One United Properties (ONE) investor relations material

Executive summary

• 9M residential sales, pre-sales and reservations totaled €145.5m, up 6% YoY; contracted average price was €3,807/sq m, up 28%, mainly reflecting a higher-value project mix.

• Adjusted NAV attributable to owners was €1,254.3m, or RON 62.64/share; delivered gross surface exceeded 1m sq m, including 2,238 units delivered in Q3.

• New residential legislation delayed preliminary contracts and IFRS 15 revenue recognition; reservation conversions picked up in Q3, with further conversions expected in Q4.

Financial highlights

• 9M turnover was RON 696.4m, down 41% YoY; like-for-like turnover excluding the legislative timing impact was RON 935.8m, down 21%.

• Profit before tax was RON 104.4m, down 75% YoY; like-for-like PBT was RON 239.7m, down 44%.

• EBITDA was RON 190.8m; like-for-like EBITDA was RON 326.1m, down 31%. Net profit was RON 84.9m, down 76%; like-for-like net profit was RON 198.5m, down 44%.

• G&A was RON 85.6m, including RON 31.1m non-cash stock-option expense; excluding it, G&A was RON 54.5m, up 20% YoY.

Outlook and guidance

• The legislative timing effect on residential revenue recognition is expected to normalize gradually by 2027; Q4 and Q1–Q2 2027 are expected to show greater recovery.

• Contracted customer collections totaled €447m through 2029: €110m in Q4 2026, €194m in 2027, €97m in 2028 and €46m in 2029; collections exclude contracts signed from Oct. 1 onward.

• Bucharest property prices were expected to grow 5%–10% annually over the next 12 months; new developments will be launched subject to permitting, presales and financing.

• One Cotroceni Towers sales launch was expected in Q1 2027 following permitting; Sibiu was under permitting, while Constanța was expected to take longer.