Among the member companies of the European Business Association, 77% will continue operating in Ukraine, regardless of whether hostilities end this year. Another 19% remain uncertain, while only 4% suggest they may reconsider their presence in the Ukrainian market if the war persists.
At the same time, only a third of surveyed company executives — 32% — believe that hostilities will end this year, while 25% think they will not, and 43% are uncertain.
These are the findings of the latest wave of the Business During War survey conducted by the European Business Association among its member companies.
At the beginning of 2025, three-quarters of companies (75%) are operating at full capacity, while 24% operate with restrictions, and 1% have ceased operations entirely. The most common operational constraints remain a shortage of qualified workers/mobilisation (75%), geographical activity limitations (55%), and work stoppages during air raid alerts (41%). Six months ago, 64% of companies operated at full capacity, while 36% faced restrictions.
Over the past six months, the number of executives with a positive outlook on their business conditions has risen from 27% to 40%. Meanwhile, 46% rate their business situation as satisfactory, and 14% as negative.
Additionally, compared to previous survey results, business dynamics forecasts for the next six months have become more optimistic. Currently, 29% of respondents expect business conditions to deteriorate in 2025, a significant drop from 56% in the previous survey. The number of those who expect their business situation to improve has doubled in six months—from 16% to 32%. At the same time, 39% do not anticipate significant changes.
The most critical negative factors affecting businesses include a shortage of skilled workers and mobilisation (75%), the war and occupation of territories (63%), and economic instability (54%). Six months ago, attacks on Ukraine’s energy infrastructure were among the top three challenges, but this factor has now dropped to fourth place.
Businesses are strengthening their financial reserves. Compared to mid-2024, the number of companies with financial reserves for a year or more has grown to 72% (previously 53%). Meanwhile, 22% have reserves for six months, 5% for a few months, and only 1% have no reserves at all.
War-related losses remain significant. As of early 2025, 25% of surveyed companies report losses of up to $1 million, while 24% indicate losses between $1–10 million, and 16% have losses exceeding $10 million. Only 11% of surveyed companies report no losses, while 24% find it difficult to assess them.
Business support for the Armed Forces remains strong. Currently, 72% of companies support their employees serving in the military, 56% provide financial assistance, and 35% offer support through their products. Additionally, 23% of surveyed businesses contribute to the recovery of local communities or regions.
Today, 85% of surveyed EBA member companies have employees serving in the Armed Forces. Over the past six months, there has been an upward trend in the number of mobilised employees. In 41% of companies, the number of mobilised employees reaches up to 10% of the total workforce subject to military service (down from 52% in the previous survey). In 36%, mobilisation affects 10–20% (previously 28%), while in 8%, the figure is 20–30%. Around 48% of companies report that some of the mobilised or volunteer employees are critical specialists for their business operations.
Only 9% of surveyed companies have relocated their offices or production due to Russian aggression—7% within Ukraine and 2% abroad. Meanwhile, 86% have not relocated and do not plan to, while 5% have not relocated yet but are considering it.
Businesses currently require the most support in the following areas:
Improved procedures for employee exemptions from military service
Easing of foreign exchange restrictions
A moratorium on inspections
Coverage of war-related risks
Anna Derevyanko Co-Founder of GB4U, Executive Director of the European Business Association
In an increasingly turbulent world, businesses with experience operating in Ukraine already have a certain competitive advantage. For three years, our companies have demonstrated impressive adaptability and strong results despite numerous challenges. While making predictions remains difficult, most companies in our survey reaffirm their commitment to the Ukrainian market. The road ahead does not appear to be getting any easier, so this resilience and determination from businesses are truly inspiring.
For reference:
The survey was conducted between 5–16 February 2025, with responses from 102 top executives of EBA member companies.
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