German-Ukrainian Business Outlook 2026

Business in Ukraine: More than one in three German companies are planning to expand

German companies’ business in Ukraine remains stable despite the war: 80 per cent rate their current business situation as satisfactory, good or very good, whilst 49 per cent expect an improvement over the next twelve months. This is shown by the German-Ukrainian Business Outlook 2026, for which KPMG in Germany and the AHK Ukraine surveyed German companies with business activities in Ukraine.

More than a third of the companies surveyed (38 per cent) plan to expand their activities in Ukraine or enter the market for the first time – regardless of how the war unfolds. Looking ahead to the period following a possible end to the war, just under two-thirds (63 per cent) intend to increase their investments, with around a quarter (23 per cent) planning to do so significantly.

Even in the fifth year of the war, German companies are not only continuing their involvement in Ukraine but are actually expanding it. They see strategic opportunities for themselves, particularly with regard to the country’s reconstruction and its future economic integration into the EU, and have realised that a wait-and-see approach is not a sensible strategy.

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