One United Properties (BVB: ONE), Romania’s leading green developer of residential, mixed-use, and office real estate, recorded a turnover of 70.7 million euros in Q1 2025 and a gross profit of 22.6 million euros, while the net profit for the three months stood at 19.3 million euros.
“The first quarter of 2025 unfolded in a complex domestic environment, marked by political uncertainty and subdued market sentiment. Even so, we remained focused on execution, securing solid residential pre-sales and maintaining disciplined cost and delivery timelines. While the turnover appears lower year-on-year due to the absence of reclassifications to investment property, our performance is fully in line with our budget and expectations. Importantly, both the residential and office divisions preserved healthy net margins, and our cash position increased thanks to robust client collections. In today’s macro context, this level of operational and financial consistency sends a strong message of stability and trust to our shareholders, clients, and partners,”
said Victor Căpitanu, Co-CEO of One United Properties.
Revenues from the residential segment reached 62.1 million euros in Q1 2025, a 1% year-over-year increase. The net income from residential property decreased 5% YoY, to 22.3 million euros, due to the majority of units being sold in developments under construction, as opposed to finalized developments, which have higher margins. Consequently, the net margin decreased from 38.2%, as recorded for Q1’24, to 35.9% for Q1’25, remaining above the margin sought by One United Properties for the segment, of 35%.
Rental income, which includes revenues from the commercial division and tenant services, rose by 2% YoY to 7.9 million euros in Q1 2025, reflecting the stabilization of the commercial portfolio. Net rental income decreased by 4% YoY to 5 million euros, mainly due to temporarily lower rent levels at Bucur Obor during the ongoing upgrade construction works. In Q1 2025, the Group leased and pre-leased 16,520 sqm of office and retail spaces comprising of 3,820 sqm of new leases and 12,700 sqm of lease extensions, reinforcing the superior quality of its commercial portfolio.
In Q1 2025, One United Properties did not record any gains from the qualification of residential units as rental property. In contrast, a year earlier, the Group recorded 14.6 million euros in gains from investment property fair value adjustment, representing rental apartments as well as gains related to One Technology District. Despite ongoing construction throughout Q1 2025 at One Technology District and Mondrian Hotel, the Group did not record gains from office buildings under development or gains from investment property for further development, as the appraisal is conducted on a half-yearly basis. This impact will be reflected in the half-year results.
Despite significant development activity which spanned 13 active construction sites, One United Properties increased its cash position by 14% in Q1 2025, to 98.7 million euros, supported by strong collections from residential sales and pre-sales. The gross loan-to-value ratio stood at 28% as of March 31st, 2025, a 1 percentage point year-on-year increase. Net debt as of the end of Q1 2025 amounted to 117.3 million euros, representing just 10% of total assets, which are at a historical high of 1.1 billion euros.
“2025 is shaping up to be the most ambitious year in our company’s history – we are set to finalize a volume of units equivalent to what we delivered in the past decade. In the first quarter of the year, we concentrated on execution, not launching new developments but focusing on sales across our active portfolio. The 77% pre-sales rate achieved, one of the highest in our history, reflects the steady demand for our developments and the continued trust of our clients. Despite the broader economic slowdown, demand for our product remains strong, and the vast majority of our residential and commercial developments currently under construction are already contracted, providing solid visibility and confidence in our delivery pipeline,”
added Andrei Diaconescu, Co-CEO of One United Properties.
As of March 31st, 2025, One United Properties had 13 developments under construction, comprising 4,041 residential units, 22,000 sqm of office space, and 21,000 sqm of commercial space, with a total Gross Development Value (GDV) of 1.5 billion euros. By the end of Q1 2025, 77% of all available units, either under development or already delivered, had been sold. In 2025 alone, the Company is expected to deliver 2,300 units, nearly matching the total number of units delivered over the past decade. On the commercial side, the flagship office development One Technology District, set for delivery in 2026, is fully leased to Infineon Technologies, while One Gallery has achieved a 76% pre-lease rate.
Moreover, as of the end of Q1 2025, One United Properties had in ownership or under pre-SPA 440,052 sqm of land for further development, with total above-ground gross building rights (GBA) of over 1,151,444 sqm. All these land plots are currently in the planning phase, with an estimated GDV of an additional 2.2 billion euros. One United Properties estimates the construction of over 9,000 apartments, services for communities, and 146,000 sqm of rental commercial buildings. Out of these, 121,000 sqm will host offices and the remaining 25,000 sqm are located within buildings that will undergo restoration.
