One United Properties (ONE) H1 2025 earnings summary

Executive summary

• Turnover in H1 2025 reached RON 813.2 million, up 16% year-over-year, driven by strong residential sales and high activity in both residential and commercial segments.

• Consolidated gross profit neared RON 300 million, with EBITDA at RON 335 million and net profit up 9% to RON 248.4 million.

• Residential segment revenues grew 23% to RON 642.3 million, with net income from residential property up 25% to RON 231.6 million.

• Rental income rose 7% to RON 80.2 million, reflecting a stable commercial portfolio with a 98% lease rate.

• Administrative expenses decreased 19% to RON 31 million due to cost optimization.

Financial highlights

• EUR 71 million received from contractual cash flows in H1 2025; EUR 152 million expected in 2025 and EUR 198 million in 2026 from contracted sales.

• Receivables from signed contracts stand at RON 364.4 million, to be collected over the next 2.5 years.

• Net margin from residential sales improved to 36.1% in H1 2025 from 35.3% in H1 2024.

• Gains from investment property for further development totaled RON 88.7 million, a 304% increase, mainly from the One City District land acquisition.

• Total assets grew 6% to RON 5.9 billion; equity increased 5% to RON 3.6 billion.

Outlook and guidance

• Management maintains the 2025 budget, targeting turnover of RON 1.55 billion and net profit of RON 393.5 million.

• Approximately 3,800 residential units are set for delivery in the next 12–24 months, nearly doubling the completed portfolio.

• Residential sales expected to rise 14% to RON 1.3 billion; rental income forecasted to grow 19% to RON 180.7 million.

• No material impact expected from the recent VAT increase due to the sales mix.

• Construction progress is in line with expectations, with several major developments starting deliveries soon.