One United Properties (ONE) Q4 2025 TU earnings summary

Executive summary

• 577 apartments and commercial units sold or pre-sold in 2025, totaling EUR 174.1 million, down from 850 units and EUR 227.8 million in 2024.

• Average sales price per sqm increased by 18% year-over-year, driven by a sales mix focused on advanced-stage developments.

• 74% of units under construction were pre-sold by year-end, with 999 units available for sale.

• Commercial rental income reached EUR 29.1 million in 2025, a 4% increase compared to 2024.

Financial highlights

• EUR 353.8 million in contracted cash inflows expected by 2028, with EUR 152.4 million collected in 2025.

• Gross Development Value (GDV) of finalized units reached EUR 660.3 million by 2025.

• Over EUR 1.4 billion GDV in projects under construction as of December 31, 2025.

Outlook and guidance

• Plans to expand the sales pipeline in 2026 with new launches in Bucharest, Constanta, and Sibiu.

• Legislative changes in 2026 will end low-margin pre-sales to early clients; future land acquisitions to be financed through own funds or minority investors.