One United Properties stock faces a 47 percent H1 turnover drop

One United Properties (ISIN ROONE0000013) reported consolidated H1 2026 turnover of RON 440.3 million, down 47 percent year over year. The company linked the decline to revenue recognition timing, while residential transactions reached EUR 106.1 million, up 11 percent year over year, according to One United Properties in its H1 2026 presentation.

Sales rise despite timing effects

The H1 transaction figure covered sales, pre-sales and reservations, with the average contracted price reaching EUR 3,853 per square meter. That was 24 percent higher than EUR 3,105 per square meter in H1 2025, giving the demand picture a stronger operational signal than reported turnover alone.

The company said 229 units were contracted during H1 2026 across 25,221 square meters, while contracted future cash inflows stood at EUR 445 million as of June 30, 2026. The comparison matters because the company reported that new legislative rules deferred RON 302.2 million of turnover recognition under IFRS 15.

Contracted pipeline carries visibility

One United Properties had 3,939 units under construction at June 30, 2026, and 75 percent of those units were already contracted. The company also reported adjusted net asset value of EUR 1.24 billion, while its presentation showed market capitalization of RON 3.5 billion on the same date.

The rental portfolio added a second earnings pillar: headline annualized net operating income was EUR 28.6 million, with 95 percent of the standing portfolio leased. The company reported H1 2026 rental income of RON 83.9 million, up 3 percent year over year, and net rental income of RON 56.8 million, up 6 percent.

October 22 sets the next test

One United Properties lists its Q3 2026 trading update for October 22, 2026, followed by the Q3 financial report on November 12, 2026. On the Bucharest Stock Exchange, the company investor page showed RON 29.35 on September 28, 2026.

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