Foreign buyers completed 10 acquisitions of Ukrainian assets in the first half of 2026, double the five recorded a year earlier, with disclosed value rising to $415mn from $26mn, KPMG in Ukraine said in its M&A Radar report.

The rebound in inbound dealmaking sits against foreign direct investment that has yet to recover from the 2022 invasion, leaving acquisitions rather than greenfield capital as the main channel for foreign money entering the country. KPMG cautioned that a fuller assessment will only be possible with full-year data, noting that just 45% of transactions disclosed a value in the first half, against 63% a year earlier, which suggests reported market size may understate underlying activity.

Overall deal volume rose 14% year on year, while disclosed value for transactions above $5mn fell 5%.

Technology and financial services drew the strongest foreign interest. Poland's PZU SA agreed to acquire 100% of MetLife Ukraine, the country's largest life insurer with close to half the market, in a deal valued at about $100mn. Kapenata Limited bought agricultural holding Agro-Region Group for more than $100mn.

Preply, the Ukrainian-founded language learning marketplace now headquartered in New York, raised $150mn in a Series D round led by WestCap in January, reaching a valuation of $1.2bn. The platform connects more than 100,000 tutors with learners in 180 countries.

Outbound activity held steady at five transactions in each half-year period, with Europe the main destination for Ukrainian acquirers. Language software company Grammarly bought Portuguese data analytics startup Rows.com, while poultry producer MHP expanded into the Greek food market. Content studio Holywater raised $22mn and classifieds platform Jiji acquired Bangladeshi marketplace Bikroy for $20mn.

"Transactions continue to progress where asset quality is strong and investors are prepared to manage Ukraine-specific execution risks," said Svitlana Shcherbatyuk, partner and head of transaction services at KPMG in Ukraine.

KPMG identified innovation and technology, agriculture, power and utilities, and consumer markets as the sectors most likely to attract attention in the second half. It said expanded war-risk insurance mechanisms and delivery on investment plans announced by Horizon Capital and the US Development Finance Corporation would be needed to support prospects.

FDI inflows reached $7.95bn in 2021, the strongest year of the 2015-2024 period, before collapsing to $560mn in 2022. Inflows partially recovered to between $4.2bn and $4.5bn in 2023, though around three-quarters came from companies retaining profits in Ukraine rather than new capital. Investment fell again to about $3.3bn in 2024.

Annual inflows since the invasion have run at roughly 20% to 55% of the 2021 level, averaging about 1.6% of GDP.

Cyprus, the Netherlands and Switzerland remain among the largest nominal sources of FDI, though a substantial share of Cypriot investment is Ukrainian capital returning through offshore jurisdictions.

Former Google chief executive Eric Schmidt and his wife acquired stakes in funds owning shopping centres managed by a Ukrainian investment company, valued at $55mn to $70mn, The New York Times reported. Schmidt has also backed Ukrainian drone manufacturers.

The US Export-Import Bank opened a $300mn credit line for state energy company Naftogaz to buy American equipment and services for oil and gas projects. Ukraine holds some of Europe's largest proven natural gas reserves, with estimated potential value of around $300bn. The European Bank for Reconstruction and Development announced more than $570mn for renewable energy projects.

Polish discount retailer Pepco plans to open its first Ukrainian stores in Kyiv, Chernivtsi, Mukachevo and Ternopil in the second half of 2026.

The Czech government plans to raise the capital of a fund supporting Czech businesses operating in Ukraine to CZK1bn ($47mn) from CZK639mn ($30mn), drawing on resources redistributed from state export guarantee and insurance company EGAP.