One United Properties (ONE) H2 2024 earnings summary

Executive summary

• Achieved significant growth over five years, with assets tripling to EUR 1.1 billion and equity quadrupling to EUR 697 million by 2024.

• Maintained a conservative loan-to-value ratio of 27% in 2024, among the lowest in Europe.

• 2024 marked by resilience amid high inflation, geopolitical uncertainty, and a complex political landscape.

• Employed 17,000 people across 13 construction sites, contributing to urban development and job creation.

Financial highlights

• Consolidated turnover reached EUR 285 million in 2024, a 7% decrease year-over-year due to slower construction progress.

• Residential sales totaled EUR 223 million, down 2% from 2023 but up 28% over the previous three-year average.

• Net income from residential property sales increased 6% year-over-year to EUR 65 million.

• Rental income and tenant services revenue grew 18% year-over-year to EUR 30 million; net rental income up 24% to EUR 21 million.

• Gross profit was EUR 89 million, an 18% decrease from 2023, mainly due to slower construction and lower fair value gains.

• Cash position improved 3% to EUR 87 million, supported by strong collections and a EUR 68 million share capital increase.

Outlook and guidance

• Anticipates further margin growth toward 2026 as high-value developments near completion.

• 2025 expected to be the most active year, with over 4,000 units under development and 2,300 units to be delivered.

• Solid pipeline of contractual cash inflows, with EUR 343 million secured until 2027.