Ukrainian agribusiness entered the full-scale war after one of the strongest periods in its history. The year 2021 marked high profitability, active investment, technological renewal, and a sense that the market had finally learned to operate with a long-term horizon. The development logic seemed clear: scaling, increasing efficiency, moving into processing, expanding exports, and making strategic bets for years ahead.
However, the war accomplished what no previous crisis had managed to do: it broke the very architecture of planning. The forecasting horizon shrank to weeks and months, and the key factor for survival became not an “ideal strategy,” but the company’s ability to adapt quickly to new constraints — logistical, energy-related, financial, and human.
In the interview with Alex Lissitsa, founder of UCAB and Chairman of the Supervisory Board of IMC, one idea stands out clearly: the war did not become a “magic kick” for development. Instead, it became a sequence of forced managerial decisions. And it is precisely these decisions that now determine which companies remain resilient and which exit the market. For LARGOS, an agency specializing in agro-industrial and industrial real estate, this interview is not merely an analytical text — it is an accurate description of how demand for assets, infrastructure, and businesses in Ukraine has fundamentally changed.
Below is LARGOS’ view of the key conclusions and their practical implications for owners and buyers of agricultural assets.
1) The War Did Not Accelerate Development — It Exposed Structural Weaknesses
One of the most important messages of the interview is the rejection of romanticizing the war as a “growth driver.” Before 2022, agricultural companies were already developing rapidly: investing in machinery, increasing yields, implementing technologies, and building processes. The year 2021 became a peak when the market was ready for a new investment cycle.
After the invasion, corporate behavior changed not because companies became “better strategists,” but because they found themselves in a situation of “either you operate now, or you stop altogether.” This marked a shift from a development logic to one of operational survival, where the most valuable resources are time and control.
For LARGOS, this means one simple thing: many assets created or acquired in 2022–2024 were shaped under pressure. Today, a significant number of them:
- have become excessive for their owners,
- require repackaging and a new operational logic,
- or are entering the market for sale or partnership because the conditions under which they were acquired have changed.
That is why the role of a professional asset broker is growing — someone capable of explaining to the market where the real value of an asset lies and how it functions in the new reality.
2) Logistics Has Become a Source of Stability and Margin, Not Just a Cost
The first shockwave was the blockade of ports and the accumulation of grain that could not be physically exported. The market’s reaction was swift: investments in border transshipment facilities, Danube ports, barges, elevators, temporary storage bases, and alternative routes. This was not a growth strategy, but a firefighting response driven by the threat of business paralysis.
The second wave followed: rail transport became excessively expensive, and companies began purchasing railcars en masse to control costs. At the same time, projects related to in-house trading, fleets, and logistics infrastructure emerged.
From LARGOS’ standpoint, the key conclusion is clear: in a wartime economy, logistics is a source of added value. What once was a support function has become a tool for:
- cost reduction,
- contract stability,
- faster capital turnover,
- and, most importantly, control.
This has directly reshaped demand for assets such as:
- railway sidings connected to plants and elevators,
- access roads,
- transshipment facilities,
- flat storage warehouses,
- terminals and industrial-logistics hubs.
For buyers today, such assets are evaluated not as “real estate,” but as elements of competitive advantage.
3) Market Capitalization Has Lost Its Meaning — Control and Asset Liquidity Matter More
The interview openly questions the relevance of stock market valuations for Ukrainian agricultural companies. Low trading liquidity makes capitalization a poor indicator of real business value: a few transactions can cause significant price swings without reflecting fundamentals.
For the M&A market, this means one thing: investors and buyers focus not on attractive numbers, but on:
- quality of management,
- financing structure,
- risk exposure,
- control over the value chain,
- real, functioning assets.
At LARGOS, we see this daily. Buyers ask not about “market price,” but about:
- logistics reliability,
- energy independence,
- regional risk exposure,
- legal clarity,
- financial transparency,
- speed of operational launch post-transaction.
4) Financing Is Available — but Only for Clear and Manageable Structures
As Lissitsa notes, Ukrainian banks have sufficient liquidity and are ready to finance businesses that are transparent, profitable, and export-oriented. State programs function, and international financial institutions are present — but with a crucial requirement: realistic valuation and reliable collateral.
During the war, collateral values — especially in border regions — have declined. This does not close access to financing, but it complicates deal structures and raises preparation standards.
For LARGOS, the practical conclusion is obvious: what is sold on the market is not an asset, but an investment logic. If an owner cannot:
- justify the economics,
- demonstrate manageability,
- explain the chain “asset → income → return on investment,”
even a strong asset may remain unsold for a long time.
5) Land Is an Asset, but Not Yet a Universal Financial Instrument
Despite several years of a functioning land market, land is acquired without hype and mostly on a situational basis. It is attractive as an undervalued asset (especially in Central and Western Ukraine), but remains complex as collateral due to fragmented plots and high administrative costs.
Today, buyers assess land not only by price per hectare, but also by:
- degree of consolidation,
- logistics accessibility,
- availability of infrastructure,
- regional risk,
- potential for integration into a vertically structured business.
Here again, LARGOS’ role is evident: we do not sell hectares — we sell a manageable model.
6) Who Survived — and Why: Management Over Scale
The historical overview in the interview shows that the lists of the largest agri-holdings in the early 2000s and today barely overlap. Companies disappeared for various reasons — uncontrolled expansion, excessive debt, lack of storage and logistics. Those that survived were:
- vertically integrated,
- financially disciplined,
- professionally managed,
- capable of controlling processes and losses.
Wartime conditions added another factor: overly complex corporate governance structures slow decision-making. Today, those who can act quickly are the ones who win.
For investors, this means that when acquiring an asset in Ukraine, they are not just buying property — they are buying the ability of a business to operate under pressure.
7) The Formula of Resilience: Diversification + Vertical Integration
The final conclusion of the interview is highly practical: resilience in agribusiness today is built on diversification and vertical integration.
Diversification is not about changing industries, but about creating additional sources of stability nearby — energy, infrastructure, logistics.
Vertical integration is about controlling the entire chain “field → storage → logistics → processing/export,” ensuring that margin is created deliberately, not accidentally.
These are the assets that will be most liquid in the coming years:
- elevators with well-designed logistics,
- production bases with energy solutions,
- facilities with railway access,
- complexes that can be integrated into larger value chains,
- businesses capable of rapid adaptation.
The LARGOS Conclusion
The Ukrainian market has moved from “valuations” to practical operability. Today, the winners are not the largest players, but those who are most manageable, flexible, and integrated.
LARGOS works precisely with such assets — as tools of resilience for sellers, buyers, and investors. We help:
- owners properly prepare and bring assets to market,
- buyers identify assets that provide control and margin,
- investors understand risks and real operating opportunities in Ukraine.
Today, it is essential to think not in square meters, but in value chains. This is how decisions are made and resilience is built — in Ukraine.