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About the company Samolet

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Samolet is one of Russia's largest residential developers, having grown in a few years from a regional player into a company of federal scale. Besides construction, the group is developing services around housing: property sales, building management and interior finishing. Its shares trade on the Moscow Exchange under the ticker SMLT.

What the company does

A developer earns on the difference between the cost of construction together with the cost of the land plot and the price of the apartments it sells. The cycle is long: years pass between buying the land and handing over the keys, and all that time the money is tied up.

The distinctive feature of the group's model is its large land bank, which is acquired in advance and brought into development gradually. Such a reserve makes it possible to plan construction years ahead, but it also ties up capital: land yields nothing until something is built on it and sold.

After the reform of shared-equity construction, buyers' money goes into special accounts and is released to the developer only once the building is commissioned, while construction itself is funded by a bank loan. Hence the double dependence on the key rate: it determines both the cost of that loan and how affordable a mortgage is for the buyer.

Business lines

  • Residential construction

    Mass-market housing in the Moscow region and the other cities where the group operates.

  • Services around housing

    Property sales, building management, interior finishing, furnishing.

  • Land bank

    A reserve of plots acquired in advance and brought into development gradually.

History

  1. 2012A development company operating in the Moscow Oblast is founded.
  2. 2020Listing on the Moscow Exchange.
  3. 2020–2023Rapid growth in construction volumes on the back of subsidised mortgages; expansion into new regions.
  4. 2024The winding-down of mass subsidised programmes sharply changes demand conditions.

Business review

Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.

Strengths

  • A large land bank that secures projects for years ahead.
  • A well-tuned production line for mass-market construction.

Weaknesses

  • The winding-down of subsidised mortgages hits demand directly.
  • A high debt burden that grows more expensive as the rate rises.
  • Concentration on a single region.

Opportunities

  • A large land bank makes it possible to plan projects years ahead without urgent purchases of plots.
  • Services around housing provide income that does not depend on the construction cycle.
  • A lower key rate makes both project financing and the buyer's mortgage cheaper.
  • Targeted mortgage programmes for specific categories of buyers preserve part of the demand.

Threats

  • Demand is almost entirely mortgage-driven: a rise in the rate cuts it quickly and sharply.
  • The winding-down of mass subsidised programmes took some buyers out of the market.
  • The debt burden is heavy, and servicing it becomes more expensive as the rate rises.
  • The land bank ties up capital: a plot yields nothing until what is built on it has been sold.

Frequently asked questions

What does Samolet Group do?

It designs and builds residential buildings, sells apartments and develops services around housing: property sales, building management, interior finishing and furnishing.

What is project financing in construction?

It is a bank loan that the developer uses to fund construction while buyers' money sits in special accounts and is out of its reach. That money is released only once the building is commissioned. The mechanism protects the buyer, but it makes the cost of the loan part of the project's cost.

Why are developers so dependent on the key rate?

From two sides at once: the mortgage becomes more expensive for the buyer, who postpones the purchase, and the project loan becomes more expensive for the developer. The rate hits demand and costs at the same time.

Information as of 20 August 2026

Business description and risk factors. Not investment advice.

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 9731004688. 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 16 securities listed: 1 share class, 15 bond issues. All are shown on this page, including those trading in different modes and different currencies.

A further 1 security have already matured or been delisted. They stay in the list below deliberately: together they show how long the company has been borrowing on the market and how regularly it repays.

Across Moscow Exchange quotation list levels the securities split as follows: 8 at level 1, 3 at level 2, 5 at level 3. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.

Bond issues

The nearest issue matures on 30 October 2026 and the farthest on 10 June 2031. That spread means the issuer borrows both short and long, and the yields of these issues will differ for the simple reason that the money is lent for different terms.

The largest issue by face value is RU000A10DCM3, with a face value of 50,000.00 ₽ per bond, maturing on 15 December 2028. Bond prices in the order book are quoted as a percentage of face value, so a quote of 98.4 means 98.4 % of that amount rather than an absolute price.

Dividend history

Between 2019 and 2026 the issuer made 5 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 5.00 ₽ per security with a record date of 10 July 2026. 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 366.80B ₽.

That is 8.2 % more than in 2024, when revenue was 339.10B ₽. The comparison stays within one reporting standard — otherwise the growth could turn out to be a change of accounting rules and nothing more.

2025 closed with a loss of −1.73B ₽.

Equity stands at 26.70B ₽ against total assets of 1.02T ₽. 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.

Securities of this issuer

Shares1

Bonds16