Whitewill Year in Review. A game of survival

Yes, it was one of the most interesting years ever for the company. For the first time in ten years of business, we sold less than the year before. The difference was -8%. In total, we sold 147 billion rubles worth of real estate during the year.

Under the general dramatic soundtrack of the market, we significantly trimmed our expenses. Therefore, financially we worked in the plus, but without the previous euphoria and black caviar.

The effect of a low base stopped working for us three or four years ago, when it became clear that we were already holding a solid piece of the capital's market with a steely grip. And for many years in a row.

It was easy to grow with the market x3, then x2, then +50%, then +10%. And now it's -8%. Even though the market felt like it was down more. So, good for you. We held the high.

Especially in the Moscow market of new leaders have not announced. The ranks of real estate agencies are only thinning.

Not all developers have summarized the results yet, but we are again the first with the following developers: "Tekta", "Optima", "Aeon", "Airplane Select", "Stone", "Bel", "Pioneer", "Sber City", "Forma", "Summa Elements", "Absolut Premium", "MR Group" and, of course, "Sminex". In "Capital Group" Badaevsky again sold to the first place, in "Country" on business class in confident leaders with "Repablik". Some developers have not yet summarized the results.

The total number of transactions in the company for the year has not changed - 2600. As before 60% were in Moscow, 38% in the Arab market: Dubai, Abu Dhabi and Oman, 2% in London and Miami.

I folded the physical office in Miami in the spring. That said, in one year we sold $10m worth of business there. That's 40 transactions, including rent. It's a lot of traffic. But it's hard to make money there. I'm talking about business, not ego massages.

It's a bit different in London. The market's generally sluggish. But we had an office lease until November. We were paying £18k a month. That's the money we've been missing all the time.

Office big eventually at the end of November I folded. Gone were the salaries of office managers, cleaners, and other expenses. And immediately the unit economics went back to normal. In December we closed only two deals, but we were already in the plus.

Against this backdrop, Oman is the good fortune of the year. We opened the physical office in March. In 2025 we closed 93 deals there worth $50m. More than in Miami in two years. But it's tax-free and well-margined.

Launched an office in St. Petersburg at the end of the year. We assembled a team. We renovated. Opened the doors. Sold the first ten apartments. Nothing to brag about yet. We'll see how we do in 2026. I'll live in St. Petersburg for a month this summer.

We went on vacation with the team twice: to Oman and to Turkey. We didn't celebrate the company's birthday in the summer. But we kept the team. Everyone was paid on time. We paid a lot of taxes. And we are entering 2026 without debts and with record sales in December.

Happy New Year, folks.