Baltiyskiy Zavod (part of the United Shipbuilding Corporation, USC) has launched a financial recovery program, one of the main goals of which is to restructure distressed debts to banks. As RBC clarifies with reference to the company's reporting for 2025, the uncovered accumulated loss of the company approached 33 billion rubles and became comparable to the volume of annual revenue.
At the same time, another cost management program was launched. It is designed to last until 2030. "Monitoring of the implementation of the program's activities is carried out on a monthly basis," the report says.
Loading of a backup diesel generator on the Leningrad icebreaker
Baltic Plant
In addition, the company's management is awaiting approval by the USC of a comprehensive program for the technical and economic development of the plant. It will determine the shipyard's development strategy and should be approved in the near future. At the same time, without waiting for the strategic decision of the majority shareholder, the company has already received working documentation for the reconstruction of the plant's hull processing and assembly and welding facilities. Preparations for construction and installation work have begun, the report says.
The need for financial recovery is explained in the document by the deterioration of balance sheet indicators. Baltiyskiy Zavod completed last year with a loss of 565 million rubles against 3.7 billion rubles of net profit in 2024. A year earlier, the management of the St. Petersburg shipyard planned to make a net profit of 5 billion rubles in 2025. At the same time, the company recorded record revenue of 35.2 billion rubles last year (+12% compared to the year before last).
At the same time, the uncovered accumulated loss of previous years as of January 1, 2026 approached 33 billion rubles, that is, it became comparable to annual revenue. The report highlights four major challenges for the company by early 2026:
- • negative net asset value (minus 3.5 billion rubles versus minus 2.9 billion a year earlier, and this trend has been observed for more than four years);
- • negative cash flows from operating activities: payments (56.2 billion rubles) again exceeded receipts (55.9 billion rubles);
- • low liquidity;
- • Difficulties in providing human resources.
The Baltic Plant's report for 2024 stated that due to accumulated losses from previous years and a serious debt burden, "there is a high probability of bankruptcy." A year later, the company uses a milder wording: "The Joint-Stock Company does not plan to cease operations in the foreseeable future. Nevertheless, these circumstances indicate the existence of substantial certainty, which may raise significant doubts about the ability to continue its activities continuously."
In 2025, the company received 6.2 billion rubles of "short" loans from USC on preferential terms (the repayment period and the rate are not specified). Despite this, Baltiyskiy Zavod continued to attract long–term (4 years or more) bank loans: their volume increased by 78% last year, from 2.4 billion to 4.2 billion rubles. All new loans were taken from VTB, which has been managing USC since the fall of 2023.
It should be recalled that Baltiyskiy Zavod is building, in particular, universal nuclear icebreakers of Project 22220 for Atomflot ("The Arctic, Siberia and Ural are already in operation), which have become the most powerful in the world. Earlier it was reported that the shipyard is loaded with orders until 2031, and in the future – until 2035.
