9M 2026 results: Etalon Group increased its cash collections by 15% to RUB 68.9 bln

From January to September 2026, the Group delivered 408 ths sqm of real estate (+30% year-on-year). The average down payment increased to 72%, up from 47% a year earlier. New contract sales totalled RUB 59.9 bln (−45% year-on-year), yet cash collections grew to RUB 68.9 bln (+15% year-on-year). The Company is continuing to shift its sales mix toward full payments¹ and increased collections from instalment-based payment plans.

IPJSC Etalon Group (hereinafter “Etalon Group” or the “Company”), one of the largest development and construction companies in Russia, announces its unaudited operating results for the first nine months of 2026, based on the Company’s management accounts.

Etalon Group priorities since the beginning of 2026:

• Increased cash collections. Etalon Group is continuing to focus on increasing the volume of cash collections, including by prioritising full payment and mortgage contracts, and by revising the terms for instalment plans. Cash collections grew by 15% year-on-year, driven by the promotion of full payment transactions¹, collections from previously signed contracts, and the sale of commercial properties.

• Premium segment development. From January to September 2026, sales of premium-class projects in Moscow and St Petersburg increased by 11% in terms of floor space and 9% in monetary terms, despite an overall cooling of demand on the real estate market. The bulk of premium-segment sales came from the LDM project, the debut development under the AURIX brand; its sales launch was in 2024 in St Petersburg.

• Projects in the Moscow portfolio. The Group’s flagship project in Moscow, the Shagal residential development, was the sales leader from January to September 2026, accounting for 27% of the Company’s total sales nationwide and 59% of sales in the Moscow region. The Voxhall project ranked second in the region, with an 11% share.

Key operating results for 9M 2026:

• The Company sold 240 ths sqm, with a total value of RUB 59.9 bln. Cash collections exceeded the sales volume and amounted to RUB 68.9 bln (+15% year-on-year).

• The share of full payment and mortgage-backed sales increased to 68% (+25 p.p. year-on- year), while the average down payment rose from 47% to 72%.

• The average price grew by 8% to RUB 249 ths per sqm.

• The Company delivered 407.9 sqm of real estate, 63% of which was in Moscow.

On a backdrop of high interest rates and cooling demand, the Group focused on increasing cash collections by adjusting instalment plan terms and incentivising full payment transactions1. The share of full payment transactions rose by 25 p.p. year-on-year, while the average down payment increased to 72%. Combined with payments from previously signed instalment agreements, this drove growth of cash collections to RUB 68.9 bln.

A year-on-year decline in new sales was attributable to market conditions and a high base effect from 9M 2025, which was bolstered by record-breaking sales in 3Q 2025 The high base resulted from demand surges triggered by changes to mortgage programmes, the sale of large commercial real estate assets, and the disposal of significant completed inventory within the Galactica, Kvartal Che, Domino, Novoorlovsky, Petrovsky Landmark, and Desyatka projects.

Furthermore, from January to September 2026, the Group generated RUB 1.15 in cash collections for every RUB 1 of new sales, compared with RUB 0.55 a year earlier.

Key operating results for 3Q 2026:

• New contract sales amounted to 57.3 ths sqm and RUB 13.7 bln, while cash collections reached RUB 20.3 bln.

• The average down payment increased from 45% to 76%, driven by growth in the share of full payment sales¹ to 73% (+32 p.p. year-on-year)

• The average price amounted to RUB 238 ths per sqm, down 11% year-on-year amid an increased share of parking spaces in total sales (33% in 3Q 2026 versus 13% in 3Q 2025) and changes to the sales mix by project. Demand for parking spaces increased due to a significant volume of move-ins since the beginning of the year and the natural need for customers to acquire parking spots after relocating to their new homes.

Key operating results in 3Q 2026 and 9M 2026:

Etalon Group President Tonko Sanković, appointed to head the Company in October 2026, noted:

“Management is tasked with further adapting the Company to navigate the industry’s structural transformation. We are conducting a detailed analysis of our business model and identifying opportunities to enhance efficiency, both within our operational processes and at the individual project level. Based on this analysis, we will define our strategic direction for the period ahead. 

Expanding our footprint in the premium real estate segment remains a key development priority for the Group. We are actively working on the development sites acquired using proceeds from our SPO and expect to secure the necessary permits for the first of these projects as early as next year. 

Balanced management of our land bank, rigorous control over the economics of each project, improvements in product quality, and disciplined cash flow management are, in our view, the factors that ensure resilience during periods of turbulence and lay the foundation for the next stage of our business development.”

¹ Full payment and mortgage contracts

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

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.