Polish companies are expanding their operations in Ukraine. Revenues of the largest entities exceeded UAH 123 billion
Every eighth company with Polish beneficiaries operating in Ukraine has crossed the UAH 100 million revenue threshold. LPP Ukraine remains the market leader with UAH 16.96 billion. The top ranks also include Radekhivskyi Tsukor, Modern-Expo, Inter Cars Ukraine, and CANPACK Ukraine. The combined revenue of the largest companies with Polish beneficiaries grew by 20 percent year-on-year.
Polish business remains one of the most active foreign investors in Ukraine. According to Ukraine's business register and Opendatabot's analysis, 1,197 companies with Polish ultimate beneficial owners currently operate in Ukraine and have filed financial statements for 2025. As many as 146 of them achieved annual revenues exceeding UAH 100 million. The combined turnover of this group of companies reached UAH 123.01 billion — 20% more than a year earlier.
Trade, manufacturing, and the automotive sector dominate among the largest companies
LPP Ukraine — the operator of the Reserved, Cropp, House, Mohito, and Sinsay brands — remains the largest company with Polish beneficiaries operating on the Ukrainian market. In 2025, the company posted revenues of UAH 16.96 billion, up from UAH 11.02 billion a year earlier.
Second place went to Radekhivskyi Tsukor, which belongs to the Pfeifer & Langen group through the Polish investment vehicle Pfeifer & Langen Inwestycje. The company generated UAH 10.25 billion in revenue. The top tier also includes:
Modern-Expo — UAH 7.78 billion, • Inter Cars Ukraine — UAH 7.62 billion, • CANPACK Ukraine — UAH 6.84 billion, • Eurocar Manufacturing — UAH 6.81 billion, • KASPIT Trade — UAH 5.36 billion, • Cersanit Invest — UAH 3.73 billion, • Technologia — UAH 2.62 billion, • Barlinek Invest — UAH 2.41 billion.
All revenue figures used in this material are consistent with official data published by Opendatabot based on companies' financial statements for 2025.
Polish companies grow their business despite a demanding market environment
"The financial results show that some Polish companies are consistently expanding their operations in Ukraine and increasing the scale of their presence in this market. This applies primarily to trade, industry, logistics, and sectors related to manufacturing and distribution," comments Evgenij Kirichenko, CEO of Gremi Personal and founder of the Gremi Personal Analytical Center.
As the expert points out, for many companies Ukraine is becoming not only an export destination but also a market for building local operational structures.
"More and more companies now operate there not on a project basis but for the long term. This requires knowledge of local business realities, the labor market, the law, and the specifics of doing business in individual regions of Ukraine," adds Kirichenko.
Kyiv and western Ukraine remain the main centers of business activity
Most companies with Polish beneficiaries generating over UAH 100 million in revenue are registered in Kyiv — 46 companies. Another 16 operate in Kyiv Oblast. Western Ukraine's regions also hold a very strong position, especially Lviv Oblast, where 37 such companies operate. Next come Volyn Oblast with 11 companies and Dnipropetrovsk Oblast, where 6 companies exceed the UAH 100 million revenue threshold.
According to the analysis, wholesale trade companies form the largest group — 54 companies. Companies from the agricultural sector, catering, IT, and the metal industry also play a significant role.
Dynamic growth among some companies
The data also show very dynamic growth among some companies. Elgard, which operates in the energy sector, increased its revenue as much as 38-fold — from UAH 2.7 million to UAH 104.3 million. SMP, from the meat industry, recorded an eightfold increase in revenue to UAH 103.7 million, while Kliko Ukraine grew its turnover 6.5-fold — to UAH 222.2 million.
"The Ukrainian market remains a demanding operating environment, but some companies are very effectively leveraging the growth in local demand and rising economic activity in selected sectors. This is particularly visible in trade, logistics, manufacturing, and business support services," assesses Evgenij Kirichenko.
Staffing and local expertise are becoming one of the key challenges for business
Experts point out that as the activity of Polish companies in Ukraine grows, workforce security is becoming increasingly important. For companies entering the market or expanding their operations there, reliable employment partners are becoming an important factor in operational stability, especially amid the labor shortage in Ukraine.
This is not only about recruiting personnel but also about knowledge of the local labor market, legal conditions, industry specifics, and the differences between the Polish and Ukrainian business environments.
"When entering the Ukrainian market, Polish companies should have partners at their side who understand both sides. Amid the labor shortage in Ukraine, reliable staffing agencies from Poland can help businesses build teams faster, reduce workforce-related risks, and adapt operational processes to local conditions," notes Evgenij Kirichenko.
The growing revenues of the largest companies show that despite a demanding market environment, some Polish companies are consistently increasing their operational activity in Ukraine. This applies primarily to sectors related to trade, logistics, industry, manufacturing, distribution, and business services.
Experts note that in the coming years, projects related to logistics, infrastructure, energy, the agri-food sector, and the development of local distribution networks may become particularly important. The ability of companies to build local teams, maintain operational continuity, and cooperate with partners experienced in the Ukrainian market will also become increasingly important.