Companies with Bulgarian owners generated almost UAH 25 billion in revenue in Ukraine in 2025, despite a slight decline from the previous year, according to data from Ukraine's Unified State Register.
A total of 256 companies with Bulgarian beneficiaries submitted financial statements for 2025. Of those, 46 businesses—nearly one in six—reported annual revenue exceeding UAH 100 million. Combined revenue reached UAH 24.72 billion, down 6% year-on-year.
Construction machinery distributor Construction Machinery topped the ranking with revenue of UAH 4.43 billion. It was followed by food importer and distributor Green Cool (UAH 2.09 billion), energy trader Elementum Energy Trade (UAH 1.85 billion), Kostopil Glass Factory (UAH 1.80 billion), and Dnistrovska Wind Power Plant (UAH 1.56 billion).
The fastest-growing company was military vehicle manufacturer Arcus Ukraine, whose revenue increased almost fortyfold, rising from UAH 11.6 million to UAH 462.6 million over the year.
The sharpest decline was recorded by Pyriatynskyi Delicacy, where revenue fell by 88%, from UAH 3.98 billion in 2024 to UAH 464.4 million in 2025.
Kyiv remains the main hub for Bulgarian investment, with 123 Bulgarian-owned companies registered in the capital. Odessa region ranks second with 39 businesses, followed by Mykolaiv region with 20, Kyiv region with 15, and Kharkiv region with 11.
No companies with Bulgarian beneficiaries that filed financial statements are registered in the Kirovohrad, Luhansk, Sumy or Kherson regions.
Wholesale trade is the most common area of activity for Bulgarian-owned businesses in Ukraine, accounting for 53 companies. Another 42 operate in electricity and gas supply, while 29 are engaged in the real estate sector.
