One United Properties (ONE) Q3 2026 earnings summary

Executive summary

• 9M 2026 results were affected by residential legislation introduced in Dec 2025, which delayed preliminary contracts and IFRS 15 revenue recognition; reservation conversions picked up in Q3, with further conversions expected in Q4.

• Adjusted for the temporary timing impact, 9M turnover was RON 935.8m (-21% YoY), versus reported turnover of RON 696.4m (-41%); underlying transaction activity remained strong.

• Four residential developments comprising 2,453 units were completed in 9M, including 2,238 units in Q3; One Technology District also entered the rental portfolio.

Financial highlights

• 9M turnover was RON 696.4m (-41% YoY); residential revenue was RON 432.6m (-56%), or RON 728.9m (-25%) on a like-for-like basis excluding the timing impact.

• EBITDA was RON 190.8m (-60%), gross profit RON 104.4m (-75%) and net profit RON 84.9m (-76%); excluding the temporary timing impact, net profit was RON 198.5m (-44% YoY).

• Cash and cash equivalents were RON 477.8m at Sep. 30, down 27% from Dec. 31, 2025; operating cash flow was negative RON 300.8m in 9M.

Outlook and guidance

• Management expects the legislative timing effect on residential revenue recognition to gradually normalize by 2027; further conversion of reservations into pre-sales and sales is expected in Q4 2026.

• Contracted customer collections totaled EUR 447m due through 2029: EUR 110m in Q4 2026, EUR 194m in 2027, EUR 97m in 2028 and EUR 46m in 2029.

• Residential portfolio contracted level was 81%, with 1,242 units available; landbank of 551.4k sqm has 1.34m sqm of above-ground rights and estimated GDV of EUR 2.7bn.