WSE-listed Astarta Holding, Ukraine’s second-largest sugar producer, reported 2024 net sales of $661m (-1.2% y-o-y), EBITDA of $173m (+10% y-o-y), and net income of $90m (+35% y-o-y). The full-year results imply 4Q24 sales of $183m (+40% q-o-q, +25% y-o-y), EBITDA of $29m (-43% q-o-q, -5.6% y-o-y), and net income of $8m (-76% q-o-q, +20% y-o-y).

The Ukrainian government published a cleansing statement, reporting that no agreement had been reached in its restructuring discussions with “certain members” of an ad hoc committee comprising holders of c. 30% of Ukrainian GDP warrants with a total notional amount of $3.2bn.

The NBU Council endorsed the central bank’s 2024 consolidated financial statements and proposed annual net profit distribution, including a transfer of UAH 84bn ($2.1bn) to the state budget, a record high amount. The NBU booked 2024 net income of UAH 231bn, up from UAH 131bn in 2023, including UAH 18bn of interest income (-36% y-o-y) and UAH 159bn from a positive revaluation gain on financial instruments, of which UAH 129bn was unrealized. As a result, the National Bank’s distributable profit totaled UAH 103bn, of which UAH 19bn will be allocated to reserves and UAH 84bn channeled to the state budget.

A Ukrainian negotiating team including Head of Presidential Office Andriy Yermak and Foreign Minister Andrii Sybiha met with UK, French and US officials in London yesterday for another round of discussions on ending Russia’s war in Ukraine. The initially planned ministerial-level talks, which the sides had agreed on during their first joint meeting last week, were scaled down after US Secretary of State Marco Rubio canceled his trip. Media speculated the US downgraded its delegation due to Ukraine wanting to first discuss implementing a 30-day ceasefire rather than the US-proposed peace plan. Another rumored point of contention was Ukraine’s refusal to recognize Russia’s 2014 annexation of Crimea. US President Donald Trump later came out with new criticism of President Volodymyr Zelensky, saying his statements on Crimea were “very harmful” to peace talks with Russia and clarifying that “nobody is asking Zelenskyy to recognize Crimea as Russian territory.” In subsequent televised remarks, Trump adopted a more peaceful tone, saying “I think we have a deal with Russia [and] we have to get a deal with Zelensky.” “I don’t want to have any favorites. I want to have a deal done,” Trump said. On a related note, US Vice President JD Vance said both Ukraine and Russia had to make concessions on territory for a peace deal to be achieved, adding that the prospective boundary between the warring sides would ultimately be drawn close to the current front line. He also repeated earlier US warnings that the US will “walk away from this process” if Ukraine and Russia do not accept the Trump administration’s latest “explicit proposal.”

WSE-listed Astarta Holding, Ukraine’s largest sugar producer, reported a 28% q-o-q decline in sugar sales in 1Q25, to 77 kt (+11% y-o-y), priced at $546/t on average. Grain and oilseed sales slid 41% q-o-q to 134 kt (-60% y-o-y). Soybean oil sales fell 7.8% q-o-q to 12 kt (-12% y-o-y), while soybean meal sales increased 1.8% q-o-q to 44 kt (+2.1% y-o-y).

Ukraine has started restructuring talks with a group of holders of GDP warrants, Bloomberg reported, citing anonymous sources. The discussions will focus on restructuring the upcoming payout due on May 31 via an exchange into “a combination of cash and bonds.” The sides plan to hold in-person talks this week during the ongoing IMF-World Bank Spring Meetings.

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, published its 3Q25FY (calendar 1Q25) operating results, reporting vegetable oil sales of 347 kt (-15% q-o-q, -9.2% y-o-y) and an oilseed crushing volume of 845 kt (-13% q‑o‑q, +3.6% y‑o‑y).  

Ukraine has signed and exchanged notes on a JPY 472bn ($3.0bn) loan from Japan, which represents Japan’s contribution to the $50bn G7-led Extraordinary Revenue Acceleration (ERA) loans initiative backed by proceeds from immobilized Russian sovereign assets held in the EU. The loan has a maturity of 30 years and pays interest equaling Tokyo Term Risk Free (TORF)+90bp. It will finance Ukraine’s budgetary needs and promote reconstruction and recovery.

Key highlights from last week: Russia’s unexpected unilateral declaration of an Easter ceasefire briefly de-escalated the fighting on the ground and aerial and artillery strikes, but Russian assaults regained their usual level of intensity yesterday. Russian weekly territorial gains remained marginal, despite first large-scale assaults in a long while, and limited mostly to Donetsk region. Russia did not formally extend its energy ceasefire after it expired on Apr. 17 (according to Russian timeline).

US, European and Ukrainian negotiators are expected to hold their second meeting on Wednesday, following the first round of talks in Paris last week, to continue discussing the US-proposed ceasefire/peace framework. According to different media reports, the US proposal to enable a ceasefire includes stopping the fighting along the current front lines, taking NATO membership for Ukraine off the table, potentially recognizing Russia’s 2014 annexation of Crimea by the US, and easing sanctions on Russia. The Wall Street Journal also wrote that another US proposal was to designate the territory around the Russian-occupied Zaporizhya Nuclear Power Plant as neutral and put it under US control.

The NBU Board left the central bank’s key rate unchanged at 15.5% at its meeting on Apr. 17, following a 100bp hike in March, with the cumulative rate increase since December 2024 remaining at 250bp. The latest rate decision reflected the proximity of headline inflation in March (14.6%) to the NBU’s latest forecast (14.3%), signs of easing fundamental inflationary pressure, and broadly stable inflation expectations.

The acting CEO of Naftogaz, Roman Chumak, said the company, in coordination with the Ukrainian government, is exploring options to secure EUR 1bn in financing from foreign partners to fund the import of an additional 2 bcm of natural gas. This would be in addition to the 0.8 bcm already imported YTD and a further 0.7 bcm under contract to prepare for the next heating season.

Ukrainian and US negotiators have made a “positive step” in their technical talks on a natural-resource deal, First Deputy Prime Minister and Economy Minister Yulia Svyrydenko wrote on her Facebook page yesterday. The sides have agreed to sign a memorandum of intent, to be finalized soon, and will continue working on a comprehensive agreement, which would need to be ratified by Ukrainian parliament.

The former CEO of Ukrenergo, Ukraine’s state-owned transmission system operator, said the company could finalize the restructuring of its $825m Eurobond by the end of this year as it managed to preserve good corporate governance and a working supervisory board. Volodymyr Kudrytsky said the company’s default was technical, not “systemic.”

President Volodymyr Zelensky submitted to parliament a bill to extend martial law in Ukraine for another 90 days after the current extension ends on May 9, to Aug. 6, 2025. The Verkhovna Rada is expected to vote on the motion today. On a related note, speaking alongside NATO Secretary General Mark Rutte during their joint visit to Odesa, Zelensky said “only the people of Ukraine can speak about the territories of our state” and “it is a red line for us to recognize any temporarily occupied territories as not Ukrainian, but Russian.” “So once again, certain representatives are discussing matters beyond their authority,” Zelensky said. He was referring to remarks made by US President Donald Trump’s Russia envoy Steve Witkoff a day earlier that the framework of a potential peace deal Witkoff discussed during his meeting with Russian President Vladimir Putin last week involved “these so-called five [Ukrainian] territories.”

Ukraine has received a GBP 0.8bn ($1.0bn) tranche from the UK, the second tranche paid from its GBP 2.3bn contribution to the G7-led $50bn Extraordinary Revenue Acceleration (ERA) loan initiative backed by proceeds from immobilized Russian sovereign assets in the EU. As with the first GBP 0.8bn tranche disbursed on Mar. 7, the new 30-year funding will finance military outlays.