retail investors

About us
Etalon Group is a nationwide real
estate developer
that is growing rapidly thanks to regional expansion, while maintaining strong internal efficiency
Retail investor 
presentation
Our advantages
1
Leader
in regional expansion
11
11 regions of operations
+1 region in 2025 
Further regional expansion will enable the Company to outpace its peers in terms of business growth
2
Controlling costs
and maintaining
profitability
−2.8 p. p.
reduction in overhead costs
as a share of revenue
Further cost control will enable the Company to maintain a robust gross margin of 30%–35% and to position itself as an industry leader in terms of profitability as it scales up operations
3
Debt management
2,5×
Net corporate debt / 
EBITDA
Maintaining debt ratios at target levels enables access to project financing at a lower rate, supporting further business expansion
More about Etalon Group’s
investment case
Etalon Group today
The leading publicly listed developer in terms of sales growth, with portfolio expansion driving rapid business growth
Key business metrics
in more detail
39 %
sales growth
in 2024
29 %
regional sales
growth in 2024
30 %
share of regional
sales
The Company’s business growth is reflected
in its financial performance
2019
2020
2021
2022
2023
Revenue, RUB bln
84.3
78.7
87.1
80.6
88.8
Revenue growth 
y-o-y, %
17%
-7%
11%
-8%
10%
re-PPA 
gross 
margin, %
27.0%
32.8%
35.6%
37.9%
35.2%
Pre-PPA EBITDA
11.2
16.5
21.1
18.8
19.4
Net corporate debt /
pre-PPA EBITDA
1.8
1.2
0.1
0.8
1.9

Read the Company’s
financial statements
FAQ
What is a GDR, and where can I buy Etalon Group’s GDRs?

A GDR is a derivative financial instrument that represents shares of a foreign company held in a depositary bank.

Etalon Group PLC’s GDRs are traded on Moscow Exchange (MOEX) under the ticker ETLN.

How will Etalon Group’s GDRs be converted into shares of IPJSC Etalon Group following the redomiciliation?

Pursuant to a resolution of the General Meeting of Shareholders of 15 December 2023, as of the date of registration of IPJSC Etalon Group, the Company’s share capital will be converted at a ratio of 1:1, meaning that 383,445,362 ordinary shares and 20,000 preferred shares of Etalon Group PLC will be converted into 383,445,362 ordinary shares and 20,000 preferred shares of IPJSC Etalon Group.

How much does the Company pay in dividends?

According to its dividend policy, the Company distributes 40%–70% of its IFRS PPA-adjusted net profit as dividends.

What sort of taxes do I have to pay on dividends?

Any dividends received must be declared as income in a filing with Russia’s Federal Tax Service, in accordance with Russian tax laws.

When is the next disclosure, and what will be announced?

You can find everything you would like to know about upcoming financial, operational and other corporate disclosures in our Investor Calendar, which includes the dates of key events for investors, such as our presentations at conferences and online events.

What is the Company’s current strategy?

Our main strategic priorities are outlined here.

How is Etalon Group’s business structured?

Etalon Group is a full-cycle developer. We oversee projects at every stage of development, from land acquisition, design, construction and sales to property management.

We have operations in 10 regions across Russia: Moscow, the Moscow region, St Petersburg, Omsk, Ekaterinburg, the Novosibirsk region, Kazan, Tyumen, Rostov-on-Don and the Leningrad region.

Business management and strategic decision-making are carried out at the corporate centre. Project management is carried out by the Group’s regional divisions, which are responsible for the Company’s financial and operational performance within their respective regions.

The construction and maintenance division includes in-house general contractors and subcontractors that execute a range of projects, including outsourced projects; manufacturing enterprises (including facilities for prefab production); property management companies; and companies engaged in R&D.

Where can I learn more about the Company’s operations?

We recommend that you review our detailed presentation for investors, where you will find important insights into our operations, performance and outlook. For more in-depth information, we recommend that you to visit our Annual Reports page.

Which indicators provide the most accurate reflection of the Company’s current financial health?

The most important indicators for assessing Etalon Group’s performance are the following:

  • Revenue: how much the Company receives from sales; revenue is precisely what will enable you to determine the scale of the Company’s business
  • Sales: the amount of real estate sold (in sqm) or the value of new contracts (in roubles)
  • Cash collections: funds received in accordance with customer contracts during the reporting period
  • EBITDA: earnings before interest, taxes, depreciation and amortisation will enable you to effectively evaluate companies in the same industry
  • Profitability metrics: EBITDA margin, net profit margin, gross profit margin
  • Debt position: reflected in the net debt / EBITDA ratio.
I would like to know what actions Etalon is taking when it comes to sustainability?

Etalon Group is committed to every aspect of the ESG agenda, including environmental stewardship, social responsibility and corporate governance transparency. The results of our ESG activities are presented in our Sustainability Report and in the section of our Annual Report.

I have a question that hasn’t been covered. Who should I contact?

If you have any additional questions, please contact our investor relations and sustainability team ir@etalongroup.com

We also have a blog on T-Pulse and Smart-Lab, where you can leave comments or questions that we will do our best to answer.

Contact Information
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