One United Properties (ONE) CMD 2025 summary

Strategic Direction and Growth Plans

• Plans to quadruple company value over 10 years by reinvesting equity at a 15% annual compounded return, with a focus on shareholder value through buybacks, dividends, and new developments.

• Expansion into high, medium-high, and low-medium income residential segments, with regional city growth and selective asset disposals.

• AI integration in sales, marketing, legal, and finance, with cost optimization leading to a 19–20% reduction in general administration costs by H1 2025.

• Board relies on co-founders and management for project-level decisions, emphasizing governance, transparency, and long-term shareholder value.

• Capital allocation includes a proposed PTO to buy back up to 20% of shares for €884 million, with long-term investors not participating.

Residential Segment Performance and Outlook

• H1 residential sales and pre-sales reached €95.4 million, with 79% of available stock sold and €364.4 million in contracted inflows secured until 2027.

• Premium leadership consolidated, with AI-driven sales and digital customer journey enhancing conversion and customer experience.

• Pipeline includes 3,884 units under construction (GDV €1.44 billion) and a land bank for 9,000+ future units, supporting growth for 10–15 years.

• Market fundamentals remain strong: structural housing deficit, high home-ownership, low household debt, and affordable prices support demand.

• Revenue recognized progressively during construction, in line with IFRS.

Office and Commercial Segment Update

• Office portfolio is nearly fully leased, with above-market WAULT (6–7 years in key assets), and a multinational occupier base.

• Strategy includes regional expansion, build-to-suit developments, and asset divestment for above-market returns.

• H1 2025 saw 7,500 sqm GLA in new relocations and 19,000 sqm in prolongations, with record collection rates and increased engagement.

• Major pipeline projects include new phases at One Cotroceni Park and mixed-use schemes in Bucharest and secondary cities, all featuring sustainable innovations.

• Cost optimization via AI and launch of a community app to boost retention.