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 2023, conducted by Nikoliers.
Etalon Group’s assets were valued at RUB 303 billion (up from RUB 288 billion as of 31 December 2022), which is equivalent to RUB 789 per global depositary receipt (GDR).
The Company’s project portfolio included 5.9 mln sqm in NSA as of the end of 2023. Nikoliers assessed the market value of the real estate in 32 ongoing projects, completed residential and commercial properties as well as land plots to be RUB 286 billion (up from RUB 272 billion as of 31 December 2022).
The asset valuation also encompassed Etalon Group’s construction and maintenance division, which has its own general contractors and subcontractors, a service business, as well as IT companies and production facilities, including for modular production. The market value of the construction and maintenance division amounted to RUB 16.5 billion.
Commenting on the asset valuation, Etalon Group’s Chief Executive Officer, Gennadiy Shcherbina, said:
“The valuation of our portfolio for 2023 is a reflection of our efforts to develop new projects and strengthen our position in regional markets. During the year, we made large investments in project construction, including large-scale complexes in Omsk and Ekaterinburg with over 1 million square metres of floor space. We began sales at two new residential complexes – Schastye v Koltsovo, in the Novosibirsk metropolitan area, and Pulkovo House, in St Petersburg – and new space at other projects in six regions across Russia also went on sale.
“As a result, the market value of our land bank increased by RUB 14 billion, and the increase was even larger in terms of the value per square metre of NSA, rising 15% year-on-year.
“Regional development remains our strategic priority. Regional projects – where sales quadrupled in 2023 – currently account for more than 60% of our portfolio. The further development of large-scale integrated development projects, the acquisition of new sites in our current regions of operations and the expansion of our geographic footprint in the course of 12 months will enable us to increase the size of our business severalfold and achieve strong profit figures in the next few years.”
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 9.7 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 42 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 2025 was RUB 318 billion.
In 2025, Etalon Group’s new contract sales totalled 671 ths sqm, or RUB 153.5 billion.
The Company’s revenue in 2025 amounted to RUB 154 billion, with EBITDA of RUB 31 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.