Billions in Losses: “kamaz”’s Agony Continues

In the first half of 2026, the “kamaz” group’s net loss reached $253 million. Since the second half of 2024, the company has accumulated $786 million in losses. Revenue from trucks and assembly kits fell by nearly 7%, to $1.05 billion, while expenses are growing faster than revenue.

The problem is structural. In just half a year, “kamaz” paid $215 million in interest on loans – more than the group’s entire gross profit. Even if sales recover, the lion’s share of revenue will go to the banks. Total debt has exceeded $3.3 billion, with the portion due for repayment in the near future growing the fastest. The company’s current liabilities total $5.05 billion, while it has only $4.58 billion in assets to cover them over the course of the year. “kamaz” has already breached the terms of loan agreements totaling $1.21 billion, forcing it to urgently reclassify $686 million as short-term debt.

The government of the rf is trying to save the plant by granting a deferral: banks have agreed to postpone payments of approximately $1.6 billion until 2028–2031 to avoid declaring bankruptcy right now. The debt does not disappear as a result; it is merely deferred until later, along with the interest.

The company is actually staying afloat thanks to government and defense contracts – the discrepancy between reported sales figures and the number of trucks registered on the civilian market indicates that a significant portion of the vehicles goes to government agencies. This means that “kamaz”’s debts are, in fact, hidden debt of the state itself: the risks de facto fall on the creditor banks and the kremlin’s budget, while a crisis at a single plant drags down parts suppliers, steelmakers, transporters, and service companies.