TAS Dniprovagonmash LLC (DVM, Kamyanske, Dnipropetrovsk Oblast), controlled by businessman Serhiy Tihipko’s TAS financial and industrial group, sold 556 freight cars in 2025, which is 8.2% or 50 cars fewer than in 2024.
According to the company’s regular financial report for 2025, published in the disclosure system of the National Securities and Stock Market Commission, the plant incurred losses of 151.4 million UAH, whereas in 2024 net profit amounted to 62.2 million UAH, and net revenue decreased by 12% to UAH 1.5358 billion.
The published report notes that last year the company completed large-scale contracts—for “LTG Cargo” (Lithuania) for 250 open-top railcars and with “CTS ”Liski” JSC “Ukrzaliznytsia” for 252 container platforms, while in the fourth quarter there was a ‘lull’ in orders.
“An important achievement was the first complete assembly at the company’s facilities of flatcars for 1,435 mm gauge, followed by shipment to our Austrian partner—TransAnt. This is not only a new stage in production but also confirmation that our products comply with European technical standards,” the company’s management report states.
This year, TAS Dniprovagonmash plans to sell 493 railcars, including 23 railcars and containers for the European market.
The report notes that of the 1,014 freight cars sold by Ukrainian manufacturers last year, 307 were sold by DMZ “Karpaty,” 103 by Kryukiv Railway Car Building Works, and 48 by “TAS Poltavavagon.”
According to the company, in 2025 it produced 550 railcars, which is 8.6% or 52 railcars fewer than in 2024. Of the total production volume, 46.2% consisted of container platforms, 36.4% of open-top cars, 16.9% of hopper cars, and 0.5% of cars for Europe (three platforms).
At the same time, production of boxcars tripled—to 200 units—while production of covered grain hopper cars decreased by 2.3 times—to 93 units.
“The reasons for the decline in railcar production in 2025 are a decrease in demand for railcars. In 2025, compared to 2024, the freight base of railway logistics in Ukraine showed a downward trend of -7.7%, or 13.4 million tons, which in turn had a negative impact on demand for newly built freight railcars,” the report states.
TAS “DVM” emphasizes that due to the decline in freight volumes and the prolonged operation of the old fleet, the number of railcars exceeds the needs of carriers and traders (including the presence of used Russian railcars that have reached the end of their service life and transit railcars that remained on Ukrainian territory after February 24, 2022).
In turn, this leads to low railcar rental rates (historically record-low), a decline in the profitability of production and rolling stock leasing, a decrease in orders for new railcars from operators and owners, and a withdrawal of funding from production programs.
Among the factors hindering production, the plant also cites massive rocket attacks, which have significantly impacted the state of the energy sector, transport, and port infrastructure, the lack of restrictions on the service life of freight cars, and the increased turnaround time for rolling stock due to a shortage of traction units at Ukrzaliznytsia.
The company emphasizes that the operation of the “Ukrainian Corridor,” specifically the Black Sea routes, remains a key factor for current freight traffic and the formation of demand for freight cars.
TAS Dniprovagonmash’s share of Ukraine’s total freight car production in 2025 was 54.8%; its main competitors include the Kryukiv Carriage Works, DOZ “Karpaty,” and Ukrzaliznytsia enterprises. At the same time, the report emphasizes that while TAS Dniprovagonmash reduced its freight car production by 8.6% last year, other railcar manufacturers cut production by more than 70%.
Among the prospects for further development aimed at increasing the production and sale of railcars, TAS Dniprovagonmash cites expanding its customer base, improving production lines, and modernizing equipment. There are also plans to supply freight cars and components to EU countries and to regain access to markets in Asia and the Baltic states.
“TAS Dniprovagonmash,” which has the capacity to produce 9,000 railcars per year, reportedly offers the widest range of freight railcars among domestic manufacturers (over 160 models) and also produces metal structures, railcar bogies, spare parts, and equipment for the agricultural sector.
In 2024, the plant increased freight car sales by 63.7% compared to 2023—to 606 units—and production by 59.2%—to 602 units. Net profit rose by 31.6% to 62.3 million UAH, and net revenue by 61.8% to 1.7437 billion UAH.
