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 first quarter ended 31 March 2022, based on management accounts.
1Q 2022 operating highlights
- New contract sales amounted to 90.4 ths sqm
- New contract sales in monetary terms rose by 21% year-on-year and totalled RUB 19.7 billion
- The number of new contracts amounted to 1,899
- Cash collections rose by 18% year-on-year to RUB 21.2 billion
- The average price per sqm increased by 32% year-on-year to RUB 217.6 ths
- The average price per sqm for residential real estate grew by 39% year-on-year to RUB 290.1 ths
1Q 2022 operating results
| 1Q 2021 | 1Q 2022 | Change, % | |
|---|---|---|---|
| New sales, sqm | 98,670 | 90,439 | (8%) |
| New sales, mln RUB | 16,214 | 19,681 | 21% |
| Number of contracts | 1,989 | 1,899 | (5%) |
| Cash collections, mln RUB | 18,036 | 21,235 | 18% |
| Average price, RUB/sqm | 164,329 | 217,611 | 32% |
| Average price (apartments), RUB/sqm | 208,095 | 290,140 | 39% |
| Deliveries, sqm | 3,028 | 175,693 | 58x |
Regional breakdown
| 1Q 2021 | 1Q 2022 | Change, % | |
|---|---|---|---|
| Moscow Metropolitan Area | |||
| New sales, sqm | 51,766 | 42,536 | (18%) |
| New sales, mln RUB | 9,451 | 11,793 | 25% |
| Number of contracts | 1,030 | 824 | (20%) |
| Cash collections, mln RUB | 9,861 | 11,609 | 18% |
| Average price, RUB/sqm | 182,565 | 277,236 | 52% |
| Average price (apartments), RUB/sqm | 230,041 | 340,263 | 48% |
| St Petersburg | |||
| New sales, sqm | 46,905 | 47,903 | 2% |
| New sales, mln RUB | 6,764 | 7,888 | 17% |
| Number of contracts | 959 | 1,075 | 12% |
| Cash collections, mln RUB | 8,175 | 9,627 | 18% |
| Average price, RUB/sqm | 144,203 | 164,666 | 14% |
| Average price (apartments), RUB/sqm | 184,154 | 236,526 | 28% |
Quarterly operating performance
| 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | 1Q 2022 | |
|---|---|---|---|---|---|
| New sales, sqm | 98,670 | 122,270 | 96,470 | 129,070 | 90,439 |
| New sales, mln RUB | 16,214 | 24,933 | 18,390 | 24,851 | 19,681 |
| Number of contracts | 1,989 | 2,297 | 1,869 | 2,405 | 1,899 |
| Cash collections, mln RUB | 18,036 | 22,853 | 19,308 | 23,897 | 21,235 |
| Average price, RUB/sqm | 164,329 | 203,915 | 190,633 | 192,538 | 217,611 |
| Average price (apartments), RUB/sqm | 208,095 | 236,342 | 244,928 | 261,121 | 290,140 |
Mortgage contract developments
| 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | 1Q 2022 | ||
|---|---|---|---|---|---|---|
| Share of mortgages (total) | 37% | 47% | 39% | 40% | 33% | |
| Share of mortgages (apartments) | 63% | 67% | 66% | 70% | 61% | |
Commenting on the 1Q 2022 operating results, Etalon Group CEO Gennadiy Shcherbina said:
“The first three months of 2022 saw active demand for real estate, and Etalon Group, as one of the largest market players, delivered good results. Our key sales indicators in rouble terms grew at a double-digit pace. The value of real estate sold by the Company in the period from January to March this year increased by 21% year-on-year to RUB 19.7 billion. Cash collections reached RUB 21.2 billion, 18% higher than in 1Q 2021.
“Sales trends, in monetary terms, were driven by consistent growth in the average price per sqm, as well as the balance of locations and project classes in our real estate portfolio. Sales also continue to be supported by the state-backed mortgage programme – the share of mortgage sales in 1Q 2022 remained virtually unchanged year-on-year at 61%, despite the significant increase in the Bank of Russia’s key rate at the end of February.
“I would also note that in the early part of the year we continued to actively expand our project portfolio in our key regions of operations and to enter new regional markets. In February we acquired projects in Moscow, St Petersburg, Ekaterinburg and Tyumen totalling 1.7 mln sqm. By expanding supply through the acquisition of new projects and M&A deals, we will increase the number of projects available to our customers this year already, which will give a further boost to our operating performance.”
Conference call and webcast
A conference call for investors and analysts will be held in May 2022. During the call Etalon group management will present the operating results for 1Q 2022 as well as the financial results for FY 2021, and will provide an update on strategy implementation. The presentation will be followed by a Q&A session.
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.