IPJSC Etalon Group (“Etalon Group” or the “Company”), one of Russia’s largest development and construction companies, announces the start of the forced conversion of Global Depositary Receipts (GDRs) of Etalon Group PLC issued pursuant to Regulation S (ISIN US29760G1031) into ordinary shares of IPJSC Etalon Group in accordance with the provisions of Federal Law No. 452-FZ dated 4 August 2023 on Amendments to Certain Legislative Acts of the Russian Federation.
Holders of GDRs held through foreign depository infrastructure who have not previously received ordinary shares of IPJSC Etalon Group as a result of foreign restrictive measures, or persons on whose behalf such holders act, may submit an application to JSC Rakurs Invest (the “Depository”) for the forced conversion of their GDRs into ordinary shares of IPJSC Etalon Group during the period from 8 July 2026 through 5 November 2026 (inclusive).
· Information on the procedure for submitting applications for the forced conversion of global depositary receipts, together with other information required under applicable legislation relating to the forced conversion of securities, is available on the official website of JSC Rakurs Invest at https://rakursinvest.ru/services/conversion/
· In addition, documents describing the forced conversion procedure are published on Etalon Group’s website at https://www.etalongroup.com/corp/documents/
Holders of GDRs requiring assistance with the application procedure or the required supporting documentation should contact the Depository directly.
The forced conversion of GDRs held through foreign depository infrastructure represents the second and final stage of the conversion of Etalon Group PLC depositary receipts (ISIN US29760G1031) into shares of IPJSC Etalon Group.
The first stage, the automatic conversion of GDRs of Etalon Group PLC whose rights were recorded with Russian depositaries based on the information contained in the shareholder register of IPJSC Etalon Group as of 8 July 2025, was completed in July 2025 in accordance with Russian law.
As a result of the automatic conversion, the overwhelming majority of GDRs were converted into shares of IPJSC Etalon Group. At present, shares held in the depositary programme account represent no more than 6% of the total number of issued securities of IPJSC Etalon Group.
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 9.7 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 42 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 2025 was RUB 318 billion.
In 2025, Etalon Group’s new contract sales totalled 671 ths sqm, or RUB 153.5 billion.
The Company’s revenue in 2025 amounted to RUB 154 billion, with EBITDA of RUB 31 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.