At the beginning of 2026, three-quarters of the European Business Association member companies (76%) are operating at full capacity, while 24% are functioning with certain restrictions.
The most common barriers for companies remain geographical restrictions on operations (58%), suspension of work during air-raid sirens (45%), and the forced transition to online formats (40%).
Business sentiment has become more cautious compared to last year. The proportion of CEOs who assess the current state of their business positively has decreased from 40% to 32%. Meanwhile, the share of those viewing the situation negatively has risen from 14% to 23%, with a further 45% considering it satisfactory.
These are the findings of the latest "Business During the War" survey, conducted by the European Business Association among its member companies.
Forecasts for business dynamics in 2026 have also deteriorated. Thirty-nine per cent of managers expect conditions to worsen in 2026, compared to 29% last year. Conversely, 41% do not foresee significant changes. The proportion of those expecting improvement has shrunk from 32% to 20%.
Entrepreneurs currently highlight the following factors as having the greatest negative impact:
- Attacks on the Ukrainian energy infrastructure (82%)
- Shortage of skilled workers (78%) • War and occupation of territories (66%)
- Reduction in domestic consumption (46%)
- Economic instability (40%)
Despite this, businesses are maintaining relatively stable financial reserves. Notably, 67% of companies have a financial "safety cushion" for a year or more, 21% for six months, 10% for a few months, and only 2% report having no reserves.
Business losses resulting from the war are mounting. As of early 2026, 19% of companies report losses of up to $1 million, 25% report $1–10 million, and 20% report over $10 million - an increase from last year's 16%. Meanwhile, 11% of companies have suffered no losses, while a quarter of respondents are currently unable to provide an exact valuation.
Business support for the Armed Forces remains steadfast. Currently, 71% of companies support their employees who serve in the military, 56% provide financial assistance, and 37% offer products. Furthermore, 24% of surveyed businesses are involved in community or regional reconstruction.
In 88% of the Association's surveyed member companies, there are employees currently serving in the Armed Forces. Recent years have shown a trend towards an increasing number of mobilised staff:
- In 47% of companies, mobilised staff account for up to 10% of the total number of those eligible for military service
- In 29%, the figure reaches 10–20%
- In 12%, it is 20–30%
- In 3%, it exceeds 30%
Approximately half (51%) of companies report that their mobilised or volunteer staff include specialists critical to operations, such as drivers, engineers, mechanics, IT specialists, equipment operators, and managers.
Among the surveyed companies, 10% relocated their offices or production facilities due to Russian aggression in 2025. Specifically, 8% moved within Ukraine, and 2% moved abroad. 83% have not relocated and have no plans to do so, while 7% have not moved but are currently considering it.
Nearly half of the surveyed companies (47%) do not expect the war to end in 2026. Conversely, 24% believe hostilities could conclude this year, while 29% are undecided.
hree-quarters (76%) of EBA member companies will continue to operate in Ukraine regardless of whether hostilities end this year. A further 14% do not have a definitive answer yet, while 10% suggest they might reconsider their presence in the Ukrainian market if the war persists.
"Despite four years of full-scale war, business is demonstrating a high level of resilience and adaptability. Most companies continue to operate at full capacity and support their teams. However, this year we see more restrained assessments and forecasts, which is an understandable reaction to prolonged security, energy, and economic challenges. It is therefore crucial to ensure conditions that help businesses maintain operational stability and continue investing in the country," comments Anna Derevyanko, Executive Director of the Association. For reference:
The survey was conducted between February 3 and 17, 2026. Participants included 131 top managers from European Business Association member companies. Among those surveyed, 61% represent companies with foreign capital, and 39% represent companies with Ukrainian capital. By business size: 41% are medium-sized companies, 37% are large, and 22% are small.
