American Firms in Ukraine: 80 % Report Growth Despite Wartime Turmoil

1. Study Overview

• Report: “Doing Business in Wartime — July 2025”

• Authors: American Chamber of Commerce in Ukraine & Citi Ukraine

• Respondents: 122 C-suite executives across multiple sectors

• Survey window: 11 June – 1 July 2025

2. Operations & Workforce

Human toll:

• Employee injuries: 60 % of firms

• Employee fatalities: 46 %

3. Financial Performance

• 79 % report stable or rising Q2-2025 revenue vs. Q2-2024

• 84 % expect to maintain or improve results by year-end

• 66 % achieved similar or better results pre-war (baseline)

4. Three-Year Growth Strategies

5. Top Business Challenges

1. Employee safety – 83 %

2. Military booking / exemption issues – 66 %

3. Mental-health strain – 55 %

4. Strikes on critical infrastructure – 50 %

5. Talent shortages – 43 %

6. Outlook on Business Climate

• No major change expected: 53 %

• Deterioration feared: 29 %

• Improvement anticipated: 18 %

• No ceasefire expected in 2025: 70 %

7. Government Actions Business Wants in 2025

• Security & de-mining: 68 %

• Judicial reform: 53 %

• Tax-system stability: 44 %

8. Reconstruction: Prospects & Roadblocks

Key attractions:

• Recovery-project scale – 64 %

• Skilled labor at competitive cost – 59 %

• EU-accession outlook – 55 %

• Agricultural strength – 53 %

• Emerging defense sector – 45 %

Main barriers:

• Opaque tender laws – 60 %

• Security risks at sites – 58 %

• Limited project transparency – 51 %

Bottom Line

Despite missile strikes and frontline uncertainty, U.S. companies operating in Ukraine are expanding revenues, investing for growth, and lobbying for reforms that will unlock billions in reconstruction capital—key insights that will shape discussions at this week’s Rome Ukraine Recovery Conference.