ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces its unaudited operating results for the three months and nine months ended 30 September 2022, based on management accounts.
9M 2022 operating highlights
- New contract sales amounted to 210.5 ths sqm and RUB 42.6 bln
- Cash collections were at RUB 43.8 billion
- The number of contracts amounted to 4.7 thousand
- Average price per sqm grew by 8% year-on-year to RUB 202.6 thousand
- Average price per sqm of apartments in 9M 2022 was RUB 276.9 thousand, up by 20% year-on-year
9M 2022 operating results
| 9M 2022 | 9M 2021 | Change, % | |
|---|---|---|---|
| New sales, sqm | 210,461 | 317,410 | (34%) |
| New sales, RUB mln | 42,648 | 59,537 | (28%) |
| Number of contracts | 4,687 | 6,155 | (24%) |
| Cash collections, RUB mln | 43,807 | 60,197 | (27%) |
| Average price, RUB/sqm | 202,641 | 187,572 | 8% |
| Average price (apartments), RUB/sqm | 276,864 | 230,507 | 20% |
| Deliveries, sqm | 325,969 | 184,099 | 77% |
Regional breakdown
| 9M 2022 | 9M 2021 | Change, % | ||
|---|---|---|---|---|
| Moscow metropolitan area | ||||
| New sales, sqm | 92,878 | 180,562 | (49%) | |
| New sales, RUB mln | 24,613 | 39,184 | (37%) | |
| Number of contracts | 2,027 | 3,508 | (42%) | |
| Cash collections, RUB mln | 23,814 | 38,317 | (38%) | |
| Average price, RUB/sqm | 265,004 | 217,013 | 22% | |
| Average price (apartments), RUB/sqm | 349,523 | 259,279 | 35% | |
| St Petersburg | ||||
| New sales, sqm | 95,085 | 136,848 | (31%) | |
| New sales, RUB mln | 15,905 | 20,353 | (22%) | |
| Number of contracts | 2,076 | 2,647 | (22%) | |
| Cash collections, RUB mln | 18,284 | 21,879 | (16%) | |
| Average price, RUB/sqm | 167,270 | 148,728 | 12% | |
| Average price (apartments), RUB/sqm | 247,280 | 189,866 | 30% | |
| Other regions | ||||
| New sales, sqm | 22,498 | - | ||
| New sales, RUB mln | 2,130 | - | ||
| Number of contracts | 584 | - | ||
| Cash collections, RUB mln | 1,709 | - | ||
| Average price, RUB/sqm | 94,686 | - | ||
| Average price (apartments), RUB/sqm | 113,472 | - | ||
3Q 2022 operating highlights
- New contract sales amounted to 67.0 ths sqm and RUB 13.3 billion
- The number of contracts amounted to 1.6 thousand
- Cash collections totalled RUB 11.2 billion
- Average price per sqm reached RUB 199.0 thousand, up by 4% year-on-year
- Average price per sqm of apartments grew by 2% year-on-year to RUB 250.3 thousand
3Q 2022 operating results
| 3Q 2022 | 3Q 2021 | Change, % | |
|---|---|---|---|
| New sales, sqm | 66,986 | 96,470 | (31%) |
| New sales, RUB mln | 13,329 | 18,390 | (28%) |
| Number of contracts | 1,572 | 1,869 | (16%) |
| Cash collections, RUB mln | 11,170 | 19,308 | (42%) |
| Average price, RUB/sqm | 198,985 | 190,633 | 4% |
| Average price (apartments), RUB/sqm | 250,326 | 244,928 | 2% |
| Deliveries, sqm | 91,295 | 181,071 | (50%) |
Regional breakdown
| 3Q 2022 | 3Q 2021 | Change, % | ||||
|---|---|---|---|---|---|---|
| Moscow metropolitan area | ||||||
| New sales, sqm | 25,228 | 49,445 | (49%) | |||
| New sales, RUB mln | 7,100 | 11,303 | (37%) | |||
| Number of contracts | 565 | 999 | (43%) | |||
| Cash collections, RUB mln | 5,405 | 11,832 | (54%) | |||
| Average price, RUB/sqm | 281,433 | 228,589 | 23% | |||
| Average price (apartments), RUB/sqm | 351,744 | 283,070 | 24% | |||
| St Petersburg | ||||||
| New sales, sqm | 23,769 | 47,026 | (49%) | |||
| New sales, RUB mln | 4,482 | 7,088 | (37%) | |||
| Number of contracts | 541 | 870 | (38%) | |||
| Cash collections, RUB mln | 4,354 | 7,475 | (42%) | |||
| Average price, RUB/sqm | 188,567 | 150,724 | 25% | |||
| Average price (apartments), RUB/sqm | 258,167 | 201,686 | 28% | |||
| Other regions | ||||||
| New sales, sqm | 17,989 | - | ||||
| New sales, RUB mln | 1,747 | - | ||||
| Number of contracts | 466 | - | ||||
| Cash collections, RUB mln | 1,410 | - | ||||
| Average price, RUB/sqm | 97,128 | - | ||||
| Average price (apartments), RUB/sqm | 114,362 | - | ||||
Monthly sales dynamics in 3Q 2022
| July 2022 | August 2022 | September 2022 | |
|---|---|---|---|
| New sales, sqm | 17,066 | 26,335 | 23,585 |
| New sales, RUB mln | 3,189 | 5,219 | 4,922 |
| Cash collections, RUB mln | 2,968 | 4,058 | 4,144 |
Quarterly operating performance
| 3Q 2022 | 2Q 2022 | 1Q 2022 | 4Q 2021 | 3Q 2021 | |
|---|---|---|---|---|---|
| New sales, sqm | 66,986 | 53,036 | 90,439 | 129,070 | 96,470 |
| New sales, RUB mln | 13,329 | 9,638 | 19,681 | 24,851 | 18,390 |
| Number of contracts | 1,572 | 1,216 | 1,899 | 2,405 | 1,869 |
| Cash collections, RUB mln | 11,170 | 11,402 | 21,235 | 23,897 | 19,308 |
| Average price, RUB/sqm | 198,985 | 181,732 | 217,611 | 192,538 | 190,633 |
| Average price (apartments), RUB/sqm | 250,326 | 294,096 | 290,140 | 261,121 | 244,928 |
| Deliveries, sqm | 91,295 | 58,981 | 175,693 | 237,110 | 181,071 |
Mortgage contract developments
| 3Q 2022 | 2Q 2022 | 1Q 2022 | 4Q 2021 | 3Q 2021 | |
|---|---|---|---|---|---|
| Share of mortgages (total) | 37% | 25% | 33% | 40% | 39% |
| Share of mortgages (apartments) | 55% | 55% | 61% | 70% | 66% |
Commenting on the 3Q and 9M 2022 operating results, Etalon Group CEO Gennadiy Shcherbina said:
“In the first nine months of 2022, Etalon Group sold 210.5 ths sqm for a total of RUB 42.6 billion. Despite the difficult external environment, which led to a sharp increase in the key rate in the first half of the year and a decrease in purchases in late September, we saw a gradual recovery in sales in the last quarter. New contracts sales increased from RUB 3.2 billion in July to RUB 4.9 billion in September. Cash collections have increased month-on-month since June.
“One of the factors supporting sales in the third quarter was the expansion of Etalon Group’s real estate supply. From January to September, we put about 530 ths sqm on sale at our projects in Moscow, St Petersburg and other regions. A large percentage of new sales launches took place in the second and third quarters, thus supporting a gradual recovery of sales from July. At the same time, regional projects accounted for a considerable share of our sales: in 3Q 2022, 27% of our sales volume came from our regional portfolio. Notably, the Green River project, launched in April of this year, accounted for 8% of the total sales volumes for the period from July to September. Projects from our YIT portfolio accounted for nearly 25% of quarterly sales in our traditional and regional markets.
“Taking into account the new environment and the slowdown in demand in late September, we adjusted our launch plan for the 12 months of 2022 to 686 ths sqm. Nonetheless, our flexible business model, stable low-leverage financial position and our current land bank enable us to increase the volume of new supply in the wake of market stabilisation and a recovery in demand.
“In the current environment, our priority is to make our product more affordable, which will enable us to maintain good sales dynamics and expand our presence in regional markets. To improve cost-effectiveness, we are incorporating our own developments and integrating the digital know-how we obtained through the acquisition of YIT Russia. Notably, we continue to work on creating an end-to-end digital architecture for our business; we are taking an automated approach to project design and standardisation, and we are developing state-of-the-art industrial technologies for housing construction. We are now working hard on the development of prefabrication technology and testing individual prefabricated elements in a number of our projects, and we are going to scale up this technology to achieve a leading position in terms of cost-effectiveness.”
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.