One United Properties (BVB: ONE), a major developer active in Romania and abroad, reported lower turnover and net profit in the first nine months of 2026 amid a difficult period for residential sales.
The company recorded a turnover of RON 696.4 million in the first nine months of 2026, down approximately 42% compared to the same period in 2025, when it reported RON 1.2 billion. Gross profit fell from RON 426 million to RON 104.4 million, while net profit decreased by 76%, from RON 353.2 million to RON 84.9 million.
Operating profit (EBITDA) also recorded a significant decline, from RON 475.2 million in the first nine months of 2025 to RON 190.8 million in the same period of 2026, representing a decrease of approximately 60%.
According to the company, its 2026 results reflect the temporary impact of legislative changes applicable to the residential real estate market, which entered into force in December 2025. The new rules stipulate that preliminary sale-purchase agreements can only be signed after the completion of additional cadastral and administrative procedures, including the pre-condominium registration process.
For projects where these procedures have not been completed, transactions are initially recorded as reservations and subsequently converted into preliminary agreements. Under the IFRS 15 accounting standard, reservations alone do not meet the conditions for revenue recognition, which is linked to the signing of preliminary sale-purchase agreements.
The process of converting reservations into pre-sales accelerated in the third quarter, but was also slowed by the ransomware attack on the National Agency for Cadastre and Land Registration (ANCPI) in July 2026. The incident suspended cadastral registrations and the issuance of land registry documents until mid-August and generated a backlog of requests that is still being processed.
To illustrate the effect of these delays, management also presented adjusted results that exclude the temporary impact of the legislative changes on the timing of revenue recognition.
Revenue from the residential segment would have amounted to RON 728.9 million, compared to the RON 432.6 million actually reported. Even on a comparable basis, this would have been 25% lower than in the first nine months of 2025. Adjusted EBITDA would have reached RON 326.1 million, gross profit RON 239.7 million, and net profit RON 198.5 million.
In the first nine months of 2026, One United Properties recorded residential transactions worth a total of EUR 145.5 million, compared to EUR 137.7 million in the same period of 2025, an increase of approximately 6%. The value includes sales, pre-sales, and reservations and corresponds to 339 residential and commercial units, with a total area of 35,112 sqm, as well as 537 parking spaces and storage units.
Of the total transaction value, EUR 91.1 million represents reservations, while sales and pre-sales amounted to EUR 54.5 million. Of the latter, EUR 51.9 million was recorded in the third quarter, compared to only EUR 2.6 million in the first half of the year, as reservations began to be converted into pre-sales.
The average selling price reached EUR 3,807 per sqm, up 28% compared to the first nine months of 2025. This development was also supported by recently launched projects, such as One Floreasca Sunset, where 163 units were contracted.
As of September 30, 2026, One United Properties’ residential portfolio had an overall contracted rate of 81%. The company estimates contracted receipts from customers of EUR 447 million by 2029, of which EUR 110 million is scheduled for the final quarter of 2026.
By comparison, the company’s rental property segment recorded positive developments. Rental income, including income from services provided to tenants, increased by 8%, from RON 120.4 million in the first nine months of 2025 to RON 129.8 million in the same period of 2026. Net rental income increased by 12%, from RON 78.4 million to RON 87.8 million.
In the first nine months of 2025, the company had leased and pre-leased 7,739 sqm of office and retail space and signed contract extensions for a total area of 21,900 sqm.
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