Cian Q2 and H1 2025: Revenues up 11% at Russian Classifieds Giant

Cian, the Russian real estate classifieds specialist, released its second-quarter financial statement last week, reporting a 282% increase in profits after a difficult Q2 2024.

Highlights for the quarter include:

• Total revenues were RUB 3.6 billion (USD 44.6 million), up 11% year-on-year
• Revenues for Cian's core advertising business were RUB 3.5 billion (USD 43.4 million), up 14.5% year-on-year
• Adjusted EBITDA was RUB 864 million (USD 10.8 million), up 3% year-on-year
• Profit for the period was RUB 790 million (USD 9.8 million), up 282% after an impacted Q2 2024

Highlights for the first half of the year include:

• Total revenues were RUB 6.9 billion (USD 85.3 million), up 8% year-on-year
• Core advertising revenues were RUB 6.6 billion (USD 81.6 million), up 11% year-on-year
• Adjusted EBITDA was RUB 1.6 billion (19.8 million), down 10% year-on-year after slower revenue growth for the period
• Adjusted EBITDA margin was 23.4%, down 4.8% compared to H1 2024
• Profit for H1 2025 was RUB 1 billion (USD 12.3 million), up 6% year-on-year

Cian is one of Russia's largest real estate marketplaces, and the company experienced healthy growth across several key metrics for the quarter and the first six months of the year.

Dmitry Grigoryev, General Director at Cian, commented:

“Cian’s business continues to show its resilience. On the backdrop of a tight monetary policy and the cancellation of a mass preferential mortgage program, we achieved an increase in revenue growth rates in the second quarter and maintained business profitability at a level above 20%. We are also already seeing high revenue growth rates at the beginning of the third quarter, exceeding 30% year-on-year in July.

"The results of the second quarter and the observed positive dynamics let us to reaffirm a previously announced forecast: by the end of the year, we expect total revenue growth of 14-18% compared with 2024, and an adjusted EBITDA margin at a level of more than 20%.”

In Q2 2025, revenue from Cian's smaller Transactions segment amounted to RUB 137 million, compared with RUB 207 million for the same period the previous year, reflecting a struggling mortgage market in Russia after the Russian government ended preferential mortgage rates in July 2024.

Lead generation revenue in H1 2025 increased 1% to RUB 2.1 million (USD 26,000), while media advertising revenue saw a healthy boost, a 29% increase to RUB 731 million (USD 9 million).

Revenue from the Core Business in Moscow and the Moscow region for H1 2025 reached RUB 4,896 million, up 13% year-on-year.

Average UMV (Unique Monthly Visitors) for the first half of the year was 19.5 million, up 3% year-on-year.

Cian recently announced the appointment of Maxim Radyukov as its new Chief Technology Officer, while the company has also taken steps to tackle fraudulent listings in coastal areas, including Sochi and Krasnodar.

Meanwhile, the company has launched an ambitious augmented reality camera for real estate search, allowing hopeful house buyers to point their smartphone at a residential development listing on Cian and be shown all the available units for that development. However, the original reporting by Forbes Russia did specify that the new feature remains clunky in its nascency.