Etalon Group Announces Record-Setting Monthly Performance

07 December 2023

ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces that its new contract sales in November amounted to RUB 14.8 billion, a new record for monthly sales since its IPO. In terms of floor space, sales amounted to 73 ths sqm, the Company’s best monthly result in the last three years.

Commenting on the Company’s performance in November 2023, Etalon Group CEO Gennadiy Shcherbina said:

“We are pleased to note that sales continue to grow. Moreover, November was a record-setting month for us in terms of the total value of new contract sales and one of our best months when it comes to the amount of floor space sold.

“We believe our robust operational performance has been due primarily to our timely and rapid expansion into regional markets, where sales have increased severalfold. An additional factor driving performance is the movement of some buyers from the secondary to the primary market following the increase in the key rate and in interest rates for market-based mortgage programmes.

“In addition to expanding the geography and scale of our business, we focused on resolving the trading-infrastructure issue our for GDR holders: we obtained primary listing status on Moscow Exchange and put the issue of redomiciliation to Russia to a shareholder vote. Our current capitalisation is well below our assets’ market value of RUB 288 billion, and we expect that the removal of infrastructure-related risks and restrictions will help us put an end to the Company’s substantial undervaluation.”

This and other recent announcements are available on the Etalon Group website:

Contact Information

Etalon Group

IR Team
T: +44 (0) 20 8123 1328




About Etalon Group


Founded in 1987, Etalon Group is one of Russia’s largest development and construction companies. The Company focuses on middle class residential real estate in the Moscow and St Petersburg metropolitan areas. In 2021, the Company began a regional expansion programme and has already launched new projects in Omsk, the Novosibirsk region, Ekaterinburg, Tyumen and Kazan. With a 35-year history, Etalon Group has one of the longest and most successful track records in the Russian real estate industry. Since its foundation, Etalon Group has delivered 8.9 mln sqm of real estate.

Thanks to its integrated business model, Etalon Group is able to create 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 5,800 people, and its nationwide sales network covers 35 regions of Russia.

Etalon Group’s assets comprise 38 projects at the design and construction stages, unsold inventory at completed residential complexes and commercial properties, with total unsold NSA of 6.4 mln sqm, as well as a construction and maintenance division. According to Nikoliers, the value of Etalon Group assets as of 31 December 2022 was RUB 288 billion.

In 2022, Etalon Group’s new contract sales totalled 292 ths sqm, or RUB 58.7 billion, not including accumulated new contract sales at YIT Russia as of its acquisition.

The Company’s revenue in 2022 amounted to RUB 80.6 billion, with EBITDA of RUB 16.5 billion.

Etalon Group’s GDRs were listed on the Main Market of the London Stock Exchange on 20 April 2011 and have been included in the Level 1 quotation list of Moscow Exchange since 31 January 2020 under the ticker ETLN. In July 2023, the Company completed the process of changing the basis for its listing on Moscow Exchange.