Investments make accounting "louder," but the service — better

CEO of Ukrposhta Ihor Smiliansky said in an interview with LIGA.net that the company's official losses for 2025 are largely formal: operating activities are profitable, and the negative result in the reporting is explained by foreign exchange differences and high depreciation after a large-scale infrastructure upgrade (YouControl).

By the numbers

Key indicators for 2025 (according to the reports):

• Net revenue — 13.12 billion UAH;
• Net loss — 206.55 million UAH;
• Exchange rate losses that affected the result — about 400 million UAH;
• Depreciation — approximately 800 million UAH (compared to 120 million before Smiliansky's arrival);
• Company assets more than doubled to 26.5 billion UAH;
• The last de jure profit was in 2021 — 183.6 million UAH.

Why the loss is "formal"

As Smiliansky explained, if you set aside the foreign exchange differences (euro-denominated loans) and the increased depreciation after major purchases and construction, the company's operating result is positive. In other words, funds for operating work and income from services cover expenses — but the accounts register losses due to external factors and international debt.

"So, if you take depreciation plus foreign exchange differences, it comes to 1.2 billion hryvnias. Operationally — we are a profitable company."

— Ihor Smiliansky, CEO of Ukrposhta (interview with LIGA.net)

Where the money went

According to Smiliansky, Ukrposhta invested billions in upgrades: 24 new sorting centers were built, the vehicle fleet and equipment were modernized, and computers were replaced. Part of the expenses is rent for new premises alongside maintaining old sites (security, heating, taxes). Some property sale transactions were delayed due to prosecutor inquiries, so positive transactions did not have time to be reflected in the reporting.

Context and consequences

For users and the state these figures have practical significance: the upgraded logistics infrastructure improves delivery quality and the resilience of services in wartime and post-war conditions; the growth in assets signals the scale of modernization; at the same time, temporary accounting losses affect financing indicators and the image before investors.

Analysis: if legal issues around asset sales are resolved and currency risks are hedged, financial reports could return to recording profits — which would strengthen Ukrposhta's position as an infrastructure operator and its attractiveness for investment.

What is important to remember

Facts: the 2025 loss is 206.55 million UAH on revenue of 13.12 billion UAH; the main drivers of the loss are foreign exchange differences and increased depreciation due to investments.

For the state and users: modernization improves service and resilience, but in the short term requires attention to financial management and the legal cleanliness of transactions.

Conclusion

Ukrposhta demonstrates the classic balance for a modernization period: operational efficiency and growing assets versus temporary accounting losses. The question for partners and the state is whether this temporary accounting will turn into long-term trust from investors and users. The answer depends on progress with asset sales, hedging currency risks, and transparency of reporting.