Lingonberries. Yekaterinburg

Brusnika specializes in the construction of democratic urban housing.

Performance indicators

2024: Revenue growth by 32% to RUB 75.8 billion

In 2024, the revenue of Brusnika, one of the largest Russian developers, reached 75.8 billion rubles, which is 32% higher than the previous year. Net profit was recorded at 4.5 billion rubles, which is 41% lower than the result of 2023. This follows from the financial statements that TAviser reviewed in March 2026.

The growth was due to the expansion of the assortment and maintaining the pace of construction to ensure a high degree of readiness of facilities. The company began implementing three projects in Moscow, fully using the previously formed land bank. As a result, the share of the capital region in the revenue of the Construction and Sale of Real Estate segment increased from 3% to 18%.

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Фото: Freepik

Gross profit amounted to 30.8 billion rubles, showing an increase of 60%. Profitability for this indicator increased by 7 percentage points, reaching 41%. Positive dynamics was ensured by an increase in the average sales price (including due to an increase in the share of Moscow projects) and cost optimization.

Net debt/EBITDA was 5.8x. At the same time, the ratio of net corporate debt to EBITDA is kept below 1x. The increase in debt burden is associated with the attraction of targeted project loans to finance a land bank. As specified in the company, the repayment of these loans and interest on them was associated with the disclosure of escrow accounts and did not create pressure on the company's net cash flow in 2025.

Nikita Adamov, Deputy General Director of Brusniki for Economics and Finance, noted that 2024 was characterized by significant changes in the industry: an increase in the key rate, the abolition of mass preferential mortgages, a shortage of personnel and high inflation. Despite this, the measures taken to manage profitability have improved the effectiveness of the company's projects.^[1]

2023: Revenue growth by 59% to RUB 57.5 billion

Russia rubles At the end of 2023, one of the largest housing developers, Brusnika, recorded revenue of 57.5 billion, which is 59% more than a year earlier (36.2 billion rubles). The company's net profit during this time rose from 1.3 billion to 7.6 billion rubles. This is evidenced by the data on, IFRS which the developer disclosed in April 2024.

From the reporting of "Brusniki" it follows that in 2023 the gross profit of the company in comparison with 2022 increased by 88% (to 19.2 billion rubles), gross profitability - by 5 percentage points (to 33%).

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Фото: Unsplash

EBITDA in 2023 reached 15.1 billion rubles, an increase of 118% on an annualized basis, and EBITDA margin increased by 7 percentage points to 26%. Net debt/EBITDA decreased from 5.1 to 3.6.

A significant increase in revenue in 2023 at the Brusniki press service was associated with an increase in real estate sales due to the launch of a new assortment in the home markets of the Ural-Siberian region and favorable market conditions. The growth of real estate prices, an increase in the pace of investment in construction and planned cost management in the context of high inflation had a positive impact on gross profit.

By the end of 2023, the Brusniki Land Bank totaled 8.9 million square meters, which is 14% more than a year earlier. The increase occurred mainly in the Moscow region. The book value of the land bank at the end of 2023 amounted to 77.1 billion rubles, an increase of 24.6 billion over the year.

According to the Unified Housing Information System, by the end of 2023, Brusnika was the ninth largest developer in the Russian Federation in terms of housing construction (1.2 million square meters). In 2023, the company implemented more than 40 R&D projects in the field of improving design technologies, methods and methods of organizing construction, and finding new technical solutions.^[2]

Notes