One United Properties (ONE) H1 2026 earnings summary

Executive summary

• H1 2026 turnover declined to RON 440 million and net profit to RON 79 million, both significantly below last year due to legislative and administrative delays, including a cyberattack, despite strong demand and record-high contracted future cash inflows.

• Full-year net profit is expected to be 15%-20% below the original budget, mainly due to delayed revenue recognition from new residential legislation and administrative backlogs.

• Residential transactions increased 11% YoY, and construction progress remains strong with high demand for developments.

• The company completed its first US land acquisition in Tennessee, plans further expansion in Miami, and expanded regionally in Romania.

• Major developments reached milestones, including One High District and One Technology District.

Financial highlights

• IFRS turnover for H1 2026 was RON 440.3 million, 47% below H1 2025; adjusted for legislative impact, turnover would have been RON 742.5 million, only 10% lower.

• Net profit was RON 79.2 million, down 68% YoY; adjusted, it would have been RON 178.1 million.

• EBITDA reached RON 157.2 million; adjusted, it would have been RON 274.9 million.

• Gains from fair value adjustment of investment property were RON 104.1 million, mainly from near-completed rental assets and US land acquisition.

• Total assets increased 4% to RON 6.9 billion; equity stable at RON 3.8 billion; cash position at RON 371 million.

Outlook and guidance

• Full-year net profit expected to be 15%-20% below budget due to timing of revenue recognition.

• Deferred recognition is expected to normalize in 2027 as administrative backlogs clear.

• Most reservations are expected to convert to sales by year-end as administrative processes catch up.