One United Properties posts a consolidated turnover of EUR 70.7 mln and a gross profit of EUR 22.6 mln in Q1 2025

One United Properties (BVB: ONE), Romania’s leading green developer of residential, mixed-use, and office real estate, recorded a turnover of EUR 70.7 mln in Q1 2025 and a gross profit of EUR 22.6 mln, while the net profit for the three months stood at EUR 19.3 mln.

“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 EUR 62.1 mln million euros in Q1 2025, a 1% year-over-year increase. The net income from residential property decreased 5% YoY, to EUR 22.3 mln, 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 EUR 7.9 mln in Q1 2025, reflecting the stabilization of the commercial portfolio. Net rental income decreased by 4% YoY to EUR 5 mln, 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 EUR 14.6 mln 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.