ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces the strengthening of its management team.
In connection with the rapid scaling-up of the business and the active development of a strategic focus on internal efficiency, two new vice presidents have joined the management team: Mikhail Buzulutsky and Stanislav Kondratyev.
As Vice President of Sales and Marketing, Mikhail Buzulutsky oversees the development of sales and the commercial function at the Company. Mikhail has over 20 years’ professional experience in real estate and construction. Prior to joining Etalon Group he managed the commercial function at several leading real estate development companies, including Ingrad, Seven Suns Development, and Glavstroy St. Petersburg.
Stanislav Kondratyev joined the management of Etalon Group in October 2023 as Vice President for Product. He will be responsible for developing the product and increasing its availability. Stanislav graduated from the Moscow Institute of Economics, Politics and Law, and prior to joining Etalon Group he held the position of Senior Vice President at PIK Group, and also previously worked as Vice President at Sminex.
Commenting on the new appointments, Gennadiy Shcherbina, Chief Executive Officer of Etalon Group, said:
“I’m delighted to welcome Mikhail Buzulutsky and Stanislav Kondratyev to the management team. The addition of Mikhail Buzulutsky to the team has strengthened our expertise in terms of building an effective sales system in our traditional markets as well as in new regions for the company, contributing to significant sales growth in Q3 2023. I’m confident that Stanislav Kondratyev’s many years of experience and extensive expertise in product development will help us to increase product availability through cost control and attain leading positions in regional markets. Working together to support the further scaling-up of the business through product enhancement and cost optimisation, including by increasing business cost efficiency, will enable us to successfully deliver on our ambitious strategic goals of geographic expansion and business growth.”
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 37 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 2024, Etalon Group’s new contract sales totalled 699 ths sqm, or RUB 146.2 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.