Interim report
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2 One Tower 165 Calea Floreasca, 16th floor, Bucharest, Romania, 014459 +40 31 22 51 000 investors@one.ro www.one.ro ONE UNITED PROPERTIES S.A Registered office: 20 Maxim Gorki Street, District 1, Bucharest, Romania (EUID) ROONRC.J2007021705402, RO 22767862 The interim condensed consolidated financial statements presented on the following pages are prepared in accordance with International Financial Reporting Standards applicable to interim reporting, as applied in the European Union (“IFRS”). The interim condensed consolidated financial statements as of June 30th, 2026, are not audited. The financial figures presented in the descriptive part of the report that are expressed in million RON are rounded off to the nearest integer. This may result in small reconciliation differences.
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3 ADJUSTED NET ASSET VALUE OF ONE UNITED PROPERTIES ___________________________ 4 FINANCIAL RESULTS HIGHLIGHTS ________________________________ _______________________ 5 KEY EVENTS IN H1 2026 ________________________________ ________________________________ ___ 8 KEY EVENTS AFTER CLOSING OF H1 2026 ________________________________ ______________13 ANALYSIS OF THE FINANCIAL RESULTS ________________________________ ________________16 REVENUE RECOGNITION OF RESIDENTIAL SALES ________________________________ _____21 REVENUE RECOGNITION OF INVESTMENT PROPERTIES ______________________________ 23 CONSOLIDATED PROFIT&LOSS STATEMENT (RON) ________________________________ ____24 CONSOLIDATED PROFIT&LOSS STATEMENT (EUR) ________________________________ _____25 CONSOLIDATED BALANCE SHEET (RON) ________________________________ _______________26 CONSOLIDATED BALANCE SHEET (EUR) ________________________________ ________________27 KEY FINANCIAL RATIOS ________________________________ ________________________________ __28 INDIVIDUAL PROFIT&LOSS STATEMENT (RON) ________________________________ ________29 INDIVIDUAL BALANCE SHEET (RON) ________________________________ ____________________30 OUTLOOK AND RISKS FOR 2026 ________________________________ _________________________ 31 ABOUT ONE UNITED PROPERTIES ________________________________ ______________________35 DECLARATION OF THE MANAGEMENT ________________________________ _________________40 TABLE OF CONTENTS Financial report as of June 30th, 2026
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4 ADJUSTED NET ASSET VALUE OF ONE UNITED PROPERTIES NET ASSET VALUE EUR 1,239,617,807 Attributable to owners NAV PER SHARE* RON 61.91 EUR 11.79 LOAN -TO -VALUE 16.5% Total external debt to total assets under control *NAV per share computed on the final number of shares of 105,123,422, after cancellation of 5,376,578 treasury shares, including shares purchased during July 2026 PTO and through share buybacks. Gross assets attributable to owners of the Group EUR '000 % total assets Residential – finalized 138,670 7.8% Residential – delivery 2026 495,545 27.8% Total residential – finalized + delivery 2026 634,215 35.6% Residential – under construction, delivery 2027 and after 172,050 9.7% Residential – pipeline (development to start 2026-2027 or later) 215,636 12.1% Total residential – under construction + pipeline development 387,686 21.8% Rental properties – finalized 316,857 17.8% Rental properties – delivery 2026 90,338 5.1% Total rental properties 407,195 22.9% Other assets (primarily net receivables from client contracts) 289,688 16.3% Cash and cash equivalents 61,090 3.4% Total cash and receivables from clients’ contracts 350,778 19.7% Total gross assets attributable to owners of the Group 1,779,875 100.0% Deferred tax (156,693) 8.8% External debt, only the share of the owners of the Group, without minorities share of external debt (260,315) 14.6% Trade payables (52,016) 2.9% Client advances (71,234) 4.0% Net assets value attributable to owners of the Group 1,239,617 Assets under control EUR '000 Shares Assets attributable to owners of the Group 1,779,875 Current number of shares 110,500,000 Minorities interest in total assets (including their share of external debt) 256,468 Shares to be cancelled (5,376,578) Total assets under control 2,036,343 Final number of shares 105,123,422 Basis of preparation of the Net Asset Value The NAV is calculated by management based on its detailed knowledge and understanding of the Company’s assets, liabilities an d operations. It is intended to provide management’s best estimate of the current net value of the Company’s assets. The calculation follows a straightforward approach, similar to the way an individual or a family would assess its own net worth: the estimated current value of apartments, land, buildings, receivables, cash and other assets is aggregated, and taxes, borrowings and other liabilities are deducted. The NAV is a management estimate involving judgements and assumptions. It is not an IFRS measure, it has not been audited, and the amounts ultimately realized may differ from those presented.
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5 FINANCIAL RESULTS HIGHLIGHTS In December 2025, a new legislative framework applicable to the Romanian residential real estate market introduced additional administrative steps required before preliminary sale -purchase agreements can be signed. As revenue recognition under IFRS 15 is l inked to signed preliminary sale -purchase agreements, the implementation of the new framework created a temporary timing lag between transaction activity and revenue recognition, particularly impacting H1 2026 results and recently launched developments. Consequently, the Company recognized only a limited portion of new sales concluded during H1 2026 in its reported revenues, despite continued strong underlying demand, reservation activity and customer cash collections. Accordingly, H1 2026 financial results should be analyzed in the context of this temporary legislative and accounting timing im pact. Further details regarding these changes and their accounting implications are included in the report. Key financial figures for H1 2026 • Adjusted Net Asset Value 1 attributable to One United Properties shareholders amounted to EUR 1.24 billion as of June 30th, 2026, corresponding to a NAV per share of RON 61.91 (EUR 11.79). The LTV ratio, calculated as total external debt divided by total assets under control, stood at 1 6.5%, while total assets under control reached EUR 2.04 billion. • Amounts to be received under contracts concluded with customers as of June 30 th, 2026, are EUR 445 million in additional cash by 2029 (EUR 150 million in 2026, EUR 165 million in 2027, EUR 85 million in 2028 and EUR 45 million in 2029), representing the highest level of contracted future cash inflows recorded by the Company to date; EUR 27 million was collected in H1 2026 alone. • One United Properties registered a turnover of RON 440.3 million in H1 2026, down 47% YoY, the result reflecting the temporary timing impact generated by the new legislative framework governing residential client advance payments in Romania, effective starting December 2025, which impacts the timing of revenue recognition under IFRS 15. On a comparable basis to H1 2025, thus excluding the temporary impact generated by the legislative changes and the related IFRS 15 revenue recognition timing lag, turnover would have amounted to RON 742.5 million (-10% YoY). • Revenues from the residential segment amounted to RON 230.5 million, a 64% YoY decrease (RON 532.6 million like-for-like, -17%). The net income from residential property amounted to RON 59.5 million, down 74% YoY, with the net margin from residential sales amounting to 25.8%. • Rental income including revenues from services to tenants increased 3% YoY, to RON 83.9 million in H1 2026, reflecting stable rental properties portfolio. Net rental income increased 6% YoY, up to RON 56.8 million. • Gross profit reached RON 96.5 million in H1 2026, down 68% YoY, while the net profit amounted to RON 79.2 million for H1 2026, down 68% YoY, both reflecting mainly the temporary impact generated by the change in the real estate legislation. • Average maturity left for outstanding loans as of June 30 th, 2026, was 7.2 years for bank loans related to investment property assets (EUR 242.5 million) and 1.8 years for the bank loans related to development of residential property assets (EUR 90.8 million). 1 The NAV is calculated by management based on its detailed knowledge and understanding of the Company’s assets, liabilities an d operations. It is intended to provide management’s best estimate of the current net value of the Company’s assets. The calculation follows a straightforward approach, similar to the way an individual or a family would assess its own net worth: the estimated current value of apartments, land, buildings, receivables, cash and other assets is aggregated, and taxes, borrowings and other liabilities are deducted. The NAV is a management estimate involving judgements and assumptions. It is not an IFRS measure, it has not been audited, and the amounts ultimately realized may differ from those presented.
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6 Key events in H1 2026 • 229 residential and commercial units with a total surface of 25,221 sqm and 396 parking and storage spaces were sold, pre -sold and reserved for a total of EUR 106.1 million in H1 2026, of which EUR 102.9 million related to reservations and EUR 2.6 million to contracted pre-sales. • The average price for units contracted reached EUR 3,853 per sqm in H1 2026, vs EUR 3,105 per sqm in H1 2025, a 24% YoY increase, driven by the demand for One Floreasca Sunset and One Academy Club. • In H1 2026, One United Properties completed its first land acquisition in the United States, located in Franklin, Williamson County, Tennessee, within the Nashville metropolitan area. The acquired land, where One Liberty Pike will be developed, has a total surface of 6.5 acres, with an IFRS carrying value of USD 6.25 million as of June 30th, 2026. • As of June 30th, 2026, 75% of the units under construction were already contracted, with 1,002 units being available in the sales team's portfolio. Across the finalized residential portfolio, there are an additional 158 units available. • As of June 30 th, 2026, One United Properties had under construction a total of 3,939 units, 43k sqm of rental properties with a total Gross Development Value (GDV) of EUR 1.53 billion. • Annualized Headline NOI of the rental portfolio was EUR 28.6 million. The current lease portfolio comprises 152k sqm of GLA, with 95% leased and 93% of tenants already moved in. The WAULT of the current lease portfolio stood at 5.2 years as of June 30 th, 2026. In H1 2026, ONE leased and pre-leased 5,000 sqm of office and retail spaces and signed lease extensions for a total area of 320 sqm. • Following the completion of the developments currently under construction, including One Gallery, One Technology District and Mondrian Hotel, the total lease portfolio is expected to reach 19 5k sqm of GLA by the end of 2026, with an annualized Headline NOI of EUR 40.5 million, with 96% occupancy and a WAULT of 6.9 years. Key events following the closing of H1 2026 • On July 12 th, 2026, One United Properties marked the fifth anniversary of its listing on the Bucharest Stock Exchange . Since the IPO, the Company has recorded residential transactions exceeding EUR 1.05 billion, corresponding to 3,595 residential and commercial units sold, pre-sold or reserved. • On July 14 th, 2026, One United Properties successfully completed its Public Tender Offer, repurchasing own shares representing approximately 3.9% of the Company’s share capital , for RON 142.1 million. • Following the cancellation of treasury shares held by the Company, resulting from PTO and past buybacks, the number of issued shares will decrease by approximately 4.9%, resulting in an increase of approximately 5.1% in the proportional ownership interest of existing shareholders. • One United Properties will expand its investment activity in the United States, with Miami, Florida identified as the next target market. The Company targets completing its first investment in Miami by the end of 2026.
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7 • H1 2026 Results Call August 27th, 2026 Victor Capitanu Cosmin Samoila Zuzanna Kurek CFO Moderator | IR Manager 10:00 AM EEST | 09:00 AM CEST |08:00 AM GMT Register to receive the ZOOM log-in details HERE. Join the H1 2026 earnings results call with the management of One United Properties to discuss the performance in the first six months of 2026, and the outlook for the year. The call will be held in English. co-CEO
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8 KEY EVENTS IN H1 2026 BUSINESS HIGHLIGHTS Residential sales, pre-sales and reservations In H1 2026, One United Properties recorded residential transactions of EUR 106.1 million, including sales, pre-sales and reservations, corresponding to 229 residential and commercial units with a total surface of 25,221 sqm, as well as 396 parking and stor age spaces. The data is not directly comparable to the same period of last year, as reservations were introduced as a distinct transaction stage starting with 2026 under the new Romanian legislative framework governing client advance payments, shifting the timing of recognition of client commitments. For information purposes, in H1 2025, the Group sold and pre-sold 301 residential and commercial units with a total surface of 28,602 sqm and 332 parking and storage spaces for EUR 95.4 million. Beginning with 2026, Romanian legislation introduced a staged advance payment mechanism linked to construction progress. Under the new framework, transactions that would previously have been recorded directly as pre-sales are now initially booked as reservations until the first contractual payment milestone is reached. Consequently, reservations have become the primary indicator of commercial activity for newly launched developments. While this changes the timing of revenue recognition under IFRS 15, it doe s not affect underlying customer demand, contracted cash flows or the economics of the Company's developments. Of the EUR 106.1 million residential transactions recorded in H1 2026, EUR 102.9 million related to reservations, while EUR 2.6 million represent ed contracted pre-sales, reflecting the early-stage nature of the developments launched during the period. The H1 2026 pre-sales and reservations across the portfolio, together with the total number of units sold or reserved from launch until June 30th, 2026, are as follows: Development Estimated delivery Contracted units in H1 2026 Total units contracted from construction start Total units developed Units available for sale One Floreasca Sunset Q3 2028 159 165 227 62 One Lake District Phase 2 Q3 2027 35 507 863 356 One Academy Club Q4 2027 14 93 159 66 One Lake Club Phase 1 Q3 2026 8 390 601 211 One Mamaia Nord Phase 3 Q1 2028 8 79 128 49 Other developments 5 3,832 4,248 416 TOTAL UNITS CONTRACTED 229 5,066 6,226 1,160 Commercial activity in H1 2026 was primarily driven by newly launched developments, reflecting the Company's transition into its largest delivery year to date. Unlike the previous two years, when transactions were primarily generated by developments already under construction and with limited new launches, the current period was dominated by the newly launched developments. One Floreasca Sunset was the bestselling development during the period, with approximately 73% of its residential and commercial units reserved since sales began at the end of March 2026, making it one of the most successful launches in the Company's history and confir ming continued demand for One United Properties' premium residential offering. The shift in the sales mix was also reflected in pricing. The average contracted selling price reached EUR 3,853/sqm in H1 2026, compared to EUR 3,105/sqm in H1 2025, representing a 24% year -on-year
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9 increase, driven primarily by the launch of higher -value developments, including One Floreasca Sunset and One Academy Club. As of June 30 th, 2026, 75% of all units under construction were already contracted, with 1,002 units remaining available for sale across developments under construction. Across the finalized residential portfolio, the Group had an additional 158 units available for sale, of which 122 units are located in developments completed during 2025 and 2026 and 36 units in developments completed prior to 2025. As of June 30th, 2026, the Company had EUR 445 million of contracted cash collections scheduled through 2029, comprising EUR 150 million expected in 2026, EUR 165 million in 2027, EUR 85 million in 2028 and EUR 45 million in 2029. During H1 2026 alone, EUR 27 million was collected from customers. These contracted inflows provide strong visibility over future cash generation and represent the highest level ever recorded in the Company's history, reflecting the strength of sales activity and development pipeline. To meet the demand and further expand its residen tial portfolio, the Company plans to continue launching new developments during 2026 and 2027, based on how fast the authorities issue the building permits, including One City Club, One Cotroceni Towers and One Park Lane in Bucharest, as well as One Riverfront in Sibiu. Historical cash inflows Future contracted cash inflows 2021 2022 2023 2024 2025 2026 2027 2028 2029 EUR 142m EUR 128m EUR 211m EUR 174m EUR 154m EUR 150m EUR 165m EUR 85m EUR 45m Rental properties lease status The annualized headline Net Operating Income (NOI), for the standing rental portfolio as of June 30 th, 2026 was EUR 28.6 million, with WAULT for standing portfolio amounting to 5.2 years . The lease status across the commercial portfolio as of June 30th, 2026, is presented below: Development Status Delivery/ Acquisition GLA % Leased / Pre-leased % Tenants moved WAULT One Tower Developed 2020 24,073 100% 100% 6.0 One Cotroceni Park 1 Developed 2022 47,001 99% 97% 6.0 Bucur Obor Acquired 2022 25,215 72% 72%1 2.4 One Victoriei Plaza Acquired 2022 12,000 100% 100% 2.9 One Cotroceni Park 2 Developed 2023 35,797 100% 95% 6.4 Eliade Tower Acquired 2022 7,860 92% 87% 2.3 TOTAL CURRENT LEASE PORTFOLIO 151,946 95% 93% 5.2 One Gallery In development 2026 14,845 100% n/a 11.9 One Technology District In development 2026 21,514 100% n/a 15.0 Mondrian Hotel In development 2026 6,447 100% n/a n/a TOTAL LEASE PORTFOLIO 194,752 96% n/a 6.9 NOTE: 1Due to the refurbishment process at Bucur Obor , some spaces are intentionally left unoccupied to allow the temporary relocation of certain essential operators while necessary renovations are being conducted inside the building. In H1 2026, One United Properties leased and pre-leased 5,000 sqm of office and retail spaces across the rental properties’ portfolio. Moreover, the Company signed lease extensions for a total area of 320 sqm. Following the completion of the developments currently under construction, including One Gallery, One Technology District and Mondrian Hotel, the total lease portfolio is expected to reach 195k sqm of GLA by the end of 2026, with an annualized Headline NOI of EUR 40.5 million, with 96% occupancy and a WAULT of 6.9 years.
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10 Development As of June 30 th, 2026, One United Properties had under construction a total of 3,939 units, 43k sqm of rental properties with a total Gross Development Value (GDV) of EUR 1.53 billion. Landbank As of June 30 th, 2026, One United Properties had in ownership or under pre -SPA 538.9k sqm of land locations for further development, with total above -ground gross building rights (GBA) of 1.34 million sqm. All these land plots are currently in the planning phase, with es timated GDV of additional EUR 2.7 billion. The Group estimates the construction of 11,000 residential units, services for communities, and 106k sqm of rental properties on these plots of land. Out of the rental properties, 99k sqm will host offices and the remaining 7k sqm will be the Hoxton Hotel, located within buildings that will undergo restoration. EXPANSION Establishing a presence in the United States and first land acquisition On March 12th, 2026, One United Properties announced the decision to establish a presence in the United States residential real estate market, marking the Company’s first step into an international market. This decision followed a multi -year process of evaluating oppor tunities outside Romania and reflects the Company’s strategy of selectively targeting highly liquid residential markets with strong demographic growth and structural housing demand. The strategic rationale for this expansion is grounded in the Group’s objective to diversify its geographic exposure, access deeper and more liquid capital markets, and operate in environments characterized by greater transaction depth, institutional parti cipation and pricing transparency. The United States residential market offers scale, predictable development frameworks and strong long -term fundamentals, providing an attractive complement to the Company’s existing operations in Romania. Under this initiative, the Company identified the Nashville, Tennessee and Miami, Florida metropolitan areas as initial focus markets and completed its first land acquisition in the Nashville region. These markets were selected based on sustained population inflows, diver sified local economies and a structural imbalance between housing supply and demand, supporting long-term development visibility and pricing resilience. The Company intends to pursue this initiative through a disciplined, phased approach, with capital allo cation subject to strict investment criteria, ensuring alignment with its long - term development strategy and risk management framework. In this context, the Company has completed its first land acquisition in the United States, located in the city of Franklin, Williamson County, Tennessee, within the Nashville metropolitan area. The acquired land, where One Liberty Pike will be developed, has a total surface of 6.5 acres. More details HERE. Expansion in Iasi Following the regional expansion initiated in 2025 through the acquisition of land plots in Constanta and Sibiu, One United Properties further expanded its footprint outside Bucharest by signing, on April 27 th, 2026, a Memorandum of Understanding with Everland S.A., a wholly owned subsidiary of Evergent Investments S.A., regarding the acquisition of a land plot in Iasi. The targeted land plot has a total surface area of approximately 25,000 sqm and is located in a prime central area on Bulevardul Primaverii, benefiting from an approved urban zoning plan (PUZ) allowing for the development of a large-scale mixed-use development with a maximum above-ground Gross Building
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11 Area (GBA) of 83,827 sqm. The transaction reflects One United Properties’ strategy of selectively expanding into regional cities where demand for premium, high -quality and sustainable developments continues to grow while supply remains limited, further strengthening the Group’s medium -term development pipeline and supporting the geographic diversification of revenues. More details HERE. GOVERNANCE HIGHLIGHTS OGSM & EGSM from April 29th, 2026 On April 29 th, 2026, One United Properties held the Ordinary and Extraordinary General Meetings of Shareholders. During the GMS, the shareholders approved, among other items, the distribution of the dividend from 2025 profits of RON 48.1 million, with the gross dividend, paid on June 5th, 2026, amounting to RON 0.44 per share. Considering that One United Properties pays dividends twice a year, and taking into account the dividends paid in November 2025 amounting to RON 39.4 million, the cumulative gross dividend per share paid by the Company between November 2025 and June 2026 amounts to RON 0.80. The shareholders also elected the members of the Board of Directors of One United Properties, comprising of Claudio Cisullo, Victor Capitanu, Andrei-Liviu Diaconescu, Marius Diaconu, Augusta Dragic, Uwe Krueger and Costel Lionachescu. The GSM resolutions are available HERE. Favorable court decision concerning One Lake District On May 25th, 2026, the Bucharest Court of Appeals confirmed the validity of the building permit for the One Lake District development by rejecting the second appeals filed by the Bucharest Municipality and the General Mayor of Bucharest. All the court proceedings related to the building permit of One Lake District have been resolved in favor of One United Properties, and the permit remains valid . More information HERE. Favorable court decision concerning One Floreasca Towers On May 26th, 2026, the Bucharest Court of Appeals upheld the validity of the building permit for the One Floreasca Towers development by dismissing the second appeals filed by the Bucharest Municipality and the General Mayor of Bucharest. All the court proceedings related to the building permit of One Floreasca Towers have been resolved in favor of One United Properties, and the permit remains valid . More information HERE. Favorable court decision concerning One Peninsula On July 7 th, 2026, the Bucharest Court of Appeals upheld the favorable judgment rendered by the Bucharest Tribunal, which had entirely rejected the claim seeking the annulment of the building permits based on which the One Peninsula development is being built, as well as the claim brought by the claimant NGOs requesting the demolition of the buildings and restoration of the land to its initial condition. The court proceedings related to the building permits at One Peninsula have been resolved in favor of One United Properties, and the permits remain valid. More information HERE.
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12 CAPITAL MARKET HIGHLIGHTS 2025 Dividend payment On June 5 th, 2026, One United Properties paid a gross dividend of RON 0.44 per share from the distributable net profit for the 2025 financial year to the shareholders registered as of the May 20th, 2026 record date. Including the interim dividend of RON 0.36 per share paid in November 2025, the total gross dividend distributed during the period November 2025 – June 2026 amounted to RON 0.80 per share. More information HERE. Liquidity In H1 2026, ONE was the 14th most traded stock on BVB in terms of absolute liquidity and 12th most tradable by liquidity to free-float, registering trades of RON 149.2 million. The market capitalization as of June 30th, 2026, was RON 3.54 billion. During H1 2026, ONE shares increased 8%, compared to the BET index, which advanced 3 3% in the same period, reflecting a broader market rally across the Bucharest Stock Exchange registered during the first half of the year.
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13 KEY EVENTS AFTER CLOSING OF H1 2026 REGULATORY AND ADMINISTRATIVE DEVELOPMENTS ANCPI cyberattack and its impact on cadastral procedures On July 14th, 2026, the National Agency for Cadastre and Land Registration (ANCPI) suffered a ransomware attack affecting the IT infrastructure supporting the e-Terra cadastral and land registration system. The incident resulted in the temporary suspension of cadastral registrations and the issuance of land book documentation required for a broad range of real estate transactions , including the registration of newly completed residential units, the signing of preliminary sale -purchase agreements, the conclusion of final sale contracts and the registration of ownership transfers. Although the e -Terra system resumed operations in mid -August 2026, the period of unavailability generated a backlog of requests that continues to be processed by ANCPI and local cadastral offices. The Company continues to coordinate with the relevant authorities and external specialists to complete the required procedures, while delays in processing may temporarily affect the timing of certain deliveries, ownership transfers, cash collections and revenue recognition. OPERATIONAL HIGHLIGHTS One High District – construction completed The construction works for One High District have been completed, marking an important milestone for one of the Company’s key residential developments scheduled for delivery. The development comprises 841 units across three residential towers, located on a land plot of approximately 25,000 sqm, of which more than 30% is dedicated to green areas. Located in the northern area of Bucharest, One High District was designed as a mixed -use residential development integrating residential units, commercial spaces and community facilities. The development represents an important contribution to the Company’s residential delivery pipeline for 2026. One Lake District – construction reception process initiated The Company initiated the construction reception process for One Lake District Phase 1, representing an important milestone towards the completion and delivery of residential units. One Lake District is one of the largest residential developments in the Company’s portfolio, located on the shore of Plumbuita Lake. The full development, built in 3 phases, is planned to comprise over 1,950 residential apartments across eight residential buildings, complemented by commercial spaces and community services. Developed on approximately eight hectares of land, One Lake District integrates residential, commercial and leisure facilities, with a focus on sustainable design and a lakefront living concept. One Technology District – construction reception completed The construction reception process for One Technology District has been completed, marking an important milestone for the Company’s rental properties portfolio. Developed by One United Properties for Infineon Technologies, a global semiconductor leader, the development is set to become one of the largest semiconductor research and development centers in Southeast Europe. The development represents one of the largest pre -lease agreements recorded in the Bucharest office market, with a 15 -year lease agreement with Infineon Technologies . One Technology District includes 21,514 sqm of gross lettable area, including laboratory spaces, and incorporates advanced sustainability
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14 solutions, including a geoexchange system, rooftop solar panels and heat recovery units, targeting LEED Platinum certification. CAPITAL MARKET HIGHLIGHTS Completion of the Public Tender Offer and Treasury Shares Position Between July 1st and 14th, 2026, One United Properties successfully completed its Public Tender Offer for the repurchase of its own shares. Shareholders tendered a total of 4,307,178 shares, representing approximately 3.90% of the Company’s share capital, all of which were repurch ased at a price of RON 33.0 per share, for a total consideration of RON 142.1 million. More information HERE and HERE. Prior to the Public Tender Offer, the Company already held 1,069,400 treasury shares, representing approximately 0.97% of its share capital, acquired through previous share buyback transactions. Following settlement of the Public Tender Offer on July 17th, 2026, the Company therefore held a total of 5,376,578 treasury shares, representing approximately 4.87% of the current share capital. Subject to completion of the applicable corporate and regulatory procedures, the cancellation of the treasury shares would reduce the total number of shares from 110,500,000 to 105,123,422. Assuming a shareholder maintains the same number of shares, this r eduction in the total share count will increase that shareholder’s proportional ownership in the Company by approximately 5.1%. The share repurchases (via buybacks and the PTO) and their subsequent cancellation form part of the Company’s capital allocation strategy, complementing the cash dividend distributed to shareholders and supporting long-term value creation through a reducti on in the number of shares outstanding and the resulting accretion in proportional ownership for continuing shareholders. Five years since IPO on the Bucharest Stock Exchange On July 12th, 2026, One United Properties marked five years since its listing on the Main Market of the Bucharest Stock Exchange. Since the IPO completed in July 2021, the Company has raised RON 853.8 million through three equity transactions, distributed approximately RON 390 million in dividends to shareholders and recorded cumulative trading volumes exceeding RON 1.7 billion on the Bucharest Stock Exchange. During the five years as a listed company, One United Properties significantly expanded its business scale, with total assets increasing from RON 1.7 billion at year-end 2020 to RON 6.9 billion as of June 30th, 2026, while equity increased from RON 824 million to RON 3.8 billion. The Company also diversified its business model by expanding its office, retail and hospitality portfolios, while continuing to develop a significant residential pipeline. The Company’s growth as a listed entity has been accompanied by increased capital markets visibility, with ONE shares included in local and international indices, including BET, FTSE Global All Cap, FTSE Global Mid Cap, MSCI Frontier Markets and MSCI Romania. As of 2026, the Company has approximately 9,730 shareholders, representing a 2.5x increase compared to the time of listing. More information HERE.
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16 ANALYSIS OF THE FINANCIAL RESULTS Important context regarding the new legislative framework applicable to the real estate sector in Romania Starting with December 2025, the Romanian residential real estate market operates under a new legislative framework governing preliminary sale-purchase agreements and client advance payments for residential developments. Under the new rules, preliminary sa le-purchase agreements can only be signed after the building permit is registered and the required cadastral and land book documentation is completed. The legislation also introduces the concept of preliminary unit subdivision (Romanian: preapartamentare), allowing individual land books for future units to be opened prior to completion of construction, based on cadastral and notarial documentation. For newly launched developments where the preliminary unit subdivision process is not yet finalized, transactions are initially reflected as reservation agreements before converting into preliminary sale- purchase agreements once the relevant administrative procedures are completed. As revenue recognition under IFRS 15 is linked to signed preliminary sale -purchase agreements, reservations alone do not generate accounting revenue recognition. As a result, the implementation of the new framework creates a temporary timing impact between transaction activity and revenue recognized in the financial statements, particularly during the transition period following the introduction of the legislation and for developments in the early launch stage. Accordingly, a portion of the demand and transaction activity recorded during H1 2026 is not yet reflected in the reported revenues, despite underlying customer demand, reservation activity and future customer cash inflows remaining strong. The Company expects this timing effect to gradually normalize by 2027. To help investors better understand the impact of the new law on the Company’s financial statements, in the earnings analysis, figures shown in brackets represent management -adjusted results excluding the temporary impact generated by the legislative changes applicable to residential advance payments introduced in December 2025 and the related IFRS 15 revenue recognition timing lag, in order to provide a comparable view of the Company’s underlying operational performance and transaction activity. EARNINGS ANALYSIS The consolidated turnover of One United Properties amounted to RON 4 40.3 million in H1 2026, down 47% year-over-year (YoY) (RON 742.5 million, -10% YoY on a like-for-like basis, excluding the temporary impact of legislative changes). Revenues from sales of residential property decreased 64%, to RON 230.5 million (RON 532.6 million, -17% YoY like-for-like). The results reflect both the implementation of the new legislative framework applicable to residential developments in Romania (as explained above), as well as the current maturity profile of the Group’s development portfolio and its impact on revenue reco gnition (for more information about the revenue recognition of residential sales at One United Properties, consult the dedicated chapter of this report, available HERE). Compared to previous years, when a larger share of the portfolio was in earlier, thus heavier, construction phases, a significant part of the current portfolio is now in finishing stages and approaching delivery, temporarily moderating the pace of revenue recognition until deliveries to end clients accelerate revenue and profit recognition.
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17 Net income from residential property amounted to RON 59.5 million in H1 2026 (RON 177.2 million like- for-like, -23% YoY like-for-like), compared to RON 231.6 million in H1 2025, while the residential segment generated a 25.8% net margin, compared to 36.1% in H1 2025. The Company targets, with each development, a net margin of minimum 35%, with the margin reported for the period varying depending on the construction stage across the portfolio and the overall product mix. The margin recorded in H1 2026 reflects both the current mix of sales, characterized by a higher contribution from newly launched developments versus a year prior, as well as the advanced construction stage of a significant part of the portfolio currently approaching delivery. Rental income, comprising revenues from the rental properties division and revenues from tenant services, reached RON 83.9 million in H1 2026, marking a 3% increase compared to H1 2025, driven by the continued stabilization and operational maturity of the rental properties portfolio. Net rental income increased by 6% YoY, reaching RON 56.8 million, supported by higher rental revenues and strong occupancy across the office portfolio. The Company’s rental portfolio had a 95% lease rate as of June 30th, 2026, with 93% of tenants having already moved in. Gains from investment property amounted to RON 104.1 million in H1 2026, compared to RON 87.8 million in H1 2025. The result was primarily driven by RON 89.2 million in gains from rental properties under development, reflecting the progress of the rental properties development pipeline – representing One Gallery and One Technology District, and RON 16.1 million in gains from investment property for further development, representing One Liberty Pike land located in Tennessee, USA, partially offset by a RON 1.2 million loss on disposal of investment property. General and administrative expenses increased to RON 55.3 million in H1 2026, compared to RON 31.0 million in H1 2025. The increase reflects primarily the recognition of expenses related to the Stock Option Plan ("SOP") for the executive members of the Boa rd of Directors, amounting to RON 20.7 million, approved by shareholders during the General Meeting of Shareholders held on April 29th, 2026. In accordance with IFRS accounting standards, the related expense started being recognized as of Q1 2026. The amount represents a non-cash expense and therefore has no impact on the Company’s cash position or liquidity. Other operating expenses amounted to RON 11.8 million, compared to RON 10.3 million in H1 2025. Out of this amount, RON 6.7 million represented CSR-related sponsorships made during H1 2026, which are expected to be partially deducted from profit tax. The result from operating activity (EBITDA) amounted to RON 157.2 million in H1 2026 (RON 274.9 million like-for-like, -18% YoY), while gross profit reached RON 96.5 million (RON 214.2 million like-for-like, -29% YoY) and net profit totaled RON 79.2 million (RON 178.1 million like-for-like, -28% YoY). The income tax amounted to RON 17.3 million for H1 2026, of which RON 7.5 million amounted to actual profit tax expenses and RON 9.8 million is the deferred income tax. The evolution in H1 2026 compared to H1 2025 reflects primarily the impact of the new residential legislation, the current stage of the development cycle, as well as the more challenging temporary macroeconomic backdrop in Romania, including weaker GDP dynamics and softer consumption trends, rather than a change in underlying demand fundamentals or operational performance. Selected P&L positions (RON) H1 2026 H1 2025 Δ % Revenues from sales of residential property1 230,454,863 642,264,536 -64% Cost of sales of residential property (162,779,823) (401,775,368) -59% Net income from residential property1 59,484,072 231,580,286 -74% Rental income incl. revenues from tenant services 83,854,878 81,343,607 3% Expenses from services to tenants (19,693,321) (21,564,397) -9% Net rental income 56,750,836 53,530,905 6% Gains from investment property 104,126,057 87,844,482 19%
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18 G&A Expenses (incl. SOP non-cash impact) (55,259,044) (31,004,817) 78% Other operating expenses (11,779,156) (10,326,600) 14% Result from operating activity (EBITDA) 157,178,871 335,832,298 -53% EBT1 96,520,857 299,727,658 -68% Net profit1 79,223,510 248,365,117 -68% ¹ On a comparable basis to H1 2025, thus excluding the temporary impact generated in H1 2026 by the legislative changes applicable to the Romanian residential real estate market and the related IFRS 15 revenue recognition timing lag, revenues from sales of re sidential property in H1 2026 would have amounted to RON 532.6 million (-17% YoY), net income from residential property would have amounted to RON 177.2 million (-23% YoY), EBT would have amounted to RON 214.2 million (-29% YoY), while net profit would have amounted to RON 178.1 million (-28% YoY). These figures are provided for illustrative purposes and do not represent IFRS financial information. ASSETS Total assets grew 4% in the first six months of 2026, amounting to RON 6.9 billion. Non -current assets grew by 6%, reaching approximately RON 3. 6 billion, while investment properties increased by 6%, reaching RON 3.4 billion as of the end of H1 2026. The increase was primarily driven by the continued advancement of the rental properties development pipeline and the Group's landbank, including the ongoing construction progress at One Technology District (+65%), One Gallery (+22%), and the Mondrian Hotel (+30%), as well as the addition of One Liberty Pike, the Group's first land acquisition in the United States. The increase in investment properties was partially offset by the transfer of One Mamaia Nord Phase 3 from investment properties to residential developments following the commencement of construction and sales, as well as the decrease in residential units previously held for rental that were sold during the period. Office & landbank '000 RON 30.06.2026 31.12.2025 One United Tower 446,599 449,087 One Cotroceni Park - Office 1 635,363 638,708 One Cotroceni Park - Office 2 464,561 459,199 One Cotroceni Park - Office 3 39,189 39,176 One Cotroceni Park - Office 4 88,555 87,925 One Victoriei Plaza 138,527 138,527 One Technology District 266,909 162,188 Eliade Tower 42,395 42,306 Bucur Obor 373,364 368,927 One Gallery 324,282 266,381 One Baneasa Airpark 18,033 18,033 Mondrian Hotel 105,248 80,967 One Carpathian 9,464 9,077 One Downtown 57,473 56,446 One Mamaia Nord 3 - 15,214 One City District 178,748 176,972 One City Club 43,441 42,491 One Liberty Pike 32,774 - Residential units for rental 77,671 90,346 Other 78,025 77,247 TOTAL 3,420,621 3,219,220 Current assets increased by 3% compared to December 31st, 2025, reaching RON 3.3 billion as of June 30th, 2026. The increase was primarily driven by a 23% increase in inventories, which reached RON 1.4 billion, supported by the continued advancement of the Group's residential development pipeline. The increase in inventories was mainly driven by the inclusion of One Mamaia Nord Phase 3 and One Floreasca Sunset in residential developments following the commencement of construction and sales, as well as the continued advancement of ongoing developments such as One Lake District and One Lake Club. The increase was partially offset by unit deliverie s across finalized developments, including One Cotroceni Park, One Verdi Park and One Floreasca Towers. The remaining developments recorded One Cotroceni Park Office P1 19% One Cotroceni Park Office P2 14% One Tower 13% Bucur Obor 11% One Gallery 10% One Technology District 8% One City District 5% Other office & landbank 20%
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19 One Lake District 21% One Lake Club 19% One High District 11% One Cotroceni Towers 10% One Floreasca Sunset 6% One North Lofts 6% One Peninsula 5% One Academy Club 4% Other inventories 18% varying increases or decreases in inventory, reflecting the pace of construction and residential sales evolution, as presented in the Business Highlights section. EQUITY AND LIABILITIES Equity remained stable as of June 30th , 2026, amounting to RON 3.8 billion . The only significant movement was recorded for other capital reserves, which increased more than five -fold, to RON 24.2 million, representing the recognition of the equity reserve associated with the Company's Share Option Plan (SOP). Own shares remained stable at negative RON 29.5 million, reflecting the shares bought back from the market under the share buyback program initiated on December 12 th, 2024, with the purpose of share cancellation. Total liabilities increased by 10% compared to December 31 st, 2025, amounting to RON 3.1 billion as of June 30th, 2026. Non-current liabilities increased by 21%, reaching RON 2.1 billion, primarily driven by a 27% increase in loans and borrowings from banks and others, which amounted to RON 1. 7 billion as of period end. This includes the drawdowns for One Lake Club, One High District, One Gallery and One Technology District. Current liabilities decreased by 7%, to RON 976.3 million, mainly due to a 13% decrease in advance payments from customers, which amounted to RON 432.6 million, and a 3% decrease in short-term loans and borrowings from banks and others. DEBT PROFILE & MATURITY SCHEDULE Average maturity left for outstanding loans as of June 30th, 2026, was 7.2 years for bank loans related to investment property assets (EUR 242.5 million) and 1.8 years for the bank loans related to development of residential property assets (EUR 90.8 million). Average interest margin over EURIBOR 3 months was between 1.5% and 3%. The maturity profile of outstanding bank loans as of June 30th, 2026 is presented below: Residential Property in '000 RON 30.06.2026 31.12.2025 One Verdi Park 19,326 20,752 One Cotroceni Park – Residential 27,528 32,751 One Cotroceni Towers 132,369 129,956 One Modrogan 40,297 39,466 One Mircea Eliade 1,846 1,846 One Peninsula 65,232 57,532 One Herastrau Towers 2,269 2,286 One Floreasca Vista 220 246 One Timpuri Noi 480 523 One Mamaia Nord 2 32,247 30,421 One Mamaia Nord 3 21,703 - One Herastrau Vista 25,872 25,109 One High District 152,133 124,234 One Lake Club 262,087 232,803 One Lake District 284,930 218,560 One North Lofts 77,768 70,302 One Floreasca Towers 50,922 52,781 Carpathian Lodge 2 21,952 15,126 One Academy Club 54,293 48,716 One Floreasca Sunset 83,553 - Other inventories 10,812 10,719 TOTAL 1,367,838 1,114,127
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20 Debt maturity Amount (EUR) 2026 4,887,373 2027 26,311,009 2028 58,854,559 2029 35,298,996 2030 12,483,056 2031 28,331,232 2032 96,418,528 2033 20,299,088 2034 5,958,952 2035 and beyond 44,422,124 TOTAL 333,264,915 Overall, the long-term financing structure of One United Properties is primarily supported by the rental properties portfolio, which is financed through long -term loans serviced mainly from recurring rental income, with a portion of the principal being amortized annually. At the same time, developments targeting the mid- and mid-high income segments generally require, on a relative basis, a higher level of debt financing compared to high and very high -income developments, where clients historically contributed a larger share of the unit value throughout the construction period through staged advance payments. Following the implementation of the new legislative framework in Romania starting with 2026, the utilization schedule of client advance payments by developers is now linked to construction milestones, which may increase the relative financing needs during the earlier phases of development. CASH INFLOWS In H1 2026, One United Properties recorded cash inflows of EUR 27 million from contracted unit sales, pre-sales and reservations. Due to the temporary timing impact generated by the legislative changes applicable to the Romanian residential real estate market starting December 2025, a significant portion of the customer activity recorded during the quarter was reflected as reservations pending completion of the required administrative procedures. On a comparable basis, including reservations expected to convert into preliminary sale -purchase agreements following the completion of these procedures, H1 2026 cash inflows would have amounted to approximately EUR 51 million. Contractual cash flows, representing amounts to be received under agreements concluded with customers as of June 30th, 2026, amount to EUR 445 million in additional cash by 2029 (EUR 150 million in 2026, EUR 165 million in 2027, EUR 85 million in 2028 and EUR 45 million in 2029), representing the highest level of contracted future cash inflows recorded by the Company to date. These contracted inflows provide strong visibility over future cash generation and support the continued expansion of the development pipeline over the coming years. The amounts reflect only units contracted as of June 30th, 2026, excluding any sale, pre-sale or reservation concluded after the end of H1 2026.
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21 REVENUE RECOGNITION OF RESIDENTIAL SALES One United Properties recognizes revenues based on pre -sales, matched with the percentage of completion method. The mix of sold vs unsold units, as well as the timing of these sales, particularly in relation to the reporting period, can impact recognized revenues and the associated profit margins. The cost structure of a construction is seldom linear. Initial stages might involve higher expenses related to excavation, laying foundations, and infrastructure development, whereas later stages have costs associated with finishing, fittings, and interior s. Thus, as revenue is recognized based on the stage of completion, the costs paired with that revenue can fluctuate, leading to varying profit margins. Moreover, One United Properties manages construction of multiple developments in parallel, each being at the time of financial reporting a different construction phase, thus having different cost structures. Consequently, some developments could be in their initial phase with heavy infrastructure investments, while others could be in the final stages with different types of costs. When revenues from these developments under construction are pooled together, the blended profit margin can show significant variations. PRINCIPLE OF REVENUE RECOGNITION ACCORDING TO IFRS 15 The recognition of revenues from the sale of residential developments over the construction period, often referred to as the "percentage of completion method," is rooted in the principles outlined in the International Financial Reporting Standards (IFRS), particularly IFRS 15 "Revenue from Contracts with Customers." This method of revenue recognition is used due to: • Matching Principle: Recognizing revenue over the construction period is in line with the matching principle, which suggests that revenues and expenses should be recognized in the same period they are earned or incurred. This allows for better matching of the revenue generated from a development with the expenses associated with that development over time. • Reflects Economic Reality : This method allows the financial statements to better reflect the economic reality of the construction process, which is ongoing. Instead of recognizing all the revenue at once, it’s recognized as value added to the development. • Smoother Earnings : Recognizing revenue over the construction period can result in smoother earnings over multiple periods rather than volatile earnings that occur only when developments are completed. • Improved Cash Flow Prediction: Recognizing revenue progressively provides stakeholders with a better understanding of incoming cash flows, leading to more informed financial planning. • Risk Assessment: Recognizing revenue over time provides better visibility into developments that may be at risk of delays or not meeting expected profitability. This can allow management to take corrective actions more promptly. • Incentive Structure: When revenue is recognized progressively, it might provide a more consistent incentive for project managers and the management team to ensure developments stay on track rather than deferring all efforts and recognition towards the end. The disadvantage of the method is that, unlike the straightforward point -in-time recognition, the percentage of completion method adds layers of complexity, making financial statements harder to decipher for some investors and analysts, sometimes generatin g incorrect presumptions that the revenues or profitability of the Company is decreasing, while it is simply fluctuating due to many developments having different level of completion. Recognizing revenues from sales of residential developments over the con struction period aligns with the IFRS framework's underlying principles and offers various benefits in terms of financial reporting and economic representation.
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22 REVENUE AND PROFIT RECOGNITION EXAMPLE Please note that the below example is illustrative and based on a simplified payment structure. Total Contract Value: EUR 1,000,000 Land cost: EUR 100,000 Development costs: EUR 500,000 Profit Margin: 40% (EUR 400,000 for the whole development) Year 0 (Start of Contract): • At sales kick-off, the client makes a prepayment of 30%, which amounts to EUR 300,000. • No construction has been completed yet, so no revenue or profit is recognized at this point. The amount cashed in - EUR 300,000 is recorded as a liability on One United Properties' balance sheet. Year 1 (End of First Year): • Assume 50% of the construction is completed. • 50% of the total contract value less land amount, or EUR 450,000, is the revenue that should be recognized by the end of Year 1 together with the amount of EUR 100,000 related to land which is recognized as revenue for 100% from year 1 and in correspondence the cost of sale, no margin being recorded to land value. • The cost of sale represents 50% from the development costs of EUR 500,000, therefore EUR 250,000 at which is added the land cost of EUR 100,000 for 100% from year 1, as mentioned at the point above. • As described above, EUR 550,000 represents the revenue, EUR 350,000 represents the cost, and EUR 200,000 is the profit. • Given that One United Properties has already received EUR 300,000, the remaining amount (EUR 250,000) until the total revenue amount recorded of EUR 550,000 is recognized as contract assets under receivable line and the liability of EUR 300,000 is reversed. • In terms of profit recognition for Year 1, One United Properties would recognize EUR 200,000 in profit (36% relative margin). Year 2 (End of Second Year/Upon Delivery): • The construction is 100% complete by the end of the second year. • The total revenue to be recognized over the contract's duration is EUR 1,000,000. • Also, EUR 600,000 (60% of EUR 1,000,000) represents the total cost, and EUR 400,000 (40% of EUR 1,000,000) is the total profit. • Since EUR 550,000 revenue and EUR 200,000 profit were already recognized in Year 1, the remaining revenue to be recognized in Year 2 by One United Properties is EUR 450,000, with a profit of EUR 200,000 and relative margin of 44%. Upon delivery, the client pays the remaining 70% of the contract value, or EUR 700,000, therefore the contract assets recognized in year 1 of EUR 250,000 is reversed and the remaining amount EUR 450,000 represents the revenue for year 2, as mentioned also in the point above. At the contract's conclusion, the revenue recognized by One United Properties aligns with the construction progress and payments received: EUR 300,000 in Year 1 and EUR 700,000 in Year 2 for a total of EUR 1,000,000. From a profit perspective, One United Properties would recognize a profit of EUR 200,000 in Year 1 and another EUR 200,000 in Year 2, totaling EUR 400,000 for the unit. Please note that the actual revenue recognition would also consider any costs incurred and other factors stipulated under IFRS 15. However, this example provides a simplified illustration to help understand the core concepts in practice.
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23 REVENUE RECOGNITION OF INVESTMENT PROPERTIES One United Properties manages its investment properties to earn rental income, for capital appreciation, or both. These properties are initially measured at cost and subsequently at fair value. Professional valuers assess the fair value at reporting dates, reflecting market conditions. Gains or losses from fair value adjustments are recognized in profit or loss as they occur. The Company's investment properties include standing properties generating rental income, properties under development, and property for further development. PRINCIPLE OF REVENUE RECOGNITION ACCORDING TO IAS 40 One United Properties follows the principles set forth in IAS 40 for recognizing gains from fair value adjustments of investment properties in profit or loss. This approach ensures accurate and transparent reporting of the Company's financial performance related to its investment properties. Investment properties are initially recognized at cost, incorporating transaction costs. Post initial recognition, these properties are measured at fair value. Changes in fair value are appraised semi - annually and immediately recognized in profit or loss. Fair Value Measurement Techniques are: o Market Approach: Utilizes market comparison technique based on observable data. o Discounted Cash-Flows (DCF): Projects cash flows discounted at a market-derived rate. o Residual Approach: Applies to properties with development potential, estimating the value post- development. o Income Approach: Converts future cash flows to a current value, reflecting the property's income- producing ability. Key valuation inputs include capitalization rate, terminal yield, discount rate, expected rental growth, and net market rent. Investment properties' fair value is assessed regularly, typically semi -annually. Any fair value changes since the last measurement are recognized in profit or loss for that period. This includes both gains and losses. Gains or losses from fair value adjustments are itemized in the income statement based on the category of the investment property, ensuring transparency and clarity for financial statement users.
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24 CONSOLIDATED PROFIT&LOSS STATEMENT (RON) PROFIT & LOSS STATEMENT (RON) H1 2026 H1 2025 Δ % Revenues from sales of residential property 230,454,863 642,264,536 -64% Cost of sales of residential property (162,779,823) (401,775,368) -59% Other property operating revenues - residential 18,032,851 10,657,669 69% Other property operating expenses - residential (21,503,372) (16,382,440) 31% Commissions for brokerage real estate - residential (4,720,447) (3,184,111) 48% Net income from residential property 59,484,072 231,580,286 -74% Gains from rental properties under development 89,210,940 (3,367,447) - Gains from investment property for further development 16,137,310 88,702,967 -82% Profit/(Loss) on disposal of investment property (1,222,193) 2,508,962 - Gains from investment property 104,126,057 87,844,482 19% Rental income 64,161,557 59,779,210 7% Revenues from services to tenants 19,693,321 21,564,397 -9% Expenses from services to tenants (19,693,321) (21,564,397) -9% Other property operating expenses - commercial (4,834,132) (1,905,489) 154% Commissions for brokerage real estate - commercial (2,576,589) (4,342,816) -41% Net rental income 56,750,836 53,530,905 6% Administrative expenses (55,259,044) (31,004,817) 78% Other operating expenses (11,779,156) (10,326,600) 14% Other operating income 3,856,106 4,208,042 -8% Result from operating activity (EBITDA) 157,178,871 335,832,298 -53% Financial income 10,979,549 8,864,637 24% Financial expenses (71,909,450) (44,849,973) 60% Share of result of associates 271,887 (119,304) - Gross profit 96,520,857 299,727,658 -68% Income tax (17,297,347) (51,362,541) -66% Net profit 79,223,510 248,365,117 -68%
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25 CONSOLIDATED PROFIT&LOSS STATEMENT (EUR) PROFIT & LOSS STATEMENT (EUR) H1 2026 H1 2025 Δ % Revenues from sales of residential property 44,815,523 128,357,922 -65% Cost of sales of residential property (31,655,062) (80,295,655) -61% Other property operating revenues - residential 3,506,768 2,129,958 65% Other property operating expenses - residential (4,181,664) (3,274,065) 28% Commissions for brokerage real estate - residential (917,964) (636,351) 44% Net income from residential property 11,567,601 46,281,809 -75% Gains from rental properties under development 17,348,451 (672,991) - Gains from investment property for further development 3,138,150 17,727,475 -82% Profit/(Loss) on disposal of investment property (237,674) 501,421 - Gains from investment property 20,248,927 17,555,905 15% Rental income 12,477,210 11,947,001 4% Revenues from services to tenants 3,829,672 4,309,690 -11% Expenses from services to tenants (3,829,672) (4,309,690) -11% Other property operating expenses - commercial (940,072) (380,816) 147% Commissions for brokerage real estate - commercial (501,058) (867,921) -42% Net rental income 11,036,080 10,698,264 3% Administrative expenses (10,745,978) (6,196,378) 73% Other operating expenses (2,290,640) (2,063,793) 11% Other operating income 749,878 840,986 -11% Result from operating activity (EBITDA) 30,565,868 67,116,793 -54% Financial income 2,135,144 1,771,616 21% Financial expenses (13,983,908) (8,963,362) 56% Share of result of associates 52,873 (23,843) - Gross profit 18,769,977 59,901,204 -69% Income tax (3,363,737) (10,264,911) -67% Net profit 15,406,240 49,636,293 -69% The Consolidated Statement of Profit or Loss was translated to EURO from the consolidated financial statements in RON using the average exchange rate for the period as published by the National Bank of Romania, 5.1423 RON / EUR for H1 2026 and 5.0037 for H1 2025.
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26 CONSOLIDATED BALANCE SHEET (RON) BALANCE SHEET (RON) 30.06.2026 31.12.2025 Δ % NON-CURRENT ASSETS 3,591,597,171 3,402,372,448 6% Intangible assets 35,188,490 35,370,017 -1% Investment properties 3,420,620,993 3,219,219,690 6% Right of use assets 0 232,262 -100% Investments in associates 7,484,413 48,031,223 -84% Property, plant, and equipment 36,955,415 40,204,636 -8% Other non-current assets 91,347,860 59,314,620 54% CURRENT ASSETS 3,310,741,231 3,208,345,149 3% Inventories 1,367,837,936 1,114,127,186 23% Advance payments to suppliers 177,707,637 167,959,618 6% Trade receivables 1,214,250,876 1,139,274,527 7% Other receivables 128,598,962 93,569,831 37% Prepayments 51,351,491 39,376,361 30% Cash and cash equivalents 370,994,329 654,037,626 -43% TOTAL ASSETS 6,902,338,402 6,610,717,597 4% EQUITY 3,823,573,500 3,819,829,083 0% Share capital 1,105,000,000 1,105,000,000 0% Share premium 114,833,373 114,833,373 0% Legal reserves 46,113,389 45,671,186 1% Own shares (29,472,421) (29,472,421) 0% Other capital reserves 24,160,292 4,307,774 461% Retained earnings 2,040,958,246 2,040,627,433 0% Non-controlling interests 521,980,621 538,861,738 -3% LIABILITIES 3,078,764,902 2,790,888,514 10% NON-CURRENT LIABILITIES 2,102,449,593 1,741,229,489 21% Loans and borrowings from bank and others 1,666,517,472 1,315,068,582 27% Trade and other payables 1,070,415 1,111,813 -4% Deferred tax liabilities 434,861,706 425,049,094 2% CURRENT LIABILITIES 976,315,309 1,049,659,025 -7% Loans and borrowings from bank and others 228,909,702 235,243,226 -3% Lease liabilities 0 1,913,745 -100% Trade and other payables 282,285,898 282,064,205 0% Accrued income 27,269,988 25,609,580 6% Current tax liabilities 5,256,808 5,268,463 0% Advance payments from customers 432,592,913 499,559,806 -13% TOTAL EQUITY AND LIABILITIES 6,902,338,402 6,610,717,597 4%
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27 CONSOLIDATED BALANCE SHEET (EUR) BALANCE SHEET (EUR) 30.06.2026 31.12.2025 Δ % NON-CURRENT ASSETS 684,922,607 667,328,125 3% Intangible assets 6,710,494 6,937,338 -3% Investment properties 652,317,211 631,405,254 3% Right of use assets 0 45,555 -100% Investments in associates 1,427,288 9,420,658 -85% Property, plant, and equipment 7,047,449 7,885,581 -11% Other non-current assets 17,420,165 11,633,739 50% CURRENT ASSETS 631,362,990 629,272,365 0% Inventories 260,848,609 218,520,582 19% Advance payments to suppliers 33,889,095 32,942,948 3% Trade receivables 231,559,345 223,452,884 4% Other receivables 24,524,002 18,352,423 34% Prepayments 9,792,801 7,723,127 27% Cash and cash equivalents 70,749,138 128,280,401 -45% TOTAL ASSETS 1,316,285,597 1,296,600,490 2% EQUITY 729,160,819 749,206,450 -3% Share capital 210,725,047 216,730,411 -3% Share premium 21,898,885 22,522,972 -3% Legal reserves 8,793,888 8,957,769 -2% Own shares (5,620,432) (5,780,606) -3% Other capital reserves 4,607,402 844,910 445% Retained earnings 389,213,594 400,240,744 -3% Non-controlling interests 99,542,435 105,690,250 -6% LIABILITIES 587,124,778 547,394,040 7% NON-CURRENT LIABILITIES 400,940,081 341,517,993 17% Loans and borrowings from bank and others 317,807,215 257,932,447 23% Trade and other payables 204,130 218,067 -6% Deferred tax liabilities 82,928,736 83,367,479 -1% CURRENT LIABILITIES 186,184,697 205,876,047 -10% Loans and borrowings from bank and others 43,653,401 46,139,693 -5% Lease liabilities 0 375,355 -100% Trade and other payables 53,832,316 55,322,978 -3% Accrued income 5,200,425 5,022,964 4% Current tax liabilities 1,002,481 1,033,337 -3% Advance payments from customers 82,496,074 97,981,720 -16% TOTAL EQUITY AND LIABILITIES 1,316,285,597 1,296,600,490 2% The Consolidated Balance Sheet was translated to EURO from the consolidated balance sheet in RON using the period end exchange rate as published by the National Bank of Romania, 5.2438 RON / EUR for 30.06.2026 and 5.0985 RON / EUR for 31.12.2025.
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28 KEY FINANCIAL RATIOS The main financial ratios of One United Properties, consolidated result, as of June 30 th, 2026, are presented below. Financial data in RON 30 June 2026 Liquidity ratio Current assets 3,310,741,231 = 3.39 Current liabilities 976,315,309 Gearing ratio Interest-bearing debt x100 1,897,120,922 = 50% Equity 3,823,573,500 Trade receivables turnover ratio Average receivables 1,176,762,702 = 1.34 Turnover (x2) 880,649,510 Fixed asset turnover ratio Turnover (x2) 880,649,510 = 0.25 Non-current assets 3,591,597,171
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29 INDIVIDUAL PROFIT&LOSS STATEMENT (RON) PROFIT & LOSS STATEMENT (RON) H1 2026 H1 2025 Δ % Revenues from dividends 98,366,482 160,305,650 -39% Revenues from interest 22,588,109 21,615,614 4% Total operating revenues 120,954,591 181,921,264 -34% Other revenues 48,332,287 (40) - Total revenues from ordinary activities 169,286,878 181,921,224 -7% Amortization, depreciation and impairment net reversals (406,458) (1,028,013) -60% Administrative expenses (1,593,673) (211,110) 655% Other operating expenses (2,787,778) (3,096,799) -10% Total expenses from ordinary activities (4,787,909) (4,335,922) 10% Result from ordinary activities 164,498,969 177,585,302 -7% Other financial revenues 27,787,267 18,577,578 50% Financial expenses (1,163,829) 0 - Result before tax 191,122,407 196,162,880 -3% Tax expenses (6,089,707) (5,232,675) 16% Net result of the period 185,032,700 190,930,205 -3%
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30 INDIVIDUAL BALANCE SHEET (RON) BALANCE SHEET (RON) 30.06.2026 31.12.2025 Δ % NON-CURRENT ASSETS 1,728,197,263 1,430,400,292 21% Intangible assets 84,358 84,358 0% Property, plant and equipment 3,700 5,745 -36% Financial assets - investments 695,792,446 754,445,795 -8% Financial assets - intercompany loans granted 962,299,423 606,280,007 59% Financial assets - other loans granted 6,157,126 5,829,657 6% Deferred tax assets 192,594 92,269 109% Other non-current assets 63,667,616 63,662,461 0% CURRENT ASSETS 376,266,753 343,827,691 9% Trade receivables 12,223,222 25,173,222 -51% Other receivables 192,906,655 141,614,667 36% Prepayments 491,019 140,253 250% Financial assets - intercompany loans granted 143,521,823 98,337,003 46% Financial assets - other loans granted 14,204,143 13,810,562 3% Cash and cash equivalents 12,919,891 64,751,984 -80% TOTAL ASSETS 2,104,464,016 1,774,227,983 19% EQUITY 1,661,627,139 1,523,540,193 9% Share capital 1,105,000,000 1,105,000,000 0% Share premium 114,833,373 114,833,373 0% Own shares (29,472,421) (29,472,421) 0% Other capital reserves 5,511,484 4,307,774 28% Legal reserve 42,998,905 42,998,905 0% Retained earnings 422,755,798 285,872,562 48% LIABILITIES 442,836,877 250,687,790 77% NON-CURRENT LIABILITIES 137,313,700 1,531,233 8,868% Other non-current liabilities 136,443 1,531,233 -91% Loans and borrowings 137,177,257 0 - CURRENT LIABILITIES 305,523,177 249,156,557 23% Loans and borrowings 1,097,370 0 - Trade payables 428,017 464,359 -8% Other payables 300,406,780 243,930,304 23% Current tax liability 3,591,010 4,761,894 -25% TOTAL EQUITY AND LIABILITIES 2,104,464,016 1,774,227,983 19%
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31 OUTLOOK AND RISKS FOR 2026 The management of One United Properties S.A. , based on the developments recorded during H2 2026 to date, has reassessed its expectations for the 2026 financial year. More specifically, t he ransomware attack affecting the National Agency for Cadastre and Land Registration (“ANCPI”) on July 14th, 2026 materially disrupted cadastral and land registration processes across the whole Romanian real estate sector . The incident occurred against the backdrop of already extended processing times at cadastral and other relevant public authorities following the implementation of the new residential legislation from December 2025, which introduced additional administrative and cadastral procedures across the residential transaction process. Considering that the system was only restored mid-August, the unavailability of the e-Terra system for one month period, and the subsequent accumulation of outstanding requests furthe r increased the administrative backlog, affecting the timing of the registration of newly completed residential units, the signing of preliminary sale-purchase agreements and final sale contracts, and the registration of ownership transfers. These delays a re expected to postpone certain residential deliveries, related cash collections and the recognition of revenues and profits, including in cases where construction has already been completed, and the relevant units have been contracted by customers. In addition, residential transactions concluded following the entry into force of the new legislation in December 2025 are subject to the new contractual and cadastral framework. For developments scheduled for completion in 2026, management of the Company therefore faced a choice between carrying out the preliminary unit subdivision process before completion, which could have delayed the reception and delivery of the developments or prioritizing their construction completion and reception while initially co ncluding reservation agreements and collecting the 5% reservation fee. Management chose to prioritize the completion and reception of the developments scheduled for 2026, rather than delay them in order to complete the preliminary unit subdivision process. As a result, for affected units the Company initially collected only the 5% reservation fee, with the balance to be collected when the final sale contract is signed following completion of the development . This approach delayed the recognition of revenues and profits for units contracted after December 2025 in developments nearing completion, including One High District, One Lake Club and One Lake District Phase 1, as such transactions could not yet progre ss to the contractual stage required for IFRS 15 revenue recognition. While more cash-flow intensive during construction, this approach allowed the Company to preserve the planned completion and reception timeline of these developments. Taking into account the above factors and the resulting lower level of residential revenue and profit recognition expected during the remainder of 2026, management currently expects the Company’s consolidated net profit for 2026 to be approximately 15% -20% below the level included in the original 2026 budget. The expected deviation primarily reflects a shift in the timing of revenue and profit recognition, with part of the residential revenues and profits initially expected in 2026 , shifted to later periods. The Company expects the deferred recognition to be primarily reflected in 2027 as the ANCPI backlog is progressively cleared and the affected residential transactions advance through the remaining administrative, delivery and final contractual stages. The impact is concentrated in the residential segment, while the recurring income-generating rental properties portfolio remains broadly unchanged.
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32 RISKS AND ELEMENTS OF UNCERTAINTY In assessing the outlook for the remainder of 2026 and the Company's ability to deliver its revised budgeted financial performance, management draws particular attention to the following risks and elements of uncertainty. Several of these factors are external to the Company and may affect the timing of residential transactions, deliveries, cash collections and revenue recognition even where construction progress and underlying customer demand remain unchanged. Dependence on Public Cadastral Infrastructure and Administrative Backlog Following the ANCPI Cyberattack: On July 14th, 2026, the National Agency for Cadastre and Land Registration suffered a ransomware attack affecting the IT infrastructure supporting the e-Terra cadastral and land registration system. The incident resulted in the temporary suspension of cadastral registrations and the issuance of land book documentation required for a broad range of real estate transactions. Although e -Terra has resumed operations mid-August, the period of unavailability resulted in a significant backlog of requests that now needs to be processed by ANCPI and the local cadastral offices. For One United Properties, the risk therefore extends beyond the period during which the system itself was unavailable. The speed at which the outstanding backlog is cleared directly influences the Company's ability to complete administrative procedures required at different stages of the residential transaction cycle. This includes the registration of completed developments and individual units, obtaining the cadastral and land book documentation required for notarization, converting reservatio ns into preliminary sale -purchase agreements where cadastral documentation is required, signing final sale contracts and registering ownership transfers. Delays at any of these stages may postpone deliveries and related cash collections and, importantly, may also defer revenue and profit recognition into subsequent reporting periods even where construction has been completed and the relevant units have already been contracted by clients. This creates an increased degree of uncertainty regarding the timing of financial results during H2 2026, particularly given the high volume of residential deliveries scheduled for the period . The Company's ability to mitigate this risk is inherently limited. ANCPI and the relevant public authorities control the processing capacity, sequencing and timing of cadastral registrations and land book formalities, while the Company has no ability to accelerate the restoration or processing capacity of the state infrastructure itself. Management is actively preparing documentation and coordinating with notaries, cadastral specialists and the relevant authorities to complete transactions as soon as the necessary documentation becomes available. Nevertheless, a prolonged administrative backlog, capacity constraints at cadastral offices or any further disruption to the relevant public infrastructure could affect the timing of residential signings, deliveries, cash collections and IFRS revenue recognition during H2 2026. The incident also demonstrates a broader operational dependency of the Romanian real estate sector on the availability and resilience of public digital infrastructure. This dependency remains a significant operational risk, as the current public cadastral infrastructure does not provide the level of resilience and redundancy required to fully mitigate the impact of future system disruptions or processing bottlenecks. Therefore, future system outages, cyber incidents or administrative disruptions affecting ANCPI or other public authorities could again temporarily interrupt transaction processing in circumstances that are outside the Company's control. Legislative Transition in the Residential Real Estate Sector: Since December 2025, the Romanian residential market has operated under a new legislative framework governing client advance payments and preliminary sale -purchase agreements. The framework introduced staged payments linked to construction milestones and, for newly launched developments, an interim reservation stage before preliminary sale -purchase agreements can be concluded. While these changes do not alter the underlying economics of the Company's developments or the level of customer demand, they have changed the timing at which transactions can progress through the contractual process and,
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33 consequently, the timing of revenue recognition under IFRS 15. The effects of the transition were already visible in the Company's H1 2026 financial results. For the remainder of the year, the extent and timing of normalization will depend not only on construction progress and sales activity, but also on the practical implementation of the legislation, including the processing of cadastral documentation, land registration formalities and the interpretation and application of the new framework by notaries an d the relevant public authorities. Any delays in these processes could postpone the conversion of reservations into preliminary sale-purchase agreements, the signing of final sale contracts and ultimately the recognition of revenue and profit. Given that 2026 represents the Company's largest delivery year to date, the timing of these administrative and contractual steps is particularly relevant to the achievement of the Company's full-year financial targets. Macroeconomic Environment, Consumer Confidence and Fiscal Consolidation: Romania is operating in a weaker macroeconomic environment than initially anticipated for 2026, characterized by very limited economic growth, elevated inflation, fiscal consolidation measures and pressure on household disposable income and consumer confi dence. These factors may result in greater caution among prospective residential buyers, longer decision -making periods or changes in the timing of purchases, particularly in developments targeting segments of the market that are more sensitive to financing costs or changes in disposable income. The Company's exposure is partly mitigated by its diversified residential portfolio, nevertheless, a prolonged deterioration in consumer sentiment or economic conditions could affect the pace of new residential sales and cash collections. Within the rental properties portfolio, a weaker economic environment may also influence tenants' expansion decisions, leasing activity or demand for additional office and retail space. Romania's continued fiscal consolidation represents an additional source of uncertainty. Further ch anges to VAT, property taxation, corporate taxation or other fiscal measures could increase the Company's cost base, affect the economics of real estate transactions or influence purchasing decisions by clients and investors. The European Commission currently expects Romania's general government deficit to remain elevated in 2026, requiring continued fiscal discipline and creating a risk of additional fiscal measures during the forecast period. Delivery and Construction Execution: 2026 represents the largest residential delivery year in the Company's history, with several significant developments expected to reach completion. Consequently, the achievement of the Company's full-year financial targets depends to a greater extent than in a typical year on the successful completion and delivery of a substantial number of residential units during H2 2026. Construction schedules may be affected by contractor performance, availability of skilled labour , supply-chain disruptions, increases in construction or energy costs, delays in utility connections, technical approvals or other matters outside the Company's direct control. Even relatively limited delays affecting large developments approaching completion could shift a material amount of deliveries, cash collections and related revenue recognition between reporting periods. The Company's integrated development platform, active construction monitoring and diversified contractor base provide important mit igating factors. However, the concentration of a significant volume of scheduled deliveries in the second half of the year inherently increases the Company's exposure to timing risk during this period. Financing, Liquidity and Interest Rate Risk: The Company's growth strategy requires continued access to financing for both residential developments and income -generating rental assets. This requirement has become more relevant following the introduction of the new framework governing residential client advance payments, which limits the timing at which developers may access customer advances and may therefore increase the amount of financing required during the earlier phases of construction. As the Company's development pipeline expands, changes in credit market conditions, lender appetite, financing margins, EURIBOR or other benchmark interest rates could increase financing costs or reduce the availability of funding on terms considered attractive by the Company. Higher financing requirements may also temporarily increase leverage before completed developments are delivered and associated
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34 cash proceeds are collected. The Company actively manages its funding sources, maturity profile and liquidity position and maintains relationships with several financing institutions. Nevertheless, an extended period of restrictive financing conditions, an unexpected deterioration in credit markets or significant delays in residential cash collections could affect the timing of new investments, increase interest expenses or require management to adjust the pace of capital deployment. Regulatory, Permitting and Legal Risk: Urban development in Romania continues to be exposed to lengthy and sometimes unpredictable permitting and administrative processes. Changes in zoning or urban planning regulations, inconsistent interpretation of applicable legislation, delays in obtainin g building permits or other authorizations, and legal challenges initiated by third parties may postpone the commencement or advancement of developments. This risk is particularly relevant in Bucharest, where urban planning and permitting procedures remain complex and can be subject to litigation and changing administrative interpretations. Such delays may affect construction schedules, capital deployment, the timing of launches and ultimately future revenue recognition. While the Company's 2026 delivery pipeline is predominantly composed of developments already in advanced stages of construction, prolonged regulatory or permitting delays could have a greater impact on developments expected to contribute to financial performance in subsequent years. International Expansion: Following its announcement of the first land acquisition in the United States in March 2026, in Franklin, Tennessee, within the Nashville metropolitan area, and with Miami, Florida identified as another initial focus market, One United Properties is for the first time exposed to a foreign regulatory, tax, legal, permitting, construction and financing environment, as well as to USD currency exposure. The Company intends to pursue its international expansion gradually and subject to strict investment criteria. Nevertheless, entering a new market involves execution risk, including differences in local development practices, construction costs, permitting procedures, financing conditions and customer preferences. DISCLAIMER: Management advises investors to consult the more detailed risk list pertaining to the Group as mentioned in the 2025 Annual Report, accessible HERE, as well as the most recent Prospectus published in August 2024, available HERE The risks described above, together with those presented in these documents, should not be considered exhaustive. Additional risks and uncertainties that are currently unknown to the Company, or which management presently considers immaterial, may subsequently affect the Group's operations, financial position, results and ability to achieve its objectives. The occurrence of one or more such risks could result in actual financial performance differing materially from the Company's expectations or budget and may also adversely affect the market price of the Company's shares. Investors should independently assess the risks associated with an investment in One United Properties and consider their individual investment objectives and risk tolerance.
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35 ABOUT ONE UNITED PROPERTIES One United Properties is the leading green investor and developer of residential, office and mixed- use real estate listed on the Bucharest Stock Exchange, Romania. The company has been developing and managing a portfolio of landmark properties, with a focus on urban regeneratio n and real estate investments. One United Properties integrates a real estate development and management platform that covers the entire operational cycle, from land selection and acquisition to design, construction, and management. The business model combines real estate development with recurring revenue-generating assets, with a strategic focus on transforming underutilized urban areas into well-integrated modern communities that create long -term value. One United Properties is an innovative, award -winning company recognized for sustainability, energy efficiency, design, and wellness. In 2025, the Financial Times recognized One United Properties as the ninth fastest -growing company in Europe over the past decade in its Top 300 ranking of “Europe’s Long-Term Growth Champions”. RESIDENTIAL ONE is the creator of sustainable communities, shaping a better way of living. Landmark developments, premium locations, timeless architecture, quality, sustainability and strong communities are at the core of ONE's residential portfolio. The Company develops residential communities across premium, upper-mid and mid-income segments under a built -to-sell model. The portfolio includes landmark developments such as One Mircea Eliade, One Verdi Park, One Lake District and One Floreasca Towers OFFICE ONE develops and owns Class A office buildings designed to generate long -term recurring rental income, with a strong focus on sustainability, wellness and the employee experience. The office portfolio includes both developed assets, such as One Tower, One Cotroceni Park Office and One Technology District, and acquired assets, including One Victoriei Plaza and Eliade Tower. RETAIL At One United Properties, real estate is about shaping cities, enhancing lifestyles, and creating lasting value. Retail spaces are conceived as social and cultural elements and they enhance ONE's mixed -use developments by bringing everyday services, restaurants, wellness, education and lifestyle amenities closer to the ONE communities. The Company develops retail spaces both to rent (such as One Gallery or Bucur Obor) and to sell (such as One Cotroceni Park, One Lake Club, One High District).
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40 DECLARATION OF THE MANAGEMENT The undersigned, based on the best available information, hereby confirm that: a) the interim condensed consolidated financial statements for the six -month period ended June 30th, 202 6, provide an accurate and real image regarding the assets, obligations, financial position, the financial performance, and the cash flows of the company One United Properties S.A., as well as of the group to which it belongs, as required by the applicable accounting standards; and b) the report attached to this statement, prepared in accordance with art. 67 of the Law no. 24/2017 on issuers of financial instruments and market operations and to annex no. 14 to FSA Regulation no. 5/2018 on issuers of financial instruments and market oper ations for the six -month period ended June 30th, 2026, comprises accurate and real information regarding the development and performance of the company One United Properties S.A., as well as of the group to which it belongs. Chairman of the Board of Directors Claudio Cisullo Executive Member of the Board of Directors Victor Capitanu Executive Member of the Board of Directors Andrei-Liviu Diaconescu
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ONE UNITED PROPERTIES SA and subsidiaries Interim condensed consolidated financial statements for the period ended 30 June 2026
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TABLE OF CONTENTS: PAGE: INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 1 – 2 INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 3 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 4 – 5 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 6 NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 7 – 37
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 1 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Note 30 June 2026 31 December 2025 ASSETS Non-current assets Intangible assets 6 35,188,490 35,370,017 Property, plant and equipment 4 36,955,415 40,204,635 Right of use assets - 232,262 Investment properties 7 3,420,620,993 3,219,219,690 Investments in associates 8 7,484,413 48,031,224 Other non-current assets 11b 91,347,860 59,314,620 Total non-current assets 3,591,597,171 3,402,372,448 Current assets Inventories 9 1,367,837,936 1,114,127,186 Advance payments to suppliers 10 177,707,637 167,959,618 Trade receivables 11a 1,214,250,876 1,139,274,527 Other receivables 11a 128,598,962 93,569,831 Prepayments 5 51,351,491 39,376,361 Cash and cash equivalents 12 370,994,329 654,037,626 Total current assets 3,310,741,231 3,208,345,149 TOTAL ASSETS 6,902,338,402 6,610,717,597 EQUITY AND LIABILITIES Equity Share capital 14 1,105,000,000 1,105,000,000 Share premium 14 114,833,373 114,833,373 Own shares 14 (29,472,421) (29,472,421) Other capital reserves 14 24,160,292 4,307,774 Legal reserves 14 46,113,389 45,671,186 Retained earnings 2,040,958,246 2,040,627,433 Equity attributable to owners of the Group 3,301,592,879 3,280,967,345 Non-controlling interests 521,980,621 538,861,738 Total equity 3,823,573,500 3,819,829,083 Non-current liabilities Loans and borrowings 15 1,666,517,472 1,315,068,582 Trade and other payables 16 1,070,415 1,111,813 Deferred tax liabilities 13 434,861,706 425,049,094 Total non-current liabilities 2,102,449,593 1,741,229,489
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 2 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) Note 30 June 2026 31 December 2025 Current liabilities Loans and borrowings 15 228,909,702 235,243,226 Lease liabilities - 1,913,745 Trade and other payables 16 282,285,898 282,064,205 Deferred income 27,269,988 25,609,580 Current tax liabilities 13 5,256,808 5,268,463 Advance payments from customers 17 432,592,913 499,559,806 Total current liabilities 976,315,309 1,049,659,025 Total liabilities 3,078,764,902 2,790,888,514 TOTAL EQUITY AND LIABILITIES 6,902,338,402 6,610,717,597 The interim condensed consolidated financial statements were approved by the Management of the Company, authorised for issue on 25 August 2026 and signed on its behalf by: _______________ _________________________ VICTOR CAPITANU VALENTIN-COSMIN SAMOILA Administrator Chief Financial Officer
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 3 INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Notes Six-month period ended 30 June 2026 Six-month period ended 30 June 2025 Revenues from sales of residential property 18 230,454,863 642,264,536 Cost of sales of residential property 18 (162,779,823) (401,775,368) Other property operating revenues – residential 18,032,851 10,657,669 Other property operating expenses – residential (21,503,372) (16,382,440) Commissions for brokerage real estate 20 (4,720,447) (3,184,111) Net income from residential property 59,484,072 231,580,286 Gains/(losses) from investment property under development 7 89,210,940 (3,367,447) Gains from investment property for further development 7 16,137,310 88,702,967 Profit/(Loss) on disposal of investment property 7 (1,222,193) 2,508,962 Gains/(Losses) from investment property 104,126,057 87,844,482 Rental income 19 64,161,557 59,779,210 Revenues from service to tenants 19 19,693,321 21,564,397 Expenses from services to tenants 19 (19,693,321) (21,564,397) Other property operating expenses 19 (4,834,132) (1,905,489) Commissions for brokerage real estate – office 20 (2,576,589) (4,342,816) Net rental income 56,750,836 53,530,905 General and administrative expenses 21 (55,259,044) (31,004,817) Other operating expenses 22 (11,779,156) (10,326,600) Other operating income 3,856,106 4,208,042 Result from ordinary activities 157,178,871 335,832,298 Financial income 23 10,979,549 8,864,637 Financial expenses 23 (71,909,450) (44,849,973) Share of result of associates 8 271,887 (119,304) Result before tax 96,520,857 299,727,658 Tax on profit 13 (17,297,347) (51,362,541) Net result of the period 79,223,510 248,365,117 Total comprehensive income for the period 79,223,510 248,365,117 Net result attributable to: Owners of the Group 49,224,621 242,553,083 Non-controlling interests 29,998,889 5,812,034 Total comprehensive income attributable to: Owners of the Group 49,224,621 242,553,083 Non-controlling interests 29,998,889 5,812,034 Basic earnings per share attributable to equity holders 25 0.7170 2.2460 Diluted earnings per share attributable to equity holders 25 0.7054 2.2365 The interim condensed consolidated financial statements were approved by the Management of the Company, authorised for issue on 25 August 2026 and signed on its behalf by: _______________ _________________________ VICTOR CAPITANU VALENTIN-COSMIN SAMOILA Administrator Chief Financial Officer
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 4 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE 6 MONTHS ENDED 30 June 2026 Share capital Share premiums Legal reserves Other capital reserves Own shares Retained earnings Non-controlling interests Total equity Balance at 1 January 2026 1,105,000,000 114,833,373 45,671,186 4,307,774 (29,472,421) 2,040,627,433 538,861,738 3,819,829,083 Net result of the period - - - - - 49,224,621 29,998,889 79,223,510 Dividends allocated from the statutory profit - - - - - (48,149,464) (2,260,000) (50,409,464) Issue of ordinary shares - - - - - - - - Issue of ordinary shares - other reserves conversion - - - - - - - - Transfer of legal reserve in/from retained earnings - - 442,203 - - (442,203) - - Acquisition of own shares - - - - - - - - Stock option plan - - - 20,716,365 - - - 20,716,365 Foreign currency translation reserve - - - (863,847) - - - (863,847) Transactions with non-controlling interests - - - - - (302,141) (1,391,206) (1,693,347) Non-controlling interest on change in share capital of subsidiaries - - - - - - (43,228,800) (43,228,800) Balance as at 30 June 2026 1,105,000,000 114,833,373 46,113,389 24,160,292 (29,472,421) 2,040,958,246 521,980,621 3,823,573,500
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 5 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE 6 MONTHS ENDED 30 June 2025 Share capital Share premiums Legal reserves Other capital reserves Own shares Retained earnings Non-controlling interests Total equity Balance at 1 January 2025 1,105,831,013 114,833,373 32,999,007 13,852,860 (14,326,329) 1,714,502,751 491,413,753 3,459,106,428 Net result of the period - - - - - 242,553,083 5,812,034 248,365,117 Dividends allocated from the statutory profit - - - - - (77,750,066) (5,688,350) (83,438,416) Issue of ordinary shares - - - - - - - - Issue of ordinary shares - other reserves conversion 7 - - (7) - - - Transfer of legal reserve in/from retained earnings - - - - - - - - Transactions with non-controlling interests - - - - - 4,316,143 (25,215,610) (20,899,467) Acquisition of own shares - - - - (8,607,209) - - (8,607,209) Stock option plan - - - 217,156 - - - 217,156 Non-controlling interest on change in share capital of subsidiaries - - - - - - 48,423,236 48,423,236 Balance as at 30 June 2025 1,105,831,020 114,833,373 32,999,007 14,070,009 (22,933,538) 1,883,621,911 514,745,063 3,643,166,845
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 6 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 30 June 2026 30 June 2025 Cash flows from operating activities Net result of the period 79,223,510 248,365,117 Adjustments for: Depreciation and amortization 3,041,643 2,533,454 Share of result of associates (271,887) 119,304 Other financial income (144,482) (169,440) Allowances for current assets – receivables and other provisions 3,113,892 6,164,708 (Gain)/Loss on sale of property, plant and equipment - (185,842) Impairment of non - current assets 543,127 543,127 (Profit)/Loss on disposal of investment property 1,222,193 (2,508,962) Interest expenses 31,007,324 24,563,010 Interest income (10,835,067) (8,695,197) Income tax expenses 17,297,347 51,362,541 Unrealised foreign exchange loss/(gain) 43,204,780 21,404,937 Increase in fair value of investment property (105,348,250) (85,335,520) Share-based payments 20,716,365 217,156 Changes in working capital: (Increase)/Decrease in trade and other receivables (92,372,757) (296,375,607) (Increase)/Decrease in inventory property (197,561,857) 70,298,234 Increase/(Decrease) in trade and other payables (13,157,277) 22,892,613 Increase/(Decrease) in advance payments from customers (66,966,893) 6,493,916 Income tax paid (2,205,244) (2,569,019) Net cash from operating activities (289,493,533) 59,118,530 Acquisition of property, plant and equipment (223,164) (265,669) Proceeds from sale of property, plant and equipment - 326,821 Acquisition of intangible assets (430,379) (219,651) Expenditure on investment property under development (84,203,962) (32,165,853) Expenditure on completed investment property (6,564,942) (10,432,504) Acquisition of investment property (17,415,640) (108,055,690) Proceeds from sale of investment property 12,773,577 53,371,302 Advances paid for acquisition of non-current assets - (41,335,155) Amounts paid for transactions with non-controlling interest (44,922,148) (5,786,066) Consideration received for transaction with non-controlling interests - 22,410,000 Prepayments received for transaction with non-controlling interests - 14,849,424 Acquisition of non-current assets - (13,900) Acquisition of associates (657,479) - Other financial income 144,482 169,440 Net payments for loans granted (28,627,475) (7,050,147) Interest received 9,203,841 7,803,832 Net cash flows used in investing activities (160,923,289) (106,393,816) Proceeds from loans and borrowings 483,661,668 183,729,971 Repayment of loans and borrowings (182,616,728) (115,516,906) Dividends paid (45,972,081) (40,759,146) Interest paid (38,550,926) (26,342,357) Acquisition of treasury shares - (8,607,209) Prepayments in relation with acquisition of treasury shares (47,223,000) - Principal elements of lease payments (1,925,408) (265,959) Net cash from financing activities 167,373,525 (7,761,606) Net changes in cash and cash equivalents (283,043,297) (55,036,892) 654,037,626 Cash and cash equivalents at the beginning of the period 431,829,787 Cash and cash equivalents at the end of the period 370,994,329 376,792,895
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 7 1. CORPORATE INFORMATION These financial statements are the interim condensed consolidated financial statements of One United Properties S .A. and its subsidiaries (collectively, the “Group”) for the period from 1 January 2026 to 30 June 2026 in agreement with the International Financial Reporting Standards (IFRS) applicable to interim reporting, as applied in the EU. The parent company, One United Properties S.A. (the “Company”), was established in 2007 according to Law no. 31/1990, having as object of activity real estate development and sale. The Company has fiscal code RO22767862 and is registered with the Trade Registry under no. J40/21705/2007. The registered office of the Company is at Maxim Gorki s treet 20, Bucharest, district 1 and second office at Calea Floreasca no 159, Building One Tower, Bucharest, district 1. The share capital of the Company is RON 1,105,000,000 divided into 110,500,000 shares at a nominal value of RON 10/each (2025: RON 10/each). One United Properties SA is owned by OA Liviu Holding Invest SRL (represented by Mr. Andrei Diaconescu) and Vinci Ver Holding SRL (represented by Mr. Victor Capitanu) holding 25.5391% each and other shareholders holding 48.9218%. All shares are paid in full. The Company’s shares were listed on the Bucharest Stock Exchange (BVB) on 12 July 2021, following an initial public offering that took place between 22 June 2021 and 02 July 2021, during which the company raised RON 259,112,477.28 for further developments and investments in both the residential and office segments. As of 20 September 2021, the Company shares are included in the BET index, which follows the evolution of the 19 most liquid companies listed on the Bucharest Stock Exchange . On 20 December 2021, the Company shares entered the FTSE Glo bal All Cap index. The global index provider FTSE Russell announced, following the quarterly review, that the Company’s shares are included, as of 20.06.2022, in the FTSE EPRA Nareit EMEA Emerging Index. The Group’s business activity consists in the development and sale/lease of residences, offices and retail. The Company had the following subsidiary undertakings as at 30 June 2026 and 31 December 2025. Their registered office, activity and Group holding percentage is shown below: Name of the subsidiary Activity % ownership as at 30 June 2026 % ownership as at 31 December 2025 Registered office One Modrogan SRL Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Peninsula SRL (former One Herastrau Park Residence SA) Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Herastrau Plaza SRL Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Verdi Park SRL Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 X Architecture & Engineering Consult SRL Architecture services for group and non-group projects 60.00% 60.00% Maxim Gorki street 20, Bucharest, district 1 One Mircea Eliade Properties SRL Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Long Term Value SRL Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Herastrau Towers SRL Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Cotroceni Park SRL (former One Herastrau Properties SRL) Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 Skia Real Estate SRL Operational services – project development 51.00% 51.00% Maxim Gorki street 20, Bucharest, district 1 One Lake District SRL (former One District Properties SRL) Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One North Lofts SRL (former One North Gate SA) Real estate developer in Romania 100.00% 98.57% Maxim Gorki street 20, Bucharest, district 1 One United Tower SRL (former One United Tower SA) Real estate developer in Romania 71.46% 71.46% Maxim Gorki street 20, Bucharest, district 1 Neo Floreasca Lake SRL Real estate developer in Romania 95.00% 95.00% Maxim Gorki street 20, Bucharest, district 1
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 8 1. CORPORATE INFORMATION (continued) Group companies Activity % ownership as at 30 June 2026 % ownership as at 31 December 2025 Registered office One Mamaia Nord SRL (former Neo Mamaia SRL) Real estate developer in Romania 95.00% 95.00% Maxim Gorki street 20, Bucharest, district 1 One Timpuri Noi SRL (former Neo Timpuri Noi SRL) Real estate developer in Romania 95.00% 95.00% Maxim Gorki street 20, Bucharest, district 1 One Herastrau Vista SRL (former Neo Herastrau Park SRL) Real estate developer in Romania 95.00% 95.00% Maxim Gorki street 20, Bucharest, district 1 One Floreasca Towers SRL (former One Herastrau IV SRL) Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Long Term Investments SRL (former One Herastrau Real Estate SRL) Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Cotroceni Park Office SRL (former One Cotroceni Park Office SA) Real estate developer in Romania 71.56% 71.56% Maxim Gorki street 20, Bucharest, district 1 One Cotroceni Park Office Faza 2 SRL (former One Cotroceni Park Office Faza 2 SA) Real estate developer in Romania 71.56% 71.56% Maxim Gorki street 20, Bucharest, district 1 One Cotroceni Park Office Faza 4 SRL (former One Cotroceni Park Office Faza 3 SA) Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Proiect 19 SRL (former One Mamaia SRL) Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One High District SRL (former One Proiect 1 SRL) Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Plaza Athenee SRL (former One Proiect 3 SRL) Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Academy Club SRL (former One Proiect 4 SRL) Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Proiect 5 SRL Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Lake Club SRL (former One Proiect 6 SRL) Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Herastrau City SRL (former One Proiect 7 SRL) Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 Carpathian Lodge Magura SRL (former Carpathian Estate SRL, former One Carpathian Lodge- Magura SRL) Real estate developer in Romania 66.72% 66.72% Maxim Gorki street 20, Bucharest, district 1 One Proiect 8 SRL Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One City Club SRL (former One Proiect 9 SRL) Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Downtown SRL (former One Proiect 10 SRL) Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Proiect 24 SRL (former One United Italia SRL) Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 Bo Retail Invest SRL Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 Bucur Obor SA Lease of retail space 59.598% 59.598% Colentina street 2, Bucharest, district 2 One United Management Services SRL Management services 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Proiect 11 SRL Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One M Hotel SRL (former One Proiect 12 SRL) Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 9 1. CORPORATE INFORMATION (continued) Group companies Activity % Ownership as at 30 June 2026 % Ownership as at 31 December 2025 Registered office One Cotroceni Towers SRL (former One Proiect 14 SRL) Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Gallery Floreasca SA (former One Proiect 15 SRL) Real estate developer in Romania 60.00% 60.00% Maxim Gorki street 20, Bucharest, district 1 One Victoriei Plaza SRL (former Mam Imob Business Center SRL) Renting office premises in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 Eliade Tower SRL Renting office premises in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Park Line SRL (former One Proiect 16 SRL) Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 Real Habitat Office Building SRL (former One Technology District SRL) Real estate developer in Romania 56.56% 56.56% Maxim Gorki street 20, Bucharest, district 1 One Proiect 18 SRL Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Proiect 20 SRL Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Proiect 21 SRL Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Proiect 22 SRL Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 One Baneasa Airpark SRL (former One Proiect 23 SRL) Real estate developer in Romania 70.00% 70.00% Maxim Gorki street 20, Bucharest, district 1 Veora Project 1 SRL Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 Propcare SRL Property management services 80.00% 80.00% Maxim Gorki street 20, Bucharest, district 1 Prelude 2000 SRL Real estate developer in Romania 100.00% 100.00% Maxim Gorki street 20, Bucharest, district 1 Jefyval Holdings Limited Holding 100.00% 100.00% Cyprus Mozaic IM SRL Real estate developer in Romania 0.00% 100.00% Romania Mozaic AP SRL Real estate developer in Romania 0.00% 100.00% Romania Sunset Lake Investitii SRL Real estate developer in Romania 100.00% 35.00% Romania One Health Club SRL Real estate developer in Romania 100.00% 0.00% Romania One United Properties LLC Real estate developer in USA 100.00% 0.00% United States of America Mill Creek Residences LLC Real estate developer in USA 100.00% 0.00% United States of America One Proiect 25 SRL Real estate developer in Romania 100.00% 0.00% Maxim Gorki street 20, Bucharest, district 1 One Proiect 26 SRL Real estate developer in Romania 100.00% 0.00% Maxim Gorki street 20, Bucharest, district 1 During 2026, the subsidiary, One Downtown SRL absorbed the companies Mozaic IM SRL and Mozaic - A.P. SRL, which have subsequently been deregistered from the Romanian Trade Register Office (ONRC). The Company acquired Jefyval Holdings Limited in May 2025 , which owned a 35% interest in Sunset Lake Investiții SRL, the owner of a land plot of approx. 9k sqm in Bucharest. In the first quarter of 2026, the Company acquired the remaining 65% interest in Sunset Lake Investiții SRL, obtaining full control of the entity. In H1 2026, four new subsidiaries were incorporated: One Health Club SRL, One United Properties LLC , One Proiect 25 SRL and One Proiect 26 SRL and one existing company was acquired (Mill Creek Residences LLC), which owns a plot of land in the United States .
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 10 2. BASIS OF PREPARATION The condensed scope of reporting in these interim condensed consolidated financial statements reflects the requirements of the International Accounting Standard ("IAS") 34 "Interim Financial Reporting" adopted by the European Union. Information on the application of IFRS, on the significant accounting policies and on further disclosures is provided in the consolidated financial statements of Group as of 31 December 20 25 and forms the basis for these consolidated interim financial statements. However, some notes are included to explain events and transactions that are material to understanding the changes in the Group's financial position and performance from the latest consolidated annual financial statements at and for the year ended 31 December 20 25. The interim condensed consolidated financial statements for the six-month period ended 30 June 2026 are unaudited and an external review by an auditor was not performed. The consolidated interim financial statements are presented in Romanian leu (“RON”), rounded. The use of automatic data processing equipment can lead to rounding differences in the addition of rounded amounts or percentage rates. 3. NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2025. No new standards, interpretation or amendment with material impact on the financial statements of the Group has been issued for the first 6 months of 2026. 4. PROPERTY, PLANT AND EQUIPMENT Land, buildings and temporary structures Technological equipment Measurement apparatus and devices Vehicles Furniture and other non- current assets Total Description Cost 1 January 2026 40,406,540 2,040,031 1,210,220 3,271,726 12,048,509 58,977,026 - 3,306 46,113 39,732 134,011 223,162 Additions Disposals - - (11,499) - - (11,499) Reclassification from property, plant and equipment to inventories (597,155) - - - - (597,155) 39,809,385 2,043,337 1,244,834 3,311,458 12,182,520 58,591,534 30 June 2026 Depreciation and impairment 8,752,908 1,295,625 1,105,089 1,804,053 5,814,716 18,772,391 1 January 2026 Depreciation charge 1,132,517 104,271 61,858 167,226 866,228 2,332,100 Disposals - - (11,499) - - (11,499) Impairment 543,127 - - - - 543,127 10,428,552 1,399,896 1,155,448 1,971,279 6,680,944 21,636,119 30 June 2026 Net book value 31,653,632 744,406 105,131 1,467,673 6,233,793 40,204,635 1 January 2026 30 June 2026 29,380,833 643,441 89,386 1,340,179 5,501,576 36,955,415
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 11 4. PROPERTY, PLANT AND EQUIPMENT (continued) Under the “Land, buildings and temporary structures ” are presented the Group assets from which the main amount is related to the own office space occupied. Until 31 December 2024, the Group h as been allocated its own office space in the office building owned by One United Tower SRL. During 2025, a part of the headquarter office moved from One Tower to Eliade Tower (another office building owned by the Group), therefore the Group ha s performed the reclassification between investment property and property, plant and equipment , accordingly. At the end of the financial year 2024 , several units as storage and administrative spaces owned by the subsidiary One Mircea Eliade Properties SRL were transferred to tangible assets from inventories. The Group performed its annual impairment test in December or more frequently if there are indications that property, plant and equipment might be impaired. At 30 June 2026, the Group has recognized an impairment loss of RON 3.6 million related to the property, plant and equipment in balance (31 December 2025: 3 million). 5. PREPAYMENTS 30 June 2026 31 December 2025 Prepayments in respect to financing commissions 20,397,867 13,093,460 Local Taxes 6,542,684 3,045 Insurance 314,748 184,768 Project costs 21,917,104 23,564,463 Other prepayments 2,179,088 2,530,625 Total amount 51,351,491 39,376,361 In the category of "Prepayments in respect to financing commissions” are included the costs incurred to obtain bank financing. In the category of "Project costs” are included the initial costs incurred before the starting of a development. 6. INTANGIBLE ASSETS Description Goodwill Concessions patents, licenses Other intangible assets Total Cost As at 1 January 2026 19,256,076 14,734,870 4,576,319 38,567,265 Additions - 12,506 417,874 430,380 Disposals - - - - As at 30 June 2026 19,256,076 14,747,376 4,994,193 38,997,645 Amortization and impairment As at 1 January 2026 - 309,599 2,887,649 3,197,248 Depreciation charge - 7,142 604,765 611,907 Disposals - - - - As at 30 June 2026 - 316,741 3,492,414 3,809,155 Net book value As at 1 January 2026 19,256,076 14,425,271 1,688,670 35,370,017 As at 30 June 2026 19,256,076 14,430,635 1,501,779 35,188,490
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 12 6. INTANGIBLE ASSETS (continued) As at 30 June 2026 and 31 December 20 25, other intangible assets include mainly costs of licenses and IT software. Goodwill The goodwill in balance refers to One Peninsula , a subsidiary of the Group that develop s a residential project in district 1, Bucharest. The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. As at 30 June 2026 and 31 December 202 5, the Group performed the assessment of the recoverable amount of goodwill allocated to One Peninsula based on a value in use calculation taking in to consideration the financial budget approved by the management which comprise s forecasts of revenue, construction development costs and overheads based on current and anticipated market conditions and a discount rate of 3.30%. As at 30 June 2026 and 31 December 202 5, following the impairment test performed for One Peninsula, the Group assessed the recoverable amount of the identified CGU to which the goodwill , relates to be higher than its carrying amount, therefore no impairment loss is recognized. Under the category “ Concessions patents, licenses “ is included the identifiable intangible asset acquired in 2022 in a business combination, related to Bucur Obor Brand, and which was recognized at fair value of RON 14 .4 million. The brand "Bucur Obor" has been officially registered by the Bucur Obor SA since 2011, its first appearance being in 1975 when the Bucur Obor store was opened. The phrase "Bucur Obor" is associated with the location of the Bucur Obor commercial store, which is a commercial landmark of B ucharest. Part of the revenues generated by renting commercial spaces in the complex are directly attributable to the "Bucur Obor" brand. As at 31 December 202 5, the Group performed the assessment of the recoverable amount of the Bucur Obor Brand, considering a WACC rate of 1 4.55% and a risk premium of 2%. No significant indicators of impairment were identified. 7. INVESTMENT PROPERTY The Group arranges for the regular valuation of its properties in accordance with International Financial Reporting Standards by independent professionally qualified valuation specialist not connected with the group who holds a recognized relevant professional qualification and has recent experience in the locations a nd categories of the valued properties . These external appraisals are carried out each year as at 31 December and also during the year when there are indicators that the fair value is substantially changed. In certain cases, specific assets or interim updates of fair values may be assessed internally by management using generally accepted valuation techniques and relevant market assumptions. After internal assessment, the fair value measurement of the investment properties was performed at 30 June 2026 using an independent appraiser only for the significant assets where changes in fair value were identified. For the remaining investment property assets the management considers no significant changes in fair value occurred compared to prior year-end valuation. The Group holds mainly office and retail buildings, residential properties held to earn rentals and undeveloped land . The changes in investment property values during 6 months ended 30 June 2026 and 31 December 2025 were as follows: Completed investment property (IPC) 30 June 2026 31 December 2025 At 1 January 2,196,178,088 2,186,059,370 Capital expenditure on owned property 6,564,943 16,033,251 Acquisition - 208,030 Transfer from inventories 450,550 7,891,024 Transfer from fixed assets - 13,199,476 Transfer to fixed assets - (4,089,900) Disposals (13,364,991) (92,696,036) Fair value adjustment during the period - 80,505,637 Lease incentive (1,884,927) (10,932,764) At 30 June/31 December 2,187,943,663 2,196,178,088
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 13 NOTE 7. INVESTMENT PROPERTY (continued) Investment Property under development (IPUC) 30 June 2026 31 December 2025 At 1 January 509,536,312 376,719,949 Capital expenditure 62,756,802 119,078,250 Acquisition - 1,623,796 Interest capitalized 5,236,138 5,889,042 Disposal (630,779) (2,293,060) Lease incentive 30,329,897 - Fair value adjustment during the period 89,210,940 8,518,335 At 30 June/31 December 696,439,310 509,536,312 Under capital expenditure line are included the development costs incurred for developments under construction such as: One Gallery Floreasca SA, Real Habitat Office Building SRL and One M Hotel. Investment Property for further development (landbank) (IPFD) 30 June 2026 31 December 2025 At 1 January 513,505,290 277,253,139 Capital expenditure Acquisition 4,269,683 4,811,438 151,080,202 17,413,885 Interest capitalized 125,776 - Reclassification to inventories (15,213,924) - Fair value adjustment during the period 16,137,310 80,360,511 At 30 June/31 December 536,238,020 513,505,290 Grand Total Investment Property at 30 June/31 December 3,420,620,993 3,219,219,690 Under Acquisition line are included the new assets acquired during the period such as the lands related to One City Club and Prelude 2000 SRL in 2025 and Mill Creek in 2026. Please refer below for the detailed list of assets for further information. During the 6 months ended 30 June 2026 and 6 months ended 30 June 2025, the Group has sold some of the apartments and parking lots included under investment property line and recorded a loss on disposal of RON 1.2 million in the first six months of 2026 and a profit of RON 2.5 million in the first six months of 2025. 6 months 2026 6 months 2025 (+) Proceeds from sale of investment property 12,773,577 53,371,302 (-) Carrying amount of investment property disposed (13,995,770) (50,862,340) (=) Profit/(loss) on disposal of investment property (1,222,193) 2,508,962 Completed investment property (IPC): - 2 apartments and 2 parking spaces owned by subsidiary One Long Term Value SRL; - Land in surface area of 6,655 sqm and office building with a total GLA of 24,073 sqm located at Calea Floreasca, Nr. 159- 165, owned by subsidiary One United Tower SRL; In 2025, approval was granted to start the necessary steps in relation to negotiation of the sale of the shares owned by the Company in One United Tower. The process is at an early stage as of the date of these financial statements.; - Land plot in surface area of 12,081 sqm and office building with a total GLA area of 47,001 sqm (including terraces) located at 44 Sergent Nutu Ion Street, owned by subsidiary One Cotroceni Park Office SRL (former One Cotroceni Park Office SA); - Property located in Buzau County, owned by subsidiary Carpathian Lodge Magura SRL comprising of a boutique hotel together with a 58ha of forest and land;
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 14 NOTE 7. INVESTMENT PROPERTY (continued) Completed investment property (IPC) (continued) - 10 apartments and parking spaces owned by subsidiary One Mircea Eliade Properties SRL. The development One Mircea Eliade is part of a mixed-use complex: One Floreasca City – a multifunctional real estate development involving three components – residential, office, and commercial, therefore several parking lots are being utilised for office and commercial destination, as part of the complex. The Group started the activities with the view to rental of several apartments owned by subsidiary One Mircea Eliade Properties SRL and therefore changed the presentation from apartments available for sale to apartments available for rental; - Retail building acquired through business combination with Bucur Obor SA in 2022. The subject property has a total leasable area of 22,765 sqm of retail and 2,450 sqm storages. Bucur Obor SA carries out its activity within the Bucur Commercial Complex Obor, located in Bucharest, Sos. Colentina no. 2, in the building from Sos. Mihai Bravu no. 2 and in the building from Sos. Colentina no. 6A. All these properties are owned by the company. Bucur Obor has as main activity the renting of commercial spaces, in which the clients retail goods; - Land plot in surface area of 1,218 sqm office building owned by the subsidiary, One Victoriei Plaza SRL with a total GLA of app. 7,584 sqm and 4 underground levels with 90 parking spaces, and it is fully leased to First Bank as a tenant; - Land plot in surface area of 3,938 sqm office building located at 18 Mircea Eliade Boulevard, Bucharest, Romania, owned by the subsidiary Eliade Tower SRL. The office building has a total GLA of 8,406 sqm spread over 10 floors and also has parking spaces; - In prior periods, the Group has signed rental contracts and therefore changed the presentation from apartments available for sale to apartments available for rental in several projects, in balance at 30 June 2026 remaining: 1 apartment owned by subsidiary One Mamaia Nord SRL and 3 apartments owned by subsidiary One Verdi Park SRL.; - Land in surface area of 8,847 sqm and office building with total GLA of 35,797 sqm (including terraces) located at Sergent Nutu Ion Street and Calea 13 Septembrie, owned by subsidiary One Cotroceni Park Office Faza 2 SRL (former One Cotroceni Park Office Faza 2 SA); - 1 apartment owned by Skia Real Estate; Investment property under development (IPUC): - Land in surface area of 10,880 sqm located 159-165 Calea Floreasca, district 1, Bucharest, owned by subsidiary One Gallery Floreasca SA (former One Proiect 15 SRL) and related construction in progress. The transaction was concluded with Auchan Romania SA for the acquisition of the former Ford Factory, historical landmark which will be transformed by the Company in a commercial development, One Gallery. The building permit was obtained in Q4 2023; - An under development hotel project located at 8-10 Georges Clemenceau street, Bucharest, Romania owned by the subsidiary One M Hotel SRL (former One Proiect 12 SRL); - Land in surface area of 9,351 sqm and related construction in progress owned by subsidiary, Real Habitat Office Building SRL (former One Technology District SRL). Investment property for further development (landbank) (IPFD): - Vacant land plot with a surface area of 5,245 sqm located at 44 Sergent Nutu Ion Street and 164C 13 Septembrie Road, district 5, Bucharest, Romania, owned by One Cotroceni Park SRL; - Land in surface area of 1.6 mil. sqm owned by the subsidiary One Proiect 11 SRL, located in Ilfov county. - Three buildings located in Bucharest sector 1, at no. 19, 21 and 23 Academiei street, near the Odeon Theater and the Ion Mincu University of Architecture and Urbanism owned by the subsidiary One Downtown SRL (former One Proiect 10 SRL). In 2025 the Group has acquired an underground area of 1,071 sqm, representing the actual Mozaic Club, part of the property registered at the address 48-50 Calea Victoriei, Bucharest, which is structurally connected to 19 Academiei Street. The new area acquired in 2025 is considered part of the asset valued. Following the renovation, the buildings will represent a new development of the Company - One Downtown. The total surface of the land is approximately 1,392 sqm and the gross buildable area is 9,580 sqm; - Land in surface area of 12,318 sqm owned by subsidiary, One Cotroceni Park Office Faza 4, acquired in Q1 2023; - Three land plots in surface area of 14,724 sqm and two buildings located 44 Ficusului Blvd, district 1, Bucharest, owned by subsidiary One Baneasa Airpark SRL (former One Proiect 23 SRL);
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 15 NOTE 7. INVESTMENT PROPERTY (continued) Investment property for further development (landbank) (IPFD) (continued): - Land in surface area of 2,601 sqm owned by subsidiary, One Mamaia Nord Faza 3 which was reclassified to inventories in H1 2026 due to the fact the building permit was obtained; - Land in surface area of 10,712 sqm, located at 3 Ramuri Tei Street, district 2, Bucharest, Romania, owned by subsidiary, One City Club SRL. - Land in surface area of 210,499 sqm owned by subsidiary Prelude 2000 SRL. One Proiect 18 SRL (a subsidiary controlled 100 % by the Company) has signed an agreement to purchase all the shares of Prelude 2000 SRL, an entity that owns a 21- hectare plot in Bucharest’s district 5, for the Company’s future development. The total value of the transaction is of EUR 21 million. The price was paid in installments. Upon the payment of the final installment, full ownership of the shares of Prelude 2000 S.R.L. (company owning the plot of land) was transferred to One Proiect 18 SRL, on 30.06.2025. The valuation of the asset was performed at 31 December 2025 and a fair value gain in amount of RON 72.9 million was recognized in profit and loss account in 2025. - Land in surface area of 25 thousand sqm owned by subsidiary Mill Creek Residences LLC, located in the city of Franklin, Williamson County, Tennessee, within the Nashville metropolitan area. Please refer also to Note 19 for details about the renting activity. The investment property balance as at 30 June 2026 and 31 December 2025 is detailed below: Type Object Valuation Method 30 June 2026 IPC Accommodation unit area with the related land in excess and forest Market approach, Income approach - direct capitalization ** 9,463,763 IPC Apartments and parking lots Market approach** 77,670,642 IPC Office DCF** 1,588,918,159 IPC Commercial DCF** 373,363,899 IPC Office Market approach* 138,527,200 IPC Total 2,187,943,663 IPFD Hotel Residual approach** 57,473,185 IPFD Landbank Income approach - direct capitalization** 18,033,012 IPFD Landbank Market approach** 332,987,761 IPFD Office Market approach** 127,744,062 IPFD Total 536,238,020 IPUC Commercial & office DCF** 324,281,835 IPUC Hotel Residual approach** 105,248,055 IPUC Office DCF** 266,909,420 IPUC Total 696,439,310 Grand Total 3,420,620,993 * Internal assessment ** External valuation by Colliers
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 16 7. INVESTMENT PROPERTY (CONTINUED) Type Object Valuation Method 31 December 2025 IPC Accommodation unit area with the related land in excess and forest Market approach, Income approach - direct capitalization ** 9,076,997 IPC Apartments and parking lots Market approach** 90,346,229 IPC Office DCF** 1,589,300,202 IPC Commercial DCF** 368,927,460 IPC Office Market approach* 138,527,200 IPC Total 2,196,178,088 IPFD Hotel Residual approach** 56,446,462 IPFD Landbank Income approach - direct capitalization** 18,033,012 IPFD Landbank Market approach** 311,924,672 IPFD Office Market approach** 127,101,144 IPFD Total 513,505,290 IPUC Commercial & office Residual approach** 266,381,330 IPUC Hotel Residual approach** 80,966,986 IPUC Office Residual approach** 162,187,996 IPUC Total 509,536,312 Grand Total 3,219,219,690 Valuation processes The Company’s investment properties were valued at 3 1 December 2025 by Colliers Romania , external, independent evaluator, authorized by ANEVAR, having recent experience regarding the location and nature of the properties evaluated. The valuation models in accordance with those recommended by the International Valuation Standards Committee ha ve been applied and are consistent with the principles in IFRS 13. At 30 June 202 6, the assets where significant changes were recorded were valued , as detailed above at the beginning of the chapter. For all investment properties, their current use equates to the highest and best use. The valuation technique s used in determination of the fair value of investment property are: a) The fair values are determined through the application of the market comparison technique. The valuation model is based on a price per square meter for both land and buildings, derived from data observable in the market, in an active and transparent marke t; b) Discounted cash -flows (DCF) method. The valuation model based on the DCF method estimates the present value of net cash flows to be generated by a rented building considering occupancy rate and costs to be paid by the tenants. The discount rate estimation considers, inter alia, the quality of a building and its location ; c) The Residual Approach of valuation is used when a property has development or redevelopment potential, and it is needed when there is an element of latent value that can be released by the expenditure of money on a property. This approach assumes that a potential buyer, who normally would be a developer, will acquire the subject property as at the date of valuation in its current condition and will develop it till completion and sell. d) The Income Approach - Direct Capitalization method provides an indication of value by converting future cash flow to a single current value. Under the income approach, the value of an asset is determined by reference to the value of income, cash flow or cost savings generated by the asset. A fundamental ba sis for the income approach is that investors expect to receive a return on their investments and that such a return should reflect the perceived level of risk in the investment. Fair value hierarchy Based on the inputs to the valuation technique, the fair value measurement for investment property has been categorized as Level 3 fair value at 3 0 June 2026 and 31 December 20 25. This assessment is deemed appropriate considering the adjustments of the date for comparable lands and of the construction assessments, including future level of net operating revenues of the investment properties. These adjustments are based on location and condition and are not directly observable. There were no transfers from l evels 1 and 2 to level 3 during the year.
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 17 8. INVESTMENT IN ASSOCIATES As at 30 June 2026 and 31 December 202 5, the Group has interests in a number of individually immaterial associates that are accounted for using the equity method: Name of the entity Place of business Object of activity % of ownership interest Carrying amount 30-Jun-26 31-Dec-25 30-Jun-26 31-Dec-25 Reinvent Energy SRL Romania Constructions 20% 20% 4,340,886 4,167,946 CCT & ONE AG Switzerland Investment 49.90% 49.90% 676,929 676,929 Glass Rom Invest SRL Romania Constructions 20% 20% 288,956 288,956 One Property Support Services SRL Romania Property management 0% 0% - - One Herastrau Office Properties SRL Romania Holding 33.87% 30% 4,894,773 4,855,360 ASAR Association Romania Architecture 20% 20% 2,500 2,500 MK Discount SRL Romania Holding 49% 49% 4,900 4,900 Prestige Hospitality SRL Romania Services 20% 20% 629,000 629,000 Sunset Lake Investitii SRL Romania Real estate developer 0% 35% - 41,476,177 Skia Financial Services SRL Romania Services 40% 40% 388,422 325,409 Tomcatone Hospitality SRL Romania Services 20% 0% 654,000 - Impairment (4,395,953) (4,395,953) Total equity-accounted investments 7,484,413 48,031,224 30-Jun-26 30-Jun-25 Aggregate amounts of the Group’s share of: Profit from continuing operations 271,887 (119,304) Total comprehensive income 271,887 (119,304) During 2025, the Group has acquired 35% interest in Sunset Lake (RON 41,476,177) which increased to 100% ownership in H1 2026, after the acquisition of the remaining of the shares (65% participation) for a price of EUR 5.8 million , and therefore after obtaining full control, the investment in associate was cancelled and the company Sunset Lake Investitii SRL started to be full consolidated. The Group’s investment in associate MK Discount comprises both equity interests and short term loans (the Group has granted also a long term loan amounting to RON 33.58 million and related interest of RON 925 thousand (31 December 2025: RON 14.9 million) and a short term loan to Blackstone Development SRL in amount of RON 14 .42 million (31 December 2025: RON 14 million), company which has control by holding 51% ownership in MK Discount SRL. These balances are assessed together for impairment. During H1 2026, the Group has acquired 20% interest in Tomcatone Hospitality SRL (RON 654,000). 9. INVENTORIES Most of the Company’s subsidiaries have as object of activity the development of residential real estate developments that are sold in the normal course of business. The Group policy implies measuring budget cost at beginning of project and remeasuring each year end date. Also, an incremental prudential impact is applied to the total estimated project cost by considering an additional contingency cost, i n accordance with progress of the development, the greater the progress, the lower the additional percentage allocated to costs, as few uncertainties remained. Depending on the estimated completion and sales dates of each real estate development, considering the Group's operating cycle (a period of approximately three years), inventory is detailed as follows:
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 18 9. INVENTORIES (continued) Developer Project name Development status 30 June 2026 31 December 2025 One Peninsula SRL One Peninsula Under construction 65,231,958 57,532,332 One Verdi Park SRL One Verdi Park Completed 19,325,862 20,752,083 One Mircea Eliade Properties SRL One Floreasca City Completed 1,845,775 1,845,776 One Herastrau Towers SRL One Herastrau Towers Completed 2,269,136 2,286,449 Neo Floreasca Lake SRL One Floreasca Vista Completed 220,005 245,901 One Mamaia Nord SRL Phase 1 One Mamaia Nord Completed 557,903 620,930 One Timpuri Noi SRL (former Neo Timpuri Noi SRL) One Timpuri Noi Completed 479,772 522,572 One Herastrau Vista SRL (former Neo Herastrau Park SRL) One Herastrau Vista Under construction 25,872,206 25,109,235 One Modrogran SRL One Modrogan Under construction 40,296,547 39,465,639 One Mamaia Nord SRL - phase 2 One Mamaia Nord 2 Completed 31,689,293 29,800,235 One Mamaia Nord SRL - phase 3 One Mamaia Nord 3 Under construction 21,703,360 - One Cotroceni Park SRL One Cotroceni Park Completed 27,528,352 32,750,929 One High District SRL One High District Completed 152,132,646 124,233,919 One Lake Club SRL One Lake Club Under construction 262,086,878 232,802,655 One Lake District SRL One Lake District Under construction 284,929,703 218,559,871 One Floreasca Towers SRL One Floreasca Towers Completed 50,922,004 52,781,178 One Cotroceni Towers SRL One Cotroceni Towers Under construction 132,368,875 129,955,503 One North Lofts SRL One North Lofts Completed 77,767,942 70,301,602 Carpathian Lodge Magura SRL Carpathian Lodge Under construction 21,952,061 15,125,813 One Academy Club SRL (former One Proiect 4 SRL) One Academy Club Under construction 54,292,936 48,716,053 Sunset Lake Investitii SRL One Floreasca Sunset Under construction 84,969,391 - Other inventories 9,395,331 10,718,511 Total 1,367,837,936 1,114,127,186 In Q1 2026, the building permit for One Mamaia Nord Faza 3 was obtained, therefore the asset (land and construction) was reclassified from investment properties to inventories . In Q1 2026, was completed the full acquisition of Sunset Lake Investitii SRL which owns a 9,045 sqm plot of land located at 241-273 Barbu Vacarescu Street. The new development, named One Floreasca Sunset, will be situated between Lake Tei, Lake Colentina, and Lake Floreasca, in the immediate vicinity of the green area of Verdi Park. The development has already obtained its building permit, and construction works, and the sales process have started this year. For several inventories items related to finalized developments (One Verdi Park and One Mircea Eliade), the Company recorded an impairment at 30 June 2026 of RON 6.76 million (31 December 2025: RON 6 million). 10. ADVANCE PAYMENTS TO SUPPLIERS As at 30 June 2026 and 31 December 2025, advances to suppliers are detailed as follows : Description 30 June 2026 31 December 2025 Advances to suppliers for acquisition of goods 35,905,924 32,347,533 Advances to suppliers for acquisition of services 141,801,713 135,612,085 Total 177,707,637 167,959,618
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 19 11a. TRADE AND OTHER RECEIVABLES As at 30 June 2026 and 31 December 2025 trade and other receivables are detailed as follows : Description 30 June 2026 31 December 2025 Trade receivables – customers 104,251,433 139,960,841 Allowance for doubtful debts (13,498,157) (12,962,374) Accrued receivables 10,916,596 12,087,246 Contract assets 1,112,581,004 1,000,188,814 Total trade receivables 1,214,250,876 1,139,274,527 VAT receivable 58,876,238 65,525,138 Various debtors 52,025,525 7,835,351 Loans granted to related parties 718,256 698,354 Loans granted to others 14,900,792 14,336,074 Prepaid interim dividends - 882,000 Income tax receivables 2,921,436 3,007,536 Other receivables 1,664,248 1,993,707 Loss allowances for other receivables (2,507,533) (708,329) Total other receivables 128,598,962 93,569,831 Total 1,342,849,838 1,232,844,358 Balances in relation to related parties are disclosed in Note 2 4. Contract assets represent the amounts estimated by the management of the Group based on the application of IFRS 15 Revenue from Contracts with Customers provisions. For contracts relating to the sale of property under development, the Group has generally concluded that the overtime criteria are met and, therefore, recognises revenue over time with reference to the stage of completion of the contract activ ity at the balance sheet date. Details on contract assets are presented below: Developer Project Name 30 June 2026 31 December 2025 One Modrogan SRL One Modrogan 20,205,453 15,989,185 One Herastrau Towers SRL One Herastrau Towers 4,729,118 5,432,052 One Peninsula SRL One Peninsula 159,078,793 106,742,836 One Verdi Park SRL One Verdi Park 34,966,246 37,052,636 Neo Floreasca Lake SRL One Floreasca Vista - 1,065,431 One Mamaia Nord SRL (former Neo Mamaia SRL) One Mamaia Nord 4,644 4,644 One Herastrau Vista SRL One Herastrau Vista 32,383,130 30,540,012 One Lake Club SRL One Lake Club 15,391,475 17,482,848 One Lake Club SRL – phase 1 One Lake Club SRL – phase 1 179,004,987 140,373,004 One Cotroceni Park SRL One Cotroceni Park 5,758,243 9,042,073 One Timpuri Noi SRL (former Neo Timpuri Noi SRL) One Timpuri Noi 6,006,128 6,006,127 One Mamaia Nord SRL - Phase 2 One Mamaia Nord 2 10,269,645 19,732,321 One Floreasca Towers SRL One FLoreasca Towers 73,994,305 83,352,607 One North Lofts SRL One North Lofts 29,951,543 48,383,486 One Lake District SRL One Lake District 198,825,817 169,900,572 One High District SRL One High District 342,011,477 309,088,980 Total 1,112,581,004 1,000,188,814 As at 30 June 2026 and 31 December 202 5, for the VAT recoverable, the Group filed refund applications. Parent company One United Properties SA acts as the representative of the single tax VAT group. The tax authorities have approved the fund application and after the control performed, the Grou p is collecting the amounts approved for reimbursement and also the VAT recoverable amounts incurred after the period verified.
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 20 11a. TRADE AND OTHER RECEIVABLES (CONTINUED) During 2025, the Company ha s granted a short term loan to Blackstone Development SRL (RON 14 mi llion). Trade receivables and contract assets are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group. The expected loss rate for the trade receivable overdue over 90 days and contract assets as at 3 0 June 2026 and 31 December 202 5 were established based on historical credit losses adjusted for any known factors that would influence the future amount to be received in relation to the receivable. The Group ha s also taken in consideration the subsequent collections procedures performed until the date of issue of these financial statements and creditworthiness analysis made by the Group’s sales team at individu al client level. By using the simplified expected credit loss model, the Group assessed its receivables for allowance and concluded that a net amount of expected credit losses of RON 13,498,157 (31 December 20 25: RON 12,962,374) are unlikely to be recovered. NOTE 11b. OTHER NON-CURRENT ASSETS Description 30 June 2026 31 December 2025 Other non-current assets 91,347,860 59,314,620 Total 91,347,860 59,314,620 In Other non-currents assets is included the loan granted by the subsidiary, One Long Term Investments SRL and Veora Project 1 SRL to Agro -Mixt Avero Prod SRL. The loan outstanding balance as at 3 0 June 2026 is of RON 36.03 million (31 December 202 5: RON 33.71 million) and related interest of RON 5.98 million (31 December 202 5: RON 4.9 million). Also, the subsidiary, One Long Term Investments SRL has granted a loan to Agro-Mixt Avero-Impex SRL in amount of RON 8.7 million, with related interest in balance of RON 48,772. Also, the Other non-current assets include the lo an to associate, MK Discount SRL, RON 34.5 million including interest (31 December 2025: RON 14.9 million, including interest) and Sevenx Ventures SRL, RON 6 million (31 December 2025: RON 5.9 million). The loans have a period of reimbursement of 5 years and related interest of 5.47%. The loan granted to MK Discount is considered part of the Group’s net investment in the associates. 12. CASH AND CASH EQUIVALENTS Cash and cash equivalents are detailed as follows : Description 30 June 2026 31 December 2025 Bank deposits in EUR 131,665,299 193,519,673 Bank deposits in RON 162,918,501 218,543,689 Bank accounts in EUR 35,489,106 186,115,415 Bank accounts in USD 402,554 - Bank accounts in RON 40,502,145 55,835,453 Other cash items 16,724 23,396 Total 370,994,329 654,037,626
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 21 12. CASH AND CASH EQUIVALENTS (continued) Also, the maturity of bank deposits is as follows: Description 30 June 2026 Maturity 31 December 2025 Maturity Bank deposits in EUR 131,665,299 2026 193,519,673 2026 Bank deposits in RON 162,918,501 2026 218,543,689 2026 Total 294,583,800 412,063,362 The Company has determined the ECLs relating to the net exposure for cash and short term deposits of the Group at the amount of RON 0.5 million (31 December 202 5: RON 0.5 million). The cash and cash equivalent amounts are deposited in banks from Romania that belong to banking Groups at European level or state -owned banks and in the recognizable past in Romania there were no cases of bank defaults. The Group's exposure to credit risk associated cash and cash equivalents is limited using financial institutions of good stan ding for investment and cash handling purposes. Cash and cash equivalents have been pledged as security for certain of the Group’s bank loans. The Group ha s restricted cash in amount of EUR 4.3 million in bank accounts in EUR (31 December 2025: EUR 6.8 million) and RON 0 in bank account in RON (31 December 2025: RON 3.5 million). Also, the Group has restricted cash as a pledge for the bank loans in relation to cash received from clients related to receivables from rental activity in amount of RON 96 thousand (31 December 2025: RON 3 million). 13. PROFIT TAX Starting with 2022, the parent company, One United Properties SA ha s established a fiscal group for profit taxpayer . The other subsidiaries which are not included in the fiscal gr oup are profit taxpayers as of 30 June 2026. The Group’s current profit tax for the years 20 25-2026 is determined at a statutory rate of 16% based on the statutory profit adjusted by non -deductible expenses and non -taxable revenues. The deferred profit tax as at 30 June 2026 and 31 December 20 25 is determined based on the 16% tax rate, which is expected to be effective when temporary differences are reversed . The current and deferred tax assets and liabilities are detailed as follows : Description 30 June 2026 31 December 2025 Current profit tax liabilities (5,256,808) (5,268,463) Deferred tax liabilities (434,861,706) (425,049,094) Total assets /(liabilities) (440,118,514) (430,317,557) The profit tax expense for the period ended 30 June 2026 and 30 June 2025 is detailed as follows: Description 30 June 2026 30 June 2025 Current profit tax expenses 7,484,736 7,657,374 Deferred profit tax expenses 9,812,611 43,705,167 Income tax expense recognised in statement of profit or loss 17,297,347 51,362,541
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 22 13. PROFIT TAX (continued) Deferred tax balance movements As at 30 June 2026 and 31 December 20 25, the net deferred tax assets or liabilities related to taxable differences are as follows: Consolidated statement of financial position Consolidated profit or loss 30 June 2026 31 December 2025 6 months 2026 6 months 2025 Contract assets and inventory property – IFRS15 effect (170,717,413) (166,924,538) 3,792,875 36,590,363 Fair value increase of investment property and effect of amortization (252,053,623) (234,635,865) 17,417,758 9,711,782 Acquisition of Bucur Obor – recognized in retained earnings (33,385,915) (33,385,915) - - Stock option plan 5,077,399 3,359,483 (1,717,916) (34,745) Inventories (8,364,734) (10,497,202) (2,132,468) (2,406,053) Trade and other receivables (1,717,494) (1,477,494) 240,000 80,000 Fiscal losses 18,156,406 16,708,923 (1,447,483) (350,047) Other tax impact 6,391,116 - (6,391,116) - Sponsorship 3,431,362 3,566,391 135,029 324,280 Leases 197,604 180,259 (17,345) (25,251) Property, plant and equipment (240,938) (307,661) (66,723) (185,162) Prepayments (1,635,475) (1,635,475) - - Deferred tax expenses / (income) 9,812,611 43,705,167 Deferred tax assets / (liabilities) net (434,861,705) (425,049,094) 14. EQUITY Management monitors capital, which includes all components of equity (i.e., share capital, retained earnings and reserves). T he primary objective of the parent company is to protect its capital and ability to continue its business so that it can continu e to provide benefits to its shareholders and other stakeholders. The parent company establishes the amount of capital that it imposes pro rata with risk. The parent company manages the capital structure and makes adjustments according to the evolution of the economic conditions and the risk characteristics of the underlying assets. (i) Share capital As at 30 June 2026 the Group’s share capital is RON 1,105,000,000 (31 December 202 5: RON 1,105,000,000) divided into 110,500,000 shares (31 December 2025: 110,500,000 shares) at a nominal value of RON 10 each (31 December 202 5: RON 10 each). All issued shares are fully paid. Structure of share capital Name of shareholder 30 June 2026 31 December 202 5 Number of shares Nominal value [RON] Holding [%] Number of shares Nominal value [RON] Holding [%] OA Liviu Holding Invest SRL (represented by Mr. Andrei Diaconescu) 28,220,764 282,207,640 25.5391% 28,220,764 282,207,640 25.5391% Vinci Ver Holding SRL (represented by Mr. Victor Capitanu) 28,220,764 282,207,640 25.5391% 28,220,764 282,207,640 25.5391% Others 54,058,472 540,584,720 48.9218% 54,058,472 540,584,720 48.9218% Total 110,500,000 1,105,000,000 100.00% 110,500,000 1,105,000,000 100.00%
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 23 14. EQUITY (CONTINUED) Share premium 2026 2025 Balance at 1 January 114,833,373 114,833,373 Premium arising on issue of equity shares - - Balance at 30 June 2026 / 31 December 2025 114,833,373 114,833,373 Own shares 2026 2025 Balance at 1 January (29,472,421) (14,326,329) Shares acquired - (17,631,959) Shares sold / cancelled - 2,485,867 Balance at 30 June 2026 / 31 December 2025 (29,472,421) (29,472,421) The treasury shares were acquired in accordance with the authorization granted by the General Meeting of Shareholders and in accordance with the Romanian Companies Law no. 31/1990. Treasury shares do not carry voting rights and are not entitled to dividends while held by the Company. On 19 April 2021, the extraordinary general meeting of the shareholders approved to list the holding company One United Properties SA on the regulated market of the Bucharest Stock Exchange. On 10 October 2024, the Extraordinary General Meeting of Shareholders of the Company (the “EGMS Resolution”) has approved, the following: (i) the consolidation of the nominal value of a share issued by the Company from the nominal value of RON 0.2/share to the nominal value of RON 10/share, by increasing the nominal value of the shares concomitantly with the decrease of the total number of shares (50 shares with a nominal value of RON 0.2/share will represent one share with a nominal value of RON 10/share) (“Nominal Value Consolidation”); (ii) the proposal of the Board of Directors to set a price amounting RON 46.225/consolidated share, for the compensation of the fractions of shares resulting from the Nominal Value Consolidation. The price thus proposed was calculated by multiplying the amount of RON 0.9245 (representing the average trading value of the share with a nominal value of RON 0.2, referring to the last 12 months prior to the convening of the EGMS, adjusted for changes generated by any corporate events during this period, if applicable ) by 50 (representing the ratio between the consolidated nominal value (RON 10/share) and the nominal value prior to the Nominal Value Consolidation (RON 0.2/share)); The Romanian Financial Supervisory Authority has issued the certificate of registration of financial instruments (CIIF) no. AC- 6031-1/29.01.2025 CIIF certifies the registration of the operation of the consolidation of the nominal value of the shares of One United Properties, approved by the Resolution of the Extraordinary General Meeting of Shareholders dated 10 October 2024. The Company has finalized the process of registration of the nominal value consolidation with the Central Depository on 5 February 2025. Pursuant to the share capital increase, the Company's share capital amounts to RON 1,105,831,020, divided into 110,583,102 ordinary registered shares, with a nominal value of RON 10 per share. On April 29th, 2025, the Company held the Ordinary and Extraordinary General Meetings of Shareholders. During the GMS, the shareholders approved, among other items, the distribution of dividends in value of RON 77,750,066.01 (gross dividend amount), corresponding to the financial year 2024, as follows: (i) the amount of RON 38,152,523.73 (gross dividend amount) has been distributed in advance in 2024, respectively (ii) the amount of RON 39,597,542.28 (gross dividend amount), was distributed according to this resolution. The dividends were paid in May 2025. On October 15th, 2025, the Company held the Ordinary and Extraordinary General Meetings of Shareholders. During the GMS, the shareholders approved, among other items, the distribution of dividends in value of RON 39,493,149.84 (gross dividend amount), less the treasury shares held by the Company on the date of the OGMS convening, from the undistributed net profit existing as at 31 December 2024. The dividends were paid in November 2025. The Company ha s received from the Romanian Financial Supervisory Authority, the Certificate of the Registration of Financial Instruments (CIIF) no. AC-6031-2/10.09.2025 . The CIIF certifies the decrease of the share capital with 83,102 shares as a result of the Company’s Extraordinary General Meeting of Shareholders’ decision no. 76 dated 29.04.2025. The new share capital was registered with the Central Depository. Pursuant to the share capital decrease, the Company’s share capital of RON 1,105,000,000 is divided into 110,500,000 nominative shares with a nominal value of RON 10 per share.
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 24 14. EQUITY (CONTINUED) The Financial Supervisory Authority of Romania (the “FSA”) approved on 25 June 2026 the Company’s application for a tender offer for cash of its own shares, as approved by the Company’s Extraordinary Shareholders’ Resolution no. 79 / 15 October 2025. The purchase pric e established is RON 33/share and the s ubscription period is between 01.07.2026 – 14.07.2026. (ii) Legal reserve The legal reserve of RON 46,113,389 as at 30 June 2026 (31 December 2025: RON 45,671,186) is established in accordance with the Company Law, according to which 5% of the statutory annual accounting profit is transferred to legal reserves until their balance reaches 20% of the company's share capital. If this reserve is used wholly or partiall y to cover losses or to distribute in any form (such as the issuance of new shares under the Company Law), it becomes taxable. The management of the Group does not expect to use the legal reserve in a way that it becomes taxable (except as provided by the Fiscal Code, where the reserve constituted by the legal entities providing utilities to the companies that are being restructured, reorganized or privatized can be used to cover the losses of value of the share package obtained as a result of the debt conversion procedure, and the amounts intended for its subsequent replenishment are deductible when calculating taxable profit). The accounting profit remaining after the distribution of the legal reserve is transferred to retained earnings at the beginn ing of the financial year following the year for which the annual financial statements are prepared, from where it will be distributed. (iii) Other capital reserves – share based payments The share-based payments reserve is used to recognise the value of equity-settled share-based payments provided to senior employees, as part of their remuneration. On 29 April 2026, the General Shareholder Meeting (GSM) approved the terms and conditions of, and the execution and performance by the Company of a stock option plan for the benefit of the executive members of the Board of Directors for the years 2026 – 2030 (the “SOP”). The plan was validated at the Board of Directors’ meeting held on March 23rd, 2026 and refers to an algorithm with respect to awarding certain bonifications to two executive members of the Board of Directors of One United Properties SA, which materialize in granting a package of shares, no amount are to be paid by the beneficiaries for granting and / or exercising an Option. In case of exercising the Options, newly issued shares are allocated by the holding company. The performance conditions that must be met in order to exercise the Options are: (a) holding the position of executive member of the Board of Directors at t he Performance Measurement Date, (b) reaching a price per share according to an algorithm established by the decision of the Board of Directors and subsequently approved by the General Shareholder Meeting and (c) additional performance conditions: reaching a market value per share of the Company at the end of the SOP application period according to the algorithm established by the decision of the Board of Directors and subsequently approved by the General Shareholder Meeting . This stock option plan (“SOP”) can be vested in the following 5 years, following the fulfilment of the performance condition s. The fulfillment of the Performance Conditions shall be assessed by the non -executive members of the Company’s Remuneration Committee, taking into consideration the weighted average with the volume traded applied to the average daily prices in the period 01.10 – 31.12 (i) in the case of the Basic Performance Conditions, in the year evaluated, respectively (ii) in the case of the Additional Performance Conditions, in 2030, as reflected on the website of the Bucharest Stock Exchange . Based on the conditions described above, the Group and the beneficiaries have confirmed that all terms and conditions have been established for the stock option plan described above, the grant date have occurred and therefore the Group ha s accounted for an expense of RON 20.72 million during 6 months of 2026 and in correspondence the related capital reserve.
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 25 15. LOANS AND BORROWINGS The loans outstanding as at 30 June 2026 and 31 December 2025 are detailed as follows : Description Original Currency 30 June 2026 31 December 2025 Secured loans Bank loans due in one year EUR 146,610,699 235,183,896 Bank loans due in more than one year EUR 1,600,963,862 1,252,423,052 Unsecured loans Loans received from minority shareholders due in one year EUR 9,476 9,215 Loans received from minority shareholders due in one year RON 51,227 50,115 Loans received from related parties due in one year EUR 11,632,395 - Loans received from related parties due in more than one year EUR 18,483,232 15,904,527 Loans received from others due in one year EUR 70,605,905 - Loans received from others due in more than one year EUR 47,070,378 46,741,003 Total 1,895,427,174 1,550,311,808 Of which: Long-term 1,666,517,472 1,315,068,582 Short-term 228,909,702 235,243,226 The balances and transactions with related parties are presented in Note 24. Interest rates for bank loans are based on EURIBOR plus margins that vary from 1.5% to 3%. Some of the Group’s borrowings have, among others, loan-to-value and debt service coverage ratio covenants. The Group has complied with the financial covenants of its borrowing facilities during the 2026 and 2025 reporting period. The bank loan contracts contain pledges on the real estate developments (land and construction in progress), as well as receivables from customers and bank accounts and pre-sales agreements. On 29 September 2025, the subsidiary One United Tower SRL entered into a new investment credit facility of up to EUR 63.8 million with Banca Trasilvania. The proceeds from this facility was used to repay existing bank loan and to fund intragroup lending activities. To secure the facility, the parent company pledge its current and future shareholding in One United Tower SRL, including related rights and entitlements, as collateral in favor of the financing bank. The bank loan contract contains also pledges on land and building, as well as receivables from customers and bank accounts. The financial covenants attached to the loan contract are: historical debt service coverage ratio, forecast debt service cove r ratio, loan to value ratio. The bank loan has final repayment date on June 2035. The loan balance as of 30 June 2026 is RON 320.9 million (31 December 2025: RON 312 million) from which due on short term – RON 12.7 million (31 December 2025: RON 11 million). On 23 July 2021, the subsidiaries One Cotroceni Park Office SA and One Cotroceni Park Office Faza 2 SA have signed the loan agreement with Banca Comerciala Romana SA, BRD Groupe Societe Generale SA and Erste Group Bank AG for an amount of maximum EUR 78,000,000. The loan agreement requires the observance of some financial indicators. The bank loan contract contains pledges on land and building, as well as receivables from leasing contracts, insurance polici es and shareholder loan, bank account and 100% of the share capital of the borrowers. The holding Company guarantees to each finance party the punctual performance which will cover costs differences or cash flows deficit related. The Group, through its subsidiary has signed on 04 July 2024 an addendum for the increase of the credit facility contracted on July 23, 2021 for One Cotroceni Park Office SRL (“OCO1”) and One Cotroceni Park Office Faza 2 SRL (“OCO2”). The value of the credit facility increase is of EUR 20 million, split between OCO1 (EUR 7.1 million) and OCO2 (EUR 12.9 million). The increase of the credit facility was granted by Banca Comerciala Romana SA and BRD Groupe Societe Generale SA and has the purpose of reimbursement of shareholders loans as well as covering other costs related to the transaction for the increas e of the credit facility. The financial covenants attached to the loan contract are: debt -service coverage ratio, loan to value ratio and weighted average unexpired lease term. The final repayment date of the bank loan is June 2029.
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 26 NOTE 15. LOANS AND BORROWINGS (continued) On 11 December 2025, the Group, through its subsidiary signed and amendment agreement to the facilities agreement contracted on July 23, 2021 for One Cotroceni Park Office SRL (“OCO1”) and One Cotroceni Park Office Faza 2 SRL (“OCO2”), whereas the total new maximum facility amount became EUR 119.1 million, split between OCO1 (EUR 69.33 million) and OCO2 (EUR 49.74 million). The financial covenats remained the same and the final repayment date of the bank loan was updated to June 2032. As of 30 June 2026, the loan balance related to the subsidiary One Cotroceni Park Office SRL is RON 349.1 million (31 December 2025: RON 350.7 million) from which on short term the amount of RON 11.9 million (31 December 2025: RON 11.3 million). As of 30 June 2026, the loan balance related to the subsidiary One Cotroceni Park Office Faza 2 SRL is RON 2 51.2 million (31 December 2025: RON 251.6 million) from which on short term the amount of RON 8.5 million (31 December 2025: RON 8.1 million). On 15 February 2022, the Company, through its subsidiary One Mircea Eliade Properties SRL contracted a bank loan from Garanti Bank in total value of RON 44.5 million (equivalent of EUR 9 million) and fully utilized this amount. The loan has a maturity of 10 years. The bank loan contract contains pledges over several apartments and parking places, as well as bank accounts and a corporate guarantee issued by the holding Company. On 20 March 2024, subsidiary One Mircea Eliade Properties SRL, has signed an additional loan agreement with Garanti Bank SA in total value of EUR 5,725,000. The loan has a maturity of 4 years. The bank loan contract contains pledges over several apartments. The bank loan agreement contains a surety by which the Parent Company is the guarantor and which covers the period until the maturity of the underlying bank loan. The loans balance as at 30 June 2026 is RON 28.5 million (31 December 2025: RON 28.3 million), from which on short term RON 5.9 million (31 December 2025: RON 10.1 million). On 27 July 2022, the Company, through its subsidiary One Victoriei Plaza SRL (former MAM Imob Business Center SRL) contracted a bank loan from Garanti Bank in total value of EUR 18.43 million and fully utilized this amount, therefore the loan balance as at 30 June 2026 is RON 75.3 million (31 December 2025: RON 76 million and related interest in balance of RON 173,502), from which on short term RON 5.8 million (31 December 2025: RON 5.6 million). The loan will be fully repaid until June 2037. The bank loan contract contains pledges on the office building located in Sos. Nicolae Titulescu No.29-31, receivables from lease contracts and bank accounts. The loan has attached a surety by which the Parent Company is the guarantor and which covers the time until maturity of underlying bank loa n. In Q1 2023, the Group, through its subsidiary Eliade Tower SRL contracted a bank loan from Garanti Bank in total value of EUR 5 million and fully utilized in January 2023. The loan has a maturity of 5 years. The bank loan contract contains pledges on th e office building “Eliade Tower”located in Bd. Mircea Eliade No.18, Bucharest, receivables from lease contract and bank accounts . The due date for reimbursement is 19 January 2028. The loan has attached a surety by which the Parent Company is the guarantor and which covers the time until maturity of underlying bank loan. The loan balance as of 3 0 June 2026 is RON 9 million (31 December 2025: RON 11.4 million loan balance and related interest in balance of RON 39,896 ) from which on short term RON 5.6 million (31 December 2025: RON 5.3 million). On 15 December 2023, subsidiary One Gallery Floreasca SA (former One Proiect 15), ha s signed the loan agreement with Alpha Bank SA in total value of EUR 35.1 million (one loan facility of EUR 30.5 million and second loan facility of EUR 4.6 million ). The first loan facility has maturity until 30 March 2034 and second facility was fully reimbursed until 30 June 2026. The bank loan contract contains pledges over the land and building held by the company, as well as receivables, bank accounts and movable assets and a corporate guarantee issued by the holding Company. The financial covenants attached to the loan contract are: debt-service coverage ratio, loan to value ratio applicable after 30.09.2026. The loan balance as of 30 June 2026 is RON 124.5 million (31 December 2025: RON 108.1 million) from which on short term RON 5.8 million (31 December 2025: RON 7.4 million). On 08 February 2024, subsidiary One Floreasca Towers SRL signed the loan agreement with First Bank for a maximum amount of EUR 11,000,000. The loan has a maturity of 3 years. The bank loan contract contains pledges over the building and land hel d by the company, also over 1 apartment built by Neo Floreasca Lake SRL, 1 apartment and 1 parking space in One Verdi Park development, also on receivables from Company’s sales contracts and from insurance policy, as well as bank accounts, debt service reserve account and a corporate guarantee issued by the holding Company. The loan balance as of 30 June 2026 is RON 0 (31 December 2025: RON 30.4 million), as the loan balance was fully reimbursed during H1 2026. All the pledges were removed. On 01 March 2024, subsidiary One Mamaia Nord SRL, has signed the loan agreement with Libra Internet Bank SA in total value of EUR 11,500,000, which was subsequently increased with EUR 1 million on June 2026. The loan has a maturity of 4 years. The bank loan contract contains pledges over the building and land held by the company, on, Aleea Lamia street no. 8, Mamaia, Constanta, and also over the apartments and parking lots held by One Timpuri Noi SRL on Street Ion Minulescu, Nr. 13, Bl. OTN , Mun. Bucuresti, district 3, as well as bank accounts. The loan balance as of 30 June 2026 is RON 24.1 million (31 December 2025: RON 26.97 million) out of which RON 22.2 million is on short term (31 December 2025: RON 24.27 million).
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 27 NOTE 15. LOANS AND BORROWINGS (continued) On 26 April 2024, the Company, through its subsidiary One Lake District SRL contracted a bank loan from Garanti Bank SA for a total amount of EUR 20,000,000. The bank loan contract contains pledges over the land, buildings and construction held by the company, as well as receivables related to sale of residential units and future receivable related to VAT reimbursement decisions from the state budget and bank accounts. The bank loan agreement contains a surety by which the Parent Company is the guarantor and which covers the period until the maturity of the underlying bank loan. The loan balance as of 3 0 June 2026 is RON 104.9 million (31 December 2025: RON 80.58 million) and is all due on long term. On 14 May 2024, the Company, through its subsidiary One Cotroceni Park SRL contracted a bank loan from the Commercial Bank Intensa Sanpaolo Romania SA for a total amount of EUR 13,250,000. The bank loan contract contains pledges over several apartments, retail spaces and parking places, receivables as well as bank accounts. The bank loan agreement is also secured by a surety contract by which the Parent Company is the guarantor and which covers the period until the maturity of the underlying bank loan. The loan balance for this subsidiary as of 3 0 June 2026 is RON 28.4 million (31 December 2025: RON 41.53 million) and from which RON 26.1 million is on short term (31 December 2025: RON 37.4 million). On 7 November 2024, the Company, through its subsidiary Real Habitat Office Building SRL (former One Technology District SRL) contracted a term loan facility in a maximum amount of EUR 37,500,000 from Erste Group Bank AG and a VAT facility in a maximum amount of RON 19,902,000 from Banca Comerciala Romana SA. The repayment date is June 2033. The VAT facility from Banca Comerciala Romana SA contains a corporate guarantee by which the Parent Company is the guarantor and which covers any amount due up to the facility agreement value, for the period until the maturity of the underlying bank loan. In relation to the credit loan from Este Group Bank AG, the Parent Company will bear the payment of any amount up to the maximum amount of EUR 6,100,000 which exceeds the total construction budget. The bank loan agreement contains a pledge on the Parent company’s shares in the subsidiary Real Habitat Office Building SRL (former One Technology District SRL) for a number of 367,360 shares, with a total nominal value of RON 3,673,600. The financial covenants attached to the loan contract are: debt-service coverage ratio, loan to value ratio, loan to cost ratio and weighted average unexpired lease term applicable after 30.09.2026. The loan balance for this subsidiary as of 30 June 2026 is RON 91.2 million (31 December 2025: RON 34.7 million) from which RON 1.1 million is on short term (31 December 2025: RON 1.1 million). On 17 December 2024, the Company, through its subsidiary One M Hotel SRL contracted a bank loan in amount of EUR 17,500,000 from Unicredit Bank SA. The bank loan contract contains pledges over the land, buildings, receivables, bank accounts, movable assets. The Parent Company will bear the payment of any amount up to 10% of total developments costs (including construction costs: hard, soft and financing costs) of the project One M Hotel which exceed the estimated development budget but no more than the maximum amount of EUR 2,000,000. The bank loan agreement contains a pledge on the Parent company’s shares in the subsidiary One M Hotel SRL for a number of 4,050,000 shares, with a total nominal value of RON 40,500,000. The financial covenants attached to the loan contract are: debt-service coverage ratio, loan to value ratio and loan to cost ratio applicable starting 2027. The loan facility has maturity until May 2038. The loan balance as of 30 June 2026 is RON 50.4 million (31 December 2025: RON 35.8 million) from which RON 50,403 on short term ( 31 December 2025: RON 35,801). On 15 January 2025, the Company, through its subsidiary One Lake Club SRL contracted a bank loan from Garanti Bank SA for a total amount of EUR 18,000,000. The bank loan contract contains pledges over the land, buildings and construction held by the company and located on 10 Marin Preda street (refinanced assets), as well as receivables related to leasing of the refinanced assets and bank accounts. The bank loan agreement contains a surety by which the Parent Company is the guarantor and which covers the period until the maturity of the underlying bank loan. The loan facility has maturity until August 2029. The loan balance as of 30 June 2026 is RON 0 (31 December 2025: RON 29.48 million), the entire balance being reimbursed in H1 2026. On 27 March 2025, the Company, through its subsidiary One North Lofts SRL contracted a bank loan from Patria Bank SA for an amount up to EUR 14,000,000 for the financing/refinancing of own investment and the refinancing of the shareholder loan. The bank loan contract contains pledges over the land, buildings and construction, receivables and cash accounts. The loan facility has maturity until March 2028. The loan balance as of 30 June 2026 is RON 44.3 million (31 December 2025: RON 70 million), from which on short term RON 40.7 million (31 December 2025: RON 63 million). On 30 April 2026, subsidiary One Floreasca Towers has contracted a new loan with Patria Bank for a total facility amount of EUR 11 million, of which EUR 9.1 million has been drawn. The loan has a maturity of 24 months, with repayment on the final maturity date. The bank loan contract contains pledges over several apartments, receivables as well as bank accounts. The loan balance as of 30 June 2026 is RON 47.8 million, all due on long-term.
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 28 NOTE 15. LOANS AND BORROWINGS (continued) On May 28th, 2026 the Company and its subsidiaries One High District SRL and One Lake Club SRL (together, the "Borrowers") have entered into a EUR term facility agreement with UniCredit Bank SA, in an initial aggregate principal amount of EUR 80,500,000, with the possibility of being increased up to a maximum aggregate principal amount of EUR 140,000,000. Part of the financed amounts will be used for the repayment of intra -group loans and/or the granting of intra-group loans to the Company for the financing of the first tranche of PTO Program approved under the EGMS Resolution No. 79 of 15 October 2025, and the rest to cover the remaining construction costs for both developments. The Facility Agreement therefore supports both the completion and delivery to clients of the One High District and One Lake Club developments and the implementation of the first tranche of PTO Program, in line with the Company's strategy of securing long -term banking financing for its development projects and shareholder return initiatives. The financing is secured by a customary security package in favor of UniCredit Bank SA, acting as security agent. The Facilit y Agreement contains terms and conditions, including representations, undertakings and covenants (loan to value, coverage ratio), customary for transactions of this nature. The bank loan contract contains pledges over the land and construction held by the two subsidiaries, as well as receivables, bank accounts and pledge over shares and holding Company account, representing the first-ranking mortgage over the PTO Liquidity Account, granted or to be granted by the Company (OUP) in favour of the Secured Parties to secure the Secured Liabilities. The holding Company: a) guarantees to each finance party the punctual performance by each Borrower of its obligations to fund each Cost Overrun, b) guarantees to each Finance Party punctual performance by each Borrower of its obligation to ensure that Project Completion Date in relation to its Project takes place no later than the established date, c) guarantees to each Finance Party punctual performance by each Borrower of all that Borrower's obligations under the Finance Documents . As at 30 June 2026, subsidiary One Lake Club SRL has an outstanding loan balance of RON 91.6 million, all due on long -term, and subsidiary One High District SRL has an outstanding loan balance of RON 106.4 million, all due on long -term. 16. TRADE AND OTHER PAYABLES Trade and other payables are detailed as follows : Description 30 June 2026 Short Term Long term 31 December 2025 Short Term Long term Suppliers 73,255,289 73,255,289 - 108,595,103 108,595,103 - Accrued payables 27,593,610 27,593,610 - 23,949,224 23,949,224 - Performance guarantees retained from suppliers 115,909,293 115,909,293 - 85,891,754 85,891,754 - Dividends 127,058 127,058 - 481,728 481,728 - Other taxes and duties 7,959,263 7,959,263 - 678,702 678,702 - Sundry creditors 7,995,377 7,995,377 - 12,507,464 12,507,464 - Provisions 665,053 - 665,053 706,451 - 706,451 Employee benefits 1,949,971 1,949,971 - 2,465,860 2,465,860 - Other creditors 47,901,399 47,496,037 405,362 47,899,732 47,494,370 405,362 Total trade and other payables 283,356,313 282,285,898 1,070,415 283,176,018 282,064,205 1,111,813 The normal operating cycle of the Group is three years. As a result, current assets and liabilities include items whose reali zation is intended and / or anticipated to occur during the normal operating cycle of the group . Accrued payables represent the value of accepted services rendered by entrepreneurs and contractors for which invoices have not yet been received at the reporting date. Performance guarantees retained from suppliers represent retention amounts withheld from payments due to contractors in accordance with the contractual terms of construction or service agreements. These amounts are intended to ensure the proper completion of works and to cover potential defects identified during the warranty or defect liability period. The retention is typically calculated as a fixed percentage of the value of the works performed or of each invoice submitted by t he supplier, as stipulated in the underlying contract. The retained amounts are initially recognized at the value withheld from the supplier’s invoices and presented as other payables. Performance guarantees are generally released upon completion and formal acceptance of the works, with a portion typically released at the date of project completion and the remaining balance released after the expiry of the contractual warranty, provided that no significant defects or claims have been identified. The management consider that the carrying amount of trade payables approximates to their fair value .
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 29 17. ADVANCES RECEIVED FROM CLIENTS Advances received from customers mainly relate to amounts collected under pre -sale agreements for residential units under development. Such amounts are recognized as contract liabilities in accordance with IFRS 15 Revenue from Contracts with Customers until the transfer of control of the completed property to the customer. In Romania, recent legislative amendments introduced by Law No. 207/2025 have established additional safeguards for buyers in residential real estate developments. Under these provisions, advances received from customers must generally be deposited in bank accounts dedicated to the respective development project and may be used primarily for financing the construction of that project. In addition, advance payments are typically linked to the progress of construction and are subj ect to certain limitations intended to enhance buyer protection and transparency in real estate transactions. The Group monitors compliance with these legal requirements and ensures that advances received from customers are managed and utilized in accordance with the applicable regulatory framework. At the moment of signing the bilateral sales undertakings between the promissory -seller and the promissory-purchaser, the promissory-seller undertakes not to sell, not to encumber, promise or offer for sale the apartments (with / without parking spaces) to a third party. The advances received from customers are decreasing over time in line with the increase in the percentage of completion of the residential developments. Developer Project Name Description 30-Jun-2026 31-Dec-25 One Herastrau Towers SRL One Herastrau Towers Residential - 4,406,690 One Long Term Value SRL One Long Term Value Investment property 5,581,494 4,562,574 One Mircea Eliade Properties SRL One Floreasca City Residential 377,259 377,259 One Floreasca Towers SRL One Floreasca Towers Residential 7,661,557 - One North Lofts SRL One North Lofts Residential 274,428 274,428 One Verdi Park SRL One Verdi Park Residential 510,873 510,873 One Lake District SRL One Lake District Residential 1,046,296 41,226,594 One Plaza Athenee SRL (former One Proiect 3 SRL) One Athenee Residential 1,428,642 8,611,040 One City Club SRL (former One Proiect 9 SRL) One City Club Investment property 34,081,008 34,081,008 One Mamaia Nord SRL (former Neo Mamaia SRL) One Mamaia Nord Residential 4,296,653 15,122,845 One High District SRL One High District Residential 6,432,118 6,432,118 Eliade Tower SRL Eliade Tower Investment property 14,797,200 17,259,260 One Cotroceni Towers SRL One Cotroceni Towers Residential 152,857,624 153,520,955 X Arhitecture Engineering SRL X Arhitecture Architecture services 224,528 224,528 One Proiect 18 SRL One City District Investment property 101,288,727 101,288,727 One Proiect 19 SRL One Floreasca Sunset Residential - 9,309,890 One Academy Club (former One Proiect 4 SRL) One Academy Club Residential 77,288,546 77,712,161 One Proiect 21 SRL One Proiect 21 Investment property 24,444,960 24,444,960 One Cotroceni Park Office Faza 2 SRL One Cotroceni Park Office Faza 2 Investment property - 192,414 Bucur Obor SA Bucur Obor Investment property 1,000 1,482 Total 432,592,913 499,559,806 Description 30 June 2026 31 December 2025 Advances received from clients in relation to residential portfoli o (contract liabilities) 252,398,526 308,419,491 Advances received from clients in relation to investment property 180,194,387 191,140,315 Total 432,592,913 499,559,806 18. NET INCOME FROM RESIDENTIAL PROPERTY Contract revenue results from the development of apartments. The Group’s revenue includes revenue from construction contracts that are recognised over time by reference to the stage of completion of the contract with the customer. The revenues from sales of inventory property and residential property under development are detailed below:
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 30 18. NET INCOME FROM RESIDENTIAL PROPERTY (CONTINUED) Development 30 June 2026 30 June 2025 Sales of completed inventory property Sales - One Verdi Park 1,435,501 40,070,933 Sales - One Herastrau Towers 24,412 1,593,785 Sales - One Cotroceni Park 9,917,714 24,769,553 Sales - Neo Floreasca Lake 161,815 637,918 Sales - One Timpuri Noi SRL 142,864 1,463,934 Sales - One Mamaia Nord - faza 2 677,389 10,170,161 Sales - One Floreasca Towers 13,246,462 67,609,648 Sales - One North Lofts (8,127,238) 16,602,474 Sales – One High District 29,330,683 137,065,983 Sales of residential property under development, from which: Contract revenues - One Peninsula 53,401,835 33,101,864 Contract revenues - One Herastrau Vista 2,746,159 27,793,532 Contract revenues – One Modrogan 4,216,269 10,500,590 Contract revenues - One Lake District 41,868,750 80,970,073 Contract revenues - One Cotroceni Towers 663,331 (2,426,030) Contract revenues - One Plaza Athenee 7,182,398 5,705,961 Contract revenues – One Academy Club 6,746,180 - Contract revenues - One Lake Club 45,135,394 186,634,157 Contract revenues - Neo Mamaia - faza 3 13,415,809 - Contract revenues - One Floreasca Sunset 8,269,136 - Total revenues from contracts with customers 230,454,863 642,264,536 The cost of sales of residential property are detailed below: 30 June 2026 30 June 2025 Cost of sales of completed inventory property Cost of sales – One Mircea Eliade - 2,069,525 Cost of sales - One Verdi Park 920,573 16,232,177 Cost of sales - One Herastrau Towers - 354,213 Cost of sales - One Cotroceni Park 6,824,136 20,380,515 Cost of sales - Neo Floreasca Lake - 17,175 Cost of sales - One Timpuri Noi SRL 42,800 1,718,413 Cost of sales - One Mamaia Nord - faza 2 (1,811,853) 9,144,403 Cost of sales - One Floreasca Towers 9,045,324 37,572,745 Cost of sales - One North Lofts (5,259,744) 20,789,393 Cost of sales - One High District 22,916,219 90,238,208 Cost of sales of residential property under development, from which: Contract cost - One Peninsula 30,089,777 16,073,555 Contract cost - One Herastrau Vista 3,204,667 15,507,482 Contract cost – One Modrogan 1,731,863 6,295,045 Contract cost - One Lake District 40,951,804 59,426,915 Contract cost - One Cotroceni Towers 595,847 (2,440,916) Contract cost - One Plaza Athenee 4,867,886 3,628,244 Contract cost – One Academy Club 5,242,940 - Contract cost - One Lake Club 22,301,497 104,768,276 Contract cost - Neo Mamaia - faza 3 13,503,251 - Contract cost - One Floreasca Sunset 7,612,836 - Total cost of sales 162,779,823 401,775,368 During H1 2026, One High District development w as completed and the reception was performed. For comparability the related sales and costs were also reclassified for 2025 from property under development to completed inventory property.
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 31 19. NET INCOME FROM RENTAL ACTIVITY The Group has entered into leases on its office property portfolio. The office property leases typically have lease terms of between 5 and 10 years and include clauses to enable periodic upward revision of the rental charge according to prevailing market conditions. Some leases contain options to break before the end of the lease term. Details about the net annual rent are presented below: As at 30 June 2026 Rental income % share of rental income Revenues from services to tenants Total % share in total Office 49,828,148 77.66% 16,460,273 66,288,421 79.05% Retail 13,400,200 20.89% 3,066,690 16,466,890 19.64% Other 933,209 1.45% 166,358 1,099,567 1.31% Total 64,161,557 100.00% 19,693,321 83,854,878 100.00% As at 30 June 2025 Rental income % share of rental income Revenues from services to tenants Total % share in total Office 45,433,973 76.0% 18,622,994 64,056,967 78.75% Retail 13,281,743 22.2% 2,941,403 16,223,146 19.94% Other 1,063,494 1.8% - 1,063,494 1.31% Total 59,779,210 100.00% 21,564,397 81,343,607 100.00% Under the office activity, are mainly included the revenues generated by One United Tower, One Cotroceni Park Office , One Cotroceni Park Office Faza 2 and One Victoriei Plaza with a share of 97% in total office rental revenues as of 30 June 2026. Under the retail activity, are included the revenues generated by Bucur Obor. The net amount of lease incentives not fully amortised are included in the statement of financial position under ‘Investment property’ at 30 June 2026 and 30 June 2025. Operating leases, in which the Group is the lessor, relate to investment property owned by the Group with lease terms of between 3 to 15 years, with an extension option. The lessee does not have an option to purchase the property at the expiry of the lease period. Certain operating costs incurred by the Group in relation to its properties, including utilities, maintenance and other prope rty- related expenses, are re-invoiced to tenants through service charges in accordance with the terms of the lease agreements. These costs are recognised in profit or loss when incurred, with the corresponding service charge income recognised. Other property operating expenses that are not recoverable from tenants are recognised as costs of the owner and are not re - invoiced. These expenses are recognised in profit or loss as incurred. 6 months ended 30 June 2026 6 months ended 30 June 2025 Revenues from services to tenants 19,693,321 21,564,397 Expenses from services to tenants (19,693,321) (21,564,397) Other property operating expenses (4,834,132) (1,905,489) Net costs (4,834,132) (1,905,489) 20. SALES BROKERAGE EXPENSES AND OVERHEAD EXPENSES 6 months ended Description 30 June 2026 30 June 2025 Commissions for brokerage real estate 4,720,447 3,184,111 Commissions for brokerage real estate - office 2,576,589 4,342,816 Total 7,297,036 7,526,927 Sales brokerage commissions are recorded and paid for signing bilateral purchase undertakings of apartments or rental contracts.
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 32 21. GENERAL AND ADMINISTRATIVE EXPENSES The general and administrative expenses are detailed as follows: 6 months ended Description 30 June 2026 30 June 2025 Bank commissions and similar charges 495,566 127,708 Commissions, fees and legal consultancy 8,061,175 5,975,587 Marketing, advertising and publicity 6,191,715 7,157,910 Accounting, audit and consultancy services 1,425,776 1,481,156 Administration services 1,418,270 1,358,203 Other administrative expenses 5,720,235 5,381,624 Amortization of tangibles and intangibles 2,810,946 2,292,339 Salaries and similar contributions 8,188,299 6,772,019 Share based payment transactions 20,716,365 217,156 Depreciation of right of use assets 230,697 241,115 Total 55,259,044 31,004,817 22. OTHER OPERATING EXPENSES Other operating expenses are detailed as follows : 6 months ended Description 30 June 2026 30 June 2025 Donations and sponsorships 6,660,534 1,422,799 Bad debts written off 629 - Expense with provisions and allowance for impairment 3,657,019 6,707,835 Contractual penalties 104,422 491,071 Other operating expenses 1,356,552 1,704,895 Total 11,779,156 10,326,600 23. NET FINANCIAL RESULT The financial income and expenses are detailed as follows : 6 months ended Description 30 June 2026 30 June 2025 Interest income (10,835,067) (8,695,197) Other financial income (144,482) (169,440) Total financial income (10,979,549) (8,864,637) Interest expenses 31,007,324 24,563,010 Other financial expenses 2,082,705 1,703,910 Foreign exchange net loss 38,819,421 18,583,053 Total financial expenses 71,909,450 44,849,973 Total net financial result – gain/(loss) 60,929,901 35,985,336
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 33 24. RELATED PARTIES In its normal course of business, the Group carries out transactions with the key management personnel (executive management and directors). The volume of such transactions is presented in the table below: Key management personnel compensation 30 June 2026 30 June 2025 Short - term employee benefits 439,683 578,142 The related parties with which the Group entered into transactions at 30 June 2026 are: Name Country Type of affiliation Andrei Liviu Diaconescu Romania Shareholder and key management personnel Victor Capitanu Romania Shareholder and key management personnel Vinci Invest SRL Romania Other related party Liviu Investments SRL Romania Other related party Lemon Interior Design SRL Romania Other related party Lemon Office Design SRL Romania Other related party Element Investments SRL Romania Other related party Element Invest Partners SRL Romania Other related party Element Investitii Imobiliare SRL Romania Other related party Reinvent Energy SRL Romania Associate One Herastrau Office Properties SRL Romania Associate Glass Rom Invest SRL Romania Associate CCT & ONE AG Switzerland Associate CC Trust Group AG Switzerland Other related party CCT & One Properties SA Luxembourg Associate Skia Financial Services SRL Romania Associate MK Discount SRL Romania Associate Sunset Lake Investitii SRL Romania Associate Prestige Hospitality SRL Romania Associate Vinci Ver Holding SRL Romania Shareholder and other related party OA Liviu Holding SRL Romania Shareholder and other related party Conarg SA Romania Shareholder and other related party Binbox Global Services SRL Romania Shareholder and other related party, until May 2026 Mado Center SRL Romania Shareholder and other related party Ines Group SRL Romania Shareholder and other related party, starting May 2026 Tomcatone Hospitality SRL Romania Associate Dragos-Horia Manda Romania Key management personnel until April 2026, minority shareholder of the Group Claudio Cisullo Switzerland Key management personnel, minority shareholder of the Group Marius-Mihail Diaconu Romania Key management personnel, minority shareholder of the Group Augusta Dragic Romania Key management personnel Dirk Pahlke Germany Key management personnel, April 2024-April 2026 Uwe Kruger Switzerland Key management personnel, starting April 2026 Costel Lionachescu Romania Key management personnel, starting April 2026 The following table provides the total amount of transactions that have been entered into with related parties during the six months ended 30 June 2026 and 30 June 2025, as well as balances with related parties as at 30 June 2026 and 31 December 2025:
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 34 24. RELATED PARTIES (CONTINUED) Statement of financial position (Amounts owing (to)/from) Nature of balances Related party categories 30 June 2026 31 December 2025 Receivables and other receivables related to goods and services sold Key management personnel of the Group - 14,464 Associates 14,651,795 11,623,621 Other related parties 32,339,582 30,482,667 Advances paid for purchases of goods and services Key management personnel of the Group - - Associates 13,644,538 16,139,338 Other related parties 39,238,506 29,439,486 Payables related to goods and services paid Key management personnel of the Group 3,755 3,755 Associates 7,830,217 27,970,382 Other related parties 9,127,773 7,096,445 Dividends paid during the year, net of tax Key management personnel of the Group 2,037,120 4,124,858 Other related parties 26,878,851 44,222,551 Advance payments received Other related parties 16,061,406 23,171,266 Associates - 2,103,598 Income statement (Income/(expense)) Nature of transactions Related party categories 6 months 2026 6 months 2025 Sales of goods and services Key management personnel of the Group - - Associates (26,986,739) (7,334,275) Other related parties 20,157,366 26,180,544 Dividends income Associates 144,482 47,200 Purchases of various goods and services Key management personnel of the Group - - Associates 43,200,240 51,105,807 Other related parties 16,322,149 3,574,926 Loans from related parties Interest expenses Amounts owed to related parties Companies – Other related parties 2026 604,032 30,115,627 2025 1,431,813 15,904,527 Loans granted related parties Interest income Amounts granted to related parties Loans granted to associates 2026 474,498 35,227,663 2025 13,160 15,551,351
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 35 25. EARNING PER SHARE The calculation of earnings per share at 3 0 June 2026 and 30 June 2025 was based on the net profit of RON 79,223,510 (30 June 2025: RON 248,365,117) and the weighted average ordinary shares in issue during the year. RON 30 June 2026 30 June 2025 Net result of the period 79,223,510 248,365,117 Weighted average number of shares in issue 110,500,000 110,583,102 Basic earnings per share 0.7170 2.2460 Diluted earnings per share 0.7054 2.2365 26. COMMITMENTS Through the contracts concluded with the clients, the Group undertakes to deliver on time, state-of-the-art apartments forming the object of the concluded contracts. Other obligations resulting from the contracts concluded with clients: the apartments were not and are not removed from the civil circuit; are not the subject of any rental agreement; are not the subject of any litigation; are not subject to any form of forced execution; does not constitute contribution to the set-up of any commercial company; are not alienated or mortgaged; are free from any liens. The Company has signed a pre-agreement for sale of shares held in the subsidiary, One Downtown SRL (former One Proiect 10 SRL). The Company undertakes to sell and transfer to the promissory purchaser the ownership right over the shares and the promissory purchaser irrevocably undertakes to acquire the ownership over the shares under the terms, conditions, representations and warranties of the Company, as agreed in the share’s sale pre -agreement. Until the development works are finalized for the hotels in ownership, the Group has concluded hotel management agreements with a third-party hotel operator for the operation of the hotel properties owned by the sub fsidiaries One Downtown SRL and One M Hotel SRL. The operator manages the hotel on behalf of the Group in accordance with agreed operating standards and is entitled to management fees as specified in the agreement. The Group retains ownership of the property and the underlyi ng assets and the associated economic benefits. The Company, through its subsidiary, Real Habitat Office Building SRL (former One Technology District SRL) ha s signed the contract with Infineon Technologies, german leader in designing and manufacturing semiconductors, which is intended for developing a sustainable prime office building to cover Infineon’s needs for a period of 15 years, starting with 2026. The starting value of the contract amounts to EUR 57 million (excluding VAT), indexed to the EU annual inflation. Under the contract, the Company will develop and further lease a building with total office Gross Leasable Area of 20,595 sqm. The future development will be located in Bucharest, 5-7 Dimitrie Pompeiu Boulevard, the reception was performed in August is estimated to be delivered in Q3 2026. The subsidiary undertakes to complete the Landlord’s Works in accordance with the schedule agreed by the contract and in accordance with applicable legislation and relevant building permit on or before the target date. The Company through its subsidiary, One Park Line SRL (former One Proiect 16 SRL) ha s concluded a sale and purchase pre- agreement for the acquisition of several plots of land located in Bucharest, for a total price of EUR 17 million. The transac tion will be implemented in several steps and is subject to several conditions related to obtain ing the building permit. The Company through its subsidiary, One Herastrau City SRL has concluded an agreement for the acquisition of a plot of land of 36,869 sqm on Poligrafiei Boulevard no. 50 and 52-54, in Bucharest Sector 1, together with 19 existing buildings to be demolished. The value of the transaction is approximately EUR 60 million, of which 10% will be paid in cash (until 3 0 June 2026 an amount of EUR 1.7 million was paid), and the rest will be settled with a part of the apartments that will be built in this fu ture development. The ownership will be transferred only upon the comple tion of the agreed conditions established in the contract (obtaining the building permit in a maximum period of 5 years from the date of signing the contract). The Company through its subsidiary, One Proiect 20 SRL has concluded a preliminary agreement for the acquisition of a plot of land on 5A Petricani Street, with an area of 25,073 sqm. The value of the transaction is of approximately EUR 11.6 million , from which was paid EUR 0.97 million. The remaining amount of EUR 10.7 million will be paid after the signing of the final agreement which is expected to be concluded in April 2027. The transaction is subject to several conditions and will be finalized only if t he building permit for the development is obtained.
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 36 26. COMMITMENTS (CONTINUED) The subsidiary, ONE Proiect 24 SRL, fully controlled by the Company ha s signed a promissory sale and purchase agreement for the acquisition of multiple plots of land located in a prime area of Sibiu, totaling approximately 28,825 sqm of land and existing buildings. This transaction marks One United Properties’ entry into Sibi u, an important milestone in the Company’s expansion strategy, following its established track record of high -end developments in Bucharest and Constanta. The completion of the transaction is subject to the fulfillment of several conditions precedent, including the issuance of th e final building permit, expected by the end of 2026. The Company through its subsidiary, One Proiect 22 SRL has concluded a preliminary agreement for the acquisition of a plot of land of 34,800 sqm, located in Constanta, Faleza Nord -Pescarie area. The value of the transaction is of approximately EUR 16 million. The purchase price will be paid in accordance with the parties’ final agreement, through compensation with part of the completed development. Payment will be made pursuant to the schedule and conditions set out in the sale -purchase agreement, and is ex pected to be made upon completion of the development. 27. CONTINGENCIES The Group in the normal course of business has given warranties for the quality of the apartments for 3 years and is obliged by the local legislation to guarantee the construction design on the entire lift time of the construction. Provision is made for the Directors’ best estimate of all known legal claims and all legal actions in progress. The Group takes legal advice as to t he likelihood of success of claims and actions and no provision is made where the Directors consider, based on that advice, that the action is unlikely to succeed. The Romanian tax system is under continuous development, being subject to constant interpretations and changes, sometimes retrospectively applied. The statute of limitation for tax periods is 5 years. The Group management consider that the tax liabilities of the Group ha s been calculated and recorded according to the legal provisions . There are several law suits in which the Group entities are involved in the normal course of business, which in case of negative outcome, may have an effect on the Group’s operations. However, the Group does not anticipate significant impact based on the s tatus of these law suits at the issue date. The works on the One Modrogan project are suspended according to a court decision issued which has as an object the annulment of the urban area plan (PUZ) and building permit (AC). Several litigation cases related to this matter are ongoing , but no final decision has yet been reached. The Group management assessed the matter together with the legal counsel, and concluded the project will be finalized, and therefore there will be no requirement to repay any amounts received from customers and that the assets related to the projects are recoverable. The Group management do not consider the likelihood of an outflow of economic benefits to be probable and so no provisions are recorded in this respect. However, a contingent liability is identified in relation to obligations to customers in the event of an adverse final ruling in the litigation case. As of June 30, 2026, the Group has recognized sales amounting to RON 165.7 million (2025: RON 161.5 million) and incurred cost of sales of RON 95.3 million (2025: RON 93.6 million) in relation to the One Modrogan project. The Group's balance sheet includes inventories valued at RON 40.3 million (31 December 2025: RON 39.5 million) and contract assets of RON 20.2 million (31 December 2025: RON 16 million), along with advance payments from clients totaling RON 145 .5 million (31 December 2025: RON 145.5 million). Additionally, the Group management has filed a warranty claim requesting compensation of EUR 71 .7 million from the Municipality of Bucharest for damages caused by the issuance of documents that were later deemed illegal. This claim is currently suspended until the aforementioned litigations are finalized. A recent Romanian Constitutional Court’s decision was issued on April 9, 2025, which represents a significant change, positiv ely affecting the legal stability of the real estate sector in Romania. The decision declared unconstitutional the Supreme Court’ s decision no. 10/2015, which had allowed building permits to be annulled if they were under litigation at the time the related Local Zoning Plan was annulled. This interpretation created legal uncertainty and was in contradiction with Article 23 of Law 554/2004, which clearly stated that the annulment of a Local Zoning Plan produces effects only for the future. Following this decision, the original rule is now reinstated: once a building permit is legally issued, it remains valid even if the underlying Local Zoning Plan is later annulled. Therefore, the Constitutional Court’s Decision confirms that the annulment cannot affect existing permits, regardless of whether they are being challenged in court. This decision reestablishes the leg al protection of rights already granted by administrative acts. The Constitutional Court’s decision establishes a more predictable and secure legal framework for planning, investment, and construction in Romania, eliminating the risk of losing building permits due to the annulment of Local Zoning Plans. The ruli ng brings greater legal certainty to the real estate sector, encouraging stable growth and restoring investor confidence in the Romanian real estate development landscape.
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ONE UNITED PROPERTIES SA AND SUBSIDIARIES NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – 6 months ended 30 June 2026 (Amounts are expressed in “RON”, unless otherwise stated) Notes attached form an integral part of these interim condensed consolidated financial statements. 37 28. EVENTS AFTER THE REPORTING PERIOD On 15 October 2025, the Company held the Extraordinary General Meeting of Shareholders no.79. During the GMS, the shareholders approved, among other items, to repurchase shares of the Company by conducting one or more public purchase offers with payment in cash for the purpose of reducing the Company's share capital . The public tender period for Company’s public tender offer for cash of its own shares was between 01.07.2026-14.07.2026, where a total number of 4,307,178 shares were repurchased at a unit price of RON 33/share. Following the Offer and its previous holdings of treasury shares, the Company currently holds in total 5,376,578 shares representing 4.87% of the Company’s share capital, as follows: · 1,069,400 shares, representing 0.97% of the Company’s share capital, are treasury shares held by the Company prior to the Offer; and · 4,307,178 shares, representing 3.90% of the Company’s share capital, are shares acquired through the Offer. In accordance with the Extraordinary Shareholders’ Resolution no. 79 / 15 October 2025, the shares acquired by the Company through the Offer (4,307,178 shares) will be subsequently cancelled as part of a share capital decrease operation to be furth er approved by the extraordinary general meeting of shareholders of the Company. The interim condensed consolidated financial statements were approved by the Management of the Company, authorised for issue on 25 August 2026 and signed on its behalf by: ________________ _________________________ VICTOR CAPITANU VALENTIN-COSMIN SAMOILA Administrator Chief Financial Officer