One United Properties (BVB: ONE), Romania’s leading green developer of residential, mixed-use and office real estate, recorded a preliminary consolidated turnover of 280.2 million euros in 2025, in line with 2024, while gross profit increased by 17% year-on-year (YoY) to 101 million euros. Net profit for the year reached 84.5 million euros, up 13% YoY, reflecting improved margins in the residential segment and disciplined cost control across the Group.
“In 2025, we focused on monetizing the residential portfolio under construction, preserving pricing power and strengthening margins. While turnover remained stable, profitability improved meaningfully, supported by an 18% increase in the average sales price per sqm and strict cost control implemented throughout the year. By deliberately pausing new launches and focusing on projects close to completion, we safeguarded balance-sheet strength while ensuring steady execution across the portfolio. This disciplined capital allocation approach allowed us to advance construction without stretching financial or operational resources. If 2025 was a year of maximizing sales across our existing portfolio, 2026 will be a year of new launches, both in Bucharest and regionally. This year we will launch sales at five new residential developments, marking the beginning of our next expansion phase,”
stated Victor Căpitanu, co-CEO and cofounder of One United Properties.
Revenues from the residential segment amounted to 212.9 million euros in 2025, a 7%YoY decrease, reflecting the sales mix and the timing of new launches. However, net income from residential property increased by 9% to 72.1 million euros, driven by consistent sales throughout the year and progress across construction sites. The net margin from residential sales improved significantly, from 28.9% in 2024 to 33.9% in 2025, as developments advanced toward completion and more units were sold in later construction stages. The average sales price per sqm sold and pre-sold increased by 18% in 2025, compared to 2024.
Rental income, including revenues from tenant services, increased by 7% YoY to 32.7 million euros in 2025, reflecting a stable high-occupancy commercial portfolio. Net rental income rose by 3% YoY to 21.3 million euros. During the year, the Company leased and pre-leased 13,720 sqm of office and retail spaces and signed lease extensions covering 23,032 sqm. The commercial portfolio ended 2025 with a 97% lease rate.
“2025 was one of the most active construction years in our history. We delivered 375 units across three developments and managed construction across more than 3,800 units currently under development, reflecting the scale and execution capacity we have built over time. 2026 will be our largest delivery year to date, with close to 2,800 residential units scheduled for completion, alongside the delivery of One Gallery and One Technology District, adding over 36,000 sqm of gross leasable office and retail space and further strengthening our recurring income portfolio. At the same time, we are entering a new phase marked by regional landbank expansion in high-growth cities, which will further support revenue expansion in the years to come,”
added Andrei Diaconescu, co-CEO and co-founder of One United Properties.
One United Properties closed 2025 with a strong cash position of 128.5 million euros, up 48% YoY. Net debt stood at 175.6 million euros, representing 14% of total assets, which amounted to 1.3 billion euros. The gross loan-to-value ratio was 36% as of December 31, 2025, reflecting the use of debt to support the expansion of the development and income-generating portfolio, while remaining within a conservative range for listed European real estate companies.
As of December 31, 2025, One United Properties had in ownership or under pre-SPA 504.1k sqm of land locations for further development, with total above-ground gross building rights (GBA) of over 1.3 million sqm. All these land plots are currently in the planning phase, with estimated GDV of additional 2.7 billion euros. The Company estimates the construction of over 11,000 apartments, services for communities, and 106k sqm of rental commercial buildings on these plots of land. Out of the commercial buildings, 99k sqm will host offices and the remaining 7k sqm will be the Hoxton Hotel, located within buildings that will undergo restoration.
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