One United Properties reported a 68% year-over-year decline in first-half 2026 net profit to RON 79.2 million, citing delays from new residential legislation and a national land registry cyberattack.
Turnover fell 47% to RON 440 million, while profit before tax dropped 68% to RON 96.5 million. Excluding the impact of the Nordis Law, which took effect in December 2025, adjusted figures showed a 10% decline in turnover to RON 742.5 million and a 68% drop in net profit to RON 178.1 million.
The company attributed the shortfall to the preliminary unit subdivision requirement under the Nordis Law, which introduced a 5% reservation phase instead of the previous 30% down payment. This shifted revenue recognition timing, delaying sales recognition under IFRS 15 standards. A cyberattack on Romania’s national land registry system between July and August 2026 further disrupted registrations, final contracts, and collections.
Residential segment revenue fell 64% to RON 230.5 million, while rental income rose 3% to RON 83.9 million, with net rental income up 6% to RON 56.8 million. EBITDA totaled RON 157.2 million, down from an adjusted RON 274.9 million excluding legislative impacts. General and administrative expenses reached RON 55.3 million, including a non-cash RON 20.7 million expense related to stock option plans.
Fair value gains on investment property, primarily from One Gallery and One Technology District nearing completion, amounted to RON 104.1 million. Total assets grew 4% to RON 6.9 billion, with equity at RON 3.8 billion and a net debt position of RON 1.5 billion, representing 22% of total assets. The adjusted loan-to-value ratio stood at 16.5%, while adjusted NAV attributable to shareholders was EUR 1.24 billion, or approximately RON 62 per share.
Residential transactions rose 11% to EUR 106.1 million, covering 229 units and 25,000 sq m, with an average contracted price of EUR 3,900 per sq m, up 24% from a year earlier. Cash contracted with customers through 2029 totaled EUR 445 million, while reservations held steady at EUR 103 million as of June 30.
The rental portfolio’s annualized headline net operating income reached EUR 28.6 million, with 152,000 sq m of gross lettable area at 95% occupancy and a weighted average unexpired lease term of 5.2 years. The company expects its expanded portfolio to grow by 28% with the addition of One Gallery, One Technology District, and the Mondrian Hotel, targeting 195,000 sq m and EUR 40.5 million in annualized NOI at 96% occupancy and a 6.9-year WAULT.
One United Properties reduced its full-year 2026 net profit guidance to 15-20% below the original target of RON 457.7 million, implying a range of RON 366 million to RON 389 million. The company also highlighted 2026 as its largest delivery year, with 2,562 units slated for completion.
Chief Financial Officer Cosmin Samoilă noted the challenges posed by regulatory changes and the land registry disruption, while Executive Board Member Victor Căpitanu emphasized the resilience of the rental segment amid shifting market conditions.
