One United Properties (ONE) H2 2025 earnings summary

Executive summary

• Turnover in 2025 was RON 1.4 billion, flat year-over-year, with profitability improving as net profit rose 14% to RON 425.8 million and operational profit up 19% to RON 572.9 million.

• Gross profit before tax increased 18% to RON 509.3 million, marking the first profit growth in three years.

• Residential segment net income increased 10% to RON 363.5 million, despite a 6% drop in segment revenue.

• Rental income grew 9% to RON 164.6 million, reflecting a stable commercial portfolio.

• Administrative and other operating expenses decreased by 13% and 14% year-over-year due to cost optimization.

Financial highlights

• Net margin from residential sales improved to 33.9% in 2025 from 28.9% in 2024.

• Total assets reached RON 6.6 billion, up 19% year-over-year.

• Cash position at year-end was RON 655 million, a 52% increase, with net debt at RON 895.3 million (14% of total assets) and loan-to-value at 36%.

• EBITDA rose 19% year-over-year to RON 572.9 million.

• Revenues from apartment sales reached RON 1.73 billion, down 6% year-over-year.

Outlook and guidance

• EUR 353.8 million in contracted cash inflows expected by 2028, supporting predictable cash generation.

• Five new construction sites planned for 2026, including expansion into Sibiu and Constanța, and launches such as One City Club, One Cotroceni Towers, and One Park Lane.

• Minimum gross margin target of 35% for new developments.

• Optimism for 2026 driven by robust demand in Bucharest and structural housing deficit.