The war will continue in 2026, according to 47% of respondent companies belonging to the European Business Association (EBA). Meanwhile, 24% believe that hostilities will end this year, and 29% remain undecided, according to the results of the "Business During War" survey conducted by the EBA.

According to the published data, three-quarters (76%) of the association’s member companies will continue to operate in Ukraine regardless of whether the fighting ends this year. Another 14% do not yet have a definitive answer, and 10% suggest they may reconsider their presence in the Ukrainian market if the hostilities continue.

Business requires the greatest support in improving conditions for employee reservation (deferment), coverage of military risks, a moratorium on inspections, easing currency restrictions, and assistance in communication with state authorities.

"Despite four years of full-scale war, business demonstrates a high level of resilience and adaptability. Most companies continue to work in full and support their teams. At the same time, this year we see more restrained assessments and forecasts," stated Anna Derevyanko, Executive Director of the association.

The EBA noted that at the beginning of 2026, three-quarters of its member companies (76%) are operating at full capacity, while 24% are working with certain restrictions. The most common barriers remain geographic limitations of activity (58%), suspension of work during air raids (45%), and the forced transition to online formats (40%).

Regarding business sentiment, it has become more restrained: the share of managers who positively assess the current state of affairs in their business decreased from 40% in 2025 to 32% in 2026. Simultaneously, the share of those who assess the situation negatively rose from 14% in 2025 to 23% in 2026, while another 45% consider it satisfactory.

Forecasts for business dynamics in 2026 have also worsened. 39% of managers expect a deterioration in 2026 compared to 29% last year; 41% do not foresee significant changes. The share of those expecting improvement dropped from 32% in 2025 to 20% in 2026.

Among the factors with the greatest negative impact on business, entrepreneurs currently highlight attacks on energy (82%), a shortage of qualified workers (78%), war/occupation of territories (66%), reduced domestic consumption (46%), and economic instability (40%).

The EBA emphasized that financial reserves of enterprises remain relatively stable. Thus, 67% of companies have a financial safety margin for a year or more, 21% for six months, 10% for several months, and 2% report a lack of reserves.

Business losses due to the war are growing. At the beginning of 2026, 19% of companies report losses of up to $1 million, 25% report $1-10 million, and 20% report over $10 million, which is higher than last year (16%). At the same time, 11% of companies have suffered no losses, while a quarter of respondents cannot yet accurately estimate them.

"Business support for the Armed Forces remains steadily strong. Currently, 71% of companies support their own employees in the ranks of the Armed Forces of Ukraine, 56% provide financial help, and 37% provide products. 24% of surveyed businesses are involved in the restoration of communities or regions," the EBA publication states.

Furthermore, 88% of surveyed member companies currently have employees in the ranks of the Armed Forces, and a trend toward an increasing number of mobilized workers has been observed in recent years: in 47% of companies, the number of mobilized reaches up to 10% of the total number of those eligible for military service; in 29% of enterprises, it is 10-20%; in 12% of businesses, 20-30%; and in 3% of respondents, more than 30%. About half, specifically 51% of companies, report that among the mobilized or volunteers are specialists critical to the enterprise’s operation, including drivers, engineers, mechanics, IT specialists, equipment operators, managers, and others.