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WELCOME TO ONE CAPITAL MARKETS DAY 2026 Five Years Back,Five Years Forward. Celebrating 5 Years Since One United Properties’ IPO on theBucharest Stock Exchange. SEPTEMBER 11, 2026 · ONE TOWER, BUCHAREST
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NO OFFER OR RECOMMENDATION This 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. INFORMATION AND SOURCES 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. FORWARD-LOOKING STATEMENTS 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 unanticipated 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. DISCLAIMERImportant information regarding this presentation and the statements it contains 3
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Where we started, what we built, and where we are heading Strategy Update by Victor Capitanu, co-CEO & co-founder One United Properties
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Four priorities for the next five years Our strategy: grow intrinsic value and translate it into shareholder value THE FIVE-YEAR AMBITION Grow NAV, strengthen independent validation and close the valuation discount. €2.5bn~3.8× NAV ambition market-value ambition Grow NAV. Close the discount. Scale the engines of growth. Illustrative ambition: €2.5bn NAV at par implies ~3.8×pro forma market value, using the 8 Sep 2026 share price. 01 | NAV & VALUE CREATION Track record, independent NAV validation and the five-year ambition. 02 | ONE INCOME PROPERTIES Clearer rental asset values and predictable cash flow. 03 | ONE CITY DISTRICT/ AFFORDABLE HOUSING Broader residential demand, faster capital recycling and national scale. 04 | US PARTNERSHIPS/ PROMOTE INCOME Local partners, selective co-investment and promote income. Four priorities. One objective: compound value per share. 5
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€1.24bn NAV and 16.5% LTV give us room to compound Adjusted NAV, loan-to-value and the bridge from gross assets to NAV €1.24bn ADJUSTED NAV attributable to owners RON 61.91 NAV PER SHARE 46.4% discount | 8 Sep 2026 close 16.5% LOAN-TO-VALUE total external debt / assets under control €2.036bn ASSETS UNDER CONTROL including minority interests Gross assets attributable to owners €1.780bn 35.6% 21.8% 22.9% 19.7% €634m Residential: finalized + 2026 delivery €388m Residential: 2027+ delivery + pipeline €407m Rental properties €351m Cash + net client receivables From gross assets to NAV €m | owners' share Gross assets 1,779.9 Deferred tax (156.7) External debt (260.3) Trade payables (52.0) Client advances (71.2) Adjusted NAV 1,239.6 Management estimate; non-IFRS and unaudited. NAV/share pro forma on 105,123,422 shares after planned cancellation of 5,376,578 treasury shares. Discount uses the RON 33.20 closing price on 8 Sep 2026 versus RON 61.91 NAV/share. 6 INDEPENDENT VALIDATION BY FY2026 RESULTS We consider the methodology fair and reasonable. Before publishing FY2026 results, we intend to have it audited and property valuations confirmed by an external valuer.
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Double NAV. Aim for approximately 3.8×market value.2 Five years of value creation —and our ambition for the next five years €172m STARTING CAPITAL pre-IPO baseline¹ + €172.4m CAPITAL RAISED In IPO and 2 SPOs -€77.7m DIVIDENDS DISTRIBUTED gross | Jul 2021–Jun 2026 €1.24bn ADJUSTED NAV AT H1 2026 attributable to owners at H1 2026 Illustrative annualised value growth (XIRR) c.37.9% Three equity raises·€172.4m in total Our next five-year ambition Grow NAV and close the 46.4% discount Adjusted NAV today €1.24bn Five-year NAV ambition €2.50bn Required annual NAV growth ~15.1% Discount today → ambition 46.4% → 0% Pro forma market value €0.665bn Market-value ambition ~3.8×2 7 July 2021 IPO €52.6m August 2022 SPO €51.5m September 2024 SPO €68.3m Actual gross RON proceeds, converted at ECB reference rates on closing dates. 30.3% Implied annual market-valueambitiongrowth over the next five years Illustrative ambition; unchanged pro forma share count; in EUR; excludes dividends. €172m management baseline at 2 Jul 2021; terminal NAV at 30 Jun 2026. Gross flows; excludes buybacks and PTO. Opening and closing valuation bases differ. RON 33.20 at 8 Sep 2026 close; EUR/RON 5.25. 105,123,422 pro forma shares after planned cancellation. 2Price appreciation only; excludes dividends.
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How NAV growth translates into market value €2.5bn NAV ambition | four illustrative discount scenarios for 2031 ONE NAV AMBITION, FOUR SCENARIOS Each scenario assumes the same €2.5bn NAV in 2031. The market discount determines the implied market value. €2.5bn€665m 2031 NAV ambition current pro forma market value NAV growth creates value. A lower discount adds upside. Illustrative, in EUR; constant pro forma shares; excludes dividends. RON 33.20 at 8 Sep 2026 close; EUR/RON 5.25. 46.4% DISCOUNT TO NAV | UNCHANGED ~2.0×market value | €1.34bn 30% DISCOUNT TO NAV ~2.6×market value | €1.75bn 20% DISCOUNT TO NAV ~3.0×market value | €2.00bn 0% DISCOUNT TO NAV | AT PAR ~3.8×market value | €2.50bn NAV growth drives value. A lower discount can amplify it. 8
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One Income Properties: visible value, recurring income A dedicated rental platform: clearer property values and predictable rental cash flow THE INVESTMENT CASE One UnitedProperties remains a growth company. One IncomeProperties is designed to distribute. 7-8% +3-5% target annual cash distribution target annual NAV growth For ONE: clearer rental asset values and steady cash flow from rents. Targets depend on structure, approvals and markets. PROPOSED INITIAL SCALE | END-2026 c. €575m initial GAV | c. €300m pro forma NAV including minorities GROUP RENTAL PLATFORM | END-2026 195k sqm GLA | 96% leased / pre-leased | 6.9-year WAULT €40.5m annualized headline NOI PROPOSED INITIAL PERIMETER • One Tower • One Victoriei Plaza (Intesa HQ)• One Gallery • One Cotroceni Park Office 1 • One Technology District (Infineon Technologies HQ) • One Cotroceni Park Office 2 • Bucur Obor SCALE LOOP CONSOLIDATE → RAISE CAPITAL → ACQUIRE → REPEAT Built under the current legal framework. REIT legislation would accelerate the strategy, not enable it. 9 35% TARGET LTV Debt / gross asset value The Group rental platform metrics (GLA, leasing, WAULT and NOI) include Eliade Tower and Mondrian Hotel, which are outside the proposed initial One Income Properties perimeter.
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Affordable housing opens a new, scalable growth market for ONE ONE CITY DISTRICT | BUCHAREST —bringing ONE’s development standards to a broader residential market Masterplan by Jean-Michel WILMOTTE, PARIS —world-renowned architect 21 ha URBAN REGENERATION SITE ~3,200 PLANNED HOMES ~322k sqm TOTAL BUILT AREA ~8,000 FUTURE RESIDENTS ONE QUALITY AT GREATER SCALE Standardisation, placemaking and execution discipline support a broader, more affordable residential offer. A MUCH LARGER MARKET We believe this market is much larger than the high-and very-high-income segment. A COMPLETE COMMUNITY Homes, commerce, services, public space and a school for ~450 students. A PLATFORM FOR NATIONAL GROWTH Significant growth potential in Bucharest and Romania’s major cities. One City District —original concept masterplan 10 FASTER CAPITAL RECYCLING Shorter capital cycles can support greater scale and higher annualised equity returns (IRR).
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US partnerships add promote income to development returns Selective co-investment with local partners, plus a carried share of investor profits ONE LIBERTY PIKE | FRANKLIN, TENNESSEE c. $12m estimated equity investment, fully funded by ONE. Scale as execution and returns meet our standards. 12.87acres LAND OWNED and UNDER CONTRACT c. 52ksqm 60+ PREMIUMQUALITYHOMES 200k+ BUILDABLE SQ FT c. 18.5ksqm $110m GROSS DEVELOPMENT VALUE One Liberty Pike 25–30% target equity IRR on ONE’s investment Indicative structures and targets; subject to definitive agreements, waterfalls, approvals and market conditions. MIAMI, FLORIDA Intended partnership with Fortune International Group c. $44m estimated equity investment | Residentialtower(condominiums) c. 1/3 ONE equity + c. 2/3 co-investor equity 23% expected promote on co-investor profits NASHVILLE, TENNESSEE Intended partnership with a reputable US developer c. $21m estimated equity investment | Residential tower(condominiums) + hotel c. 1/3 ONE equity + c. 2/3 co-investor equity 20%-30% expected promote on co-investor profits A NEW PROFIT LINE Development return + Promote on investor profits ONE’s carried share of investor profits under the agreed waterfall can scale earnings with less capital per project. 11 Illustrative concept only; not a photograph or final project design. Advanced negotiations to acquire adjacent plots of c. 1.75ac and expand the development.
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Five years listed: How going public strengthened our balance sheet and set the foundations for the next growth cycle Financial Update by Cosmin Samoila, Chief Financial Officer One United Properties
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IFRS assets: five years of growth, with more ahead IFRS total assets, EUR million | historical results and 2031 management ambition 416 1,316 2,425 June 2021 June 2026 June 2031F EUR 2.036bn adjusted assets under control, including minorities 30 June 2026 | management estimate, non-IFRS 3.2x IFRS total assets growth June 2021 → June 2026 25.9% IFRS assets CAGR 2021–2026 RESIDENTIAL PORTFOLIO -UNITS UNDER CONSTRUCTION June 2021: 955 units | June 2026: 3,939 units | June 2031F: over 6,000 units GROUP RENTAL PLATFORM -CURRENT SCALE AND AMBITION H1 2026: 152k sqm standing | End-2026F: 195k sqm, EUR 40.5m annualized NOI | 2031 ambition: >300k sqm, >EUR 1bn IFRS: EUR 1.316bn at H1 2026. Adjusted assets use a separate valuation basis. Source: ONE H1 2026; 2031 is a management ambition. 14
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IFRS equity growth and the adjusted NAV today Owners’ equity, EUR million | historical balances and a separate 2031 ambition EUR 1.240bn adjusted NAV attributable to owners, 30 June 2026; management estimate, non-IFRS 3.7x IFRS owners’ equity growth June 2021 → June 2026 30% IFRS equity CAGR 2021–2026 172 630 1,300 June 2021 June 2026 June 2031F SHARE CAPITAL OPERATIONS -JUNE 2021 TO JUNE 2026 IPO: EUR 52.6m | SPO 2022: EUR 51.5m | SPO 2024: EUR 68.3m | Total: EUR 172.4m GROSS DIVIDENDS -JULY 2021 TO JUNE 2026 EUR 77.7m distributed; historical value-growth methodology excludes buybacks and PTO. 2031 equity depends on profit attributable to owners, dividends, capital contributions and other equity movements; it is distinct from adjusted NAV. 15
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Cash collections, liquidity and the 2026–2027 timing gap Published cash baseline, scheduled collections and the expected recovery of deferred recognition EUR 70.7m cash at 30 June 2026, before the July PTO EUR 445mcontracted future gross collections through 2029 EUR 43.7m bank principal due in 1 year, as at 30 June CONTRACTED COLLECTIONS -SCHEDULE AT 30 JUNE 2026 2026: EUR 150m | 2027: EUR 165m | 2028: EUR 85m | 2029: EUR 45m Gross inflows: existing contracts, before completion costs, interest, taxes and distributions. THE 2026–2027 TIMING GAP 2026: net profit expected 15–20% below original budget. 2027: deferred recognition expected mainly as backlog clears. LIQUIDITY PRIORITIES Funding: match project drawdowns with remaining build costs. Deployment: phase new investment against collections. WHAT RELEASES CASH •REGISTRATIONS: clear the cadastral backlog and convert reservations. •DELIVERIES: sign final contracts and collect the remaining price. •DEBT: EUR 43.7m duein 1 yearas at30 June; rents support servicing. Source: ONE H1 2026, pp. 20, 27, 31. Cash is a historical balance; July PTO cost RON 142.1m. Collection dates remain subject to timing risk. 16
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EUR 440m cumulative profit generated in the last 5 years Cumulative performance in EUR million | 2021–2026 delivered and 2026–2031 management forecast 2.6x cumulative profit / EUR 172.4m of equity raised 33.3% net profit margin 2021–2026 ~18% annual average return on equity 2021–2026 ~10% annual average return on assets 2021–2026 1,319 2,467 440 581 2021–2026 2026–2031F Turnover Net profit DELIVERED -JUNE 2021 TO JUNE 2026 EUR 1.3bn turnover | EUR 440m net profit | EUR 362m after gross dividends (rounded) 2026–2031 MANAGEMENT FORECAST EUR 2.5bn turnover | EUR 581m net profit | 24% net margin Forecast profit is not free cash flow or an equity bridge: dividends, minority allocations and other equity movements also affect equity. 17
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From residential developer to diversified real-estate group Product and geographic diversification | rental and tenant-service revenue reached 19% of H1 2026 turnover 19%Rental and tenant-service revenue / H1 2026 turnover 4asset classes –residential, office, retail, hospitality 5 + 1markets with assets, plus Miami as a target market THE SHIFT 2021: residential-led developer, with rental income below 1% of turnover H1 2026: rental and tenant-service revenue reached 19%, supporting recurring earnings. PRODUCT DIVERSIFICATION Income-producing: office, retail and hospitality assets held for rent Residential: premium segment extended into the middle market GEOGRAPHIC EXPANSION Romania: Bucharest, Sibiu, Iași and Constanța United States: Nashville assets; Miami partnership intended. WHAT IT CHANGES •EARNINGS: recurring rental revenues together with development profits •MARKET: a broader buyer base in the middle market •EXPOSURE: spread across Romanian regional cities and the US Source: One United Properties 18
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Expanding the addressable market without compromising on quality: How One United Properties grows its residential business Segment Update by Beatrice Dumitrascu, CEO Residential Division One United Properties
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Five years back, five years forward The residential platform, side by side -2021 versus 2026 2021 –AT IPO €0.94bn Residential portfolio GDV 483k sqm Built or under construction 1 city Bucharest only €4.5bn+Residential portfolio GDV ~1.09m sqmBuilt or under construction 5 + 1 marketsBucharest, Constanța, Sibiu, Iași, Nashville; Miami is a target. 5 YEARS EUR 1.05bn in sales, pre-sales and reservations since IPO across 3,595 units H1 2026: EUR 106.1m across 229 units; average price +24% YoY, mainly reflecting project mix. 21 2026 –TODAY
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Expanding the addressable market From boutique developer to city-scale platform, without compromising on quality or margins A structural deficit of ~200,000 units: the middle-income segment is where ONE extends next. 44.7% of Bucharest deliveries in 2025 came from the middle segment -its highest share in five years 94.3% home ownership rate -the highest in the EU, with only ~7% of the working population holding a mortgage PRICE PER SQM -BUCHAREST VS. PEERS €1.8k €3.8k €6.1k Bucharest Warsaw Prague FROM BOUTIQUE TO CITY SCALE From 14 units in 2014 to One Cotroceni Park and One Lake District. One City District extends the platform: 21 ha, approximately 3,200 homes, 322k sqm total built area and 8,000 future residents. Scale and standardization bring ONE quality to a broader market. PRICING ACROSS SEGMENTS Premium: ~120-180% of market-average pricing | High-end: ~200% | Luxury: ~400% The group strategy now extends this into the medium-income segment, while preserving margins. 22
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Without compromising on quality Green by default, delivered on time, and margins preserved while scaling 100%GREEN HOMES CERTIFIED of residential developments delivered since 2017; new developments target LEED Zero Carbon. 15 residential developments delivered to date (€774m GDV), consistently on time 35% Minimum gross margin per development 75% of units under construction contracted at 30 June 2026; H1 average price +24% YoY, mainly reflecting project mix. #1 in Romania, #9 in Europe: Financial Times & Statista 2025 ranking of ten-year compound revenue growth. 23
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10,775 units in planning, €2.37bn of future GDV Pipeline and the next five years -landbank, launches and cash-flow visibility €2.37bn GDV in planning on 285,000+ sqm of land (988,000 sqm GBA), with capacity for over 10,000 apartments 3,939 units under construction (GDV €1.3bn), of which 2,562 are scheduled for delivery in 2026 - the biggest delivery year to date. EUR 445m future gross collections from contracts at 30 June 2026, scheduled through 2029 2,813 3939 10775 Completed Under construction In planning A NEW GENERATION LAUNCHING IN 2026 & 2027 One Floreasca Club One Cotroceni Towers One Park Lane One Riverfront (Sibiu) 24
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One Floreasca Club A new chapter for the ONE Floreasca series launches tomorrow One Floreasca Club opens for sale on September 12. Launch reservations establish demand and collection visibility; payments follow the contractual schedule, with the balance collected at later milestones and delivery. The product: 211 boutique low-rise residences in three buildings, plus 10 ground-floor commercial spaces -part of the ONE Floreasca series, between the lake and the park, next to One Mircea Eliade, One Verdi Park and One Floreasca Sunset. Estimated GDV of €75.9m: 18,315 sqm of residential across 211 homes, 926 sqm of ground-floor commercial and 294 parking spaces, with delivery scheduled for Q1 2029. 211 exclusive boutique residences, in three low-rise buildings. One Floreasca Club -concept rendering 25
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Building an office business from scratch: The next chapter Segment Update by Mihai Paduroiu, CEO Office Division One United Properties
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THE OFFICE STORY AT IPO June 2021 snapshot: the office portfolio as presented in the IPO prospectus from June 2021 ONE TOWER 24k sqmGLA 61% leased | completed ONE COTROCENI PARK 81k sqmGLA 63% leased | under construction ONE NORTH GATE 22k sqmGLA Under redevelopment | acquired THE INVESTMENT CASE, AS PRESENTED AT IPO INTENT The office portfolio was a key pillar of IPO strategy, intended to complement the residential business with stable, recurring rental income from Class A office assets. STRATEGY Management planned to keep growing the portfolio of premium offices, as demand would eventually rise post-Covid and corporate occupiers would focus on quality, sustainability and integrated amenities. BOLD OBJECTIVE The case: create a large, institutional-quality Class A office portfolio of roughly 129k sqm, anchored by One Tower and One Cotroceni Park, built to generate predictable recurring income and long-term asset appreciation. The IPO plan included development and redevelopment assets; portfolio income at IPO was below EUR 2m. 28
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BUILDING THE OFFICE PLATFORM Archive images from the development of the initial office portfolio One North Gate One Cotroceni Park One Floreasca City 29
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RENTAL INCOME TODAY, WITH GROWTH INTO YEAR-END Group rental platform | H1 2026 baseline and end-2026 expectations Standing portfolio at H1 2026: 152k sqm GLA | 95% leased | 93% occupied | EUR 28.6m annualized headline NOI 195k sqm GROUP GLA BY END-2026 Including the developments due for completion 96% LEASED / PRE-LEASED End-2026 portfolio, including pre-leases c. €40.5m ANNUALIZED HEADLINE NOI Expected at end-2026; not period cash receipts 6.9 years WAULT BY YEAR-END 2026 Expected end-2026 portfolio Group scope: KPIs include Eliade Tower and Mondrian; One Income Properties has a separate initial perimeter. ASSET LEASING -MANAGEMENT UPDATE • One Tower | fully let • One Cotroceni Park Office Phase 1 & 2 | fully let • One Technology District (Infineon BTS) | fully leased / pre-leased • One Victoriei Plaza (Intesa Bank HQ) | fully let • One Gallery | fully leased / pre-leased • Bucur Obor | 90% leased (management update) Lease commitments and physical occupancy are different measures. Asset updates above are from the Investor Day management deck. H1 2026: 5,000 sqm leased / pre-leased and 320 sqm renewed. Source: ONE H1 2026 report, rental portfolio section. 30
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THE PORTFOLIO TODAY Core properties in the recurring-income platform One Cotroceni Park One Tower One Gallery 31
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ONE INCOME PROPERTIES AND THE 2031 AMBITION Clearer rental asset values, recurring cash flow and a platform for disciplined growth AT IPO | 2021 PLANNED OFFICE PORTFOLIO GLA 129k sqm ESTIMATED VALUE ONCE STABILIZED €289m ONE INCOME PROPERTIES PROPOSED INITIAL GROSS ASSET VALUE c. EUR 575m PRO FORMA NAV, INCLUDING MINORITIES c. EUR 300m GROUP RENTAL | 2031 TARGET RENTAL PORTFOLIO SIZE (GLA) 300k+ sqm GAV AMBITION | M&A + DEVELOPMENT €1.0bn Initial One Income Properties perimeter: One Tower, One Cotroceni Park Office 1 & 2, One Victoriei Plaza, One Gallery, One Technology District and Bucur Obor. GAV and NAV follow the strategy presentation; Group rental KPIs cover a wider portfolio. VISIBLE PROPERTY VALUES AND RECURRING DISTRIBUTIONS One Income Properties is designed to make rental property values more visible and turn steady rental cash flow into recurringshareholder distributions. The growth ambition is supported by disciplined acquisitions and development; targets depend on execution and market conditions. 32
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Thank you for joining our 2026 Capital Markets Day! See you in 2027!