Ukrainian Railway

Cargo transportation in Ukraine totaled 239 Mt in 9M25, slowing the rate of decline to -9.7% y-o-y from -11.3% in 8M25. Half of the total volume, 121 Mt or 51%, was carried by rail, followed by road vehicles (91 Mt, 38%) and pipelines (27 Mt, 11%).

The state rail monopoly Ukrainian Railways (RAILUA) reported a sharp deterioration in its 1H25 results, with revenues down 13% h-o-h to $1.1bn (-23% y-o-y), EBITDA dropping 33% h-o-h to $57m (-83% y-o-y), and a net loss of $177m vs. a $81m profit in 1H24. Cash fell 51% h-o-h to $151m, while total debt rose 6% h-o-h to $1.5bn, pushing net debt up 23% to $1.4bn and lifting Net Debt/LTM EBITDA to 7.8x from 2.6x in 2024. The company disclosed a breach of certain covenants under a UAH 6.9bn (c.$163m) non-current loan but said it obtained a waiver from the lender.