“The first nine months confirm the strength of Bucharest’s residential market and the growing demand for the ONE product. Our priority in 2025 has been to maintain steady progress across all major construction sites, which supports revenue recognition and strengthens margins, while the high level of pre-sales ensures consistent cash inflows and visibility over future cash flows. The sales momentum recorded in the first nine months, along with our solid liquidity position, provides a strong foundation for the upcoming quarters. Equally important, the cost optimization measures implemented since the beginning of this year continue to show a positive impact on profitability. With visibility over contracted sales, solid liquidity, and disciplined execution, we expect to close the year in line with the budget approved by our shareholders. The fundamentals of our business remain robust, and we are confident in our trajectory for 2025 and the years ahead,” said Victor Căpitanu, co-CEO of One United Properties.
Revenues from the residential segment reached 975.7 million lei in 9M 2025, up 19% compared to the same period of the previous year, driven by sustained sales over the past 12 months and steady progress in construction works. Net income from residential properties increased by 31% compared to 9M 2024, reaching 359.6 million lei, following the advancement of construction across the entire development portfolio. Consequently, the net margin rose from 33.5% in 9M 2024 to 36.9% in 9M 2025, exceeding the 35% target set by One United Properties for this segment.
Rental income, which includes revenues from the commercial segment and services provided to tenants, increased by 6% compared to 9M 2024, reaching 120.4 million lei in 9M 2025, while net rental income remained stable at 78.4 million lei, reflecting the resilience of the commercial portfolio. In 9M 2025, One United Properties leased and pre-leased 7,739 sqm of office and retail space and signed several lease extensions totaling 21,900 sqm, confirming the attractiveness of its commercial portfolio.
“The commercial portfolio continues to perform steadily, reflected in higher nominal rents and consistent leasing activity. This performance supports the strategic direction presented at our Capital Markets Day — a stronger focus on development in both the residential and office segments, rather than long-term asset ownership. Selling certain completed buildings will allow us to release capital that can be reinvested in new projects with higher return potential, while maintaining a healthy balance sheet. The next wave of developments is already underway, with pre-sales launched for One Academy Club, and One City District and One Park Lane set to follow, marking the beginning of a new construction cycle for the Group,” said Andrei Diaconescu, co-CEO and co-founder of One United Properties.
Administrative expenses decreased by 16%, to 45.5 million lei, due to the cost optimization program implemented at the Group level, which will continue throughout the rest of the year, supporting operating profit, which rose by 22% to 475.2 million lei in 9M 2025.
The gross loan-to-value (LTV) ratio stood at 31% at the end of 9M 2025, demonstrating a solid financial position and a low level of leverage compared to similar companies in Europe. Net debt at the end of 9M 2025 amounted to 837.2 million lei, representing 14% of total assets, which reached a record 6.1 billion lei.
In the first nine months of 2025, One United Properties delivered 138 units at One Lake Club (Phase 2) and 86 units at One Mamaia Nord 2. One Herăstrău Vista, One Floreasca Towers, and One North Lofts are scheduled for completion by year-end. As of September 30, 2025, the company had under construction 3,817 residential units, 22,000 sqm of office space, and 21,000 sqm of retail space, with a total gross development value (GDV) exceeding €1.4 billion. Additionally, the company owned or pre-contracted 467,500 sqm of land for future developments, with total gross buildable area (GBA) rights exceeding 1.2 million sqm. On these plots, the Group estimates the construction of approximately 9,650 apartments, community services, and 151,000 sqm of commercial buildings for lease, with an additional estimated GDV of €2.35 billion.
ONE UNITED PROPERTIES (BVB: ONE) is the leading green real estate developer and investor of sustainable, high-end residential, office, and mixed-use projects in Bucharest, Romania. The company is an innovative market leader committed to accelerating the adoption of sustainable, energy-efficient, and healthy building practices. One United Properties has received multiple awards for sustainability and energy efficiency. The company is listed on the Bucharest Stock Exchange, and its shares are included in several major indices such as BET, STOXX, MSCI, FTSE, ROTX, and CEEplus. In 2025, the Financial Times ranked One United Properties among the top 10 fastest-growing companies in Europe over the past decade.
