Etalon Group Reports 1Q 2020 Operating Results

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 three months ended 31 March 2020, based on management accounts.

1Q 2020 operating highlights

• The number of new contracts came to 2,323
• New contract sales amounted to 125,971 sqm and RUB 17,936 million
• Cash collections reached RUB 17,604 million
• Average price per sqm was RUB 142,384, up by 20% year-on-year
• Average price per sqm of apartments grew by 18% year-on-year to RUB 165,481
• Deliveries reached 89 ths sqm of NSA

1Q 2020 operating results

Regional breakdown

Quarterly operating performance

Mortgage contract developments

Commenting on the 1Q 2020 operating results, Etalon Group CEO Gennadiy Shcherbina said:

“Etalon Group achieved solid operating results despite the expected year-on-year decline in key operating metrics resulting from the high base effect caused by front-loaded demand at the beginning of last year. In monetary terms, we reported the second highest first quarter result ever achieved by Etalon Group of almost RUB 18 billion. The average price of apartments reached a record high of RUB 165.5 ths per sqm, an increase of 18% year-on-year.

“In the first three months of 2020, sales grew by 15% month-on-month in monetary terms, indicating demand for residential real estate was growing prior to the introduction of restrictive measures aimed at combating the spread of COVID-19.

“In order to maintain demand in the changing environment, we were one of the first to launch remote sales channels, such as online booking and sales, which has enabled customers to purchase real estate without visiting an office. In the longer term these new online channels will help us become even closer to our potential customers, expand our customer base, and reduce commercial expenses.

“In the current situation, the health of our employees, clients and partners is our top priority. We have introduced a number of measures intended to protect our employees from potential infection, and regularly monitor the health of those who are not able to work remotely. As of today, Etalon Group is fully compliant with all recommendations by Russian authorities meant to prevent the spread of COVID-19, including the recommendation for all developers to temporarily suspend construction for the week starting 13 April in the Moscow Metropolitan area. At the same time, Etalon Group is well positioned to quickly reinstate construction once the restrictions are lifted, even if the suspension is extended for a longer period. Etalon Group is fortunate to have in-house general- and subcontractors, as well as longstanding relationships with a range of suppliers, giving us the ability to restart and even accelerate the pace of construction on short notice. Moreover, our projects under construction are well diversified between Moscow and St Petersburg, where construction work has not been restricted, which will provide additional support to financial performance.”

The Company will host a conference call for investors and analysts today at 14:00 London time (16:00 Moscow; 09:00 New York).

On the call, the Etalon Group management team will present the Company’s 1Q 2020 operating results, FY 2019 IFRS financial results, and provide an update on the impact of the COVID-19 situation in Russia. Following the presentation there will be a question and answer session for participants.

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+44 2071 928338 – Standard International
+44 844 481 9752 – London
+7 495 249 9851 – Moscow
+1 646 741 3167 – New York

Conference ID Code: 9577776

This and other recent announcements are available on the Etalon Group website:
https://www.etalongroup.com/en/news/.

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.