ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest development and construction companies, announces its unaudited operating results for the first quarter of 2025, based on management accounts.
1Q 2025 operating highlights:
-
The Company sold 192 ths sqm for a total of RUB 37.4 billion.
-
The premium segment accounted for 7% of the value of concluded contracts, versus 0.04% in 1Q 2024.
-
Regional projects accounted for 20% of sales in terms of floor space and 17% of sales in monetary terms.
-
Cash collections amounted to RUB 18.1 billion.
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The average price per sqm was RUB 194.6 thousand, and the average price per sqm of residential real estate increased by 9% to RUB 309.5 thousand.
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Sales in St Petersburg demonstrated strong growth, with volume increasing by 31% to 63.8 ths sqm; the value of concluded contracts, by 73% to RUB 11.9 billion; and cash collections, by 56% to RUB 8.6 billion.
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The Company delivered 73.2 ths sqm of real estate.
Quarterly operating results:
|
|
1Q 2024 |
2Q 2024 |
3Q 2024 |
4Q 2024 |
1Q 2025 |
|---|---|---|---|---|---|
|
New contract sales, sqm |
189,205 |
195,600 |
157,294 |
157,191 |
192,077 |
|
Moscow and Moscow region |
89,179 |
57,921 |
55,378 |
45,367 |
89,392 |
|
St Petersburg |
48,655 |
72,585 |
54,978 |
74,632 |
63,817 |
|
Other regions |
51,371 |
65,095 |
46,938 |
37,192 |
38,868 |
|
New contract sales, RUB mln |
40,965 |
37,627 |
36,948 |
30,701 |
37,377 |
|
Moscow and Moscow region |
26,513 |
17,574 |
17,475 |
13,174 |
19,152 |
|
St Petersburg |
6,888 |
10,366 |
12,045 |
11,530 |
11,918 |
|
Other regions |
7,564 |
9,687 |
7,428 |
5,998 |
6,308 |
|
Number of contracts |
3,816 |
3,643 |
3,368 |
3,477 |
4,075 |
|
Moscow and Moscow region |
1,856 |
1,250 |
1,136 |
1,130 |
1,650 |
|
St Petersburg |
902 |
1,078 |
1,247 |
1,568 |
1,535 |
|
Other regions |
1,058 |
1,315 |
985 |
779 |
890 |
|
Cash collections, RUB mln1 |
21,587 |
27,201 |
24,560 |
22,226 |
18,096 |
|
Moscow and Moscow region |
11,167 |
11,767 |
10,531 |
9,025 |
5,862 |
|
St Petersburg |
5,511 |
8,532 |
7,848 |
8,637 |
8,573 |
|
Other regions |
4,909 |
6,902 |
6,181 |
4,564 |
3,662 |
|
Average price, RUB/sqm |
216,512 |
192,365<юstrong> |
234,899 |
195,311 |
194,595 |
|
Average price (apartments), RUB/sqm<strong> |
283,325 |
256,570 |
293,225 |
289,904 |
309,522 |
|
Share of mortgages (total) |
25% |
45% |
29% |
19% |
14% |
|
Share of mortgages (apartments) |
39% |
63% |
47% |
34% |
26% |
Commenting on Etalon Group’s operating results for 1Q 2025, Mikhail Buzulutsky, President of Etalon Group, said:
“In the first three months of 2025, our sales exceeded 190 ths sqm, versus 189 ths sqm a year earlier – a solid result in a turbulent market and in comparison with the high base from early 2024, when demand was fuelled by the imminent elimination of preferential mortgage programmes. Sales in monetary terms amounted to RUB 37 billion, our second-highest result ever for the January–March period, following the record we set a year earlier.
“Sales in St Petersburg continue to grow at a rapid pace – by 31% in terms of floor space and by 73% in monetary terms. We see two reasons for this trend: the sale of real estate in completed residential complexes and the addition of interesting new projects to our offering, such as LDM in April 2024, as well as Avenue-Apart and Klyukva Park at the beginning of this year. In Moscow and regional markets, we launched new phases of large-scale projects from our current portfolio as well as fill-in developments – Mariinn Park and Sokolinn Park – with most sales launches taking place in 1Q 2025, which, we expect, will offset the depletion of our inventory in 2024 and provide momentum for sales this year.
“Our strategy of balanced project launches has enabled us to maintain project debt coverage with funds in escrow at a level of 1.0x, ensuring continued access to preferential rates for project financing.
“Another important strategic focus is to increase the share of the most resilient segment in our portfolio: premium properties accounted for 7% of sales in 1Q 2025, up from just 0.04% in 1Q 2024. In April, we announced the launch of our national premium real estate brand, AURIX, under which we are already developing the LDM and Mariinka Deluxe projects in St Petersburg, and we plan to expand the brand’s portfolio to include resort properties.”
1Data on cash collections for 2024 includes collections from DVA Group projects acquired in December 2024.
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.