1H 2025 Operating Results: 1.5 times Growth in Premium-Segment Sales and Improved Financial Stability

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 half and second quarter of 2025, based on management accounts.

1H 2025 operating highlights:

• The Company sold 295.8 ths sqm of real estate, with concluded contracts amounting to RUB 62.2 billion – the second-best result in the Company’s history, following its record-setting performance in 1H 2024.

• Sales and cash collections in St Petersburg demonstrated double-digit growth despite the high base from 2024 thanks to strong demand for real estate in the high price segment, with business-class sales growing by 61% year-on-year; and premium-class sales, by 70% year-on-year

• Sales in the premium segment increased by 52% of sales in terms of floor space and by 50% in monetary terms, driven by the development of and increased sales in the premium real estate segment

• Regional projects accounted for 24% of sales in terms of floor space and 18% in monetary terms.

• Cash collections amounted to RUB 39.6 billion.

• The average price per sqm reached RUB 210 thousand, versus RUB 204 thousand in 1H 2024, while the average price per sqm of residential real estate increased by 11% to RUB 270 thousand.

• The Company delivered 163.9 ths sqm, a 3.2x increase year-on-year.

1H 2025 operating results:

	1H 2023	1H 2024	1H 2025	Change, %
New contract sales, sqm	184 280	385,156	295,755	(23%)
Moscow and Moscow region	70 522	147,451	121,858	(17%)
St Petersburg	53 100	121,239	102,218	(16%)
Other regions	60 658	116,466	71,678	(38%)
New contract sales, RUB mln	34 002	78,592	62,201	(21%)
Moscow and Moscow region	17 489	44,087	30,752	(30%)
St Petersburg	9 510	17,254	20,003	16%
Other regions	7 003	17,251	11,446	(34%)
Number of contracts	3 820	7,459	6,554	(12%)
Moscow and Moscow region	1 406	3,106	2,507	(19%)
St Petersburg	1 113	1,980	2,443	23%
Other regions	1 301	2,373	1,604	(32%)
Cash collections, RUB mln	28 210	48,789	39,626	(19%)
Moscow and Moscow region	13 680	22,934	15,042	(34%)
St Petersburg	8 053	14,044	16,526	18%
Other regions	6 477	11,811	8,057	(32%)
Average price, RUB/sqm	184 515	204,052	210,313	3%
Moscow and Moscow region	247 995	298,992	252,358	(16%)
St Petersburg	179 098	142,313	195,694	38%
Other regions	115 455	148,122	159,680	8%
Average price (apartments), RUB/sqm	221 951	269,975	300,064	11%
Moscow and Moscow region	325 948	392,762	453,822	16%
St Petersburg	244 545	277,440	289,674	4%
Other regions	119 585	151,728	170,108	12%

2Q 2025 operating highlights:

·       The Company focused on maintaining a balance between the attracted project debt and the determination of the calculation of funds in escrow accounts, which ensures that the income of project financing remains at the level of 7.7%.

·       The Company sold 103.7 ths sqm of real estate for a total of RUB 24.8 billion.

·       Cash collections totalled RUB 21.5 billion

·       The average price per sqm increased by 25% to RUB 239 thousand, driven by an increase in the share of the business and premium segments in sales from 29% to 33%, as well as progress in project construction.

·       The average price per sqm of residential real estate increased by 12% to RUB 288 thousand.

·       The share of mortgage sales was 44% versus 26% in 1Q 2025

Quarterly operating results:

	2Q 2024	3Q 2024	4Q 2024	1Q 2025	2Q 2025
New contract sales, sqm	195,951	157,361	157,442	192,077	103,678
Moscow and Moscow region	58,272	55,445	45,618	89,392	32,467
St Petersburg	72,585	54,978	74,632	63,817	38,401
Other regions	65,095	46,938	37,192	38,868	32,810
New contract sales, RUB mln	37,627	36,948	30,701	37,377	24,824
Moscow and Moscow region	17,574	17,475	13,174	19,152	11,600
St Petersburg	10,366	12,045	11,530	11,918	8,086
Other regions	9,687	7,428	5,998	6,308	5,138
Number of contracts	3,643	3,368	3,477	4,075	2,479
Moscow and Moscow region	1,250	1,136	1,130	1,650	857
St Petersburg	1,078	1,247	1,568	1,535	908
Other regions	1,315	985	779	890	714
Cash collections, RUB mln	27,201	24,560	22,226	18,096	21,530
Moscow and Moscow region	11,767	10,531	9,025	5,862	9,181
St Petersburg	8,532	7,848	8,637	8,573	7,954
Other regions	6,902	6,181	4,564	3,662	4,395
Average price, RUB/sqm	192,021	234,799	195,000	194,595	239,432
Average price (apartments), RUB/sqm	256,696	293,268	290,082	309,522	287,784
Share of mortgages (total)	45%	29%	19%	14%	32%
Share of mortgages (apartments)	63%	47%	35%	26%	44%

Commenting on Etalon Group’s operating results for 2Q and 1H 2025, Mikhail Buzulutsky, President of Etalon Group, said:

“Our current operating results are, to a large extent, a reflection of the high-base effect, as well as a shift in our business approach. Recognising the importance of maintaining financial stability in the current interest-rate environment, we have focused this year on maintaining balanced cash flows and a comfortable level of liquidity: we have aligned new project launches with a comfortable level of funding from escrow accounts and accelerated the delivery of real estate at advanced stages of construction. This approach is a strategic priority, enabling us to maintain our project financing rate at 7.7% versus 10.6% on average for the industry, and we believe it will facilitate the release of liquidity from escrow accounts and allow for faster revenue recognition.

“A second strategic priority remains the development of projects in the high price segment. In February, we launched a premium real estate brand, AURIX, under which we have already begun sales at two projects in the centre of St Petersburg and plan to launch another one in Moscow. In the first half of the year, sales at our premium-segment projects rose 52% year-on-year, more than twice the rate for the market overall, which grew by 23%. This, alongside construction progress, supported an increase in the average price of our offering. In the second quarter, the average selling price increased by 25% across the entire Group. Looking ahead, we plan to expand our portfolio of premium projects and, in the longer term, to develop commercial and resort properties under the AURIX brand.”

This and other recent announcements are available on the Etalon Group website:
https://www.etalongroup.com/en/news/.

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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.