Amid sanctions disputes and an AMCU fine, “Karpatska Dzherelna” more than doubled its revenue
7 May 11:46
The producer of “Karpatskaya Dzherelna” water—Karpatskie Mineralnye Vody LLC—significantly improved its financial performance in 2025 despite ongoing litigation, the sanctions environment surrounding the business, and claims by the Antimonopoly Committee, reports "Komersant Ukrainian", citing data from Opendatabot analysts.
According to state registry data, the company’s revenue in 2025 rose to 523.4 million UAH, which is 111% more than the previous year. The company’s net profit reached 221.1 million UAH.
The business’s profitability exceeded 42%, the company’s assets grew to nearly UAH 1 billion—UAH 981.5 million—and liabilities to UAH 318.9 million.
The company employs 244 people. The average pre-tax salary is nearly 27,000 UAH, and revenue per employee exceeded 2.1 million UAH.
At the same time, the company remains involved in high-profile disputes.
A million-dollar fine from the AMCU
In early 2026, the Antimonopoly Committee fined the manufacturer of “Karpatskaya Dzherelna” 9.4 million UAH for information on the label that could mislead consumers regarding the water’s origin. The AMCU stated that the brand and product design gave the impression that the water originated from the Carpathian region, although the source is not actually located in the Carpathian area.
In addition, the company is involved in legal proceedings related to sanctions policy and corporate structure. Specifically, the court registry contains cases regarding restrictions and sanctions affecting the company’s ownership structure.
Despite all this, according to Opendatabot analysts’ forecast, the company’s revenue could grow by another 60% in 2026—to nearly 840 million UAH.
About “Karpatska Dzherelna”
“Karpatska Dzherelna” is one of Ukraine’s largest bottled water brands. It is produced by Karpatski Mineralni Vody LLC, registered in the village of Strutyn in Lviv Oblast.
The company has been operating in the market since the late 1990s. The first bottling of water under the “Karpatska Dzherelna” brand took place in 1996, and in 2002, the business was reorganized into a full-scale plant for the production of mineral water and non-alcoholic beverages.
The company’s core business is the production of: mineral and drinking water; sweet carbonated beverages; energy drinks; and juice-based beverages.
The most well-known brands are: “Karpatska Dzherelna”; “Fruktova Dzherelna”; “Sokovynka”;
The company extracts water from the Pivdenno-Strutynske deposit in the Lviv region. This became the subject of a dispute with the Antimonopoly Committee: the AMCU stated that the deposit is not geographically located in the Carpathians, while the brand name and label design created the impression among consumers that the water was of “Carpathian” origin.
The company was also involved in the management of the seized assets of IDS Ukraine—a group that owns the “Morshynska” and “Mirgorodska” brands. In 2025, ARMA terminated its agreement with “Carpathian Mineral Waters” regarding the management of part of these assets.
The market also took particular note of the deal involving the acquisition of a stake in “Carpathian Mineral Waters” by Poland’s Grupa Maspex —one of the largest food producers in Central Europe. In late 2025, the AMCU allowed Maspex to gain joint control of the company through the Cypriot entity Dynalum Finance Ltd.
In the bottled water market, “Karpatskaya Dzherelna” competes primarily with the brands “Morshynska,” “Mirgorodska,” “Obolonska,” Bon Boisson, and Borjomi.
