ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces that after 6.5 years of successful work with the Company, Kirill Bagachenko, the Chief Financial Officer and a member of the Board of Directors, has decided to step down in order to take a career break. In order to ensure a smooth transition, Kirill will continue to support Etalon Group as an advisor to the Chairman of the Board of Directors. Kirill’s successor as CFO will be Ilya Kosolapov, who joined the Etalon Group team in October 2019. The Board of Directors has elected Etalon Group Executive Director and Head of the Moscow Business Maxim Berlovich as the new Chairman of its Strategy Committee. The Director for Corporate Investments Petr Kryuchkov will chair the Information Disclosure Committee.
Etalon Group CEO Gennadiy Shcherbina said:
“I want to thank Kirill for his many years of successful contributions to Etalon Group’s development! He has played a direct role in the Company’s transformation from a major regional player into one of the largest developers in Russia that is achieving new operating performance records with every passing year. I also welcome the appointment of Ilya Kosolapov, who has extensive experience in all areas of financial management relevant to us.”
Outgoing Chief Financial Officer Kirill Bagachenko commented:
“I am grateful to the shareholders, the Board of Directors and the CEO of the Company for the support that I have felt every day in my work! I am confident that Ilya Kosolapov is the ideal candidate to lead Etalon Group’s financial function. I wish him and the entire team of professionals at Etalon Group every success in achieving their ambitious goals!”
Newly appointed Chief Financial Officer Ilya Kosolapov added:
“I joined Etalon Group in October 2019 and was impressed with the professional level of the team. I believe that the Company has everything in place to continue to strengthen its leading position in the Russian development and construction market, as well as to be an example of transparency and openness for shareholders and all other stakeholders.”
Biographies:
Ilya Kosolapov
Ilya has over 15 years of experience in financial management. Prior to joining Etalon Group, Ilya worked as executive director responsible for finance and development, and as a member of the investment committee of Sistema Asia Capital management company, which runs the Sistema Asia Fund (SAF) venture capital fund. Starting in 2015, Ilya served for three years as Chief Financial Officer of the Indian telecommunications operator Sistema Shyam Teleservices Limited (MTS India). Prior to that, Ilya held various positions in the fields of corporate finance, investment and treasury at Sistema PJSFC and its portfolio companies, such as MTS and Segezha Group. Ilya holds a master's degree in finance from the Plekhanov Russian University of Economics.
Petr Kryuchkov
Petr has 10 years of experience in the field of corporate finance and capital markets. Petr has been the Director of Corporate Investments at Etalon Group since 2018. Prior to that, he worked for two years as the head of the Company’s capital markets division. Before joining Etalon Group, Petr was involved in project finance activities, as well as developing a strategy for the implementation of large projects in the shipbuilding industry. Petr has bachelor’s and master’s degrees with honours in corporate finance from the St Petersburg State University of Economics and Finance, and also has a diploma in Law.
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.