Etalon Group 1H and 2Q 2021 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 six months and three months ended 30 June 2021, based on management accounts.

1H 2021 operating highlights

• New contract sales in monetary terms increased by 39% year-on-year reaching a record RUB 41.1 billion
• Cash collections rose by 30% year-on-year to RUB 40.9 billion
• Average price per sqm grew by 39% year-on-year to RUB 186.2 ths
• Average price per sqm of apartments was RUB 224.7 ths, up by 38% year-on-year
• Net corporate debt stood at RUB 626 million as of 30 June 2021

1H 2021 operating results

Regional breakdown

2Q 2021 operating highlights

• The number of new contracts grew by 47% to 2,297
• New contract sales amounted to 122.3 ths sqm and RUB 24.9 billion, up by 29% and 115%, respectively
• Cash collections increased by 64% to RUB 22.9 billion
• Average price per sqm was RUB 203.9 ths, up by 67% year-on-year
• Average price per sqm of apartments grew by 49% year-on-year to RUB 236.3 ths

2Q 2021 operating results

Regional breakdown

Quarterly operating performance

Mortgage contract developments

Commenting on the 1H and 2Q 2021 operating results, Etalon Group CEO Gennadiy Shcherbina said:

“Etalon Group delivered strong results for the first half of 2021. The Company sold 221 ths sqm of real estate worth more than RUB 41 billion, up by 39% year-on-year in monetary terms. Cash collections also grew by a significant 30% year-on-year. The second quarter made an important contribution our half-year results, and it was a record-setting quarter in terms of sales in rouble terms.

“The diversification of our offer and rising average selling prices were major factors supporting sales. The average price for all NSA rose by 67% to RUB 204 thousand, which enabled us to more than double sales in rouble terms to RUB 24.9 billion. Our 2Q and 1H 2021 operating results were positively impacted by the launch of sales at a new stage of Nagatino-i-Land and our flagship project ZIL-Yug, with the starting price approaching RUB 300 thousand per sqm.

“As part of our plan to replenish the land bank, the Company recently acquired a new site in the Pushkinsky district of St Petersburg and plans to carry out its previously announced acquisitions programme in St Petersburg and Moscow by the end of the year. We expect that further diversification of the portfolio through new projects coupled with the ongoing digitalisation and transformation of the business will strengthen Etalon Group’s position as a market leader, while also helping us to achieve our strategic growth plans.”

Etalon Group CFO Ilya Kosolapov added:

“Since the beginning of the year, Etalon Group has improved its financial position considerably. Thanks to our work on our loan portfolio, we managed to reduce the average debt financing rate from 8.3% to 6.7%. Funds in escrow accounts reached RUB 38 billion, which enables us to receive project financing at a preferential rate. Without question, the most important event for the Company was our successful SPO, which raised over USD 150 million for the expansion of our project portfolio and business development.

“All these factors combined to decrease our debt substantially: net corporate debt fell from RUB 19.6 billion at the beginning of the year to RUB 626 million at the end of the first half of the year. The net corporate debt to EBITDA ratio reached nearly zero, which is well below the target stipulated by Etalon Group’s Strategy. This strong financial position creates ample opportunity for us to successfully implement our plans to expand the business and achieve our strategic goals.”

The Company will host a conference call for investors and analysts today at 14:30 London time (16:30 Moscow; 09:30 New York).

On the call, the Etalon Group management team will present the Company’s 1H and 2Q 2021 operating results, followed by a question and answer session for participants.

Webcast

https://edge.media-server.com/mmc/p/p6aabcj4

+44 2071 928338 – Standard International
+44 844 4819 752 – London
+7 495 249 9851– Moscow
+1 646 741 3167 – New York

Conference ID Code: 4292945

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.