One United Properties reported a 68% year-over-year decline in first-half 2026 net profit to RON 79.2 million, as Romania’s new residential market legislation disrupted revenue recognition and sales timelines. Profit before tax fell 68% to RON 96.5 million, while turnover dropped 47% to RON 440 million, according to the company’s earnings call on August 27, 2026.
The decline reflects the impact of the so-called Nordis Law, which took effect in December 2025 and introduced stricter requirements for preliminary unit subdivision before sales agreements could be signed. Management noted that without the legislation’s impact, net profit would have reached RON 178.1 million and profit before tax would have been RON 214.2 million. Residential segment revenue fell 64% to RON 230.5 million, though it would have declined only 17% on a like-for-like basis.
Rental income rose 3% to RON 83.9 million, supported by a 95% leased portfolio across 152,000 square meters of gross lettable area. Net rental income increased 6% to RON 56.8 million, with a weighted average unexpired lease term of 5.2 years. The company’s standing portfolio annualized net operating income stands at EUR 28.6 million, with occupancy projected to reach 96% by year-end following the addition of 43,000 square meters through projects such as One Gallery and One Technology District.
One United Properties maintained a strong balance sheet, with total assets rising 4% to RON 6.9 billion and equity stable at RON 3.8 billion. Net debt stood at RON 1.5 billion, representing 22% of total assets, while adjusted loan-to-value was 16.5%. The company’s adjusted net asset value attributable to shareholders was EUR 1.24 billion, or RON 62 per share.
Sales activity showed resilience despite regulatory challenges, with total residential transactions rising 11% to EUR 106.1 million across 229 units. The average contracted price increased 24% to EUR 3,900 per square meter, driven by premium project launches. However, the company’s cash position declined to RON 371 million due to delayed sales recognition under the new framework.
Looking ahead, One United Properties expects full-year 2026 net profit to fall 15% to 20% below its original budget of RON 457.7 million, with 2026 set to be the company’s largest delivery year at 2,562 units. A Capital Markets Day is scheduled for September 11, 2026, at One Tower in Bucharest.
