One United Properties (ONE) investor relations material

Executive summary

• Q1 2026 results were heavily impacted by the immediate implementation of the Nordis Law, causing a temporary lag in revenue recognition for residential sales, but underlying sales activity and demand remained strong and in line with the annual budget.

• Over 2,800 units completed to date with a gross development value of EUR 774 million and profit of EUR 270 million; more than 4,000 units under construction, with 2,800 to be delivered in 2026.

• Commercial portfolio expected to reach 200,000 sq m by year-end, with a rental portfolio value of EUR 700 million, targeting EUR 1 billion by 2030.

• The company maintained a strong cash position and continued to invest in development and landbank expansion.

• Turnover was RON 176.5 million, down 51% YoY, but would have been RON 308.6 million (-15% YoY) excluding the legislative impact.

Financial highlights

• Consolidated turnover for Q1 2026 was RON 176.5 million, down 51% year-over-year due to the Nordis Law; like-for-like turnover would have been RON 308.6 million, a 15% decrease.

• Gross profit was RON 23.8 million, down 79%; net profit was RON 21.5 million, down 78%. Excluding the law's impact, gross profit would have been RON 82.2 million and net profit RON 70.5 million.

• Residential property sales revenue dropped 60% to RON 122.6 million, with only EUR 2 million recognized as sales and EUR 58 million as reservations.

• Rental income and tenant services revenue rose 5% to RON 42.7 million; net rental income up 11% to RON 28.4 million.

• Cash position at RON 394.6 million, down 40% year-over-year.

Outlook and guidance

• Management maintains full-year 2026 guidance, expecting a strong rebound in revenue and profit recognition as reservations convert to pre-sales once unit subdivision papers are issued.

• Q3 and Q4 are expected to be the strongest quarters for profit, driven by conversion of reservations and project deliveries.

• 2026 turnover is expected to increase by 9% to RON 1.56 billion, with residential sales up 15% and rental income up 16%.

• Operating profit is projected to grow by 8% to RON 621.7 million; gross profit is expected at RON 551.6 million (+8% YoY).

• Management anticipates normalization of revenue recognition timing over the course of 2026.