Ukraine’s headline inflation accelerated to 8.6% y-o-y in April, from 7.9% in March, as prices rose by 1.4% m-o-m following 1.7% in March. Core inflation, which excludes administratively regulated tariffs as well as raw food and energy prices, also picked up to 7.6% y-o-y from 7.1% in March, although the monthly pace slowed to 0.9% from 1.5% m-o-m.

The National Bank of Ukraine’s gross foreign reserves fell by 7.3% ($3.8bn) m-o-m in April to $48.2bn, following monthly declines of 5.0% in both February and March, bringing the YTD drop to 16%. End-April reserves were equivalent to 4.9 months of prospective goods and services imports. The pace of hryvnia depreciation against the US dollar slowed to 0.6% m-o-m in April, from 1.3% in March, with the official rate at UAH 44.1:USD. The currency has remained broadly stable against the dollar so far in May and is down 3.2% YTD.

Metinvest’s iron ore production declined by 2.5% q-o-q to 3.9 Mt in 1Q26 (+1.8% y-o-y), crude steel output fell by 20% q-o-q to 454 kt (-7% y-o-y), while finished and semi-finished steel production dropped by 4.4% q-o-q to 845 kt (+10% y-o-y).

Ukraine’s direct and guaranteed public debt totaled $211bn as of end-March, down 1.1% m-o-m and 1.2% YTD.

Ukraine’s headline current account (CA) deficit narrowed to $4.1bn in March from a record $4.7bn in February, bringing the 1Q26 gap to $9.5bn, up from $7.5bn in 1Q25. The financial and capital account (FA) surplus stood at $2.2bn in March, in line with February, bringing the 1Q26 surplus to $4.4bn, down from $5.7bn in 1Q25. The total balance stood at -$1.9bn in March and -$5.1bn in 1Q26, worsening from -$1.8bn in 1Q25.

Baseload day-ahead electricity prices in Ukraine averaged UAH 5,391 (EUR 106)/MWh in April, down 25% m-o-m but up 15% y-o-y, bringing the 4M26 average to EUR 148/MWh (+28% y-o-y). Commercial electricity imports fell by 39% m-o-m in April to 0.8 GW (still triple y-o-y), bringing 4M26 imports to 1.2 GW, up fourfold y-o-y. Exports remained close to zero.

Ukraine’s State Statistics Service reported that provisional real GDP declined by 0.5% y-o-y in 1Q26, following 2.8% growth in 4Q25. Seasonally adjusted real GDP fell 0.7% q-o-q (non-annualized), after a 0.7% increase in 4Q25.

Industrial production (IP) in Ukraine rose by 4.5% y-o-y in March, following a 2.6% decline in February and an 8.1% drop in January, narrowing the 1Q26 contraction to -1.1% y-o-y from -4.6% in 2M26. According to State Statistics Service estimates, seasonally adjusted IP jumped by 4.9% m-o-m in March, following revised zero growth in February and a 2.6% decline in January.

LSE-listed MHP, Ukraine’s largest poultry producer, reported 2025 EBITDA of $641m including the IFRS 16 effect, up 1.4% y-o-y, and $569m excluding IFRS 16, up 0.5% y-o-y, as sales rose 24% y-o-y to $3.8bn. End-2025 net debt excluding IFRS 16 stood at $1.5bn, implying a Net Debt/EBITDA ratio of 2.69x, up from 2.08x at end-2024. On a pro-forma basis, including Spanish meat producer UVESA’s LTM EBITDA, the ratio stood at 2.49x. Year-end cash increased 17% y-o-y to $415m, though management indicated it has recently dropped to around $350m. Management expects 2026 EBITDA to decline by around 15% y-o-y due to the negative impact of higher fuel prices following military escalation in the Middle East. The company continues poultry exports to the region, with a 30-40% increase in delivery costs being offset by higher poultry selling prices. In 2026, MHP expects the MENA region to account for around 20% of poultry exports. For 2026, MHP guides for CAPEX of $250-280m, in line with $275m in 2025, and expects a $30-40m working capital release following a $142m build-up last year.

DTEK Group sees “no bad news” for investors and no haircuts, CEO Maksym Timchenko said during a press briefing, citing the earlier DTEK Renewables restructuring and the ongoing DTEK Oil & Gas restructuring as examples. Timchenko added that “we seek to extend for three to four years with an amortization schedule.”

WSE-listed Ukrainian agricultural producer IMC reported 2025 sales of $190m (-10% y-o-y), a gain from the change in fair value of biological assets (IAS 41) of $92m (+22%), EBITDA of $96m (+11%), and net income of $68m (+24%). End-2025 total debt stood at $135m, up 5% y-o-y, while the cash position was broadly unchanged y-o-y at $45m. Financial debt (before $117m of lease liabilities under IFRS 16) thus amounted to $18m, down 23% y-o-y, implying net cash of $27m.

• Russian forces gained a tiny 20-25 km2 last week and 140 km2 in April, with YTD advances (~660 km2) decreasing by almost 30% from ~900 km2 in 4M25. • Based on last year’s battlefield dynamics, when the Russian offensive sharply intensified in May, the current month should be more indicative of Ukrainian forces’ ability to keep Russian gains contained. • Russia and Ukraine declared unilateral ceasefires for the coming days, but those look unlikely to hold.

The National Bank’s survey-based business activity index (a PMI-type gauge) stood at 51.7 in April (0-100 scale), down 1.0pt m-o-m but up 2.2pt y-o-y.

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, reported that its vegetable oil terminal in the Black Sea port of Chornomorsk (Odesa region) was damaged in a Russian drone attack, resulting in a spill of 1.1 kt of oil. One employee sustained minor injuries. The company is assessing the extent of the damage and related losses.

Naftogaz published its 2025 IFRS financial results, implying headline EBITDA of $2.2bn, down 26% y-o-y, while the EBITDA margin fell 12pp y-o-y to 33%. End-2025 cash declined 69% y-o-y to $0.6bn, while total debt surged 63% y-o-y to $4.2bn, implying a 5.5x y-o-y increase in net debt to $3.6bn and pushing Net Debt/EBITDA to 1.7x from 0.2x at end-2024. The company also reported repayment of UAH 8.8bn equivalent (around EUR 200m) of EBRD debt and the $165m principal on its 2025 Eurobond. Naftogaz provided no update on its debt management plans, saying only that it is working to reschedule bank debt to later periods and has hired a financial advisor to manage its debt burden. Separately, the Ukrainian government approved Naftogaz’s consolidated profit attributable to shareholders at $72m and ordered a 30% dividend payout, or $22m, with the remainder expected to support the company’s other financing needs. Also this morning, Naftogaz said Russian ballistic missile and drone strikes hit its production assets in the Poltava and Kharkiv regions, killing three company employees and two State Emergency Service workers, while injuring 37 others.

NGD Holdings B.V., a subsidiary of DTEK Oil & Gas Production B.V. and issuer of DTEKOG 6.75% 2026 Eurobonds, has extended the deadline for its consent solicitation by another seven days, from Apr. 30 to May. 7. The company said it secured support from holders representing 88.87% of the aggregate principal amount of the outstanding notes.