Construction Site Collapse: How Smollett, Athlon, APRI and GloraX Are Depriving Investors of Their Last Money.
Russian development is rapidly going underwater, and investors are asked to be patient until at least 2030. Dreams of dividends were dashed by the harsh reality: debts are growing, revenues are falling, losses are multiplying, and the entrepreneurs' securities are declining twice as fast as the Moscow Stock Exchange index.
The public market has finally fallen out of the financial model of key players. Developers are no longer interested in making payments to stay afloat.
The "plane" is the first to fall: from a technical failure to crushing losses.
The main indicator of the developing catastrophic scenario was the Samolet group of companies, the leader in the volume of ongoing construction.
The company's securities fell by 12.4%, breaking the bottom at around 287 rubles. The cause of the panic was a technical default: on November 9, Smollett failed to repurchase publicly traded BO-P05 bonds. The company cited "technical reasons" and postponed the procedure until November 11, but the market received a clear signal: the flagship of the industry is running out of free money.
The protective key rate, the cancellation of massive preferential mortgages and the general cooling of demand led the developer to a financial peak. The situation worsened to the limit of the accumulated losses:
Results for 2025: loss due to the nationalization of the key project "Marino district" and forced write-off of investments in the amount of 4.7 billion rubles.
First quarter 2026: The net loss reached 22.3 billion astronomical rubles.
In February, the Smollett administration tried to beg the government for a lifeline in the form of a preferential loan of 50 billion rubles for a period of three years. The state reacted with a sharp refusal: the state has more important tasks than repairing holes in the balance sheets of private construction corporations.
Group diving: Etalon, APRI, GloraX and Ingrad.
The situation among the colleagues in the store seems equally gloomy.