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 fourth quarter and twelve months ended 31 December 2023, based on management accounts.
FY 2023 operating highlights:
- New contract sales increased by 87% year-on-year to 547.2 ths sqm
- The value of new contract sales increased by 80% year-on-year to RUB 106 billion
- Sales at projects in regional markets increased 274% year-on-year to 188.4 ths sqm, while the value of new contract sales in the same markets increased 339% to RUB 24 billion
- Projects in regional markets accounted for 34% of sales in terms of floor space and 23% of sales in monetary terms
- Cash collections increased by 36% to RUB 82 billion
- The average price per sqm was RUB 192.9 thousand, and the average price per sqm of residential property was RUB 232.7 thousand
FY 2023 operating results:
| 2022 | 2023 | Change, % | |
|---|---|---|---|
| New contract sales, sqm | 292,396 | 547,235 | 87% |
| Moscow and the Moscow region | 121,371 | 210,652 | 74% |
| St Petersburg | 120,619 | 148,232 | 23% |
| Other regions | 50,405 | 188,350 | 274% |
| New contract sales, RUB mln | 58,652 | 105,564 | 80% |
| Moscow and the Moscow region | 32,296 | 58,068 | 80% |
| St Petersburg | 20,944 | 23,739 | 13% |
| Other regions | 5,412 | 23,756 | 339% |
| Number of contracts | 6,457 | 11,689 | 81% |
| Moscow and the Moscow region | 2,645 | 4,269 | 61% |
| St Petersburg | 2,609 | 3,456 | 32% |
| Other regions | 1,203 | 3,964 | 230% |
| Cash collections, RUB mln | 60,386 | 82,108 | 36% |
| Moscow and the Moscow region | 31,501 | 41,954 | 33% |
| St Petersburg | 24,206 | 20,423 | (16%) |
| Other regions | 4,679 | 19,731 | 322% |
| Average price, RUB/sqm | 200,591 | 192,904 | (4%) |
| Moscow and the Moscow region | 266,096 | 275,659 | 4% |
| St Petersburg | 173,634 | 160,149 | (8%) |
| Other regions | 107,369 | 126,129 | 17% |
| Average price (apartments), RUB/sqm | 261,721 | 232,675 | (11%) |
| Moscow and the Moscow region | 344,131 | 347,803 | 1% |
| St Petersburg | 250,674 | 245,578 | (2%) |
| Other regions | 119,428 | 129,574 | 8% |
4Q 2023 operating highlights:
- New contract sales increased 152% year-on-year to 206.6 ths sqm
- In monetary terms, new contract sales increased 152% to RUB 40 billion
- Sales at projects in regional markets increased 161% to 72.7 ths sqm; the value of new contract sales in the same markets rose 211% to RUB 10 billion
- Projects in regional markets accounted for 35% of sales in terms of floor space and 25% of sales in monetary terms
- Cash collections increased by 76% to RUB 29 billion
- The average price per sqm was RUB 195.5 thousand, while the average price per sqm of residential property increased by 5% to RUB 250 thousand
4Q 2023 operating results:
| 4Q 2022 | 4Q 2023 | Change, % | |
|---|---|---|---|
| New contract sales, sqm | 81,934 | 206,617 | 152% |
| Moscow and the Moscow region | 28,493 | 79,231 | 178% |
| St Petersburg | 25,534 | 54,667 | 114% |
| Other regions | 27,907 | 72,720 | 161% |
| New contract sales, RUB mln | 16,004 | 40,392 | 152% |
| Moscow and the Moscow region | 7,683 | 22,411 | 192% |
| St Petersburg | 5,039 | 7,761 | 54% |
| Other regions | 3,282 | 10,221 | 211% |
| Number of contracts | 1,770 | 4,526 | 156% |
| Moscow and the Moscow region | 618 | 1,607 | 160% |
| St Petersburg | 533 | 1,396 | 162% |
| Other regions | 619 | 1,523 | 146% |
| Cash collections, RUB mln | 16,579 | 29,214 | 76% |
| Moscow and the Moscow region | 7,687 | 15,068 | 96% |
| St Petersburg | 5,921 | 6,305 | 6% |
| Other regions | 2,970 | 7,841 | 164% |
| Average price, RUB/sqm | 195,324 | 195,493 | 0% |
| Moscow and the Moscow region | 269,655 | 282,856 | 5% |
| St Petersburg | 197,335 | 141,961 | (28%) |
| Other regions | 117,593 | 140,550 | 20% |
| Average price (apartments), RUB/sqm | 229,297 | 240,952 | 5% |
| Moscow and the Moscow region | 328,379 | 361,370 | 10% |
| St Petersburg | 261,911 | 241,931 | (8%) |
| Other regions | 123,573 | 143,608 | 16% |
Quarterly operating results:
| 4Q 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | |
|---|---|---|---|---|---|
| New contract sales, sqm | 81,934 | 73,633 | 110,635 | 156,295 | 206,617 |
| New contract sales, RUB mln | 16,004 | 13,436 | 20,566 | 31,169 | 40,392 |
| Number of contracts | 1,770 | 1,555 | 2,265 | 3,343 | 4,526 |
| Cash collections, RUB mln | 16,579 | 12,001 | 16,209 | 24,684 | 29,214 |
| Average price, RUB/sqm | 195,324 | 182,478 | 185,892 | 199,424 | 195,493 |
| Average price (apartments), RUB/sqm | 229,297 | 219,541 | 223,389 | 234,170 | 240,952 |
| Share of mortgages (total) | 58% | 47% | 50% | 49% | 51% |
| Share of mortgages (apartments) | 79% | 70% | 71% | 72% | 77% |
Commenting on the Company’s operating results in 4Q and FY 2023, Etalon Group CEO Gennadiy Shcherbina said:
“Last year was the best year in the Company’s history in terms of sales. New contract sales for the year amounted to RUB 106 billion, which was an 80% increase from 2022 and a 25% increase from 2021. Sales were especially robust from October to December: the last quarter was the strongest in our history when it comes to sales, both in terms of floor space and in monetary terms.
“The main reason for our rapid growth in 2023 was the expansion of our regional operations. We put new space on the market at nine regional projects during the year, resulting in a nearly fourfold increase in sales in regional markets, accounting for 35% of our total property sales, while prices rose 16% by the end of the year.
“Despite an increase in the key rate, we see excellent potential for further growth this year: an increase in market mortgage rates will encourage buyers to purchase property in the primary market, and, with the continuation of preferential mortgage programmes in regional markets, we will be able to count on stable demand in those cities where we are increasing our supply. Further expansion into new regions will help us reach more customers. At the same time, there is unmet demand for quality affordable housing in regional markets, and we believe that our experience and competencies when it comes to building a project portfolio with extensive regional diversification gives us an advantage over players that are new to these 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.