About the company PIK SZ
Security pagePIK is one of the largest residential developers in Russia, operating primarily in the Moscow region. The company builds mass-market housing using industrial methods, relying on its own prefabricated housing plants. Its shares trade on the Moscow Exchange under the ticker PIKK.
What the company does
A developer earns the difference between the cost of construction together with the cost of land and the price at which the flats are sold to buyers. The cycle is a long one: years pass between the purchase of a plot and the handover of the keys, and the money is invested long before the revenue arrives.
The way payments are settled changed after the reform: the money of buyers in a building under construction no longer goes to the developer but to special accounts at a bank, and it is released only once the building is commissioned. Construction, meanwhile, is carried out on bank credit. Hence the direct link between the key rate and the economics of a project — and a second link, through mortgages: almost all flats in the mass-market segment are bought on credit.
The industrial approach — in-house production of panels and standard building series — lowers the cost per square metre and speeds up the cycle, but it confines the company to the mass-market segment.
Business lines
Residential real estate
Mass-market housing in the Moscow region and the other cities where the company operates.
In-house production
Prefabricated housing plants that manufacture structures for standard building series.
Service businesses
Management of completed buildings, interior finishing and related services for buyers.
History
- 1994The company is founded and takes up residential construction in Moscow.
- 2007The shares are listed on the stock exchange.
- 2008–2010A crisis in the property market: demand falls and the company goes through a difficult period.
- 2019The reform of shared-equity construction: buyers' money goes to special accounts, and construction switches to bank financing.
- 2020–2021Subsidised mortgages sharply expand demand for mass-market housing.
Business review
Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.
Strengths
- The largest volumes of housing completions and an industrial approach to construction.
- A wider geographical footprint than most competitors have.
Weaknesses
- Demand is tied to mortgages and government support programmes.
- Disclosure of information has been cut back noticeably.
- Dividend payments have been suspended.
Opportunities
- The need to renew the housing stock in large cities remains high.
- Mortgage support programmes for particular categories of buyers sustain demand.
- Industrial production lowers the cost per square metre relative to competitors.
- A cut in the key rate makes both project financing and the buyer's mortgage cheaper.
Threats
- Demand is almost entirely mortgage-driven: a rise in the rate shrinks it quickly and sharply.
- The winding-down of subsidised programmes takes some buyers out of the market.
- A long project cycle: the money is invested years before the revenue, and a mistake in estimating demand is costly.
- Construction costs rise in step with materials and builders' wages.
Frequently asked questions
What does PIK do?
It designs and builds residential buildings, mainly in the mass-market segment, and sells the flats to buyers. The company owns prefabricated housing plants that produce structures for its own construction sites.
What are escrow accounts and why are they needed?
They are special accounts at a bank that receive the money of people buying flats in a building under construction. The developer gets the money only after the building is commissioned, and until then it builds on bank credit. The mechanism was introduced so that a buyer does not lose money if construction is not completed.
Why does everything depend on the key rate for developers?
From two sides at once. The buyer takes out a mortgage — and at a high rate the payment becomes unaffordable, so demand falls. The developer builds on credit — and servicing that credit becomes more expensive. The rate hits revenue and costs at the same time.
Issuer profile
What the company does
The company is classified under the «Real estate development» sector, using the taxonomy we apply when comparing securities with one another.
The same sector holds 8 issuers on the platform, and their figures are computed by one method — so this company's revenue, profit and leverage can be compared with them directly.
The company is registered in Russia and identified in regulatory disclosure by tax number 7713011336. That number locates its statements in state registries regardless of how its name is spelled — and the spelling differs even between official documents.
Listed securities
The issuer has 1 security listed: 1 share class. All are shown on this page, including those trading in different modes and different currencies.
Across Moscow Exchange quotation list levels the securities split as follows: 1 at level 1. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.
Dividend history
Between 2018 and 2021 the issuer made 4 payouts whose record date has already passed. A board recommendation or a forecast does not enter this history, because no money has been paid on them yet.
The most recent payout was 22.51 ₽ per security with a record date of 17 May 2021. That is the amount before tax: the broker withholds it on crediting, so less arrives in the account.
Financial statements
The most recent annual report we hold is for 2025 under IFRS. The standard is named for a reason: IFRS and RAS compute the same quantities by different rules, disagree by design and are never averaged.
Revenue for 2025 was 769.20B ₽.
That is 13.9 % more than in 2024, when revenue was 675.10B ₽. The comparison stays within one reporting standard — otherwise the growth could turn out to be a change of accounting rules and nothing more.
Net income for 2025 was 68.30B ₽.
Of every unit of revenue, 8.9 % remained as net income. This is the ratio of two figures already named above rather than a separate line from the report: comparing it across companies is meaningful only within one sector and one reporting standard.
Equity stands at 409.70B ₽ against total assets of 1.88T ₽. The difference between the two is the company's liabilities, and the larger it is relative to equity, the more the business depends on borrowed money.
This section is assembled from our own data on the company's securities, dividends and financial statements. It is a description, not a recommendation.