Etalon Group

Founded in 1987, Etalon Group is today one of Russia’s largest development and construction companies.

48.8 percent

revenue in 2021

87.1 bn ₽

total unsold

6 mn sq m


27 projects

Development Strategy

Sistema's strategy in real estate is aimed at increasing the portfolio's value and its subsequent monetization.

Sistema is present in real estate development business through its shareholding in Etalon Group. Sistema acquired a 25% stake in Etalon Group in February 2019 from the family of its founder and largest shareholder Viacheslav Zarenkov for USD 226.6 million. In February 2019, in a separate transaction Sistema sold 51% in Leader Invest, its Moscow-based real estate developer, to Etalon for RUB 15.2 bln. In August 2019 Etalon acquired the remaining 49% in Leader Invest from Sistema for RUB 14.6 bln.

The company is vertically integrated encompassing the full cycle of value creation: from land plot acquisition and project design to construction and property management. Etalon Group focuses on middle class residential real estate in the Moscow and St Petersburg metropolitan areas. In 2021, the company began a regional expansion programme and launched new projects in Omsk, the Novosibirsk region as well as Ekaterinburg and Tyumen. 

With a 35-year history, Etalon Group has one of the longest and most successful track records in the Russian real estate industry. Since its foundation, Etalon Group has commissioned 7.9 million sq m of real estate. Etalon Group’s shares have been listed on the London Stock Exchange since 2011 under the ticker ETLN. 

Annual revenue
Share pricesMay 29, 2023, 03:52 PM


Financial performance 2021

+ 11 %


+ 42 %


27.8 billion ₽

Gross profit

36 %

Pre-PPA gross profit margin
In 2020, Etalon Group’s new contract sales totalled 446 thousand sq m, or RUB 84.4 billion. Etalon Group’s record sales were reflected in strong financial results.

The company posted revenue of RUB 87.1 billion and gross profit of 27.8 billion, the best results in the Group’s history. Revenue for 2021 increased by 11%, gross profit rose 27% while EBITDA grew by 42% to RUB 17.9 billion.

Etalon Group is one of the leaders in terms of pre-PPA gross profit margin, reaching 36% for the Company as a whole and 38% in the residential development segment as of the end of the year. 

See all Etalon's financial results.
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Integration of Leader-Invest

Integration of Leader Invest into Etalon was completed in 3Q 2019. Since then companies use joint branding under Etalon’s roof. Consolidating real estate business has been value-accretive for both Etalon and Sistema: the former benefit from synergies stemming from operational efficiency, cost reductions and complimentary asset portfolios, while the latter centralised its investment focus on a single public asset with strong corporate governance discipline.
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Construction and installation works

Since 2017, in order to develop non-development businesses, all production and service assets of the Etalon Group are combined under the brand.

EtalonStroy performs a full range of construction and installation works on capital construction sites on its own, both for the needs of the Etalon Group and for third-party customers. EtalonStroy consolidates its production assets and develops the Group's construction business, which is represented by specialized contractors, a modern fleet of machines and mechanisms, factories for the production of construction materials and an advanced research center.
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270 bn ₽

total assets value as of 31 December 2021

3.7 million sq m

purchased in 2021
Etalon Group’s total assets comprise 27 projects under development, unsold inventory at completed residential complexes and commercial properties, with total unsold NSA of 6 million sq m, as well as construction and maintenance division. Colliers International valued the Company’s total assets at RUB 270 billion as of 31 December 2021. The project portfolio of Etalon Group has more than doubled, and its market value has increased by 34%. This rapid growth was driven by acquisitions programmes of the company, including expansion into new regions: nearly 3.3 mln sq m of the 3.7 mln sq m, that Etalon Group has acquired since the beginning of 2021, is in regional markets.
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Corporate governance

Two Sistema representatives received seats on Etalon’s board of directors. Sistema signed an agreement supporting its commitment to high standards of information disclosure and transparency and confirming that any and all transactions (if any) between Sistema and Leader Invest in the future should be carried out on an arm’s length basis, including a guarantee that Sistema’s representatives will abstain from voting on any such matters.
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Service and operation

EtalonStroy consolidates and develops businesses related to the service and operation of real estate. The company provides services for the management of residential and commercial real estate, as well as for its implementation in the regions of the Russian Federation through its own sales network.
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Etalon Group begins sales at new project in Kazan
3 October 2022
Sistema increases effective stake in Etalon Group to 48.8%
4 May 2022
Etalon to acquire YIT’s Russian business
1 April 2022
Value of Etalon Group assets reaches RUB 270 billion
28 March 2022

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Etalon Group