“The acceleration of residential revenues in the first half of 2025 is a direct outcome of the strong sales activity carried out by our teams in the past quarters and the visible progress across our construction sites. These results reflect both continued demand from our clients and a disciplined execution of our development teams. With 79% of available residential units already sold as of June 30th, 2025, we benefit from strong visibility over future cash inflows and reduced inventory-related risks. This cycle, of high-level pre-sales and timely construction progress, enables us to reinvest capital efficiently – in development of residential or commercial properties such as office, hospitality or retail parks, with yearly return on equity of 20% or more. It is a model we have consistently applied: using the capital generated by our business to finance long-term growth, while gradually building a diversified platform that balances risk, return, and scale,” stated Victor Capitanu, co-CEO at One United Properties.
Revenues from the residential segment reached 128.2 million euros in H1 2025, a 22% YoY increase driven by solid sales performance throughout the past year and steady construction progress. The net income from residential property accelerated 24% YoY, to 46.2 million euros, due to construction advancing across the entire development portfolio. Consequently, the net margin increased from 35.3% in H1 2024, to 36.1% for H1 2025, above the margin of 35% targeted by One United Properties for the segment.
Rental income, which includes revenues from the commercial division and tenant services, rose by 6% YoY to 16 million euros in H1 2025, while the net rental income increased by 1% YoY to 10.5 million euros, reflecting stability of the commercial portfolio. In H1 2025, the Group leased and pre-leased 26,431 sqm of office and retail spaces comprising 7,483 sqm of new leases and 18,948 sqm of lease extensions, reinforcing the superior quality of One United Properties’ commercial portfolio.
In H1 2025, the Group recorded gains totaling 17 million euros, a 13% YoY decrease, with the value recorded for 2025 reflecting the acquisition of the land for One City District, where One United Properties will build its first development targeting the affordable premium segment. A year prior, the Group recorded 15.1 million euros in gains from investment property fair value adjustment, representing rental apartments as well as gains related to One Technology District.
Administrative expenses decreased 19% YoY to 6.2 million euros due to the cost optimization program carried across the Group, which will continue throughout the year, therefore helping lift the result from operating activity, which increased 14% YoY, to 67 million euros for H1 2025. The gross loan-to-value ratio stood at 28% as of June 30th, 2025, stable versus previous quarter. Net debt as of the end of H1 2025 amounted to 144.9 million euros, representing just 13% of total assets, which are at a historical high of 1.2 billion euros.
“We continued to deliver strong operational and financial results in the first half of 2025, despite a challenging macroeconomic environment. What matters in this context is discipline, and our discipline is visible across the board: in the way we manage multiple construction sites, control costs, and allocate capital. We remained extremely attentive to administrative costs, which we successfully reduced by 19% YoY, without compromising our execution capabilities. Combined with a healthy equity base, net debt at just 13% of total assets, and a loan-to-value of 28%, this underscores a resilient business built on financial prudence and operational efficiency. These fundamentals allow us to preserve flexibility as we navigate an increasingly complex market,” added Andrei Diaconescu, co-CEO at One United Properties.
In the first half of 2025, One United Properties finalized 157 residential units at One Lake Club Phase 2, while the second half of the year is expected to mark the largest volume of deliveries in the company’s history. As of June 30th, 2025, One United Properties had 3,884 residential units, 22,000 sqm of office space, and 21,000 sqm of commercial space under construction, with a combined Gross Development Value (GDV) of EUR 1.44 billion. Of this, EUR 1.17 billion represents GDV under construction for the residential segment. In addition, the company held, as of June 30th, 2025, landbank that will bring further estimated GDV of EUR 2.2 billion, corresponding to over 9,000 future residential units.
ONE UNITED PROPERTIES (BVB: ONE) is the leading green investor and developer of residential, mixed-use, and commercial real estate in Bucharest, Romania. One United Properties is an innovative company dedicated to accelerating the adoption of construction practices for safe, energy-efficient, sustainable, and healthy buildings, and has received numerous awards and recognitions for its superior sustainability, energy efficiency, and wellness. The company is publicly traded on the Bucharest Stock Exchange, and its shares are included in multiple indices such as BET, STOXX, MSCI, FTSE, ROTX and CEEplus.
