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      Interactive report

      We are pleased to announce an interactive version of KPMG M&A Radar in Power BI format, spanning the period from 2013 to 9m 2026. This version offers several advantages:

      • The data in KPMG M&A Radar can be filtered by various time periods; including yearly, half-yearly, and quarterly intervals.
      • Most analyses in KPMG M&A Radar are interactive, allowing you to filter the data by period, sector, region, etc. You can easily apply filters using the period selector, sector filter, or drop-down menu on the relevant page.
      • Certain visual elements in KPMG M&A Radar provide access to additional information. Simply click or hover over a specific element in a graph (such as a bar or a section of a doughnut chart) to view more details.

      Domestic M&A deals

      Domestic deal volume stood at 30 in 9m 2026, a slight decline on the 33 transactions recorded in the same period of the previous year. However, while domestic transactions continue to play a significant role in Ukraine’s M&A market as the largest source of deal activity, their share in terms of total deal volume decreased to 59%, down from 70% in 9m 2025, with this decline primarily driven by an increase in the number of inbound transactions.

      Disclosed deal value for domestic transactions also decreased by 28%, down from USD733 million in 9m 2025 to USD527 million in 9m 2026. Such figures are broadly in line with the historical dynamics of the Ukrainian market, though, with domestic transactions generally less transparent and deal values often only disclosed later, typically towards year-end. As such, a more comprehensive picture of both domestic and overall deal activity should be available in KPMG’s M&A Radar 2026: Ukraine.

      Broken down by sector, domestic deal-making was driven by transactions in agriculture (six deals), real estate and construction (five deals), innovations and technology (five deals), power and utilities (four deals), and consumer markets (four deals), while a single transaction was recorded in each of the following sectors: healthcare and pharmaceuticals, transport and infrastructure, industrial products, oil and gas, metals and mining, and communications and media.

      The most notable announced transactions with disclosed values included:

      • US-Ukrainian defence tech company Swarmer’s acquisition of Ratel Robotics for an estimated USD224 million, paving the way for the integration of Swarmer’s technologies with Ratel Robotics’ product portfolio.
      • Agricultural holding company Enselco Group, helmed by Andriy Verevskyi, acquired Agro-Region Group in a deal reportedly worth more than USD100 million, adding approximately 41,000 hectares to the buyer’s existing agricultural land bank.

      Other notable transactions included telecommunications and digital services company Kyivstar’s further consolidation of its position in the power and utilities sector through the acquisition of six solar power plants with a combined installed capacity of 105 MW in the Lviv region in a deal valued at UAH3.6 billion (USD80.8 million). This transaction increased Kyivstar’s total renewable energy capacity to 118 MW, further advancing the company’s energy resilience strategy.

      In the metals and mining sector, meanwhile, Andriy Verevskyi, owner of Ukrainian agro-industrial company Kernel, acquired a 21.4% stake in mining company Ferrexpo for approximately USD50 million.

      Inbound M&A Deals

      The number of inbound M&A transactions involving Ukraine increased to 13 in 9m 2026, compared to the eight deals seen in the same period of 2025. Disclosed inbound deal value also saw an upswing, rising from USD41 million in 9m 2025 to USD1,275 million in 9m 2026. Even with the exclusion of TCC Group’s large-scale IFCEM planned transaction, inbound deal value for 9m 2026 would total USD415 million, approximately ten times higher than 9m 2025.

      This increase was driven by several large transactions in the industrial products, innovations and technology, and insurance sectors, namely:

      • Taiwanese TCC Group Holdings’ aforementioned planned acquisition of 100% of IFCEM Group for up to EUR750 million (approximately USD860 million), with the final consideration still subject to net debt and working capital adjustments.
      • Ukrainian-founded online language learning platform Preply’s USD150 million Series D funding.
      • Polish PZU SA’s agreement to acquire 100% of MetLife Ukraine, the country’s largest life insurer, in a transaction estimated at approximately USD100 million.

      In terms of sectoral distribution, inbound Ukrainian M&A activity was led by innovations and technology (four deals), industrial products (three deals), and banking and insurance (two deals). One transaction was also recorded in each of the following sectors: metals and mining, consumer markets, power and utilities, and transport and infrastructure. Agriculture, an M&A market mainstay and a traditional source of investment in Ukraine, was notably absent from inbound dealmaking.

      Although inbound M&A activity in Ukraine remains more volatile and sensitive to external factors than domestic deal flow, this recent rally in overall transaction value demonstrates that foreign investors continue to pursue sizeable opportunities. TCC Group Holdings’ IFCEM planned acquisition in particular highlights the viability of large-scale inbound transactions, even in a challenging investment environment. Furthermore, even when excluding the period’s largest transaction, the tenfold increase in inbound deal value compared to 9m 2025 indicates a degree of investor confidence in the Ukrainian market, with a fuller picture available in our year-end KPMG M&A Radar 2026: Ukraine.

      Outbound M&A deals

      Outbound M&A activity also showed an increase year-on-year, albeit more muted than inbound dealmaking, with eight announced transactions in 9m 2026 (compared to six in 9m 2025) and disclosed deal value increasing only modestly to USD338 million in 9m 2026 (compared to USD329 million in 9m 2025).

      Outbound M&A deal value in both 9m 2026 and 9m 2025 was heavily concentrated around transactions undertaken by MHP, accounting for more than 90% of total disclosed outbound deal value in each period. Outbound transaction activity in 9m 2026 was mostly represented by MHP’s agreement to acquire a stake in Greek meat producer and distributor Th. Nitsiakos AVEE for approximately USD290 million, as well as MHP’s USD28 million acquisition of Spanish poultry producer Payán Hermanos. This activity broadly mirrors the situation in 9m 2025, with outbound deal value in this prior period largely supported by MHP’s USD300 million acquisition of a controlling stake in Spain’s prominent poultry, pork, and feed producer UVESA and its USD14 million acquisition of Croatian grain and oilseed company Toni d.o.o.

      In terms of geography, outbound Ukrainian M&A activity in 9m 2026 was concentrated across three regions:

      • Europe accounted for four outbound transactions, including the acquisition of Portuguese data analytics startup Rows.com by AI productivity software company Superhuman (formerly Grammarly) for an undisclosed sum, MHP’s aforementioned transactions for USD290 million to acquire a stake in Greek poultry producer Th. Nitsiakos AVEE and USD28 million to acquire Spanish poultry producer Payán Hermanos, as well as fintech company W Group’s acquisition of a significant stake in Dutch luxury sports car manufacturer Spyker (value undisclosed).
      • North America saw two outbound transactions, including Ukrainian mobile entertainment company Holywater’s acquisition of AI studio Jeynix to strengthen its AI-powered content creation capabilities (value undisclosed), and Superhuman’s acquisition of meeting AI support company Fathom (value undisclosed), aimed at integrating meeting insights into Superhuman’s existing AI productivity suite.
      • Asia-Pacific accounted for two outbound transactions, including IT company Jiji’s USD20 million acquisition of leading Bangladeshi classifieds platform Bikroy, further expanding its presence across high-growth emerging markets. IT service business SoftServe’s acquisition of Indian technology services company NewVision Software (value undisclosed), meanwhile, aimed to strengthen the Ukrainian company’s software development and digital transformation capabilities while broadening its service offering for global clients.

      Key sectoral developments

      While innovations and technology (14 deals in 9m 2026 versus 13 in 9m 2025) and agriculture (eight deals in both periods) continue to be Ukraine’s most active sectors in terms of dealmaking, the broader sectoral composition of Ukrainian M&A activity shifted moderately in 9m 2026, with transaction activity becoming more evenly distributed across a wider range of industries.

      The most pronounced increase was recorded in the power and utilities sector, where deal activity more than doubled: from two transactions in 9m 2025 to five in 9m 2026. Consumer markets also gained momentum, with the deal count rising from three transactions to five in 9m 2026, while M&A transaction activity in the industrial products sector also saw an increase from two deals to four. By contrast, the real estate and construction sector experienced a notable slowdown, with the number of announced transactions falling from eleven to five. These developments suggest continued investor preference for sectors linked to energy security and essential consumption, while investment in certain asset-intensive sectors (such as property and real estate) remain more selective.

      Up-and-coming Ukrainian sectors such as defence-tech saw M&A and investment activity continue to gain momentum. Only two transactions in 9m 2025 exceeded the USD5 million threshold for KPMG M&A Radar consideration: a USD5 million private investment in Trypillian, a UK-Ukrainian developer of autonomous combat systems and long-range drones, and a USD15 million funding round raised by US-Ukrainian defence technology company Swarmer. By contrast, 9m 2026 saw five transactions above the USD5 million threshold, highlighting growing investor interest in Ukraine’s defence-tech sector. The largest disclosed defence tech transaction in the most recent nine-month period was Swarmer’s estimated USD224 million investment in Ratel Robotics, a Ukrainian developer of ground-based unmanned military systems. Other notable deals included a USD10.4 million investment by US-based public safety technology company Axon Enterprise in Ukraine’s Buntar Aerospace, aimed at supporting drone production and battlefield intelligence solution scaling, and a USD8.6 million seed funding round for AI defence intelligence startup Farsight Vision supported by Brave1 and raised from Axon Enterprise, Estonia’s state-backed SmartCap Defence Fund, and several European defence-focused investors.

      As with other sectors, the figures above only refer to deals above the M&A Radar threshold. A substantial number of smaller defence-tech funding rounds below USD5 million suggest that actual investment activity in the defence sector would be even broader than reflected in the disclosed transaction data.

      It is also important to note that most defence-tech transactions have historically been classified within the IT sector under KPMG M&A Radar methodology. However, given the growing volume and strategic importance of defence-related investment activity, KPMG may also consider introducing defence tech as a standalone sector category in future editions of M&A Radar Ukraine.

      Regardless of categorisation, the defence technology sector’s growing maturity is also reflected in capital markets activity. In March 2026, Swarmer became the first Ukrainian-origin defence-tech firm to list on Nasdaq, raising approximately USD15 million for its IPO and demonstrating international investor interest in Ukrainian defence technologies. The sector’s scaling potential was further highlighted by unmanned systems company UFORCE becoming Ukraine’s first defence-tech unicorn following a USD50 million funding round.

      Economic landscape

      Consumer inflation accelerated to 8.1% year-on-year by August 2026, exceeding National Bank of Ukraine expectations, with this increase driven by higher fuel prices, war-related pressures, and rising labour and logistics costs. The NBU anticipates inflation increasing to approximately 10% by year-end, supported by stronger domestic demand amid a significant expansion in government spending, continued wage pressures, and the lagged effects of higher fuel prices, before moderating to 6.9% in 2027. The NBU continued monetary tightening in 2026 in response to accelerating inflation rates, raising Ukraine’s key policy rate to 16.0% in an attempt to contain inflation and support macroeconomic stability.

      Ukraine’s economic outlook remains constrained by the ongoing war, prompting the EBRD to lower its real GDP growth forecasts to 1.5% for 2026 and 2.5% for 2027. This downgrade primarily reflects the effects of disruptions to Black Sea shipping, attacks on energy infrastructure, and rising energy costs on Ukrainian productivity and trade logistics.

      The NBU maintains a more optimistic outlook, forecasting GDP growth of 1.8% in 2026 and between 2.8–3.0% in 2027–2028, supported by defence-related investment, agricultural output, and improving energy sector conditions. Infrastructure damage and financing risks remain key challenges, however.

      Though agriculture continues to play a critical role in the Ukrainian economy, export volumes remain constrained by Black Sea shipping disruptions. Agricultural exports were only 46% of estimated potential capacity in September 2026, highlighting the sector’s ongoing logistical challenges.

      Ukrainian business sentiment remained subdued in September 2026, with the Business Activity Expectations Index at 48.2, below the neutral level of 50 and slightly lower than a year earlier. Confidence continued to be weighed down by security risks, infrastructure damage, and rising operating costs, although stable energy supplies and a strong harvest provided some support. Industrial companies remained the most optimistic, while businesses in the construction, services, and trade sectors reported weaker expectations.

      Nonetheless, experienced market participants continue to demonstrate long-term confidence in Ukraine’s investment prospects. Dragon Capital and Horizon Capital specifically are raising new investment vehicles with a combined target size of approximately USD750 million, while Dragon Capital has also announced plans to invest at least USD1.1 billion in Ukraine over the next five years. These commitments suggest that leading investors still see substantial opportunities in the Ukrainian market despite a challenging operating environment.

      Ukraine’s M&A market points to further activity in Q4 2026 (outlook)

      Looking ahead to Q4 2026, selective deal flow is expected to be supported by an existing pipeline of announced transactions and investment initiatives, particularly in defence and broader innovation and technology, agribusiness, and energy resilience projects. The timing and completion of these transactions will remain sensitive to security developments, access to financing, and the availability of external financial support and options for war-risk mitigation.

      Nonetheless, the Ukrainian market has recently benefitted from a growing pipeline of committed capital, indicating that international development institutions, strategic investors, and private equity funds continue to identify potential in investment in Ukraine. Recently announced initiatives also suggest that additional capital may gradually enter the market in the short to medium term.

      Examples of such initiatives include the recent Carpathian Eight Summit, resulting in investment and commercial agreements cumulatively worth more than EUR1 billion across Ukraine’s energy, transport, and infrastructure sectors, as well as several newly announced investment vehicles, including the Ukraine-Moldova American Enterprise Fund’s USD50 million direct investment programme targeting Ukrainian SMEs and a planned EUR100 million defence technology fund from Denmark’s Final Frontier and Myriad Defence Fund focused on Ukraine and the Nordic region.

      Rising activity in defence-related industries, ongoing inbound and domestic investment in energy resilience and renewable generation, and continued consolidation across Ukraine’s agricultural sector are all expected to remain key drivers of local transaction activity. Although financing conditions remain relatively tight and investor decision-making continues to be influenced by security considerations, the overall direction of market sentiment points to cautiously positive expectations for Q4 2026 and beyond.

      Svitlana Shcherbatyuk

      Partner, Head of Transaction Services, Deal Advisory

      KPMG in Ukraine

      Volodymyr Maksymenko

      Director, Advisory, Deal Advisory, Transaction Services

      KPMG in Ukraine

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