Ukrainian Railway

State-owned rail monopoly Ukrainian Railway (RAILUA) was incorporated as a public JSC in December 2015, consolidating its regional rail operators. The company owns almost 21,000 km of rail track and a fleet of c. 4,000 locomotives, 110,000 freight and 5,000 passenger railcars. RAILUA accounts for 62% of total freight transportation in Ukraine, being the largest freight operator in Europe, and 36% of domestic passenger transportation. It is the largest domestic employer with a c.300,000-strong labor force.
Year 2026 2028
Issue Volume ($m) 703 352
Coupon Rate (% p.a.) 8.25% 7.875%
Coupon Frequency S/A S/A
Maturity date 7/9/2026 7/15/2028
Ratings: Fitch/Moody`s/S&P CC/—/— CC/—/—
Market Price* ($) 84.00 77.00
Market YTM* 27.10% 17.70%
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 Railway

May 28, 2025
| Transportation

Ukrainian Railways – Gov’t approves $104m budgetary support as company cash falls to $168bn at end-1Q25

The government has approved UAH 4.3bn ($104m) in support for Ukrainian Railways (RAILUA) from the state budget, serving as compensation for the provision of passenger transportation services in regions affected by active military hostilities.
May 27, 2025
| Transportation

Ukrainian Railways — Reports end-2024 cash of $310m, requests $104m budgetary support

The government has published unconsolidated financial results for Ukrainian Railways (RAILUA), showing a net loss of UAH 2.7bn ($68m) in 2024, compared to net income of UAH 5.0bn ($138m) in 2023. The company’s end-2024 cash position stood at UAH 13bn ($310m), down 18% y-o-y. RAILUA is currently seeking UAH 4.3bn ($104m) in compensation from the state budget for providing passenger services in areas affected by military hostilities, with a final decision expected in May.
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