Calepin des entreprises international 2026 VA.pdf — page 220

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UKROBORONPROM
Business trends
	
 UkrOboronProm revenues reached $3,007 million (€2,779 million) in 2024, up 36.2% year-on-year in 
US dollars. Over the year, the group tripled its production volume compared to 2023 and achieved an average 
production capacity utilisation rate of 75%.
	
 In February 2025, UkrOboronProm and Thales agreed to create a joint venture focused on the development 
and support of air defence systems, as well as radar, electronic warfare, tactical communications and optronic 
systems. Named Developing Technological Defence Solutions, this joint venture is based in Kiev.
	
 In June 2025, UkrOboronProm and Kongsberg partnered to integrate Ukrainian short- and medium-range air 
defence systems into the Norwegian group’s NASAMS C2 system.
	
 In September 2025, the group signed a letter of intent with Renk America for the integration of HMPT-800 
hydromechanical transmissions into future Ukrainian-designed armoured infantry fighting vehicles.
Home market
	
 UkrOboronProm is hampered by production facilities that are partly obsolete due to insufficient investment 
and by opaque governance at the group level and within its various subsidiaries (more than a hundred). As an 
improvement measure, in June 2023, the Cabinet of Ministers of Ukraine changed the group’s legal status to 
a joint-stock company with 100% public capital in order to attract international partners. Since then, the group 
has entered into various agreements with European and American operators to jointly produce weapons 
(portable rocket launchers with Rafael) and ammunition (small calibre with Northrop Grumman, large calibre 
with Rheinmetall, etc.).	
	
	
	
 In November 2024, UkrOboronProm began local assembly under licence from the Czech Colt CZ Group of the 
CZ BREN 2 assault rifle for the Ukrainian Armed Forces. The group will also produce ammunition for the rifle 
(5.56mm and 7.62mm calibres) under licence.
	
 In February 2025, the group signed an agreement with Canadian armoured vehicle manufacturer Roshel 
to produce armoured personnel carriers in Ukraine. Roshel will provide UkrOboronProm with the technical 
documentation and components needed to manufacture the vehicles. The Ukrainian Ground Forces already 
use the Canadian group’s Senator 4x4 vehicles (approximately 1,700 units).
	
 In October 2025, the Ukrainian Ground Forces selected Rheinmetall’s Lynx KF 41 as their future main tracked 
armoured infantry fighting vehicle. Rheinmetall Ukrainian Defence Industry, a 51%-49% joint venture between 
Rheinmetall and UkrOboronProm, will oversee the assembly of the vehicles in Ukraine.
Export markets
	
 Historically focused on international markets, the group generated 60% of its revenues from exports in 2020, 
particularly in aeronautics (components and MRO), anti-tank missiles and naval equipment (gas turbines). 
Since Russia’s invasion of Ukraine in February 2022, UkrOboronProm has refocused on its domestic market to 
supply the Ukrainian Armed Forces and has halted its arms exports.
	
 In the land sector, UkrOboronProm has sold T-80UD main battle tanks to Pakistan, BTR-4 Bucephalus 
armoured infantry fighting vehicles to Nigeria, Iraq and Indonesia, as well as BTR-3 armoured personnel 
carriers to 10 countries.
Technology and Innovation
	
 In March 2025, the Ukrainian presidency announced that the range of the group’s R-360 Neptune anti-ship 
missile was extended to 1,000 km and that it is capable of striking land targets. This missile contributed to the 
sinking of the Russian cruiser Moskva in the Black Sea in April 2022.
STRATEGIC HIGHLIGHTS