Slides
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Capital Markets Day2025 Welcome to
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Have a question for ONE management team? Scan below to ask! Capital Markets Day 2025
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DISCLAIMERThis presentation is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of shares issued by One United Properties S.A. (“ONE”), or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy One United Properties shares or other financial instruments. Neither this presentation nor anything in it shall form the basis of any contract or commitment. This presentation is not intended to be relied upon as advice or recommendation to investors or potential investors and it does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider this presentation in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. One United Properties has prepared this presentation based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This presentation should not be considered a comprehensive representation of One United Properties' business, financial performance or results.This presentation may contain forward-looking statements. These statements reflect One United Properties’ current knowledge and its expectations and projections about future events and may be identified by the context of such statements or words such as “anticipate,” “believe”, “estimate”, “expect”, “intend”, “plan”, “project”, “target”, “may”, “will”, “would”, “could” or “should” or similar terminology.One United Properties undertakes no obligation to update or revise these forward–looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Inevitably, some assumptions may not materialize, and un-anticipated events and circumstances may affect the ultimate financial results. Projections are inherently subject to substantial and numerous uncertainties and to a wide variety of significant business, economic and competitive risks. Therefore, the final results achieved may vary significantly from the forecasts, and the variations may be material. 4
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Growth, Efficiency & Value CreationStrategy Update by Victor Căpitanu, co-CEO & co-founder Capital Markets Day 2025
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01Residential Strategy 02Income Producing Strategy 03AI Integration and Cost Optimization 04Shareholder Value TABLE OFCONTENTS
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•Consolidation of the high and medium-high income segments (OLC, OHD, OP, OCC).•Growth in the low-medium and medium income segments (OCD, OLD).•Regional expansion: Constanta, Sibiu, other top 10-15 cities analyzed. Residential StrategySTRATEGY UPDATE
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•Disposal of selected assets as per market opportunities , as we did in the past.•New assets will be added to the portfolio in 2026: One Gallery, Mondrian Hotel and One Technology District (Infineon HQ) – more than 14m EUR yearly NOI.•New developments pursuing build-to-suit opportunities after the model of One Technology District (Infineon Technologies HQ); OCP 3/4/5 available in the pipeline, other plots in the Center-North area in the pipeline. Income Producing StrategySTRATEGY UPDATE
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•AI in Sales & Marketing, Legal, and Financial.•Cost optimization process started across the company; results can already be seen at H1 2025 (-19% in G&A costs).•Partial relocation of HQ to Eliade Tower – Finance, Legal and Architecture. AI Integration and Cost OptimizationSTRATEGY UPDATE
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•Profits first: H1 2025 gross profit EUR 59.8m increasing 12% vs H1 2024.•Continuing buyback program + potential TPOprogram, subject to shareholders’approval.•Increasing dividends over time.•Reinvesting in new deals that generate 20%+ annual equity IRR.•Quadruple the shareholder value (company NAV + dividends/shares cancelled) in the next 10 years (and 2X within the next 5 years). Shareholder Value STRATEGY UPDATE
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Do you have a question for Victor Căpitanu? Scan here to ask! Capital Markets Day 2025
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Governance & Capital Markets Direction Capital Markets Day 2025 Fireside chat with Claudio Cisullo, Chairman of the Board of Directors, moderated by Zuzanna Kurek
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Do you have a question for Claudio Cisullo? Scan here to ask! Capital Markets Day 2025
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Resilience & Demand: The Residential OutlookSegment Update by Beatrice Dumitrascu, CEO Residential Division Capital Markets Day 2025
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01Strategy 2025 02Performance H1 2025 03Market Fundamentals 2025 04 TABLE OFCONTENTSPipeline & Outlook 2025
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RESIDENTIAL UPDATE •Consolidating premium leadership, scaling large, accessible masterplans;pricing power & absorption proven.•AI-driven sales & marketing (live):lead-scoring & propensity models, automated nurturing, conversational assist for advisors & customers;Next 12–24 months:predictive sales velocity & pricing guidance, creative optimization, after-sales automation →higher conversion & lower CAC.•Digital customer journey:online configurator & digital after-sales portal integrated with CRM → faster handovers, better NPS.•Commitment to quality, innovation & sustainable livingas key brand differentiators.•Community & Partnerships:alliances with leading brands enhancing lifestyle, strong focus on education & wellbeing, and dedicated events nurturing the ONE community → long-term value & brand equity. Strategy
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RESIDENTIAL UPDATE •Residential sales & pre-sales of €95.4mwere generated in the first half of 2025, covering 301 residential units and 332 parking units. This performance demonstrates the company’s ability to maintain a solid pace of transactions even in a more selective market environment.•Pricing power and absorption capacity remain strong, as evidenced by a +20% year-on-year increase in €/sqm. The resilience of demand highlights the attractiveness of One’s developments, combining premium positioning with accessible masterplans.•Deliveries reinforced our market position, with a consistent track record of completing projects on time and achieving high absorption rates immediately after launch. This further strengthens customer trust and brand credibility.•79% of the available stock in ongoing and delivered projects is already sold, underlining robust sales velocity. With €364.4m in contracted inflows secured until 2027, of which €71m were collected in H1, the company enjoys very high cash-flow visibility and financial predictability. Performance H1
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•Structural housing deficit: ~70–80% of Bucharest’s stock built pre-1990 → major replacement cycle toward modern, energy-efficient communities.•Structural demand underpins performance:Romania hasthe highest home-ownership rate in the EU (~96%), supporting trading-up and replacement demand.•Lowest household debt in the EU(≈12.5% of GDP) → significant headroom for responsible mortgage growth.•Mortgage affordability stabilizing: fixed rates ~5–6% in 2025; new mortgage lending +24% YoY in H1 2025 → active market depth.•Prices among Europe’s most affordable: ~€1,757/sqm (2025) → top-3 most affordable; convergence trend vs EU capitals (Paris €9,512, London €10,499, Luxembourg €11,366).•Market depth: ~25,700 units sold in Bucharest–Ilfov in H1 2025 (≈35% of national transactions). RESIDENTIAL UPDATE Market Fundamentals
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•3,884 units under construction(GDV €1.44bn).•Landbank GDV €2.2bn→ capacity for +9,000 additional residential units.•Next milestone: surpassing 1 million sqm delivered within the next 12 months.•Runway for growth: ONE sells only a few hundred units/year vs ~25,700 units sold annually in Bucharest–Ilfov → massive share gain potential.•Balanced portfolio: premium projects + large accessible masterplans (One Lake District, One High District).•AI & digital execution: predictive sales velocity & pricing, campaign optimization, after-sales automation → higher conversion, faster velocity, lower CAC.•Outlook: structural demand + scalable pipeline → sustained growth visibility over the next 10–15 years. RESIDENTIAL UPDATE Pipeline & Outlook
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Do you have a question for Beatrice Dumitrascu? Scan here to ask! Capital Markets Day 2025
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Driving Value in Office & Commercial SegmentSegment Update by Mihai Paduroiu, CEO Office Division Capital Markets Day 2025
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01Current Strategy 020304 Key Developments and Initiatives Results as of End of H1 2025 Major Projects in Pipeline Planned on the Short-term and Medium-term TABLE OFCONTENTS
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Current StrategyOFFICE AND COMMERCIAL UPDATE •Consolidation of the existing occupier community currently standing at over 200 leases of mainly multinational corporate players.•Expansion via future phases and new locations explored as demand stabilizes.•Additional build-to-suit developments analyzed.•Regional expansion: Constanta, Sibiu, other top 10-15 cities analyzed also for Prime Office development based on preleases.•Asset divestment explored off-market if proposals deliver above market margins.
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Key Developments and Initiatives•Overall portfolio virtually fully leased.•Outstanding WAULT reached via prolongation campaign demonstrating unmatched client care and quality of the assets.•One Community App to be deployed in September to further enhance client retention.•Substantial optimization across cost structures, with a focus on AI deployment.•OPEX for occupiers remains efficient against competition due to tech specs and sustainable innovation. OFFICE AND COMMERCIAL UPDATE
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Results as of End of H1 2025•Over 7,500 sqm GLA new relocations attracted (NN, Lotus Med,etc).•Over 19,000 sqm GLA prolongations generated (Sanador,Superbet,etc.).•New cost structure implemented that drove savings.•Collection at an all-time high.•Engagement and office presence increased due to community activity and efforts. OFFICE AND COMMERCIAL UPDATE
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•Next phases at One Cotroceni Park ready to be delivered based upon preleases as currently the market has close to zero deliveries planned for the next 3 years, an all-time low point.•Other locations part of our mixed-use schemes across the pipeline in the North of Bucharest, as infrastructure develops (new metro) are suitable for prime sustainable office developments.•Secondary cities, as demand diversifies and local economies grow, like Sibiu, Constanta etc.•All new developments to incorporate cutting-edge innovations to set them apart, such as GeoEx, solar, AI; Major Projects in Pipeline Planned on Short-term and Medium-term OFFICE AND COMMERCIAL UPDATE
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Do you have a question for MihaiPaduroiu? Scan here to ask! Capital Markets Day 2025
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Setting the Groundwork for ONE Hospitality DivisionSegment Update by Riad Abi Haidar, CEO Hospitality Division Capital Markets Day 2025
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01Our Entry into Lifestyle Hospitality 020304 Market Opportunity & Strategic PositioningExecution Strategy & Partnerships2030 Vision & Growth Targets TABLE OFCONTENTS
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Vision•Deliver premium lifestyle hospitality experiences in Central and Eastern Europe (CEE), starting with Bucharest, while building a scalable platform for future growth.Foundation for Growth•Strategic Launch in Bucharest: Leading the introduction of international hotel brands to Eastern Europe. •Pioneering Developments: We are the first developer to bring Mondrian and Hoxton hotels brand (Ennismore) to the region. Our Entry into Lifestyle Hospitality HOSPITALITY UPDATE
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Market Opportunity & Strategic Positioning HOSPITALITY UPDATE The global boutique hotel market is growing fast: from $25B (2023) → $40B (2030) | CAGR 7.1%.Europe follows closely: $8.2B → $12.1B (2030) | CAGR 6.8%. European luxury hotel market to reach $68.3B by 2032.ONE’s opportunity:•Capitalize on rising demand for branded lifestyle experiences.•Leverage mixed-use projects to integrate hospitality.•Diversify revenues & strengthen brand equity in a growing segment.•Position ONE as the leading lifestyle hospitality developer in Romania.
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Execution Strategy & PartnershipsStrategic partner: Ennismore, global leader in lifestyle hotels → Developing Mondrian & Hoxton brands in Bucharest.Project roadmap:•Mondrian Bucharest: Concept & development (2024–2026) → Launch: 2026/2027.•Hoxton Bucharest: MOU signed, HMA expected Oct. 2025 → Launch: 2029.ONE’s approach:•Sign HMA deals with trusted global brands.•Rely on local execution expertise in permits & construction.•Use a capital-light, low-risk, high-efficiency model.•Focus on investor-friendly, scalable development across CEE. HOSPITALITY UPDATE
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2030 Vision & Growth Targets By 2030, ONE aims to:• Deliver 5 lifestyle boutique hotels• Each hotel sized 100-150 rooms• Up to EUR 15m annual turnover per hotel• Achieve EBITDA margin >35%• Be seen as Romania’s most innovative hospitality platformDevelop with minimal upfront capital, leveraging brand partnerships and existing real estate to deliver stable, long-term returns.By 2030, ONE Hospitality will stand as a regional leader in innovation, partnerships, and sustainable lifestyle hospitality growth. HOSPITALITY UPDATE
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Do you have a question for Riad Abi Haidar? Scan here to ask! Capital Markets Day 2025
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Performance Snapshot: H1 2025 ResultsFinancial Update by Cosmin Samoila, CFO Capital Markets Day 2025
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01 04 Table of ContentsFinancial Results Rating process 02Bonds initiative 03Digitalization status
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The first agency issued the private rating letter on May 21, 2025.The second agency issued the private rating letter June 25, 2025. At the beginning of 2025, the Company initiated a corporate rating process by approaching all three global rating agencies: S&P, Moody’s, and Fitch. After preliminary discussions, the company selected two agencies to proceed with the full private rating assessment.The first agency was officially appointed on March 31, 2025. The second agency was appointed on April 7, 2025. Both rating processes involved dedicated professional teams from the agencies, with extensive experience in real estate and capital markets. The agencies conducted a comprehensive analysis of the company’s historical financial performance, including revenue growth, profitability, leverage, and dividend policy. They also evaluated strategic plans for the next 3–5 years, assessing growth prospects, investment pipeline, sustainability commitments, and risk management practices. Site visits were carried out to several of the company’s major developments in Bucharest, providing a first-hand view of construction progress and quality standards.Multiple meetings with the management team were organized, covering business strategy, governance, financial policies, market positioning, and future opportunities. Additional procedures included stress testing financial projections, benchmarking against international peers, analyzing market demand and macroeconomic trends, reviewing ESG policies, and verifying compliance with regulatory and reporting standards. Timeline and procedures with rating agenciesFINANCIAL UPDATE
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•In the GSM from 25 April 2024, the shareholders approve a program that allows the issuance of corporate bonds, either under a program or as individual issuances, with a total value of up to EUR 300 million (or equivalent in other currencies). The bonds will be registered, dematerialized, non-convertible, secured or unsecured, with or without discount, denominated in EUR, RON or other currencies, bearing fixed or variable interest, and maturing in up to 10 years. The program may run for a maximum of 3 years from approval.•Discussions with leading banks regarding the management of this process were initiated with JP Morgan, Goldman Sachs, and Citibank. Following an assessment of expertise, approach, and pricing, it was concluded to mandate JP Morgan to lead the planned EUR 300 million bond issuance, targeting the European market (Reg-S) and/or the U.S. market (Rule 144A), with a potential listing on the Luxembourg Stock Exchange or Euronext Dublin. Current status includes the achievement of a rating and ongoing discussions regarding the optimal timing to approach the market (estimated timing since rating is already achieved is 3 months from the moment the service providers are appointed (lawyers, valuators, auditors, etc) to the actual moment of issuing the bonds. IssuerIssue dateNext callMaturityRatingCouponAmount O/S(mm)Years to MaturityYTW Bid(%)Differentials Neinor8.11.202415.11.202615.02.2030-|BB-|BB-5.8753254.54.36Spain sovereign trades ≈210bps inside RomaniaAedas Homes21.05.202128.08.202515.08.2026WR|BB-|BB4.0002551.04.02Miller Homes15.04.202515.04.202615.10.2030B1|B|BB-E+ 4254755.23.87UK trades ≈225bps inside RomaniaMLP09.10.202415.10.202615.10.2029Ba2|-|BB+6.1253004.24.81Poland trades ≈190bps inside RomaniaDL Invest10.07.202515.07.202715.07.2030-|B+|BB-6.6253504.96.98Alstria20.03.202520.12.203020.03.2031- | BB+ | - 5.5005005.64.89Germany trades ≈240bps inside RomaniaAkropolis15.05.202515.02.203015.05.2030- | BB+ | -6.0003504.74.93Lithuania ≈180bps inside Romania FINANCIAL UPDATE Bonds Secondary Market Level & Indicative Pricing
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Implemented •Microsoft Navision – ERP (Modules - financial, fixed assets, sales and CRM, acquisitions and inventories) and Power BI tool;•E-factura (e-Invoice) – both on clients and suppliers invoices, integrated with Navision;•SAF-T (standard audit file for tax) – tax reporting, integrated with Navision;•Finqware – open banking platform for all bank and bank accounts – integrated with Navision;•DecontONE – petty cash and reimbursement of small expenses – integrated with Navision;•Tagetik – Budgeting and Planning – application to integrate the annual planning and budgeting process, phase 1 (approval workflow and templates set-up) implantation finalized – to be integrated. In progress•AI integration in databases and archives – tailored solution which access to Navision databases and internal archive to search information and derive statistics, summaries, forecasts, etc;•IFRS 15 revenue recognition calculation – live calculation of the revenue recognized in IFRS financial statements based on current sales and stage of completion for construction works – part of Navision;•Electronic Collections Integrations – system for simplifying how the clients are paying the invoices •Yardi office segment application – leasing and property management separate application, to be integrated with Navision and localized by One on the mid term. Digitalization statusFINANCIAL UPDATE
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Since the 2024 CMD (Q1 2024) and up to the latest financial report for H1 2025, the Company has delivered results consistent with the outlined strategy. 21% 33% Cumulated 1.8 bRON Cumulated 623 mRON Cumulated 464 mRON The company’s total assets grew steadily from 5.1 bRON in Mar 2024 to 5.9 bRON in Jun 2025, marking a 15% increase, indicating strong asset expansion over the period. Equity increased from 3 bRON in Mar 2024 to 3.6 bRON in Jun 2025, reflecting a 21% growth, a solid strengthening of shareholders’ equity over the period. Net current assets rose from 1.4 bRON in Mar 2024 to 1.8 bRON in Jun 2025, a strong 33% increase, a significant improvement in short-term financial strength and liquidity. Turnover increased from 280 mRON in Q2 2024 to 461 mRON in Q2 2025, with a cumulated value of 1.8 bRON over the period, showing sustained revenue growth, peaking strongly in 2025. Operating profit (EBITDA) grew from 93 mRON in Q2 2024 to 215 mRON in Q2 2025, with a cumulated 623 mRON over the period reflecting a strong profitability improvement. Net profit rose from 71 mRON in Q2 2024 to 152 mRON in Q2 2025, with a cumulated 464 mRON over the period, a solid upward trend in profitability, driven by strong performance in 2025. 15% FINANCIAL UPDATEFinancial performance
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Do you have a question for Cosmin Samoila? Scan here to ask! Capital Markets Day 2025
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Capital Markets Day 2025 From Vision to Delivery: ONE 2030 Blueprint in ActionFireside chat with Victor Căpitanu and Andrei Diaconescu, moderated by Zuzanna Kurek
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Do you have a question for ourco-founders? Scan here to ask! Capital Markets Day 2025
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Youcannowwatch on One United Properties YouTube channel
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Capital Markets Day2025 Thank you for joining