Ukraine rebuilds: new horizons for investors and business

Investors continue to look at promising investment opportunities in Ukraine. But, according to Tetyana Dovgan, partner at CMS in Ukraine, “Recovery and reconstruction is not something that will happen in the future; it's already happening. Investment and investors should not wait until the end of the war; they should consider investing now.”

She adds: “Infrastructure is key. It attracts investment now and is one of the promising sectors for future investment. Logistics and transport remain the backbone of reconstruction as well as private investment projects.”

In terms of volume, the number of Ukrainian deals in 2025 edged lower to 132 from 135 in 2024, while the value of deals dropped by 26.7% from EUR 1bn to EUR 739m. Examples of landmark deals in Ukraine last year include:

• the acquisition of a 60% stake in the Ukrainian Eurobridge Intermodal Terminal by Hamburger Hafen und Logistik AG (HHLA), creating a joint venture with Fortior Capital. This highlights strong interest from leading European infrastructure and logistics players in Ukrainian transport assets and underscores confidence in the resilience and long-term strategic importance of Ukraine’s cross-border infrastructure; and
• the acquisition by Kyivstar of a controlling stake in Uklon Group, one of Ukraine’s leading digital mobility and logistics platforms. This also demonstrates continued strategic investment by a domestic market leader into technology-driven infrastructure and reflecting confidence in the growth of Ukraine’s digital economy despite wartime conditions.

As drone manufacturing continues to evolve, defence is another critical sector. “Ukraine will soon become a global leader in drone technology through consolidation and scaling up,” Dovgan notes. “Many US and EU companies want to partner with local drone manufacturers. Deals, obviously not public, are happening.”

Companies and investors in the Ukrainian market use various mechanisms to manage risks and navigate challenges. Maria Orlyk, partner at CMS in Ukraine, says, “Typically, we recommend robust legal and financial planning. There are also many donor-financed opportunities, offered by large IFIs and various programmes providing political and war risk insurance – that’s the best combination for entering the Ukraine market.”

International cooperation plays a significant role. Orlyk explains, “We carefully monitor what organisations like the IMF, EBRD, World Bank, the US DFC, and MIGA, have to offer. We help our clients connect with these organisations and build a dialogue and cooperation in order to help them deliver their projects.”

To align with EU standards, Ukraine continues to implement governance and regulatory reforms, enhancing the appeal of Ukrainian investment projects and laying the foundations for future investment and recovery. Dovgan notes, “By having all the relevant criteria in place that IFIs would like to see, projects are attracting more private investors. Alignment with the EU is already working.”

Most investors ideally want to obtain insurance in connection with their investment. To facilitate this, some European governments offer governmental insurance for projects and investment originating from their country. As an example, the GOLDBECK SOLAR Group-EBRD deal, a joint venture to develop up to 500 MWp of solar PV projects in Ukraine, was structured via the German holding company and covered by German war risk insurance. Such instruments are increasingly available, making them cheaper and faster than before. In parallel, multilateral institutions such as MIGA and the U.S. International Development Finance Corporation (DFC), as well as several export–import agencies, continue to expand their political and war-risk coverage for Ukraine, giving investors multiple options for structuring protection around their projects.

In terms of practical advice, those who have not yet invested in Ukraine need to take a long-term view because, according to Dovgan, most current investments are, “not about short- or medium-term profit. They’re about investing long term and long-term benefits between five and 15 years.”

She adds: “Don't assume that things work in Ukraine as they do in Europe. There is some alignment, but many things work differently. So, engage experienced Ukrainian advisors and local partners very early, because understanding the essential regulatory environment and local practice is critical for the proper structuring of any deal.”

Private equity funds are not always visible in the market, but more of them are showing increased interest, according to Orlyk. In terms of potential target sectors, she highlights: “Everything to do with telecoms, and in the broader sense, the digital area, as well as agriculture, land, and the defence sector, if circumstances allow.”

Some regional private equity funds, such as Horizon Capital and Dragon Capital, have continued to invest. “They are actively investing in infrastructure, tech platforms, and digital infrastructure,” Dovgan says. A landmark example is the acquisition of Datagroup-Volia and mobile operator Lifecell by a consortium led by NJJ Holding, together with Horizon Capital. The deal involved a USD 435m loan from the EBRD and IFC.

There is growing market discussion about new infrastructure-focused vehicles that could channel international and regional capital into Ukraine’s energy, transport and digital infrastructure. One such initiative is a potential Amber-Dragon Ukraine Infrastructure Fund, which aims to support renewable energy and other energy-related technology investments. By supporting renewable energy construction projects, in particular onshore wind projects, it is intended to align with the objectives of the Ukraine Recovery and Reconstruction Plan. The EBRD and EIB have indicated that they would consider commitments to the fund, which remains under assessment and has not yet been launched. But the level of institutional engagement clearly signals increasing confidence in Ukraine’s long-term infrastructure opportunities.

Recovery and reconstruction are central to Ukraine’s future, encouraging investors to consider making a commitment to the many investment opportunities which Ukraine provides.