Ukraine: More than one in three companies plan to expand their business

• Investment: Just under two-thirds (63 per cent) plan to increase investment once the war ends
• Commitment: 38 per cent intend to expand their activities in Ukraine regardless of how the war unfolds
• Labour market: 47 per cent of companies plan to increase their workforce
• Business opportunities: Companies see market potential (54 per cent), a skilled workforce (50 per cent) and low labour costs (38 per cent)
• Challenges: War-related risks (56 per cent), security risks for staff (40 per cent), security of energy supply (32 per cent) and corruption (32 per cent) are key issues

Berlin/Kyjiw, July 9, 2026
 

German companies’ business in Ukraine is proving to be extremely stable despite the war: four in five companies (80 per cent) rate their current business situation as satisfactory, good or very good. Around half (49 per cent) expect an improvement within the next twelve months. 

More than a third of the companies surveyed (38 per cent) plan to expand their activities in Ukraine or enter the market for the first time – regardless of how the war unfolds. For the period following a possible end to the war, just under two-thirds (63%) are even planning to increase their investments. Around a quarter (23%) intend to invest significantly more. This is shown by a survey conducted by KPMG Germany and the AHK Ukraine among German companies with business activities in Ukraine. 

Reiner Perau, Managing Director of the AHK Ukraine, commented on the results: “They show that companies have learnt to operate under wartime conditions. After more than four years, the war has become just one of many constraints for businesses. And even during the war, the economy is growing, creating opportunities for companies. Looking ahead, what companies want above all is a reliable regulatory framework from the Ukrainian government.”

These positive business expectations are also reflected in companies’ staffing and investment plans: almost one in two companies (47 per cent) plans to increase its workforce, whilst 43 per cent of companies intend to expand their investments within the next twelve months.

Companies cite market potential (54 per cent), the availability of a skilled workforce (50 per cent) and low labour costs (38 per cent) as the most important locational advantages. However, the high level of digitalisation (30 per cent) and the strategic geographical location (28 per cent) are also valued.

The greatest challenges are, generally speaking, the war-related risks (56 per cent; +3 percentage points compared with our 2024 survey) and, more specifically, security risks for staff working there (40%; +2 percentage points) and securing the energy supply (32%; +20 percentage points). Other challenges include corruption (32 per cent; +1 percentage point) and the availability of labour (31 per cent; +7 percentage points)

Against this backdrop, risk mitigation tools are becoming increasingly important for new investments: 71 per cent of companies consider war risk insurance to be particularly important, and 60 per cent regard government guarantees as such. However, only 10 per cent of companies have so far made use of existing EU and German support programmes, whilst a further 5 per cent have applied for them.

The German-Ukrainian Chamber of Industry and Commerce (AHK Ukraine), in collaboration with the audit firm KPMG AG, conducted a survey for the “German-Ukrainian Business Outlook 2026” amongst German companies with business activities in, or links to, Ukraine. 

A total of 102 companies took part in the survey. The survey was carried out between 31 March and 10 May 2026. The questions focused on the economic outlook for German companies in Ukraine, as well as the challenges and business opportunities they face.