“The results for Q1 2026 reflect the temporary timing impact generated by the implementation of the new legislative framework applicable to the Romanian residential real estate market starting with December 2025, which affects the timing of revenue recognition under IFRS 15, particularly for newly launched developments. Under the new framework, preliminary sale-purchase agreements can only be signed after the completion of additional cadastral and administrative procedures, including the so-called “preapartmentare” – preliminary unit subdivision process. As a result, for developments where the preliminary unit subdivision process is not yet finalized, transactions are initially reflected as reservations before converting into preliminary sale-purchase agreements once the relevant procedures are completed,” reads the company’s report.
One United Properties recorded total residential transactions of EUR 60.4 million in Q1 2026, including sales, pre-sales and reservations, corresponding to 144 residential and commercial units with a total surface of 14,330 sqm, together with 243 parking and storage spaces.
Out of the total transaction value, EUR 58.2 million related to reservations, while EUR 2.1 million represented contracted pre-sales, reflecting the early-stage nature of recently launched developments operating under the new framework.
Revenues from the residential segment reached RON 122.6 million in Q1 2026, a 60% year-over-year decrease (RON 254.8 million, -18% YoY on a like-for-like basis, excluding the temporary impact of legislative changes).
Net income from residential property amounted to RON 39.4 million (RON 97.8 million like-for-like), compared to RON 111.1 million in Q1 2025, while the net margin from residential sales remained solid at 32.1%.
Rental income, which includes revenues from the commercial division and tenant services, increased by 5% YoY to RON 42.7 million in Q1 2026, reflecting the stable and mature commercial portfolio. Net rental income increased by 11% YoY to RON 28.4 million, supported by higher occupancy levels across the office portfolio compared to the prior year period.
In Q1 2026 alone, the Group invested approximately EUR 20 million in the expansion of its development pipeline, excluding construction costs and operating expenses, supporting future growth. As of March 31st, 2026, One United Properties had under construction a total of 4,154 units, 45,500 sqm of office and commercial spaces with a total Gross Development Value (GDV) of over EUR 1.6 billion.
(English version by Catalina Apostoiu)