Ukrainian Railways

Ukrainian Railways (RAILUA) is a state-owned monopoly operating the majority of Ukraine’s railway transportation system, including the entire rail track spanning 19,800 km, a fleet of c. 3,500 locomotives, 3,700 passenger railcars and around half of the domestic freight car fleet totaling 116,000 cars. With a workforce of 187,000, Ukrainian Railways is one of the largest domestic employers, accounting for 3.5% of staff workers in Ukraine. Cargo transportation historically accounted for c. 75% of the company’s revenues, followed by passenger transportation (c. 15%) and auxiliary services (c. 10%).

Year 2026 2028
Issue Volume ($m) 703 352
Coupon Rate (% p.a.) 8.25% 7.875%
Coupon Frequency S/A S/A
Maturity date 7/9/2026 7/15/2028
Ratings: Fitch/Moody`s/S&P RD/D/—/—/SD/— RD/D/—/—/SD/—
Market Price* ($) 85.00 83.00
Market YTM* 9.70% 16.10%
Spread over UST* - -
Note: *Based on bid price.
Year 2021 2022 2023
Net Sales ($m) 3,181 *** ***
EBITDA ($m) 516 *** ***
Net Income ($m) 17 *** ***
EBIT Coverage Ratio (x) 0.43 *** ***
Net Debt/Equity (%) 18.4% *** ***

Latest news about Ukrainian Railways

Jul 07, 2026
| Transportation

Ukrainian Railways — CEO counts on IFIs to facilitate Eurobond restructuring

IFIs may facilitate the restructuring of RAILUA Eurobonds due 2026 and 2028 by “providing additional liquidity in the deal,” Ukrainian Railways CEO Oleksandr Pertsovskyi said. Pertsovskyi also noted that he is waiting for the finalization of the planned 30% freight tariff increase before proceeding with a revised restructuring proposal and that a deal could be reached this year, provided tariffs are increased as planned, IFIs provide financing, and bondholders remain pragmatic. He reiterated that the company is seeking restructuring terms consistent with its long-term financial position rather than a quick agreement that may need to be revisited in a few years.
Jul 03, 2026
| Transportation

Rail freight recovers slowly in May, we cut full-year forecast

Cargo transportation in Ukraine increased by 3.5% m-o-m to 29.3 Mt in May, decelerating to just 1.3% in y-o-y terms after a 22% y-o-y jump in April and bringing 5M26 growth to 4.1% y-o-y. Total freight turnover (distance-adjusted) increased by 2.7% m-o-m but stood 16% lower y-o-y.
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