One United Properties (BVB: ONE), Romania’s leading green developer of residential, mixed-use, and office real estate, recorded a turnover of 236.3 million euros in the first nine months of 2025, up 13% year-on-year (YoY), and a gross profit of 84.8 million euros, up 20% YoY, while the net profit stood at 70.3 million euros, up 17% YoY.
“The first nine months confirm the strength of the residential market in Bucharest and the depth of demand for ONE product. Our priority in 2025 has been to keep construction advancing across all major sites, which supports revenue recognition and strengthens margins, while the high level of pre-sales ensures solid collections and visibility over future cash flows. The sales dynamic we have registered in the first nine months paired with our solid liquidity position provide us with a strong foundation for the coming quarters. Equally important, the cost discipline measures introduced as of this year continue to show their positive impact on profitability. With visibility on contracted sales, strong liquidity, and disciplined execution, we expect to close the year in line with the guidance approved by our shareholders. The fundamentals of the business are robust, and we are confident in the trajectory for 2025 and beyond,”
stated Victor Capitanu, co-CEO at One United Properties.
Revenues from the residential segment reached 194.1 million euros in 9M 2025, an 18% YoY increase driven by solid sales performance throughout the past year and steady construction progress. The net income from residential property accelerated 30% YoY, to 71.5 million euros, due to construction advancing across the entire development portfolio. Consequently, the net margin increased from 33.5% in 9M 2024, to 36.9% for 9M 2025, above the margin of 35% targeted by One United Properties for this segment.
Rental income, which includes revenues from the commercial division and tenant services, rose by 5% YoY to 24 million euros in 9M 2025, while the net rental income remained stable at 15.6 million euros, reflecting resilience of the commercial portfolio. In 9M 2025, One United Properties leased and pre-leased 7,739 sqm of office and retail spaces and signed multiple lease extensions for a total area of 21,900 sqm, reinforcing the superior quality of One United Properties’ commercial portfolio.
“The commercial portfolio continues to perform in a stable manner, reflected in headline rent growth and consistent leasing activity. This performance supports the strategic direction we outlined at our Capital Markets Day: a more accentuated focus towards development, both across residential and office segments, rather than long-term asset ownership. Selling selected standing assets will allow us to release capital that can be reinvested into new projects with higher return potential, while keeping the balance sheet healthy. The next wave of new developments is already underway, with pre-sales at One Academy Club now open and One City District and One Park Lane expected to follow, marking the start of a new construction cycle for the Group,”
stated Andrei Diaconescu, co-CEO and co-founder of One United Properties.
Administrative expenses decreased 17% YoY to 9.1 million euros due to the cost optimization program carried across the Group, which will continue throughout the rest of the year, helping lift the result from operating activity, which increased 20% YoY, to 94.6 million euros for 9M 2025.
The gross loan-to-value ratio stood at 31% as of the end of 9M 2025, proving solid financials and low leverage of the Group compared with the European peers. Net debt as of the end of 9M 2025 amounted to 164.8 million euros, representing just 14% of total assets, which are at a historical high of 1.2 billion euros.
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 Herastrau Vista, One Floreasca Towers and One North Lofts are scheduled for completion before the yearend. As of September 30th, 2025, One United Properties had under construction a total of 3,817 units, 22,000 sqm of office spaces and 21,000 sqm of commercial spaces with a total Gross Development Value (GDV) of over 1.4 billion euros. Moreover, the Company had in ownership or under pre-SPA 467.5k sqm of land locations for further development, with total above-ground gross building rights (GBA) of over 1.2 million sqm. The Group estimates the construction of approximately 9,650 apartments, services for communities, and 151k sqm of rental commercial buildings on these land plots with estimated GDV of additional 2.35 billion euros.
