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 ($m) 703 352
Coupon Rate (% p.a.) 8.25% 7.875%
Coupon Frequency S/A S/A
Maturity date 7/9/2026 7/15/2028
Ratings: Fitch/Moody`s/S&P CC/—/— CC/—/—
Market Price* ($) 77.00 73.00
Market YTM* 45.20% 20.70%
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

Aug 21, 2025
| Transportation

Ukrainian Railways – To receive $193m of budgetary support

The Verkhovna Rada approved amendments to the 2025 budget law yesterday, redistributing UAH 37bn in non-military spending and raising planned revenues by reallocating UAH 8bn in bank profit tax receipts from Kyiv’s municipal budget to the state budget. The latter amount is expected to be directed as state support to Ukrainian Railways (RAILUA).
Aug 12, 2025
| Transportation

Ukrainian Railways — 1H25 freight transportation down 12% y-o-y to 80 Mt

State rail monopoly Ukrainian Railways (RAILUA) reported 1H25 freight transportation of 79.6 Mt, down 12% y-o-y. Export-bound deliveries dropped 14% y-o-y to 38.7 Mt, while domestic cargo transportation declined 12% y-o-y to 35.5 Mt. Import shipments reached 5.3 Mt, up 5.4% y-o-y, while transit volumes remained negligible at just 0.1 Mt.
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