Business environment in Dnipropetrovsk region in focus: moderate investment recovery and energy independence

02/ 01/ 2026

Against the backdrop of Russia’s ongoing aggression, businesses in the Dnipropetrovsk region continue to operate amid persistent uncertainty and security risks. At the same time, companies are demonstrating an ability to adapt, maintain operational resilience, and develop growth plans. This is evidenced by the results of the annual survey conducted by the European Business Association. The assessment of business conditions in the region stands at 2.44 points out of 5, slightly higher than last year’s figure. Nevertheless, 56 percent of respondents continue to describe the situation as difficult, while 44 percent consider it satisfactory. At the same time, the share of companies operating at full capacity has more than doubled, increasing from 20 percent last year to 56 percent this year. At the same time, businesses clearly identify the key challenges constraining development. The most acute issue remains the shortage of personnel. Eighty nine percent of companies have employees who have been mobilised, while 50 percent report difficulties with reserving staff. Other factors cited by businesses include declining purchasing power, fiscal pressure, and logistical challenges. Particular attention is also required for the integration of veterans, including workplace adaptation and an individual approach to employees. An additional source of pressure on businesses has been regular attacks on energy infrastructure. Large scale blackouts and grid overloads have forced companies to reconsider their approaches to operational resilience. Energy independence is increasingly perceived not as an additional option, but as a basic prerequisite for uninterrupted operations. Iryna Sydelnyk. Director at ETL Group. The past six months have been extremely dynamic. Demand for energy independence solutions has increased severalfold due to constant attacks on infrastructure. Businesses and industry have realised that autonomy is a strategic necessity. Under these circumstances, interest in green energy is growing rapidly. Businesses are increasingly investing in solar power plants, energy storage systems, and backup power solutions integrated into a single infrastructure. Such solutions help minimise downtime risks and reduce reliance on generators, given their high operating costs, noise, and operational limitations. “These are no longer just solar panels on rooftops, but fully fledged energy hubs that allow businesses to operate continuously even under the most challenging conditions,” note ETL Group experts. According to company estimates, the implementation of such projects takes between 1.5 and 4 months for industrial facilities and up to 10 months for large scale investment solutions. At the same time, businesses expect greater predictability from state policy, including the expansion of preferential lending programmes, simplification of permitting procedures, and the establishment of a stable regulatory framework for energy storage systems. “Today, it is important for businesses not just to have electricity, but to have clean, stable, and controllable energy. We are increasingly implementing comprehensive solutions that combine generation, storage, and intelligent consumption management. These systems operate without shutting down equipment, which is critical for manufacturing, servers, or refrigeration facilities,” the company adds. Alongside energy transformation, the investment market is also undergoing change. Despite security risks and macroeconomic instability, businesses continue to seek development opportunities. According to the survey, in 2026, 56 percent of companies plan to pursue digitalisation and introduce AI solutions, 33 percent are considering business expansion and new investment projects, and 28 percent plan to increase their workforce. Representatives of the investment sector note a cautious but steady revival of the market. Investors have become significantly more selective; however, interest in Ukraine remains and is concentrated in sectors with stable demand, quick returns, and scaling potential. Yevhen Savchenko. Director of Investment and Development at TERWIN. Over the past six months, the investment climate has remained moderately stable, yet cautious. Demand is primarily focused on projects with clear economic rationale, quick payback periods, and scalability. Businesses have adapted to wartime conditions, but investors are paying much greater attention to risk management and operational security guarantees. Investor interest has become more targeted. Priority is given to projects with stable demand and export potential, while large scale infrastructure initiatives remain limited due to security factors. “Willingness to invest in frontline regions is minimal. Instead, interest is growing in central and western regions, where risks are lower and infrastructure is more stable,” he adds. Regarding state support, businesses acknowledge its availability, particularly from international financial institutions and donor programmes, but note that effectiveness is often constrained by lengthy bureaucratic procedures. This correlates with survey findings, where entrepreneurs identify reduced pressure from supervisory authorities and an improved regulatory environment as key needs. “Certain support programmes do exist. International financial institutions and donors are actively engaged, and the state is also moving towards improving conditions, but processes are often delayed. Support needs to be accelerated,” market participants conclude. Despite all constraints, the region’s potential remains significant. Companies are modernising, implementing energy efficient technologies, developing processing capacities, and pursuing import substitution projects. With transparent guarantees and stronger international support, investment activity could increase noticeably as early as next year. In this way, sustainable technologies and focused investment are shaping a new economic model that continues to develop even under external pressure. Although risks remain high, businesses continue to seek opportunities, expand partnerships, and implement solutions that strengthen the region and support its economic activity. This represents a cautious yet confident movement forward, laying the foundation for post war recovery and future growth.

The assessment of business conditions in the region stands at 2.44 points out of 5, slightly higher than last year’s figure. Nevertheless, 56 percent of respondents continue to describe the situation as difficult, while 44 percent consider it satisfactory. At the same time, the share of companies operating at full capacity has more than doubled, increasing from 20 percent last year to 56 percent this year.

At the same time, businesses clearly identify the key challenges constraining development. The most acute issue remains the shortage of personnel. Eighty nine percent of companies have employees who have been mobilised, while 50 percent report difficulties with reserving staff. Other factors cited by businesses include declining purchasing power, fiscal pressure, and logistical challenges. Particular attention is also required for the integration of veterans, including workplace adaptation and an individual approach to employees.

An additional source of pressure on businesses has been regular attacks on energy infrastructure. Large scale blackouts and grid overloads have forced companies to reconsider their approaches to operational resilience. Energy independence is increasingly perceived not as an additional option, but as a basic prerequisite for uninterrupted operations.

Iryna Sydelnyk Director at ETL Group

The past six months have been extremely dynamic. Demand for energy independence solutions has increased severalfold due to constant attacks on infrastructure. Businesses and industry have realised that autonomy is a strategic necessity.

Under these circumstances, interest in green energy is growing rapidly. Businesses are increasingly investing in solar power plants, energy storage systems, and backup power solutions integrated into a single infrastructure. Such solutions help minimise downtime risks and reduce reliance on generators, given their high operating costs, noise, and operational limitations.

“These are no longer just solar panels on rooftops, but fully fledged energy hubs that allow businesses to operate continuously even under the most challenging conditions,” note ETL Group experts.

According to company estimates, the implementation of such projects takes between 1.5 and 4 months for industrial facilities and up to 10 months for large scale investment solutions. At the same time, businesses expect greater predictability from state policy, including the expansion of preferential lending programmes, simplification of permitting procedures, and the establishment of a stable regulatory framework for energy storage systems.

“Today, it is important for businesses not just to have electricity, but to have clean, stable, and controllable energy. We are increasingly implementing comprehensive solutions that combine generation, storage, and intelligent consumption management. These systems operate without shutting down equipment, which is critical for manufacturing, servers, or refrigeration facilities,” the company adds.

Alongside energy transformation, the investment market is also undergoing change. Despite security risks and macroeconomic instability, businesses continue to seek development opportunities. According to the survey, in 2026, 56 percent of companies plan to pursue digitalisation and introduce AI solutions, 33 percent are considering business expansion and new investment projects, and 28 percent plan to increase their workforce.

Representatives of the investment sector note a cautious but steady revival of the market. Investors have become significantly more selective; however, interest in Ukraine remains and is concentrated in sectors with stable demand, quick returns, and scaling potential.

Yevhen Savchenko Director of Investment and Development at TERWIN

Over the past six months, the investment climate has remained moderately stable, yet cautious. Demand is primarily focused on projects with clear economic rationale, quick payback periods, and scalability. Businesses have adapted to wartime conditions, but investors are paying much greater attention to risk management and operational security guarantees.

Investor interest has become more targeted. Priority is given to projects with stable demand and export potential, while large scale infrastructure initiatives remain limited due to security factors.

“Willingness to invest in frontline regions is minimal. Instead, interest is growing in central and western regions, where risks are lower and infrastructure is more stable,” he adds.

Regarding state support, businesses acknowledge its availability, particularly from international financial institutions and donor programmes, but note that effectiveness is often constrained by lengthy bureaucratic procedures. This correlates with survey findings, where entrepreneurs identify reduced pressure from supervisory authorities and an improved regulatory environment as key needs.

“Certain support programmes do exist. International financial institutions and donors are actively engaged, and the state is also moving towards improving conditions, but processes are often delayed. Support needs to be accelerated,” market participants conclude.

Despite all constraints, the region’s potential remains significant. Companies are modernising, implementing energy efficient technologies, developing processing capacities, and pursuing import substitution projects. With transparent guarantees and stronger international support, investment activity could increase noticeably as early as next year.

In this way, sustainable technologies and focused investment are shaping a new economic model that continues to develop even under external pressure. Although risks remain high, businesses continue to seek opportunities, expand partnerships, and implement solutions that strengthen the region and support its economic activity. This represents a cautious yet confident movement forward, laying the foundation for post war recovery and future growth.