Ukrposhta on the verge of default: losses reach billions

Ukrposhta is back in the spotlight. Despite its key role in pension payments and parcel delivery, the company continues to operate at a loss. The government is already openly talking about the risk of default and the need for additional capital.

This is stated in the draft state budget for 2026 ( No. 14000 ), where the appendix “Information on fiscal risks” provides a detailed assessment of the financial condition of the enterprise, RBC-Ukraine reports.

In 2024, Ukrposhta’s loss amounted to UAH 413.2 million (in 2023 – UAH 796.4 million). The company’s liquidity decreased by 9%, and current liabilities exceeded current assets by UAH 3.7 billion. The liquidity ratio fell from 0.69 in 2023 to 0.63 in 2024. The debt load reached a critical 98% of assets.

Ukrposhta’s development is financed through loans from the EBRD (63 million euros) and the EIB (30 million euros), which are aimed at modernizing logistics.

Development scenarios:

Baseline: profitability is possible in 2025–2028 due to increased parcel revenue and cost control.

Alternative: in 2026, the company may again go into the red.

Negative: projected permanent losses with sharp deterioration after 2025.

According to the NBU’s estimates, in 2022-2024, the company’s total losses amounted to UAH 2.5 billion, and capitalization decreased from UAH 2.8 billion to UAH 0.2 billion. This creates “real risks of the company’s default by creditors,” the document notes.

To avoid this, the government estimates the need for additional capitalization of at least UAH 826 million as of May 2025 .

Separately, the option of transferring Ukrposhta to the First Investment Bank to create a financial inclusion bank is being considered. However, the NBU has expressed reservations, as the bank itself is unprofitable, violates regulatory capital standards, and does not have a clear business model.

It should be noted that in June, the Verkhovna Rada adopted a law on the development of financial inclusion, which will allow Ukrposhta and other companies with an extensive network to receive limited banking licenses.

Previously, Ukrposhta suspended the work of branches in Kostyantynivka, Donetsk region, due to constant attacks and risks to employees and customers.

A Russian drone also attacked a Ukrposhta vehicle in one of the villages of the Mykolaiv community in the Sumy region, injuring two people.

Meanwhile, the General Director of Ukrposhta, Ihor Smilyansky, refused to answer a parliamentary request from Nina Yuzhanina about the number of employees with salaries exceeding UAH 100,000 per month at the enterprise.

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