Public Joint Stock Company “Kryukiv Wagon Works” (KVBZ, Poltava region) ended 2025 with financial difficulties: the company recorded a net loss of 184.54 million UAH. In comparison, in 2024, the company had a net profit of 81.1 million UAH. This information is included in the agenda for the annual shareholders’ meeting scheduled for April 20.
This is reported by Finway
Results and Compensation for Losses
According to the draft resolution of the meeting, taking into account the income from the revaluation of actuarial liabilities amounting to 59.97 million UAH, the final amount of the loss for 2025 is 124.57 million UAH.
“According to the results of the financial and economic activities of the company for 2025, the loss amounts to 184 million 540 thousand 916 UAH. Taking into account the income from the revaluation of actuarial liabilities, according to the calculation of an independent actuary, amounting to 59.97 million UAH, to approve the total amount of the loss for 2025 at 124 million 569 thousand 816 UAH,” the draft resolution states.
The losses are planned to be covered by future profits of the plant.
Production Indicators and Ownership Structure
In 2024, KVBZ directed its earned profits to cover past losses, not paying dividends. Last year, the plant completed a contract with “Ukrzaliznytsia” ahead of schedule, delivering 66 passenger cars: 15 of type SV, 31 compartment, 4 inclusive, and 16 economy class. However, the situation in the freight car manufacturing market remained challenging: in the first quarter of 2025, 121 freight cars were sold, after which sales significantly declined.
KVBZ continues to produce a wide range of products: passenger and freight cars, diesel trains for regional connections, high-speed interregional locomotives, as well as spare parts, bogies for freight cars, and escalators.
As of the end of 2025, the ownership structure of the plant was as follows: 25% of the shares belonged to Estonian companies AS Skinest Finants and Osauhing Delantina, another 20% to the British Transbuilding Services Limited. Another 25% stake was controlled by Russian citizen Hamzalov through the company OW Capital Management GmbH. However, at the beginning of 2026, the High Anti-Corruption Court ruled to seize this share package with a nominal value of 21.5 million UAH in favor of the state.
In 2024, KVBZ sold 1,096 freight cars, which is nearly 10% higher than the sales volumes in the pre-war 2021. Additionally, the company delivered the first 15 passenger cars to “Ukrzaliznytsia” under the contract for 66 units. The net profit of the plant in 2024 amounted to 81.08 million UAH, while in 2023, the plant incurred a loss of 143.76 million UAH.