Naftogaz has reached agreement in principle on the restructuring of two series of Eurobonds worth around €1.2 billion

In accordance with the agreement in principle, the maturity date of the euro-denominated bond series will be extended to January 2032, and that of the US dollar-denominated bond series – to January 2033.

The agreement in principle was reached against the backdrop of a full-scale war and unprecedented pressure on Ukraine’s energy infrastructure.

In 2025 alone, the Russians carried out 229 strikes on Naftogaz Group facilities — more than in the previous three years of the full-scale war combined. The intensity of the attacks shows no sign of abating: since the start of 2026, the enemy has already attacked the Group’s infrastructure more than 170 times.

Despite these challenges, we have maintained operational stability and continue to fulfil our obligations to the state and consumers. The successful completion of the restructuring will give us greater flexibility to direct resources toward restoring infrastructure and preparing for the heating season. I would like to thank the ad hoc committee for its constructive dialogue and decision,” said Sergii Koretskyi, the Chief Executive Officer of Naftogaz of Ukraine.

The agreement in principle is subject to final corporate and governmental approvals.

Background

The agreement relates to two Eurobond series issued by Naftogaz of Ukraine through the special entity Kondor Finance plc, namely:

• the €695 million in current principal amount of Loan Participation Notes, originally due 2024 and previously extended to 19 July 2026;
• the US$584 million in current principal amount of Loan Participation Notes, originally due 2026 and previously extended to 8 November 2028.

The previous restructuring of these liabilities was agreed at the end of July 2023