Published Date: May 28, 2026
Author: HANetf
First Ukrainian Public Companies – The first Ukrainian stocks have become available to public markets, becoming eligible for inclusion in the Ukraine Reconstruction ETF (UKRN). Recent IPOs drone software provider Swarmer and telecom firm Kyivstar are two publicly traded companies testing investor appetite and support for pure-play Ukrainian exposure. Swarmer had a splashy debut on the Nasdaq US exchange on March 17th.[1] Shares priced at $5 only to soar to test $60 in its first days of trading, reflecting interest in Ukraine-exposed names, along with the company’s key areas of engagement, artificial intelligence and drone warfare. The listing “broke a barrier” for US investors, recognising and understanding and having access to the talent of Ukrainian defence tech,” per Deborah Fairlamb, a founding partner of Green Flag VC, a venture fund focused on Ukrainian defence and dual-use start-ups.[2] [3] Ukrainian mobile telecom provider Kyvistar (IPO August 2025) offers another interesting exposure given its ties as an authorised reseller of Starlink services in the Ukraine. The company has invested $1.3 billion in the war-ravaged country since 2023, exceeding the previously pledged $1 billion ahead of a 2027 deadline. Kyivstar has built nearly 1,900 new mobile base stations and upgraded around 13,200 existing ones, reaching 95% of the population in the Ukrainian-controlled territory with 4G coverage. It began rolling out 5G in the country, with a first successful test in Lviv in January.[4]
EU Approves €90 billion loan for Ukraine – In April 2026, the EU Parliament approved a €90 billion loan for Ukraine to cover two-thirds of its financial and military needs for 2026–2027, aimed at sustaining state functions and providing defence against Russia. Two-thirds of this funding will bolster defence, with the remainder supporting broader financial needs. The first initial €6 billion tranche aims to bolster the production of Ukrainian-made drones and unmanned systems. The UK is currently in negotiations to join this loan scheme to support Ukraine and increase industrial ties with Europe. Funds are tied to specific reforms, including macro-financial stability and anti-corruption measures, with disbursements to be made quarterly with Ukraine slated to repay the principal using future war reparations from Russia.[5]
Investors Want Access to Ukrainian Drone Technology – Ukrainian drone technology startup Swarmer had an explosive IPO debut in the US. The company, based in Austin, Texas, but founded in Ukraine, has been widely used by the Ukraine military since 2024. But Swarmer may be the first of many: a Ukrainian defence startup with a US or European partner firm, leading to a source of much needed capital to help scale production. Ukrainian companies have often lacked the financing needed to expand their operations. Stringent controls on exporting Ukrainian defence technology abroad have limited access to capital, leaving companies to produce at fractions of their total capacity. According to Ukraine’s Ministry of Defence, Ukraine’s defence industry reached a production capacity of $35 billion in 2025 but received only $6.1 billion in foreign funding. Incorporating businesses outside of Ukraine, bringing in company partners with defence ties, could provide a much needed capital markets solution. Government defence departments have also made their interest in cheap Ukrainian drone technology quite clear. In February, the U.S. invited 25 drone manufacturers, including two Ukrainian companies, to compete on a course at Fort Benning, in Georgia, as part of the Pentagon’s “Drone Dominance” program. On March 7, Ukrainian company SkyFall UAVs won the competition, setting it up to receive Pentagon contracts.[6]
European Construction Stocks Rally – European construction stocks have achieved record highs driven by artificial intelligence (AI) data centre demand, energy infrastructure projects, expectations for a housing market recovery tied to lower interest rates, and Ukraine reconstruction demand.[7] Top performers include Hochtief, ACS, Vinci, and material providers like Holcim and Heidelberg Materials. Extended peace in Ukraine could further support major reconstruction opportunities and help cut energy costs. Recovery needs may reach $588 billion over a decade, according to EU estimates, spurring even more European construction demand.[8]
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The total cost of Ukraine’s reconstruction is estimated to be $588 billion over the next decade, with over $195 billion in direct damages already sustained, impacting housing, energy, and transportation. An EU Ukraine Facility was approved in April 2026, providing a €90 billion loan for Ukraine to cover two-thirds of its financial and military needs for 2026–2027, aimed at sustaining state functions and defending against Russia. The first initial €6 billion tranche aims to bolster the production of Ukrainian-made drones and unmanned systems. The Ukraine Recovery Conference (URC) 2026 will be held in Gdańsk, Poland, on June 25–26, 2026, focusing on security, logistics, and economic transformation. URC 2026 seeks to bolster international support for the country’s reconstruction as well as catalyse investments for Ukrainian businesses. The event will focus on the sectors most impacted by Russian aggression: energy, critical infrastructure, and logistics. But the conference will place additional emphasis on enhancing Ukraine’s security capabilities, including a new Security and Defence dimension proposed by Poland, which will be introduced as a new feature of URC 2026 in Gdansk. Strengthening Ukraine’s defence is viewed as essential for broader reconstruction and long-term development.[9]
[1] https://www.etfstream.com/articles/first-ukrainian-stocks-added-to-hanetf-s-ukraine-reconstruction-etf
[2] https://finance.yahoo.com/markets/stocks/articles/broke-barrier-swarmer-ipo-tests-153405804.html?guccounter=1
[3] https://www.cbsnews.com/news/wall-street-ukraine-drone-technology-iran-war/
[4] https://www.reuters.com/business/ukraines-top-telco-exceeds-1-billion-investment-goal-war-drives-network-spending-2026-04-29/
[5] https://www.europarl.europa.eu/news/en/press-room/20260206IPR33903/parliament-approves-EU90-billion-ukraine-support-loan-package#:~:text=Ukraine%20will%20be%20liable%20for,to%20130%20and%2032%20abstentions.&text=The%20Council%20also%20needs%20to,the%20second%20quarter%20of%202026.&text=The%20EU%20support%20loan%20was,in%20specific%20areas%20absent%20unanimity.
[6] https://www.cbsnews.com/news/wall-street-ukraine-drone-technology-iran-war/
[7] https://www.reuters.com/business/finance/european-construction-stocks-face-reality-check-after-record-run-2025-12-23/#:~:text=Summary,scale%20projects%20remain%20years%20away.
[8] https://www.marketwatch.com/story/european-construction-stocks-gain-as-u-s-tech-giants-push-data-center-expansion-0dfe7df6
[9] Source: VettaFi, https://www.urc-international.com/
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