Cian Q3 2025: Revenues Up 29% As Russian Portal Doubles Down on Resales

The Russian portal giant Cian grew revenues by 29% year-on-year in the third quarter of 2025, according to its latest financial figures. The results coincide with a bulking out of the company's real estate resales segment, while interest in new-build homes drove higher transactions.

Highlights include:

• Total revenues of RUB 4.1 billion (USD 52 million), up 29% year-on-year.
• Adjusted EBITDA was RUB 1.1 billion ($13.9 million), up 128%.
• Adjusted EBITDA margin was 28%, up 12%.
• Profit was RUB 1.1 billion ($13.9 million), up 45%.

Dmitry Grigoriev, CEO of Cian Municipal Public Joint-Stock Company, said:

“The strong results for the third quarter provide grounds for updating our 2025 forecast at the upper limit – by the end of the year, we expect total revenue growth to be 16-17%, and adjusted EBITDA margin to be at the level of 22-23%. Our diversified and sustainable business model allows us to confidently generate cash flow and share profits with shareholders. For example, the Board of Directors has already recommended a special dividend of 104 rubles per share. We plan to pay the next dividend in mid-2026. We forecast it will be over 50 rubles per share."

Cian said:

The company accelerated its revenue growth in Q3, driven by an increase in the number of transactions in the new-build market due to the Central Bank of the Russian Federation's key rate cut and, consequently, the trend toward lower market mortgage rates. Revenue growth was also driven by an increase in the average listing price, updated lead generation rates, increased advertising capacity, and higher media advertising rates.

Cian attributed strong transactions for new build properties in Russia as the groundwork for high revenue growth compared to 2024. Other revenue 'boosters' for the quarter included higher listing prices for properties and increased media advertising rates.

Healthy EBITDA growth, more than double year-on-year, was attributed to higher revenues relative to operating expenses.

Cian also released year-to-date figures, including total revenues of $140 million, up 15% on the same three months in 2024. Adjusted EBITDA Q1-Q3 2025 was $35.5 million, at a margin of 25%.

Average unique monthly users were 20.1 million for the first nine months of the year.

Cian recently appointed a new GM for second-hand properties in its real estate vertical, and an interesting strategic hire that implies a renewed focus on the real estate market. The new man, Artur Sarkisov, will oversee three core strategies: residential resales—already Cian’s largest business line—long-term rentals, and commercial property.