ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces its unaudited operating results for the three and nine months ended 30 September 2023, based on the Company’s management accounts.
9M 2023 operating highlights:
- New contract sales were up by 62% year-on-year to 340.6 ths sqm
- The total value of new contracts increased by 53% year-on-year to RUB 65.2 billion
- Sales in regional projects increased by a factor of 5.1 year-on-year to 115.6 ths sqm, and the total value of regional contracts increased by a factor of 6.4 to RUB 13.5 billion
- The share of regional projects among overall sales was 34% in terms of floor space and 21% in rouble terms
- Cash collections increased by 21% to RUB 52.9 billion
- Average price per sqm was RUB 191.4 thousand, and the average price per sqm of residential property was RUB 227.6 thousand
9M 2023 operating results:
| 9M 2022 | 9M 2023 | Change, % | |
|---|---|---|---|
| New contract sales, sqm | 210,461 | 340,563 | 62% |
| Moscow and the Moscow region | 92,878 | 131,368 | 41% |
| St Petersburg | 95,085 | 93,565 | (2%) |
| Other regions | 22,498 | 115,631 | 414% |
| New contract sales, RUB mln | 42,648 | 65,172 | 53% |
| Moscow and the Moscow region | 24,613 | 35,657 | 45% |
| St Petersburg | 15,905 | 15,979 | 0% |
| Other regions | 2,130 | 13,536 | 535% |
| Number of contracts | 4,687 | 7,163 | 53% |
| Moscow and the Moscow region | 2,027 | 2,662 | 31% |
| St Petersburg | 2,076 | 2,060 | (1%) |
| Other regions | 584 | 2,441 | 318% |
| Cash collections, RUB mln | 43,807 | 52,894 | 21% |
| Moscow and the Moscow region | 23,814 | 26,886 | 13% |
| St Petersburg | 18,284 | 14,118 | (23%) |
| Other regions | 1,709 | 11,890 | 596% |
| Average price, RUB/sqm | 202,641 | 191,364 | (6%) |
| Moscow and the Moscow region | 265,004 | 271,432 | 2% |
| St Petersburg | 167,270 | 170,776 | 2% |
| Other regions | 94,686 | 117,059 | 24% |
| Average price (apartments), RUB/sqm | 276,864 | 227,565 | (18%) |
| Moscow and the Moscow region | 349,523 | 339,524 | (3%) |
| St Petersburg | 247,280 | 247,390 | 0% |
| Other regions | 113,472 | 120,657 | 6% |
3Q 2023 operating highlights:
- New contract sales were up by 133% year-on-year to 156.3 ths sqm
- Sales in monetary terms increased by 134% to a record RUB 31.2 billion
- Sales in regional projects increased by a factor of 3.1 to 55 ths sqm, and the total value of regional contracts increased by a factor of 3.7 to RUB 6.5 billion
- The share of regional projects among overall sales was 35% in terms of floor space and 21% in rouble terms
- Cash collections increased by 121% to RUB 24.7 billion
- Average price per sqm was RUB 199.4 thousand, and the average price per sqm of residential property was RUB 234.2 thousand
3Q 2023 operating results:
| 3Q 2022 | 3Q 2023 | Change, % | |
|---|---|---|---|
| New contract sales, sqm | 66,986 | 156,295 | 133% |
| Moscow and the Moscow region | 25,228 | 60,859 | 141% |
| St Petersburg | 23,769 | 40,464 | 70% |
| Other regions | 17,989 | 54,973 | 206% |
| New contract sales, RUB mln | 13,329 | 31,169 | 134% |
| Moscow and the Moscow region | 7,100 | 18,168 | 156% |
| St Petersburg | 4,482 | 6,468 | 44% |
| Other regions | 1,747 | 6,532 | 274% |
| Number of contracts | 1,572 | 3,343 | 113% |
| Moscow and the Moscow region | 565 | 1,256 | 122% |
| St Petersburg | 541 | 947 | 75% |
| Other regions | 466 | 1,140 | 145% |
| Cash collections, RUB mln | 11,170 | 24,684 | 121% |
| Moscow and the Moscow region | 5,405 | 13,206 | 144% |
| St Petersburg | 4,354 | 6,065 | 39% |
| Other regions | 1,410 | 5,413 | 284% |
| Average price, RUB/sqm | 198,985 | 199,424 | 0% |
| Moscow and the Moscow region | 281,433 | 298,534 | 6% |
| St Petersburg | 188,567 | 159,855 | (15%) |
| Other regions | 97,128 | 118,830 | 22% |
| Average price (apartments), RUB/sqm | 250,326 | 234,170 | (6%) |
| Moscow and the Moscow region | 351,744 | 354,009 | 1% |
| St Petersburg | 258,167 | 251,681 | (3%) |
| Other regions | 114,362 | 121,824 | 7% |
Quarterly operating results:
| 3Q 2022 | 4Q 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | |
|---|---|---|---|---|---|
| New contract sales, sqm | 66,986 | 81,934 | 73,633 | 110,635 | 156,295 |
| New contract sales, RUB mln | 13,329 | 16,004 | 13,436 | 20,566 | 31,169 |
| Number of contracts | 1,572 | 1,770 | 1,555 | 2,265 | 3,343 |
| Cash collections, RUB mln | 11,170 | 16,579 | 12,001 | 16,209 | 24,6842 |
| Average price, RUB/sqm | 198,985 | 195,324 | 182,478 | 185,892 | 199,424 |
| Average price (apartments), RUB/sqm | 250,326 | 229,297 | 219,541 | 223,389 | 234,170 |
| Share of mortgages (total) | 37% | 58% | 47% | 50% | 49% |
| Share of mortgages (apartments) | 55% | 79% | 70% | 71% | 72% |
Commenting on the Company’s 3Q and 9M 2023 operating results, Etalon Group CEO Gennadiy Shcherbina said:
“Over the first nine months of 2023 the Company achieved double-digit growth in operating performance, as set out in the strategy. What’s more, the last quarter was one of the strongest in Etalon Group’s history. From July to September we sold more than 156 ths sqm, with a record RUB 31.2 billion in new contract sales. Cash collections more than doubled year-on-year to RUB 24.7 billion.
“The main driver of growth was regional sales. In the third quarter we increased property sales in regional projects threefold year-on-year, with the value of contracts in the regions increasing almost fourfold. The regions now account for around 35% of all sales in terms of square metres, and the Green River project in Omsk and the Solnechniy project in Ekaterinburg are among the sales leaders in our portfolio. At the same time, thanks to stable demand, the upward trend in the average price of apartments in the regions remains at 7% year-on-year.
“We plan to continue actively working on scaling up the business. Strengthening our presence in promising regional markets with stable demand will enable the Company to achieve market-beating growth and multiply its sales and revenue in the coming years.”
This and other recent announcements are available on the Etalon Group website:
https://www.etalongroup.com/en/news/.
IR Team
About Etalon Group
Founded in 1987, today Etalon Group is one of the leading nationwide players in Russia’s development and housing construction sector. The Company develops real estate projects for the middle class in Moscow, the Moscow region and St Petersburg. The Company has been actively developing in eight regions across Russia since 2021, with large-scale projects under way in Omsk, the Novosibirsk region, Ekaterinburg, Tyumen and Kazan. With 38 years of successful operations and ongoing regional expansion, the Company remains one of the largest players in the Russian real estate market. Since its foundation, Etalon Group has delivered 9.2 mln sqm of real estate.
Thanks to its integrated business model, Etalon Group creates added value for customers and shareholders at every stage of development, from land plot analysis and acquisition to the operation and maintenance of existing properties. Etalon Group employs more than 6,000 people.
Etalon Group’s total assets comprise 27 projects under development, unsold inventory at completed residential complexes and commercial properties, with total unsold NSA of 5.5 million sqm, as well as a construction and maintenance division. According to Nikoliers, the value of Etalon Group assets as of 31 December 2024 was RUB 305 billion.
In 2025, Etalon Group’s new contract sales totalled 671 ths sqm, or RUB 153.5 billion.
The Company’s revenue in 2024 amounted to RUB 131 billion, with EBITDA of RUB 27.6 billion.
Etalon Group shares are traded on the Moscow Exchange (ticker ETLN) and have been included in the Level 2 quotation list since September 2025.