Ukrainian Businesses Expect Hryvnia Revenue Growth, Brace for War Through 2027

Ukraine’s largest businesses expect revenues to continue growing in hryvnia terms next year, even as most see the war extending through 2027.As companies prepare their 2027 business plans, expectations remain cautious. In hryvnia terms, 53% anticipate revenue growth next year, while 29% expect revenues to decline and 18% foresee no change from 2026. In US dollar terms, however, sentiment is less optimistic: 41% expect revenues to fall, 36% predict growth, and 23% expect them to remain stable.JOIN US ON TELEGRAMFollow our coverage of the war on the @Kyivpost_official.The findings, drawn from the European Business Association’s (EBA) annual survey of member-company CEOs, capture a corporate sector that has learned to operate in a wartime environment with no clear end in sight. Nearly all respondents (98%) are budgeting for continued fighting in 2027, yet companies continue to invest, adopt artificial intelligence tools, and fund social initiatives, suggesting that the war has not derailed their long-term priorities. That being said, 38% expect output or sales volumes to decline in 2027, 35% predict growth, and 27% anticipate no change.Despite the caution, some companies are still planning to expand. About 3% of respondents intend to launch new large-scale investment projects in 2027, with an average expected price tag of around $5 million.“Business today operates under increasing pressure from enemy strikes,” the EBA quoted its executive director, Anna Derevyanko, as saying in a press release. Other Topics of Interest ‘Weeks’ Without Power: Partisans Claim Sabotage Hit Russian Missile Components Plant The partisan group says the disruption delayed production of components for Kh-101, Iskander-K, and Pantsir-S1 systems for weeks. “Therefore, it is quite logical that among the main tasks for the government of the company are the protection of business assets and strengthening energy sustainability. At the same time, the demand for the fight against corruption remains in the first place. This is an important signal: even in the conditions of war, business does not lose focus on systemic changes, without which the long-term development of the economy and the recovery of the country are impossible.”Companies feel negative about hryvnia devaluation. On average, they are forecasting an exchange rate of Hr.49 per US dollar for their 2027 financial planning.Meanwhile, labor shortages continue to drive digital transformation. In 2027, 83% of companies expect to deploy artificial intelligence tools to automate processes, boost productivity, and offset workforce constraints.Willingness to fund social initiatives remains even higher. Nearly half of the surveyed companies (48%) plan to invest in social projects in 2027, with such spending averaging around 4% of company revenue.The Business Forecasts 2027 survey polled 88 CEOs of EBA member companies between Aug. 18 and Sept. 7, 2026, running its annual Business Forecasts poll for 11 consecutive years. Olena Hrazhdan is the Business Reporter at Kyiv Post, covering Ukraine’s markets, business, and economic policy. While she reports broadly on economic issues, her core focus is banking, finance, monetary and fiscal policy. Olena previously wrote for leading Ukrainian business media and became a Fellow of the International Monetary Fund’s Journalism Fellowship in 2024.