The contraction in the residential sector dragged down all lines in the profit and loss account. Consolidated revenue fell by 38%, from EUR17.5 million to EUR10.9 million, but 75% of this amount does not come from apartment sales, but from construction services provided by RCTI Company—the group’s subsidiary—to third-party clients. Real estate development contributed only 19% of revenue.
Gross profit halved compared to the first quarter of 2025 – from EUR4.6 million to EUR2.3 million-and the gross margin fell from 26% to 21%, partly because construction services are provided at a lower margin than residential sales. At the operating level, EBITDA shrank from EUR2.5 million in the first quarter of 2025 to EUR102,000 in the first quarter of 2026, a 96% decline.
(English version by Loredana Fratila-Cristescu)