Kamaz H1 2026: Revenue Up 7.0% but Losses Persist; Growth Decelerates

Kamaz reported H1 2026 revenue of RUB 164,759m, up 7.0% y/y, but the top-line growth decelerated from 10.7% in H2 2025. EBITDA remained negative at RUB -1,408m (vs -11,476m in H1 2025), and net loss narrowed to RUB -21,805m from -30,907m a year earlier. The improvement in profitability is notable, but the company remains loss-making at both the EBITDA and net levels.

H1 2026 vs H1 2025: key YoY changes

What drove the result

The narrowing of EBITDA loss from -11,476m to -1,408m (an 87.7% improvement) and net loss from -30,907m to -21,805m (29.4% better) suggests cost control or mix improvement, though absolute profitability remains deeply negative. Revenue growth of 7.0% y/y was slower than the 10.7% seen in H2 2025, indicating decelerating top-line momentum. No segment breakdown or cash flow figures were provided in the facts.

Key figures

Outlook

The company remains in a loss-making position, and the deceleration in revenue growth from 10.7% to 7.0% is a concern. However, the sharp reduction in EBITDA and net losses is a positive signal if sustained. No guidance or dividend updates were provided. Investors should watch for further margin recovery and any signs of revenue re-acceleration in H2 2026.