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According to KPMG\u2019s M&A Radar H1 2026, Ukraine\u2019s M&A market has continued to maintain stability in the first half of 2026. Overall deal volume increased by 14% year-on-year, while total disclosed deal value for the transactions valued in excess of USD5 million was down just 5% compared with the same period of 2025.\u00a0\u00a0<\/p>\n
Furthermore, with only 45% of transactions disclosing value in H1 2026 (compared to 63% in H1 2025), a less transparent market environment at the beginning of the year indicates that reported market size may not fully reflect underlying activity, with total deal value potentially improving as the year progresses and a fuller picture becomes apparent.\u00a0\u00a0<\/p>\n
According to Svitlana Shcherbatyuk, Partner, Head of Transaction Services KPMG in Ukraine<\/strong>, recent results also suggest that transactions continue to progress where asset quality is strong and investors are prepared to manage Ukraine-specific execution risks.\u00a0<\/p>\n \u201cDespite the prolonged impact of the war, investors continue to evaluate opportunities in Ukraine. While investment decisions\u00a0remain\u00a0highly selective, interest\u00a0remains\u00a0focused on assets with strong fundamentals where the strategic rationale for the investment decision is clear, in addition to a proven ability to\u00a0operate\u00a0under wartime conditions.\u201d<\/em>\u00a0<\/p>\n By the numbers: trending steady<\/strong>\u00a0<\/p>\n Ukraine recorded 40 M&A transactions in H1 2026, compared with 35 in the same period of 2025. Total disclosed deal value reached USD978 million, only slightly below the USD1.03 billion recorded a year earlier and subject to a significantly lower level of transaction value disclosure by comparison.\u00a0<\/p>\n The largest deal of H1\u00a02026\u00a0was agrifood group MHP\u2019s USD290 million agreement to\u00a0acquire\u00a0a stake in Greek meat producer and distributor Th.\u00a0Nitsiakos\u00a0AVEE, continuing MHP\u2019s strategic pursuit of expanding into international markets.\u00a0<\/p>\n Three\u00a0additional\u00a0transactions exceeded USD100 million in value:\u00a0<\/p>\n Innovations and technology, agriculture, and energy\u00a0sectors\u00a0lead deal activity<\/strong>\u00a0<\/p>\n Innovations and technology stayed Ukraine\u2019s most active sector by M&A deal volume, accounting for 11 transactions in H1 2026, while agriculture continued to be one of the key drivers of the Ukrainian M&A market; accounting for 41% of total disclosed deal value.\u00a0<\/p>\n Power and utilities, meanwhile, recorded one of the strongest increases in activity, with deal volume rising from one transaction in H1 2025 to four transactions in H1 2026.\u00a0<\/p>\n Domestic deals\u00a0remain\u00a0the foundation of M&A market activity<\/strong>\u00a0<\/p>\n Following trends seen in 2025, domestic transactions continued to account for the largest share of Ukrainian M&A activity by volume, with 25 deals in H1 2026 recorded in market mainstays such as agriculture and innovation and technology, alongside other sectors such as power and utilities and real estate and construction which have both seen increased activity following concerns about the impact of Russia\u2019s full-scale invasion on Ukrainian infrastructure.\u00a0<\/p>\n This trend was exemplified by telecoms group Kyivstar\u2019s USD80.8 million purchase of six solar power plants in the Lviv region, while service station chain OKKO Group also expanded its renewable energy portfolio through investments in wind power projects. Such moves reflect a growing corporate focus on energy security and resilience in the face of potential operational challenges.\u00a0<\/p>\n While\u00a0disclosed\u00a0domestic deal value declined from USD675 million in H1 2025 to USD253 million in H1 2026, it is also worth noting that domestic transactions in Ukraine traditionally feature lower levels of value disclosure and often become more transparent later in the year.\u00a0<\/p>\n Inbound M&A activity increases<\/strong>\u00a0<\/p>\n Despite the ongoing predominance of domestic M&A by volume, H1 2026 saw an increase in inbound M&A activity compared to the previous year. Major inbound transactions included Preply\u2019s aforementioned USD150 million funding round and PZU SA\u2019s agreement to acquire MetLife Ukraine.\u00a0<\/p>\n With the number of inbound transactions doubling (rising from five deals in H1 2025 to ten deals in H1 2026),\u00a0disclosed\u00a0inbound deal value also increased significantly, up from just USD26 million to USD415 million over the same period. In terms of\u00a0inbound\u00a0sector activity, innovations and technology led\u00a0inbound\u00a0investment, followed by banking and insurance\u00a0and\u00a0a range of other sectors.\u00a0<\/p>\n While foreign investment activity is still\u00a0highly sensitive\u00a0to the security and macroeconomic conditions affecting Ukraine, this increase in inbound transactions may\u00a0indicate\u00a0the\u00a0early stages\u00a0of a broader recovery in investor interest in selected Ukrainian assets and sectors.\u00a0A\u00a0more comprehensive assessment of these trends\u00a0will be available\u00a0in our full-year\u00a02026\u00a0edition of M&A Radar: Ukraine.\u00a0<\/p>\n Ukrainian companies continue strategic expansion abroad<\/strong>\u00a0<\/p>\n Outbound M&A activity has remained stable, with five transactions recorded in both H1 2025 and H1 2026, while Europe is still the primary destination for Ukrainian acquisitions. In addition to MHP\u2019s expansion into the Greek food market, language software company Grammarly acquired Portuguese data analytics startup Rows.com.\u00a0<\/p>\n Dealmaking was not exclusive to Europe, however, with Ukrainian companies expanding internationally through transactions in North America and Asia-Pacific.\u00a0Holywater\u2019s\u00a0USD22 million investment raise and Jiji\u2019s USD20 million acquisition of Bangladeshi marketplace\u00a0Bikroy, for\u00a0example,\u00a0provide\u00a0examples\u00a0of\u00a0outbound activity in new markets\u00a0for Ukrainian-founded technology companies.\u00a0<\/p>\n Outlook:\u00a0Ukraine\u2019s M&A market positioned for further growth in H2 2026<\/strong>\u00a0<\/p>\n Transaction volumes remained stable in H1 2026 and, together with other supporting factors, suggest the market could see further increased activity during the second half of the year, with innovations and technology, agriculture, power and utilities, and consumer markets among the sectors likely to attract significant investment attention in H2 2026.\u00a0<\/p>\n KPMG specialists note, however, that expanded war-risk insurance mechanisms and the fulfilment of investment plans announced\u00a0by local and international investment funds (such as Horizon Capital and the US DFC) will be necessary to underpin short to medium-term prospects for the Ukrainian M&A market.\u00a0\u00a0<\/p>\n\n
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