A study by NV summarizes the investment activity of Ukraine’s largest private businesses during the full-scale war, covering the period from February 2022 to February 2026. The sample included 150 of the country’s largest private companies and banks, which together directed UAH 454.7 billion in capital expenditures (CAPEX) toward developing assets inside Ukraine. Only long-term investments were counted — including infrastructure, equipment, modernization, and new projects — while operating expenses such as salaries and routine repairs were excluded.
The largest investor was energy holding DTEK, which invested UAH 101.7 billion, accounting for 22.4% of the total. Kyivstar ranked second with nearly UAH 48 billion in investments. Overall, the telecom sector emerged as one of the key drivers: together with Vodafone Ukraine (UAH 25.4 billion) and DVL Group (lifecell, Datagroup-Volia), the three operators accounted for nearly one-fifth of all investments.
Across industries, the mining and metals sector was led by Metinvest (UAH 37.8 billion as of December 2025), ArcelorMittal Kryvyi Rih (UAH 17.7 billion), and Interpipe (UAH 6.7 billion). These figures reflect large-scale investment in sustaining and upgrading Ukraine’s industrial base.
In the agricultural sector, the largest investments were made by MHP (UAH 30.2 billion), the business structures of Andriy Verevskyi, including Kernel (UAH 15.7 billion), and Astarta (UAH 10.9 billion), underlining the importance of agricultural production and exports.
Among retailers, the leaders were Fozzy Group (UAH 15 billion), Aurora chain (UAH 7.1 billion), as well as EVA and Varus (UAH 4.8 billion each), demonstrating the resilience and continued development of the domestic consumer market.
In the FMCG segment, the largest declared investments came from Carlsberg Ukraine (UAH 3.5 billion), Nestlé (UAH 2.9 billion), and Philip Morris Ukraine (UAH 1.8 billion).
In the combined category of manufacturing, logistics, fuel, and energy, the standout investors were OKKO Group (UAH 22.9 billion), Nova Poshta (UAH 18.6 billion), and BGV Group (UAH 8.4 billion), reflecting the strategic priority of logistics and energy infrastructure.
In the financial sector, the largest capital investments were made by Dragon Capital (UAH 8 billion), Raiffeisen Bank (UAH 5.9 billion), Ukrsibbank (UAH 4.7 billion), and PUMB (UAH 1.9 billion).
In pharmaceuticals and healthcare, the leaders were Farmak (UAH 3.8 billion), Darnitsa (UAH 2.9 billion), Yuria-Pharm (UAH 2.8 billion), and Dobrobut medical network (UAH 1.3 billion), indicating growing investment in the healthcare sector.
During the data collection process, companies were asked to exclude operating expenses (OPEX). Where figures were provided in foreign currency, they were converted using the official exchange rate as of March 1, 2026. At the same time, IT companies did not disclose their investment figures, so the sector was not represented in the sample.
A separate point of note is the contribution of Rinat Akhmetov’s SCM Group: the combined investments of its companies since the start of the war exceeded UAH 150.5 billion (around $4 billion), accounting for roughly one-third of the total. In addition to DTEK, Metinvest, and PUMB, the list also included Ukrtelecom (UAH 1.6 billion) and Lemtrans (UAH 1.1 billion).
Overall, the data shows that even under wartime conditions, large private businesses have continued to invest actively in Ukraine’s economy, concentrating resources in energy, telecom, industry, agriculture, and logistics.
