One third of the surveyed company executives (32%) are convinced that the hostilities will end in 2025, 25% believe this will not happen, while 43% find it difficult to answer this question, according to the results of a new wave of the “Business During War” survey conducted by the European Business Association (EBA) among its member companies.
"In a world where turbulence is increasing, businesses with experience in Ukraine already have a certain competitive advantage... Despite the difficulty of making predictions, most companies reaffirm their commitment to continue operating in the Ukrainian market in our survey. It doesn't seem like easy times are ahead, so this business outlook is truly inspiring," commented EBA Executive Director Anna Derevyanko on the survey results.
As noted in the survey results, enterprises continue to build financial reserves, with the number of companies holding reserves for a year or more rising to 72% in 2025, compared to 53% in mid-2024. Another 22% have reserves for six months, 5% for a few months, and only 1% have no reserves at all.
Among EBA member companies, 77% will continue to operate in Ukraine in the near future, regardless of whether hostilities cease this year, 19% do not have a clear answer yet, and only 4% suggest that they may reconsider their presence in the Ukrainian market if hostilities continue.
According to the organization's data, at the beginning of 2025, 75% of respondents are operating at full capacity (64% six months ago), 24% are operating with restrictions (36% in mid-2024), and 1% are not operating at all. The most common restrictions faced by companies include a lack of qualified workers/mobilization (75%), geographical limitations (55%), and suspension of operations during air raid alerts (41%).
Over the past six months, the number of leaders who view their business situation positively has increased from 27% to the current 40%. At the same time, 46% assess their situation as satisfactory, and 14% as negative.
Additionally, compared to the results of the previous wave, forecasts for business dynamics over the next six months have become more optimistic. Currently, 29% of respondents expect a deterioration in their business situation in 2025 (in the previous wave, 56% expected deterioration). The number of those who believe their business situation will improve has doubled over six months, rising from 16% to the current 32%. Meanwhile, 39% do not anticipate significant changes.
Entrepreneurs cite the lack of qualified workers and mobilization (75%), war and occupation of territories (63%), and economic instability (54%) as the factors having the most negative impact on business. Six months ago, attacks on the Ukrainian energy system were among the top three challenges, but this factor has now dropped to fourth place.
Business losses due to the war remain substantial: at the beginning of 2025, 25% of surveyed companies report losses of up to $1 million, 24% report losses ranging from $1-10 million, and 16% report losses exceeding $10 million. Only 11% of the surveyed companies reported no losses, while 24% find it difficult to assess them.
The EBA emphasizes that support for the armed forces from businesses remains strong. Currently, 72% of companies support their employees serving in the Armed Forces of Ukraine, with 56% providing financial assistance and 35% donating products. Additionally, 23% of respondents are involved in community or regional recovery efforts.
In 85% of the surveyed member companies of the Association, there are employees serving in the Armed Forces of Ukraine. However, over the last six months, there has been a noticeable trend towards an increase in the number of mobilized workers. In 41% of cases, the number of mobilized workers reaches 10% of the total number of conscripted individuals (52% in mid-2024). In 36% of cases, the mobilized make up 10-20% (28% six months ago), and in 8% of cases, they account for 20-30%. Almost half of the respondents (48%) report that among the mobilized or volunteers, there are critical specialists for the operation of their enterprises.
The EBA noted that businesses currently need the most support in improving employee reservation conditions, easing currency restrictions, implementing a moratorium on inspections, and covering military risks.
The survey was conducted from February 5 to 16, 2025, with 102 top managers from EBA member companies participating.