Global investor sentiment in 2025 likewise started the year facing up to geopolitical uncertainty and a potential crisis of confidence after two consecutive years of contraction. Nonetheless, global M&A activity rebounded strongly, with announced deal value increasing by more than 40% year-on-year. This backdrop of renewed international dealmaking, improved market momentum, and increased megadeal activity could signify potential for inbound deal interest to return to Ukraine, with bold investors prepared to act early primed to capture emerging regional opportunities.
Although H1 2025 initially saw international investors cautious regarding local dealmaking, with overall inbound deal value remaining consistent with 2024, H2 2025 witnessed a marked increase in global interest and a number of potential deals across various sectors currently under discussion for 2026 and beyond.
This dynamic of subdued international interest in H1 2025 gave rise to domestic investors who now had space to come to the fore, accounting for the majority of all transactions and playing a defining role in shaping Ukrainian M&A activity in 2025. Traditional pillars of the economy, notably agriculture and innovation and technology, remained central to dealmaking, reflecting their continued contribution to economic resilience and export capacity. However, while there has been increased interest in market mainstays from traditional and non-traditional players alike, the structure of the Ukrainian M&A market has also continued to evolve in response to wartime realities. Defence-related assets have naturally increased in prominence as a direct result of ramping up domestic production and greater international integration. Energy and real estate and construction similarly attracted attention amid efforts to restore damaged infrastructure, enhance energy resilience, and prepare for post-war recovery.
