctions organized by the State Property Fund of Ukraine (SPFU). Several key transactions also involved the divestment of large fuel retail networks—ANP, Avias, and a controlling stake in Alliance Holding (operator of Shell gas stations in Ukraine).

Major State Sector Transactions in 2024:

• NEQSOL Holding (Azerbaijan), owner of Vodafone Ukraine, acquired United Mining and Chemical Company (UMCC) via privatization auction for UAH 3.98 billion.
• The historic Hotel Ukraina in Kyiv was sold to a company affiliated with Maksym Kryppa for UAH 2.5 billion.
• AEROC gas concrete plants, formerly Russian-owned, were acquired by Trident Geoinvest Ukraine (part of the BGV Group, led by Gennadiy Butkevych) for UAH 1.9 billion.
• Hotel Kozatsky in Kyiv was purchased for UAH 400 million by agricultural company Nadiya.
• Ukrnafta signed a deal with Shell to acquire a 51% stake in Alliance Holding LLC, the operator of Shell-branded fuel stations in Ukraine.
• PrivatBank sold 245 gas stations under the ANP and Avias brands for UAH 695.9 million.

7. Corporate Investments in the Energy Sector

According to a Deloitte study, 76% of companies in Ukraine reported that prolonged power outages had a significant impact on their operations. These outages, caused by Russia’s attacks on Ukraine’s energy infrastructure, accelerated business investments in diversified energy sources. This has led to a surge in projects involving solar power (including rooftop installations), wind energy, gas-powered units, and other generation technologies.

Key corporate energy investments in Ukraine in 2024 include:

• Nova Poshta and its energy division Nova Energy invested $13 million in energy equipment and plan to build 10 gas-powered plants.
• Epicenter will invest $76.5 million by the end of 2025 to equip its facilities with rooftop solar panels.
• DTEK invested $65 million over 10 months in repairs and thermal generation restoration.
• DTEK is investing €140 million to build energy storage systems with a total capacity of 200 MW.
• DTEK announced plans for a new 500 MW wind farm in Vinnytsia region.
• In 2025, DTEK will begin construction of the $976 million Poltava Wind Farm.
• Naftogaz Bioenergy plans to build a 100 MW wind farm in Ternopil region.
• OKKO Group will invest €20–22 million in the first stage of a 20 MW energy storage project.
• Retailer Novus invested $2 million in rooftop solar installations and plans an additional $15 million in energy efficiency upgrades.
• Dragon Capital is installing rooftop solar panels across 10 of its real estate assets.
• Kryvyi Rih Cement will invest $15 million in its own power generation facility.
• DTEK will build Ukraine’s largest wind farm in Poltava region.
• Ukrnafta will invest $40 million in gas piston power stations.
• Ukrzaliznytsia will construct gas power plants with a total capacity of 250 MW in various regions.
• Ukrnafta will build 100 MW of gas-powered generation capacity in 2024.
• Construction has begun on new Westinghouse AP1000 nuclear units at Khmelnytskyi NPP.
• BGV Group, owned by a co-founder of ATB, launched its first energy project in Rivne.
• Elementum Energy will build a 200 MW wind farm in western Ukraine with €300 million investment.
• The IFC will finance Galnaftogaz’s construction of a 150 MW wind farm.

8. Greenfield Investments and New Projects Announced for 2025–2027

In 2024, several corporate investors completed major investment projects launched during the full-scale war.

Key projects finalized in 2024:

• Kernel invested $55 million in logistics infrastructure and $20 million in its own fleet.
• Interpipe invested $40 million and launched a new thermal treatment facility in Nikopol.
• Ferrexpo invested $80 million in the Poltava Mining and Processing Plant (PGOK).
• Epicenter commissioned a $140 million ceramic tile production line.
• Lemtrans invested $15 million and opened a new container terminal in Vinnytsia.
• Alterra Group invested $22 million to launch the PORT LVIV 2.0 logistics center.
• Paper packaging manufacturer Univest invested ~UAH 300 million in a new production facility.
• Biosfera is investing €10 million in tea and coffee production under the Graff brand.

In addition to projects already in operation, many companies announced ambitious new investment plans for the coming years. Some were driven by forced changes in business conditions, while others are banking on a postwar recovery.

Announced investment plans for 2025–2027 include:

• OKKO Group plans to invest $1.5 billion in a year-round mountain resort in the Carpathians.
• Nova Group will invest UAH 8 billion in business development in 2025.
• MHP to invest over $200 million in vegetable processing and meat production.
• Ihor Liski will build a window glass plant near Kyiv with a $240 million investment.
• VEON launched a $600 million investment program for Ukraine’s recovery.
• Astarta intends to build a new soybean processing plant with $80 million in IFC financing.
• Ukrtelecom will invest UAH 1 billion in fiber-optic infrastructure.
• Vodafone Ukraine will invest about UAH 1 billion in new infrastructure.
• Aurora will invest $63 million in restoring a damaged logistics hub near Kyiv.
• ArcelorMittal Construction to launch a €40 million facility in Kyiv to produce profiles and insulation panels.
• Epicenter plans to build its own port terminal.
• Turkey’s Atlas Global Energy will build a wind farm in Zhytomyr region.
• ATB co-owner Hennadiy Butkevych will invest over $20 million in the Equides Villas cottage community.
• French hotel chain Accor plans to open Novotel Lviv and Novotel Living Kyiv.
• Seven biomethane projects will launch in Ukraine by the end of 2024, with 10 more plants scheduled to begin construction in 2025.

9. Ukrainian Business Investments Abroad

Amid the ongoing war, Ukrainian investors are increasingly exploring diversification opportunities abroad—through acquisitions, greenfield projects, international expansion, or scaling successful business models in foreign markets.

Notable outbound investments by Ukrainian businesses in 2024:

• Metinvest will build a €2.5 billion steel plant in Tuscany, Italy.
• €40 million in EBRD funding will help Metinvest expand its operations in Lithuania, including a second production facility.
• Ukrainian entrepreneur Oleh Krot acquired Polish tractor manufacturer Ursus for $18 million.
• Halyna Hereha acquired a majority stake (over 50%) in Intersport Polska.
• Farmak Pharmaceuticals completed the acquisition of UK-based A&S Group.
• Postal operator Meest Group will invest $72 million to develop a logistics network across six European countries.
• Nova Poshta invested over €10 million in the expansion of its international delivery network.
• Ukrainian IT company Intellias acquired UK-based consultancy NorthLink Digital.
• Intellias also strengthened its U.S. presence by acquiring C2 Solutions for $15–20 million.
• Ukrainian UAV manufacturer Skyeton invested $3.5 million in a Slovak production site.
• TAS Group, owned by Serhiy Tihipko, took control of Austrian railcar producer TransAnt GmbH.
• A Slovenian subsidiary of MHP will acquire poultry production assets in Albania.
• Ice cream producer Tri Vedmedi acquired Polish factory Nordis.
• Farmak acquired Polish pharmaceutical firm Symphar, which generates over €22 million in annual revenue.
• DTEK will invest approximately €30 million in an energy storage project in Poland.
• The founder of Comfy holds retail assets in Poland valued at €300 million.
• MHP will acquire a 50% stake in Spanish meat producer UVESA Group.
• Ukrainian titanium producer Velta will build a plant in the U.S. with $60 million in financing from EXIM Bank.

10. Investments in Industrial Parks

"Ukraine continues to see a growing trend in the establishment of industrial parks, intended as catalysts for large-scale industrial investment. However, most remain at the registration stage. Only a small number—those based on repurposed legacy industrial sites with available infrastructure—are currently ready to host tenants. Development of fully functional industrial parks requires significant capital investment in infrastructure and faces challenges such as a shortage of solvent clients and skilled labor in certain regions," says Oleksii Oleinikov, Managing Partner at InVenture.

Key industrial park initiatives in 2024:

• VITAGRO will transform Future Industry Hub into a meat processing cluster with UAH 1 billion in investment.
• The new Muzhai Industrial Park in Zakarpattia will focus on processing industries.
• Kalush Production Park (Ivano-Frankivsk region) will create over 2,000 jobs.
• Novoyavorivsk will host an industrial park for electronics and computer production.
• KIT Industrial Park in Bucha will attract UAH 1.75 billion in investment.
• Two new parks—Maryzhany and Dobrosyn Invest Park—will receive UAH 3.6 billion in investment in Zhytomyr and Lviv regions.
• Green Industrial Park near Kyiv will create 3,000 jobs.
• EKO Mukachevo industrial park will attract €35 million in investment.
• Three more parks—Kovel Porto, Dobrosyn, and Green Lactic—are under development.
• Industrial parks Tiachiv (Zakarpattia) and Smila (Cherkasy) will focus on energy equipment manufacturing.
• BORSCHIV park in Ternopil region will focus on agricultural processing.
• Dmytro Firtash, in partnership with Hyundai, will build an industrial park in Rivne.
• Chervonohrad Industrial Park launched in Lviv region.
• Two parks—Dnister and Halytsia—will be created in Vinnytsia and Ivano-Frankivsk regions with UAH 1.5 billion in investment.
• Formentor and InPark Boryslav will be developed in Rivne and Lviv regions with UAH 3 billion in investment.
• Smart Tech Industry Park in Poltava region will be developed with $27 million in investment.
• A new Chernivtsi Industrial Park has been registered and will offer 750 new jobs.

11. Foreign Investment in Ukraine

According to the European Business Association (EBA), foreign investors maintain a cautiously negative outlook on Ukraine’s investment climate. Russia’s full-scale war remains the primary deterrent, followed by corruption and a weak judicial system. As EBA notes, “foreign investors are visiting Ukraine and exploring opportunities, but large-scale capital deployment remains limited. Most are taking a wait-and-see approach.”

At the end of 2023, Ukraine’s Investment Attractiveness Index slightly declined to 2.44 out of 5 (down from 2.48 in H2 2022). Currently, 84% of executives at EBA member companies rate the investment climate as unfavorable: 48% report deterioration, 39% see no change, and 13% believe it has improved.

Despite this cautious stance, several multinational companies have continued to invest in Ukraine:

• JTI Ukraine will invest $60 million to expand operations.
• Philip Morris invested $30 million in a new factory in Lviv region.
• Bayer launched the second phase of its seed plant in Zhytomyr region with $60 million investment.Kronosp
• an invested €200 million in OSB board production in Rivne region.
• Unilever is building a €20 million facility in Bila Tserkva.
• Ireland-based CRH invested $80 million during wartime.
• Oberbeton will invest $26 million in a precast concrete plant in Ternopil region.
• Turkey’s Dalgakıran Kompresör invested $10 million in energy equipment production near Kyiv.
• Germany’s Notus Energy is building a 300 MW wind farm in Odesa region.
• Elementum Energy will construct a 400 MW wind power facility in Ukraine.
• EBRD and GOLDBECK SOLAR Investment launched a joint venture for solar power projects.
• Saint-Gobain (France) invested €11 million in a dry mix production plant.
• Finland’s Peikko Group is developing a composite structures plant in Bila Tserkva.

12. Corporate Lending by International Financial Institutions and Banks

With limited foreign direct investment due to the war, loans from international financial institutions (IFIs) have become one of the few remaining sources of external capital for Ukraine’s private sector. These loans, typically offered at 7–10% interest in foreign currency, are available only to companies with high turnover, positive financial history, transparent ownership structures, international financial reporting, and audits by Big Four firms.

The European Bank for Reconstruction and Development (EBRD) remains the most active lender to Ukraine’s corporate sector. In 2024, EBRD signed multiple financing agreements, bringing total wartime investment in Ukraine to €4.5 billion. The bank aims to invest €1.5–2 billion annually, supporting both public and private sectors, including through war-risk insurance and guarantees to partner commercial banks.

Key IFI-backed corporate financing deals in 2024 include:

• IFC and EBRD jointly invested $435 million in the Datagroup–Volia–lifecell telecom merger—the largest foreign investment since the war began.
• EBRD provided €80 million in loans to Ukrnafta for small gas power generators.EBRD a
• llocated €40 million to pet food producer Kormotech.
• Kernel secured $150 million from ING Bank NV, Coöperatieve Rabobank UA, and Black Sea Trade and Development Bank.
• Credobank received $40 million in guarantees from DFC for SME lending.
• BSTDB received a $150 million loan from the Japan Bank for International Cooperation.
• EBRD granted PrivatBank portfolio guarantees for €400 million in business loans.
• Credit Agricole lent $20 million to Nova Poshta for its logistics hub.
• A banking consortium led by Deutsche Bank and Barclays allocated £181 million to Energoatom.EBRD
•  plans to issue a €70 million loan to Nova Poshta.
• IFC to finance a 150 MW wind farm project by Galnaftogaz.
• EBRD granted a €20 million credit line to Bank Lviv.
• EBRD and GOLDBECK SOLAR Investment formed a JV for solar projects.
• EBRD will provide a €70 million loan guarantee to ProCredit Bank.
• EIB will allocate up to €30 million to support Ukrainian SMEs.
• EBRD guarantees for OTP Bank will enable €120 million in private sector lending.
• Farmak received €22 million from EBRD to expand operations in Poland.
• Oschadbank will receive €200 million in new guarantees from EBRD.
• Ukreximbank will receive a €40 million guarantee to issue new loans.
• PrivatBank was allocated $25 million for trade finance by EBRD.

Outlook for Investment and M&A Market in 2025

Despite immense challenges, Ukraine’s investment market has remained functional throughout the third year of full-scale war—primarily due to the resilience and commitment of Ukrainian businesses investing in domestic projects. While Western aid has focused largely on fiscal stability and defense, private sector support has also made a meaningful impact.

Data shows that in 2024, Ukrainian businesses and a handful of foreign investors continued adapting to wartime conditions by launching new investment initiatives and acquiring assets.

In 2025, investment activity in Ukraine’s technology sector—particularly for internationally-oriented and export-driven products—is expected to rise. Even stronger growth is forecast in defense tech and artificial intelligence.

In agribusiness, deal volume in 2025 is projected to match or exceed 2024 levels, with potential for large-scale transactions. Continued relocation of industrial facilities to central and western regions will drive capital flows into industrial and logistics real estate. Other segments of commercial property in major cities in central and western Ukraine are also likely to attract investor interest.

Meanwhile, Ukrainian investors are expected to pursue cross-border acquisitions despite capital export restrictions, driven by strategic expansion goals.

Still, 2025 begins with high uncertainty. The lack of clarity around the war’s duration and geopolitical trajectory presents both significant upside opportunities (due to undervalued assets) and potential losses due to persistent wartime risks.