In 2025, Russian PJSC KAMAZ recorded an 11-fold increase in losses compared to 2024, according to Ukraine’s Foreign Intelligence Service. The company supplies its vehicles to the Russian army.
Investigations indicate that since 2022, the CEO facilitated the delivery of at least 15,000 units, including:
- over 12,000 flatbed trucks
- more than 2,000 tractor units
- over 400 dump trucks
- around 1,000 modified vehicles.
Large-scale technical modifications were also carried out to support the logistics and rear operations of the Russian army. These actions are classified as aiding the conduct of an aggressive war.
Financial losses: 2025 sees record deficits and plummeting profits
In 2025, KAMAZ reported a net loss exceeding $496 million, 11 times higher than $50.9 million in 2024.
Gross profit fell almost 32-fold, from $324.3 million to $10.1 million, while sales profit turned into a $306.9 million loss.
The Russian heavy truck market fell 54% to 46.9 thousand units, with KAMAZ sales down 16% to about 14,500 vehicles.
Drivers of the crisis: high Central Bank rates, competition, and debt load
The crisis is fueled by high interest rates, rising credit costs, the agency says, a 20% drop in spot transportation tariffs, market saturation, competition from low-cost Chinese brands, and a backlog in leasing company warehouses.
Margins have disappeared, and interest expenses increased by 66% to $477 million, more than 11% of total revenue. Overall company debt rose 19%, approaching a critical threshold.
State support and subsidies: mitigating even greater losses
In 2025, KAMAZ received over $978.2 million in subsidies, including $893.8 million as cost compensation, effectively covering the recycling fee. Without these inflows, operational losses would have exceeded $1.34 billion.
