ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces the results of its asset valuation as of 31 December 2022, conducted by Nikoliers.
The total value of Etalon Group’s assets has reached RUB 288 billion (up 7% year-on-year), which is equivalent to USD 10.70 per global depositary receipt (GDR) at the Bank of Russia’s exchange rate as of 31 December 2022.
The total NSA of Etalon Group’s project portfolio increased from 6.0 mln sqm as of the end of 2021 to 6.4 mln sqm as of the end of 2022, and the number of regions where the Company operates increased from seven to eight, thanks in part to the acquisition of YIT Russia. Nikoliers determined the market value of the real estate at 38 ongoing projects as well as completed residential and commercial properties to be RUB 272 billion, 6% higher than the value of the Company’s portfolio as of 31 December 2021.
The asset valuation also encompasses Etalon Group’s integrated construction and maintenance division, which includes the Company’s own general contractors and subcontractors, service business as well as IT companies and production enterprises, such as a modular production facility, the first phase of which is expected to be delivered in 2023. Since the beginning of the year, the market value of the construction and maintenance division has increased by 14% to RUB 16 billion.
Commenting on the asset valuation, Etalon Group CEO Gennadiy Shcherbina said:
“Since 2021, one of our main strategic development goals has been the expansion and qualitative improvement of our project portfolio. In 2021, we more than doubled the size of our portfolio thanks to the effective implementation of our acquisitions programme and our expansion into new regional markets. In 2022, despite a challenging market environment, we continued to develop our land bank, expanding it to 6.4 mln sqm and increasing the value of our assets to a record RUB 288 billion, including through the lucrative acquisition of YIT Russia as well as the launch of new projects in regions such as Omsk, Ekaterinburg, Tyumen and Kazan.
“In the context of market consolidation and the expansion of major players into regional markets, we continue to work to make our product more affordable. To this end, we have largely been taking a standardised approach to design, incorporating digital products and developing state-of-the-art technologies for industrial housing construction: prefabrication and modular technology. We are building our own production facilities and have already begun assembling test modules, which will increase the value of our production assets even further, beyond the record RUB 16 billion achieved in 2022. We are confident that new business streams, such as IT and prefabrication, will not only give us competitive advantages but will also lay the groundwork so that we can compete in new markets.”
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.