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 2021, conducted by Colliers International.
The total value of the Company’s assets has reached RUB 270 billion, which represents USD 9.5 for one global depositary receipt (GDR) at the exchange rate of the Central Bank of Russia as of 31 December 2021.
Etalon Group’s project portfolio, with unsold NSA of 6 mln sqm at 27 projects under development and at completed residential and commercial properties, was valued by Colliers International at RUB 256 billion.
The asset valuation also includes Etalon Group’s construction and maintenance division, which was assessed at RUB 14 billion.
Commenting on the asset valuation, Etalon Group CEO Gennadiy Shcherbina said:
“Since the beginning of last year, our project portfolio has more than doubled, and its market value has increased by 34% to RUB 256 billion. This rapid growth in the value of our land bank is driven by our acquisitions programmes, including expansion into new regions. Notably, of the 3.7 mln sqm Etalon Group has acquired since the beginning of 2021, nearly 3.3 mln sqm is in regional markets: Omsk, Novosibirsk, Tyumen and Ekaterinburg.
“Despite the challenges facing the market, Etalon Group has been successfully standardising its product through the use of advanced digital technologies and state-of-the-art industrial housing construction technologies, while also paying close attention to cost controls. These initiatives enable the Company to ensure that housing remains affordable for consumers through existing state support programmes while getting the most value from its land bank at the same time.
“Another important advantage in Etalon Group’s favour in the context of accelerating market consolidation is its strong financial position with a net corporate debt to EBITDA ratio of 0.1x. This puts the Company in a position to further increase business volumes through the acquisition of new sites on favourable terms, while smaller players in the current situation are unable to take advantage of economies of scale in order to reduce costs and are thus forced to exit the market.”
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 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.