Forbes Ranking: TOP 200 Largest Companies in Ukraine InVenture

TOP 200 Largest Companies in Ukraine 2025 — Forbes Ranking

The ranking “202 Largest Private Companies in Ukraine 2025”, prepared by Forbes Ukraine, is a comprehensive overview of the country’s largest and most influential private businesses that form Ukraine’s economic backbone amid the war and ongoing economic transformation. The list includes companies from key industries—agribusiness, energy, metallurgy, retail, logistics, IT, machinery manufacturing, and food production—showing the highest revenue volumes, financial resilience, and the ability to adapt to crisis conditions in 2024–2025–2026.

The Forbes ranking makes it possible to assess the structure of large private business in Ukraine, compare market leaders, track shifts in the sector balance, and understand which companies remain drivers of economic growth. The material is useful for investors, analysts, entrepreneurs, and executives looking for up-to-date data on Ukraine’s largest private companies in 2025/2026.

Market leaders in Ukraine, 2025

Metinvest tops the ranking with the highest turnover (UAH 323.2 billion). Despite a loss, it highlights its critical role in metallurgy and mining.

DTEK ranks second by revenue in Ukraine and shows income growth in the first half of 2025.

ATB is the retail leader, delivering profits and steady growth.

Kernel, Fozzy Group, and MHP are major players in agribusiness and retail, underlining the importance of these sectors for the economy.

Sector structure of the ranking

Retail and wholesale trade is the largest sector (91 companies), indicating strong and resilient domestic demand.

Agri-industrial complex (AIC) is the second-largest group by representation (57 companies), reflecting the strong position of agriculture and processing.

IT sector includes 12 companies in the ranking, demonstrating Ukraine’s growing technological potential.

Dynamics and trends

Revenue growth: many companies show significant revenue growth in the first half of 2025 (on average ~16%).

Economic resilience: even under challenging conditions, a number of large companies not only maintained their scale but continued expanding, demonstrating high adaptability.

Employment impact: the TOP 200 companies provide more than 750,000 jobs, forming a strong employment “backbone” of the economy.

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Forbes Ukraine Ranking: TOP 200 Largest Private-Sector Companies in Ukraine, 2025

Rank	Company	Industry	Owners	2024 Revenue, UAH bn	2024 Profit, UAH bn	H1 2025 Revenue, UAH bn	H1 2025 Revenue Change	Employees (2024)
1	Metinvest	Metallurgy, iron ore mining	Rinat Akhmetov, Smart Holding	323.2	-46.3	148.0	-7%	40,535
2	DTEK	Energy	Rinat Akhmetov	245.9	n/a	135.6	38%	55,000
3	ATB	Retail	Hennadii Butkevych, Yevhen Yermakov, Viktor Karachun	208.9	3.1	117.2	20%	46,084
4	Kernel	Agriculture, food industry	Andrii Verevskyi	158.1	9.8	90.2	16%	10,900
5	Fozzy Group	Retail	Volodymyr Kostelman, Oleh Sotnykov, Roman Chyhir et al.	143.8	n/a	80.7	21%	48,417
6	MHP	Agriculture, food industry	Yuriy Kosyuk; SALIC; other shareholders	122.3	5.8	68.1	17%	30,889
7	OKKO	Petroleum products trading	Vitalii Antonov, EBRD	88.3	n/a	43.2	9%	10,496
8	DL Solution	Wholesale trade	Ari Weber	88.0	0.1	52.4	39%	1,597
9	Epicentr	Retail	Oleksandr Hereha, Halyna Hereha, Tetiana Surzhyk	81.8	n/a	40.9	3%	29,392
10	Zaporizhstal	Metallurgy	Rinat Akhmetov, Smart Holding	70.3	0.9	36.0	4%	8,577
11	Optima-Pharm	Wholesale trade	Andrii Hubskyi	69.5	3.6	35.5	10%	2,558
12	BaDM	Wholesale trade	Oleksandr Dytiatkovskyi, Oleksandr Sukhodolskyi, Ihor Sukhodolskyi	67.8	4.6	35.2	9%	2,212
13	ArcelorMittal Kryvyi Rih	Metallurgy	ArcelorMittal	64.6	-8.8	33.8	10%	13,273
14	Ukrainian Armor	Defense industry	Liudmyla Petryha, Maryna Dmytriieva, Olena Brovchenko, Vladyslav Belbas, Serhii Pylypenko	58.2	1.4	n/a	n/a	427
15	WOG	Petroleum products trading	Serhii Lahur, Svitlana Ivakhiv	55.2	n/a	27.4	5%	7,000
16	NOVA Group	Logistics	Viacheslav Klymov, Volodymyr Popereshniuk	54.2	3.8	29.8	22%	42,298
17	Philip Morris	Tobacco	Philip Morris International	52.0	0.3	29.3	26%	861
18	Rozetka	Retail	Chechotkin family; Horizon Capital; Mykola Paliienko; Taras Murashko; Denys Horovyi	46.0	n/a	21.2	2%	7,880
19	ADM	Agriculture	ADM	43.4	-0.6	15.3	-15%	249
20	Interpipe	Metallurgy	Viktor Pinchuk	42.2	11.3	23.9	14%	9,700
21	Group DF	Chemicals, wholesale trade	Dmytro Firtash	39.4	n/a	22.9	11%	5,203
22	UPG (Ukrpaletsystem)	Petroleum products trading	Volodymyr Petrenko	38.4	0.0	18.9	8%	3,853
23	Eridon Agro	Agriculture	Serhii Krolevets	38.3	n/a	27.0	29%	3,400
24	Aurora	Retail	Lev Zhydenko, Taras Panasenko, Lesia Klymenko, Horizon Capital	38.0	4.1	21.7	31%	12,536
25	GT Group	Wholesale trade	Sukhomlyn family, Ihor Avramov	37.8	n/a	14.7	10%	319
26	Ferrexpo	Iron ore mining	Kostiantyn Zhevaho, other shareholders	37.5	-2.0	18.9	-12%	8,542
27	Roshen	Food industry	Poroshenko family	37.4	n/a	18.9	20%	12,009
28	BAT	Tobacco	British American Tobacco	37.0	1.9	18.7	14%	770
29	Kyivstar	Telecommunications	VEON	36.6	11.3	21.1	29%	3,296
30	ANC	Pharmacy chains	Artur Kadushkin, Kostiantyn Puchyn, Andrii Akhtyrskyi	36.5	n/a	21.5	25%	7,087
31	Comfy	Retail	Stanislav Ronis	35.0	0.0	15.8	12%	4,534
32	Podorozhnyk	Pharmacy chains	Oleksandr Fedechko	31.8	n/a	18.8	25%	10,716
33	JTI	Tobacco	Japan Tobacco Inc.	31.2	2.6	18.6	38%	782
34	AT Energo Trade	Petroleum products trading	Roman Adamov	31.2	0.1	14.7	7%	100
35	Novus	Retail	Maryna Pozniakova, Raimondas Tumenas, Agne Ruzgiene	29.0	0.6	16.3	21%	7,160
36	Metro	Retail	Metro Group	28.8	0.1	15.5	20%	3,151
37	EVA	Retail	Ruslan Shostak, Valerii Kiptyk	26.9	1.2	14.8	19%	12,588
38	Louis Dreyfus	Agriculture	Louis Dreyfus Company	26.9	1.1	11.5	-14%	128
39	Astarta	Agriculture, food industry	Viktor Ivanchyk	26.5	3.6	10.3	-24%	6,939
40	Cargill	Agriculture	Cargill	26.1	0.7	6.1	-34%	135
41	UkrAVTO	Car trade	Tariel Vasadze	25.8	n/a	13.8	20%	4,040
42	Pharmacy 9-1-1	Pharmacy chains	Anush Daniielian, Nune Daniielian	25.3	n/a	10.2	-13%	7,583
43	Ukrlandfarming	Agriculture	Oleh Bakhmatiuk	20–30	n/a	n/a	n/a	10,000–12,000
44	LNZ Group	Agriculture	Dmytro Kravchenko	23.5–26.5	n/a	n/a	n/a	n/a
45	Agroprosperis	Agriculture	NCH	22–27	n/a	Dec-15	n/a	3,151
46	Vodafone Ukraine	Telecommunications	Nasib Hasanov	24.4	3.5	n/a	n/a	4,312
47	ERC Group	Wholesale trade	Serhii Artiukh, Andrii Dehoda, Leonid Stolnikov	24.3	n/a	10.4	-7%	1,125
48	SoftServe	IT	Taras Kytsmei, Yaroslav Lubinets, Taras Verveha et al.	21–26	n/a	n/a	n/a	7,401
49	Bunge (Suntrade)	Agriculture, food industry	Bunge Ltd	23.3	1.2	15.4	6%	374
50	Samsung	Wholesale trade	Samsung Electronics	22.2	0.6	11.1	14%	103
51	AV Metal Group	Metal trading	Serhii Skyda, Volodymyr Honcharenko et al.	21.9	0.1	11.6	19%	3,185
52	Retail Group	Retail	Roman Lunin	21.2	n/a	11.9	19%	5,732
53	Toyota	Car trade	Sumitomo Corp.	21.2	1.8	10.2	2%	167
54	BRSM Group	Petroleum products trading	Andrii Biba	21.2	n/a	6.8	-32%	4,454
55	Favbet	Gambling	Andrii Matiukha	21.2	1.7	9.6	-4%	707
56	Nibulon	Agriculture	Andrii Vadaturskyi	20.3	-1.3	8.4	-14%	2,842
57	V Agro	Agriculture	Mykhailo Voronych, Artem Dehtiar	20.0	0.3	9.0	-6%	51
58	Varus	Retail	Valerii Kiptyk, Ruslan Shostak	20.0	0.0	11.3	18%	6,557
59	Pivdennyi GOK	Iron ore mining	Rinat Akhmetov, Smart Holding	19.2	2.4	12.7	44%	4,480
60	Kramatorsk Heavy Machine Tool Plant	Machine-building	Maksym Yefimov	19.2	0.6	21.4	3.5x	1,905

Rank	Company	Industry	Owners	2024 Revenue, UAH bn	2024 Profit, UAH bn	H1 2025 Revenue, UAH bn	H1 2025 Revenue Change	Employees (2024)
61	MS Capital (Avtostrada)	Construction	Maksym Shkil	19.0	n/a	10.3	-9%	4,921
62	EPAM	IT	EPAM Systems Inc.	18.9	n/a	9.7	11%	n/a
63	DVL (Datagroup–Volia–lifecell)	Telecommunications	Xavier Niel	17.8	n/a	10.0	16%	4,728
64	Diloretio (Burisma)	Oil & gas extraction	Zlochevskyi family	17.8	n/a	7.7	7%	795
65	Continental Farmers Group	Agriculture	SALIC	17.8	n/a	10.5	25%	2,431
66	MTI Group	Wholesale & retail trade	Volodymyr Tsoi, Serhii Bashlakov	17.3	n/a	7.8	11%	2,800
67	McDonald’s	Restaurants	McD Europe	16.8	1.6	9.9	27%	9,638
68	Delta Wilmar	Agriculture	Wilmar International (Singapore)	16.7	n/a	9.8	33%	766
69	Bazhaiemo Zdorovia	Pharmacy chains	Andrii Varchenko, Oleksandr Koshchei, Yevhen Kapusenko	16.6	n/a	8.3	4%	4,970
70	Coca-Cola	Beverage manufacturing	Coca-Cola	16.3	2.1	8.8	14%	1,040
71	Genesis	IT	Vasyl Ulianov, Volodymyr Mnoholietnii, Vitalii Laptenok, Horizon Capital	14–18	n/a	n/a	n/a	2,789
72	VIDI Group	Car trade	Vitalii Dzhurynskyi	15.7	0.5	8.2	17%	1,314
73	ASBIS-Ukraine	Wholesale trade	Serhii Kostevych	15.5	0.0	6.0	-7%	208
74	Imperial Tobacco	Tobacco	Imperial Tobacco Overseas Holdings	15.1	0.5	8.8	33%	647
75	ABT Bavaria	Car trade	Avto Aktiv Intermercatus (Slovenia)	15.0	1.5	6.0	-8%	437
76	Nestlé	Food industry	Nestlé S.A. (Switzerland)	14.9	-1.1	10.0	22%	3,395
77	FTD Retail (Foxtrot)	Retail	Hennadii Vykhodtsev, Valerii Makovetskyi	14.9	0.0	7.3	20%	3,708
78	Bunge (Viterra)	Agriculture, food industry	Renaisco (Viterra/Glencore), to be transferred to Bunge via merger	14.8	0.5	4.7	-27%	144
79	Winner Imports	Car trade	Hynianskyi family	14.1	1.4	8.4	31%	299
80	Askania Group	Wholesale trade	Serhii Horban	14.0	n/a	6.7	26%	3,060
81	Auto Distribution Group	Wholesale trade	Viktor Alyoshyn, Vitalii Strashenko, Olha Strashenko	13.7	n/a	6.8	1%	2,566
82	Tavria Plus	Retail	Borys Muzalyov, Mykhailo Muzalyov	13.6	0.2	7.2	15%	2,935
83	Ivano-Frankivskcement	Building materials manufacturing	Mykola Kruts	13.5	3.0	7.5	22%	1,836
84	STV Group	Wholesale trade	Sitenko family, Yurii Stashkiv et al.	13.4	n/a	7.4	10.4x	4,105
85	Avtomagistral-Pivden	Construction	Oleksandr Boiko	13.2	1.4	1.9	-70%	3,294
86	Obolon	Beverage manufacturing	Oleksandr Slobodian	12.8	1.2	6.7	12%	2,164
87	Ukrprominvest-Agro	Agriculture	Poroshenko family	11.5–14.0	n/a	n/a	n/a	n/a
88	Porsche Ukraine	Car trade	Porsche Holding	12.7	1.0	7.5	38%	101
89	Bayadera Group	Beverage manufacturing	Sviatoslav Nechytailo	12.7	0.2	6.6	18%	3,500
90	Carlsberg	Beverage manufacturing	Carlsberg Group	12.5	2.2	6.1	5%	1,310
91	Mirana	Wholesale trade	Yurii Petrenko, Vitalii Khmelenko	12.4	0.0	8.5	84%	137
92	Slots UA (Betking)	Gambling	Pavlo Zhurilo	12.4	2.6	7.3	50%	52
93	Syngenta	Wholesale trade, agriculture	Syngenta Group Co., Ltd.	12.4	0.2	10.0	18%	461
94	Tekhnotorg Group	Wholesale trade	Ihor Kaliuzhnyi	12.3	n/a	7.9	49%	1,366
95	Sandora	Beverage manufacturing	PepsiCo	12.2	1.0	6.4	11%	2,444
96	Epicentr Agro	Agriculture	Oleksandr Hereha, Halyna Hereha, Tetiana Surzhyk	12.1	n/a	5.0	-15%	3,870
97	CRH	Building materials manufacturing	CRH	12.1	n/a	6.5	17%	1,739
98	Ajax Systems	IT	Oleksandr Konotopskyi, Horizon Capital	11.5–12.5	n/a	n/a	n/a	3,411
99	Shchedro Group	Food industry	Anatolii Martynov	12.0	n/a	4.5	-31%	3,059
100	Radekhiv Sugar	Food industry	Volodymyr Matkivskyi, Pfeifer & Langen International B.V.	11.8	0.2	3.8	-5%	911
101	Apteka Dobroho Dnia	Pharmacy chains	Ihor Chervonenko, Yevhen Chervonenko	11.7	n/a	6.2	8%	3,856
102	GlobalLogic	IT	Hitachi	11.7	0.7	5.6	-5%	2,044
103	Komel	Wholesale trade	Karavan family	11.6	0.8	6.1	25%	525
104	AgroseM	Wholesale trade	Oleh Zviahintsev, Oleksandr Vainer, Ihor Zviahintsev, Oleksii Kulyk	11.2	0.2	6.9	23%	650
105	Tekhnova Group	Energy	Anatolii Shkribliak	11.2	n/a	6.8	48%	2,221
106	LPP	Retail	LPP Group	11.0	0.1	7.1	55%	2,162
107	Farmak	Pharmaceuticals	Filya Zhebrovska	10.8	1.6	5.9	18%	2,733
108	AMIC	Petroleum products trading	Johannes Klezl, Günter Mayer	10.8	-2.0	5.4	8%	1,725
109	Electro Cable Group	Machine-building	Oleksandr Cherniak	10.7	n/a	4.3	-24%	985
110	ALLO	Retail	Dmytro Derevytskyi	10.6	0.0	4.5	9%	1,441
111	Yuria-Pharm	Pharmaceuticals	Mykola Humenyuk, Nataliia Bobok	10.6	n/a	n/a	n/a	>3,000
112	Terra Food Group	Food industry	Voitovych family	10.6	n/a	6.3	27%	4,546
113	Auchan	Retail	Elo Group	10.2	-0.6	4.9	1%	3,127
114	SAV Orbico	Wholesale trade	Branko Roglić, Anatolii Strohan, Maksym Safonov, Oleh Baryshevskyi	10.1	n/a	4.2	-16%	1,745
115	Nadezhda Group	Petroleum products trading	Viktor Batrachenko, Stanislav Batrachenko, Serhii Samikov	9.7	n/a	2.2	-53%	1,512
116	Uzhhorod Machine-Building Plant	Machine-building	Maksym Yefimov, Yevhenii Hrechyn	9.6	3.0	12.7	3.8x	565
117	UK Distribution	Wholesale trade	Hennadii Vykhodtsev, Valerii Makovetskyi	9.6	0.1	3.8	-1%	724
118	Mondelez	Food industry	Mondelez Nederland Services B.V.	9.5	0.6	5.1	42%	1,000
119	Oliyar	Food industry	Iryna Zalizna	9.3	0.6	6.3	58%	628
120	Bayer	Wholesale trade	Bayer Global Investments	9.3	0.3	7.5	9%	424

Rank	Company	Industry	Owners	2024 Revenue, UAH bn	2024 Profit, UAH bn	H1 2025 Revenue, UAH bn	H1 2025 Revenue Change	Employees (2024)
121	Dairy Alliance	Food industry	Oleksandr Derkach	9.3	n/a	4.8	11%	2,391
122	SOCAR	Petroleum products trading	SOCAR	9.2	n/a	4.9	7%	1,540
123	Vitagro	Agriculture	Serhii Labaziuk	8.9–9.4	n/a	9.3–9.7	2.7x	5,560
124	Parallel Group	Petroleum products trading	Oleksandr Dubinin	9.1	n/a	4.4	-18%	566
125	Veresen Plus (Faino Market)	Retail	Vitalii Denysenko	9.1	0.2	5.5	29%	3,329
126	Kronospan	Building materials manufacturing	Kronospan Holdings	9.0	n/a	5.7	36%	583
127	Avantage-7	Petroleum products trading	Nataliia Chyrich	9.0	0.2	4.1	-11%	1,015
128	Globyno	Food industry	Oleksandr Kuzminskyi	9.0	n/a	4.4	4%	3,792
129	Volyn-Zerno-Produkt	Agriculture	Yevhen Dudka	8.9	0.2	3.7	13%	992
130	Polycar (C-K-C)	Machine-building	Serhii Kaliush, Mykhailo Horodovykh	8.9	0.5	4.0	25%	195
131	Onur Group	Construction, energy	Iskhan Çetindjeviz, Onur Çetindjeviz, Saadet Kavak	8.9	n/a	3.2	-26%	4,038
132	Renault	Car trade	Renault Group	8.6	0.2	3.7	-14%	57
133	Venta	Wholesale trade	Oleksandr Voloshyn; JSC “Katren” (RF); Oleksandr Chumak	8.5	0.2	4.5	7%	421
134	Procter & Gamble	Wholesale trade	Procter & Gamble International	8.5	0.1	4.9	17%	421
135	Industrial Milk Company	Agriculture	Oleksandr Petrov	8.5	2.2	3.5	-17%	1,687
136	Logistic Union	Logistics	Hennadii Butkevych, Yevhen Yermakov, Viktor Karachun	8.4	3.1	4.8	26%	4,854
137	Eurocar Group	Car trade	Oleh Boiaryn	8.4	n/a	5.0	43%	839
138	Leoni Wiring	Machine-building	Leoni Bordnetz-Systeme	8.3	0.3	4.4	-2%	4,815
139	Corteva Agriscience	Wholesale trade, agriculture	Pioneer Overseas Corporation (USA)	8.3	n/a	7.0	20%	335
140	Omega-Autopostavka	Wholesale trade	Yurii Dudyrev, Vita Bysaha	8.2	0.4	3.2	-14%	2,188
141	Agrorresurs Group	Wholesale trade	Stanislav Martynov	8.2	n/a	5.9	22%	701
142	Stellantis	Car trade	Automobiles Citroën S.A.	8.0	0.3	3.1	-20%	72
143	Budshliakhmash Group	Wholesale trade, machine-building	Myroslav & Oleksandr Huivan	8.0	n/a	1.8	-43%	469
144	Universal Fish Company	Wholesale trade	Fishing Advice (Estonia), Oleh Lushchyk	7.8	0.1	4.2	16%	947
145	Nikopol Ferroalloy Plant	Metallurgy	Ihor Kolomoiskyi, Viktor Pinchuk	7.8	-3.0	3.9	12%	3,010
146	Kyiv Cardboard & Paper Mill	Pulp & paper	Pulp Mill Holding	7.7	0.6	3.9	6%	2,133
147	Donbasenergo	Energy	Eduard Bondarenko, Maksym Yefimov	7.6	-0.3	0.9	-77%	1,182
148	HAVI Logistic	Wholesale trade	HAVI Global Logistics	7.6	0.0	4.6	30%	194
149	Tekhimpeks	Defense industry	Vitalii Lelikov	7.6	0.2	n/a	n/a	410
150	Deviro	Defense industry	Iryna Khmel, Tetiana Lahutenko, Olena Zabolotna, Denys Cherednychenko et al.	7.6	1.2	n/a	n/a	439
151	NVO Praktika	Defense industry	Oleh Vysotskyi	7.5	0.5	3.6	-18%	794
152	Zakhidnadraservis	Oil & gas extraction	Zinovii Kozytskyi	7.4	n/a	4.3	27%	1,672
153	Lemtrans	Logistics	Rinat Akhmetov	7.4	-0.6	4.0	-3%	440
154	Spektr-Agro	Agriculture	Oscar Agro Limited	7.3	0.2	5.9	11%	414
155	Metal Holding Trade	Metal trading	Serhii Loichenko, Volodymyr Poberezhniuk, Oleh Melnyk	7.2	0.2	3.5	3%	484
156	ELKO Ukraine	Wholesale trade	Andris Putans, Anzhelika Rubiezheva	7.2	0.0	3.1	14%	155
157	BERTA Group	Wholesale & retail trade	Oleksandr Berezhanskyi	7.2	n/a	3.8	30%	4,415
158	RDS Group	Construction	Yurii Shumakher, Yevhen Konovalov	7.1	n/a	1.4	-59%	2,010
159	GameDev (Slots City)	Gambling	Pavlo Chyklikchy	7.0	-0.8	4.5	79%	103
160	Mars Group	Wholesale trade	Mars Inc.	6.9	n/a	3.7	7%	198
161	Budpostach	Wholesale trade	Dmytro Shytlin	6.9	0.3	3.7	16%	1,909
162	Kvorum-Nafta	Petroleum products trading	Valerii Babarika, Ihor Klyovan	6.9	0.1	3.9	-10%	199
163	Darnytsia	Pharmaceuticals	Zahorii family	6.9	0.7	1.7	-35%	1,316
164	IDS Group	Beverage manufacturing	IDS Ltd. (under seizure)	6.9	n/a	3.5	16%	2,061
165	Golden Dragon	Food industry	Oleksii Skrynskyi	6.9	0.2	3.9	23%	121
166	Soleo	Wholesale trade	Oleksandr Zherdov	6.8	0.0	3.3	69%	77
167	Malbi Group	Food industry	Yevhen Dveris, Yevhenii Sharynov	6.7	n/a	3.8	9%	1,109
168	Vartis	Wholesale trade	Oksana Vasylenko, Volodymyr Vlasov, Anna Vasylenko	6.7	0.0	3.4	3%	165
169	First Private Brewery	Beverage manufacturing	Boneten Ltd. (Cyprus), Andrii Matsola, Mariia Matsola	6.7	n/a	3.3	-2%	1,073
170	Jysk	Retail	Lars Larsen Group	6.7	1.3	3.5	28%	826
171	Ukrminhym	Wholesale trade	Oleh Hlazun, Ivan Hlazun	6.7	0.1	4.3	17%	50
172	Novi Produkty	Beverage manufacturing	Viktor Hordiiev, Hennadii Nevesenko	6.6	0.4	3.5	13%	814
173	Lvivkholod	Retail	Bohdan Kozak, Olha Kozak et al.	6.6	0.0	3.6	16%	2,933
174	Tessla Group	Wholesale trade	Ihor Shevchenko, Sofiia Plastun	6.5	0.0	3.1	29%	69
175	Inter Cars	Wholesale trade	Inter Cars (Poland)	6.5	0.3	3.6	19%	699
176	Agrotrade	Agriculture	Vsevolod Kozhemiako	6.5	n/a	2.7	-5%	1,022
177	Skrintek	Defense industry	Pavlo Yelizarov, Anton Anpilohov	6.5	1.1	3.8	67%	243
178	Elevator Bud Invest (ATK holding)	Agriculture, food industry	Yuliia Zavertana, Marianna Babicheva	6.4	-0.4	3.1	-5%	295
179	Cersanit Group	Building materials manufacturing	Michał Andrzej Sołowow	6.4	n/a	3.2	0%	1,729
180	Enerhetyk Dnipro	Wholesale trade	Anastasiia Holikova	6.4	0.0	5.5	61%	65

Rank	Company	Industry	Owners	2024 Revenue, UAH bn	2024 Profit, UAH bn	H1 2025 Revenue, UAH bn	H1 2025 Revenue Change	Employees (2024)
181	KLO (Avtobanservis)	Petroleum products trading	Oleksandr Kats, Ihor Cherniavskyi, Viacheslav Steshenko, Nataliia Hlybokova	6.4	n/a	2.5	-26%	1,819
182	ViYar	Furniture manufacturing	Yaroslav Shkotnikov	6.3	n/a	3.7	-8%	3,184
183	Inditex	Retail	Zara Holding (Inditex)	6.2	0.6	4.2	2.2x	1,123
184	Dnipro Electromechanical Plant	Metal products manufacturing	Yevhen Muzykіn, Pavlo Muzykіn, Serhii Zubko, Anatolii Kupenko, Vladyslav Synovets, Vitalii Shulha, Yevhen Sadovskyi	6.2	1.0	3.7	38%	844
185	Marvel	Wholesale trade	Oleksii Riznyk	6.2	0.1	2.8	3%	541
186	Albakor	Wholesale trade	Yevhenii Brenhach, Serhii Kardash, Dmytro Bobrov	6.1	0.0	2.9	13%	828
187	Dalis Automotive Group	Wholesale trade	Petro Boiko, Svitlana Boiko	6.1	0.3	3.5	22%	820
188	Vikant	Metal products manufacturing	Vitalii Moroz, Oleksandr Moroz	6.1	0.0	3.9	35%	450
189	Canpack	Packaging manufacturing	Can-Pack, CP Glass	6.1	1.1	3.4	13%	213
190	GM Group	Car trade	Hvozdov family	6.1	n/a	3.4	36%	599
191	Luxoft	IT	DXC Technology	6.0	n/a	2.9	-1%	n/a
192	Chernivtsi Rolling Mill Rolls Plant	Machine-building	Maksym Yefimov et al.	6.0	3.1	5.9	up 3x	115
193	Inplast	Packaging manufacturing	Steven Deletrez, Eddy Ramin	5.9	0.3	2.8	-2%	578
194	Allseeds Black Sea	Food industry	Viacheslav Petryshche, Pieter Vrins	5.9	n/a	2.3	43%	513
195	Euromix	Wholesale trade	Vadym Tuhai	5.8	0.0	2.9	12%	1,093
196	Dniprovskyi Poultry Complex	Food industry	Serhii Riazanov	5.8	0.4	3.4	13%	1,937
197	Modern-Expo	Machine-building	Petro Pylypiuk, Lukasek family	5.8	0.9	3.7	35%	1,713
198	Dniprospetsstal	Metallurgy	Nataliia Selivanova et al.	5.7	-0.6	2.8	-7%	2,609
199	L’Oréal	Wholesale & retail trade	L’Oréal	5.7	0.8	3.3	10%	326
200	Star Brands	Food industry	Omelchenko family	5.5	n/a	3.4	25%	1,077
201	Viktor & K	Food industry	Viktor Korol	5.5	0.7	3.3	24%	1,202
202	Zakhidnyi Buh	Agriculture	Oksana Drul, Valerii Ovcharuk, Yurii Hladun, Vitalii Sikorskyi	5.5	0.5	0.9	-33%	635

Conclusion

1. Dominance of the domestic market

The largest share of companies in the ranking belongs to retail and wholesale trade, indicating the preservation and recovery of domestic consumer demand even amid the war. Businesses focused on the domestic market have proven more resilient than export-dependent models.

2. Strong role of the agri-sector

The agri-industrial complex remains the second-largest group by representation in the TOP 200. This confirms that agribusiness and processing are a structural pillar of the economy, providing foreign-currency revenues, employment, and stable cash flows.

3. Revenue concentration among large groups

The top 10–20 companies generate a disproportionately large share of the ranking’s total revenue. This points to a high concentration of capital and the dominance of large business groups in key sectors—energy, metallurgy, and retail.

4. Revenue growth under margin pressure

A significant number of companies show revenue growth, but not all remain profitable. This signals:

rising operating costs;
logistics and energy risks;
margin pressure even for market leaders.

5. Resilience of major employers

Companies with the largest workforces remain at the top of the ranking, indicating employment preservation and social stability supported by large private businesses.

6. Limited but stable presence of IT

IT companies do not dominate numerically but maintain a steady presence in the ranking, confirming IT’s role as an export-oriented, less capital-intensive sector with high adaptability.

7. Preference for businesses with real infrastructure

The ranking is dominated by companies with physical assets, logistics, manufacturing, and retail networks rather than purely financial or service models. This reflects the economy’s demand for operational reliability rather than financial leverage.

The Forbes TOP-200 Largest Companies in Ukraine ranking shows that in 2025 the Ukrainian private sector is developing along a model of internal resilience: trade and the agri-industrial complex underpin the economy, large groups concentrate revenue, and revenue growth occurs amid constrained margins. For investors, this implies a focus on scale, operational efficiency, and cost control rather than revenue dynamics alone.

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