Naftogaz Group has reached agreements in principle with the special committee of holders of two Eurobond issues on their restructuring for a total amount of around €1.2 billion, which provides for the extension of maturities until 2032–2033. This was reported by the company’s press service.
The restructuring concerns two Eurobond issues placed through the special-purpose company Kondor Finance plc. It includes bonds worth €695 million, the maturity of which had previously been extended until 19 July 2026, as well as a $584 million issue maturing on 8 November 2028.
Under the agreements reached, the maturity of the euro-denominated Eurobond issue is planned to be extended until January 2032, while the maturity of the dollar-denominated issue is planned to be extended until January 2033.
The company noted that the agreements were reached amid the ongoing full-scale war and continuous attacks on Ukraine’s energy infrastructure. According to Naftogaz, in 2025 alone Russian forces carried out 229 strikes on the group’s facilities — more than in the previous three years of the war combined. Since the beginning of 2026, the company’s infrastructure has suffered more than 170 additional attacks.
Serhiy Koretskyi, CEO of Naftogaz of Ukraine, said that completion of the restructuring would allow the company to direct more funds toward restoring damaged infrastructure, ensuring the stable operation of the energy system, and preparing for heating seasons.
Final approval of the agreements must be obtained from the governing bodies of Naftogaz of Ukraine and the relevant ministries.
This is already the second restructuring of these debt obligations since the start of the full-scale war. The previous restructuring was agreed in July 2023, when the company received a deferral of payments amid wartime risks and the need to maintain the financial stability of the energy sector.
Naftogaz Group’s revenue in 2025 increased by 5.7% to UAH 270.9 billion, compared with UAH 256.4 billion a year earlier. At the same time, cost of sales rose by almost 30%, causing gross profit to nearly halve from UAH 79 billion to UAH 40 billion.
Net profit declined 6.5 times to UAH 5.83 billion, compared with UAH 37.9 billion a year earlier. Profit attributable to the shareholder amounted to UAH 3.23 billion.
Naftogaz is Ukraine’s largest energy company, operating in the production, storage and supply of natural gas and oil. The group includes Ukrgasvydobuvannya, Ukrtransgaz, Ukrtransnafta and Ukrnafta.
