Based on the KPMG M&A Radar 2025: Ukraine (February 2026) report, the number of transactions exceeding $5 million increased by 26% to 63 deals, while total disclosed deal value reached $1.2 billion (+17% year-on-year).
It is worth noting that KPMG’s findings broadly confirm the conclusions of the previously published InVenture analytical review of Ukraine’s investment and M&A market in 2025. Both studies highlight the strengthening role of domestic capital, growth in deal activity despite wartime risks, structural transformation of the market, and the formation of preconditions for larger-scale recovery following the end of the active phase of the war.
Regaining Momentum After the 2022 Decline
Following a sharp drop in activity in 2022, the market gradually stabilized in 2023–2024 and showed clear acceleration in 2025. The average deal size remained stable at $34 million, reflecting investors’ willingness to pursue opportunities even amid elevated security risks.
At the same time, analysts note declining transparency: the share of transactions with disclosed value fell from 64% in 2024 to 57% in 2025, largely due to the higher proportion of domestic transactions, which are traditionally less publicly disclosed.
In 2025, Ukraine’s M&A market evolved with a level of determination and focus not seen since the beginning of the full-scale invasion. This momentum did not result from a sudden improvement in conditions, but rather from investors and businesses choosing to act proactively and seize emerging opportunities.
Ukrainian investors demonstrated exceptional flexibility by initiating and closing transactions through early preparation, careful planning, and the development of investment pipelines even amid uncertainty. Those confidently entering the market today are already shaping the next phase of Ukraine’s investment landscape.
We also see that investors prepared to operate under challenging conditions can unlock new opportunities through cooperation, flexible structuring, and a shared commitment to prioritizing long-term growth. Ultimately, this year proved that with proper preparation and reliable partners, well-structured transactions in Ukraine are not only possible but increasingly realistic,” said Svitlana Shcherbatyuk, Partner, Head of Corporate Deal Advisory, Investments and Capital Markets at KPMG in Ukraine.
Dominance of Domestic Investors
The key feature of 2025 was the strengthened role of Ukrainian capital. Of the 63 transactions, 40 were domestic, with total disclosed value amounting to $671 million.
Domestic investors accounted for more than 60% of total deal volume and over half of total disclosed value. Eight out of the ten largest transactions of the year also involved Ukrainian investors.
Top 3 Domestic Sectors:
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Agriculture
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Innovation and Technology
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Real Estate and Construction
The most notable growth occurred in the technology sector: while only one domestic tech transaction worth $10 million was recorded in 2024, 2025 saw six such deals totaling $210 million.
Largest Deals of the Year
The market remained highly concentrated, with approximately 50% of total disclosed deal value attributed to just three transactions exceeding $100 million.
These included:
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MHP’s acquisition of a 92% stake in Spanish producer Uvesa (≈$300 million) — the largest outbound deal of the year
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Kyivstar’s acquisition of ride-hailing platform Uklon for $155 million — the largest domestic deal of the year
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Bunge’s acquisition of an 85% stake in ViOil for $138 million
Foreign Capital: Cautious but Present
The number of inbound transactions remained stable at 13 deals (the same as in 2024), although total disclosed value declined to $232 million (-59% year-on-year).
More than 90% of inbound deal value was driven by investors from Europe and North America.
Key inbound sectors:
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Agriculture
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Innovation and Technology
Analysts note that foreign investors remained cautious in the first half of the year, but interest increased noticeably in the second half of 2025, with several potential deals carried over into 2026.
Ukrainian Capital Expands Abroad
Outbound deal value surged to $329 million across 10 transactions, compared to $85 million in 2024.
In addition to MHP’s landmark transaction, Ukrainian companies actively invested in IT, energy, and fintech abroad. Notably, Diligent Capital Partners led a $12 million funding round in Philippine neobank Tonik.
This reflects the emergence of a new wave of Ukrainian transnational players.
Macroeconomic Context
Ukraine’s economy grew by 1.8% in 2025 despite ongoing wartime risks. At the same time, fiscal stability continued to rely heavily on sustained international financial support.
Globally, the M&A market also rebounded, with total announced deal value increasing by more than 40% year-on-year. This creates conditions for a gradual return of foreign capital to Ukraine.
Outlook for 2026
Analysts expect continued organic growth in 2026. Key drivers may include:
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Development of the defense-industrial complex
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Energy independence
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Infrastructure reconstruction
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Expansion of war-risk insurance mechanisms
The market is entering a phase of structural transformation. Investors who enter early may gain a strategic advantage in the forthcoming wave of post-war reconstruction.
