Half Year 2026 One United Properties SA Earnings Call

August 27, 2026

Zuzanna Kurek: Welcome for presenting the financial results for the H1 2026. My name is Zuzanna Kurek, and I am Investor Relations Manager at ONE UNITED PROPERTIES. I am joined in this call by Victor Căpitanu, Executive Board Member and Co-founder of ONE UNITED PROPERTIES, and Cosmin Samoilă, the Chief Financial Officer at ONE UNITED PROPERTIES. Before we begin, I would like to mention that this call is being recorded, and that the recording will be uploaded on our website later today. As stated in the call invite, by joining this earnings call, you automatically and implicitly consented to being recorded. If you do not consent to being recorded, please leave the call. In terms of organizational aspects, let me present to you the setup of this call.

Speaker #1: Welcome to the presentation of the financial results for the first half of 2026. My name is Zuzanna Kurek, and I am the Investor Relations Manager at One United Properties.

Speaker #1: I'm joined on this call by Victor Capitanu, Executive Board Member and Co-Founder of One United Properties, and Valentin Samoila, the Chief Financial Officer at One United Properties.

Speaker #1: Before we begin, I would like to mention that this call is being recorded, and that the recording will be uploaded on our website later today.

Speaker #1: As stated in the call invite, by joining this earnings call you automatically and implicitly consent to being recorded. If you do not consent to being recorded, please leave the call.

Speaker #1: In terms of organizational aspects, let me present to you the setup of this call. Firstly, we will share with you the financial and operational highlights from the first half of the year, which will be presented by our co-founder, Victor Capitanu, CFO Valentin Samoila, as well as myself.

Zuzanna Kurek: Firstly, we will share with you the financial and operational highlights from the H1 of the year, which will be presented by our Co-founder, Victor Căpitanu, CFO, Cosmin Samoilă, as well as myself. During the presentation, feel free to type any questions you might have in the chat window, and we will answer them during the Q&A. After the presentation is over, we will start the Q&A. Please note that all the participants are put on mute. If you want to ask a question, please type it in the chat window. I will be moderating the Q&A session, and therefore, for the sake of those who will be rewatching the replay of this teleconference, I will be reading all the questions out loud before addressing them. Your questions today will be answered by Victor Căpitanu, Cosmin Samoilă, or by myself.

Speaker #1: During the presentation, feel free to type any questions you might have in the chat window, and we'll answer them during the Q&A. After the presentation is over, we will start the Q&A.

Speaker #1: Please note that all the participants are put on mute. If you want to ask a question, please type it in the chat window. I will be moderating the Q&A session, and therefore, for the sake of those who will be rewatching the replay of this teleconference, I will be reading all the questions out loud before addressing them.

Speaker #1: Your questions today will be answered by Victor Capitanu, Valentin Samoila, or by myself. I would like to mention that we might be making forward-looking statements today during this call regarding the future performance of One United Properties, and that actual results may differ materially.

Zuzanna Kurek: I would like to mention that we might be making forward-looking statements today during this call regarding the future performance of ONE UNITED PROPERTIES, and that the actual results may differ materially. We encourage you to review the disclaimer that we have included in this presentation, which you can see right now on the screen. This disclaimer applies equally to all statements made in today's call. This wraps up the introductory part, and now I would like to invite Victor Căpitanu to share with you the key highlights from the H1 2026. Victor.

Speaker #1: We encourage you to review the disclaimer that we have included in this presentation, which you can see right now on the screen. This disclaimer applies equally to all statements made in today's call.

Speaker #1: This wraps up the introductory part, and now I would like to invite Victor Capitanu to share with you the key highlights from the first half of 2026.

Speaker #1: Victor?

Speaker #2: Good morning, everybody, and thank you for joining us. Before we begin, I want to address the two points that most likely attracted the attention.

Victor Căpitanu: Good morning, everybody, and thank you for joining us. Before we begin, I want to address the two points that attracted most likely the attention. In the H1 of the year, reported turnover declined to RON 440 million, and net profit declined to RON 79 million. We also expect full-year net profit to be approximately 15% to 20% below the original budget. These are clearly disappointing numbers, and we are not trying to minimize them. During our first quarterly call this year, we expected to achieve the original budget based on the information that we had available at that time. Since then, the implementation of the new residential legislation has taken significantly longer than expected. In addition, we had a cyberattack in the National Agency for Cadastre and Land Registration, and this suspended the national cadastre for the system for approximately 1 month.

Speaker #2: In the first half of the year, reported turnover declined to 440 million lei, and net profit declined to 79 million lei. We also expect full-year net profit to be approximately 15 to 20 percent below the original budget.

Speaker #2: These are clearly disappointing numbers, and we are not trying to minimize them. During our first quarterly call this year, we expected to achieve the original budget.

Speaker #2: Based on the information that we had available at the time, since then, the implementation of the new residential legislation has taken significantly longer than expected.

Speaker #2: In addition, we had a cyberattack at the international agency for cadastre and land registration, and this suspended the national cadastre system for approximately one month.

Speaker #2: This delayed registrations, receptions, final contracts, collections, and also profit recognition. These events were outside our control, but the forecast is our responsibility. Once the information changed, we updated the market immediately and transparently.

Victor Căpitanu: This delayed registrations, receptions, final contracts, collections, and also profit recognition. These events were outside our control, but the forecast is our responsibility. Once the information changed, we updated the market immediately and transparently. We expect now that most of the impact is a shift of revenue and will move profit recognition in 2027. We are monitoring this closely and will update the market if necessary. Importantly, the underlying business remains stronger than the reported accounting figures. Residential transactions increased 11%, construction is progressing according to the plan, and demand for our developments remains solid. Now, we have prepared a new matrix in which you can see the value of the company. Basically, what we do, we are publishing our adjusted net asset value, because we feel the gap between accounting value and economic value has widened over time.

Speaker #2: We expect now that most of the impact is a shift of revenue and will move profit recognition into 2027. We are monitoring this closely, and we'll update the market if necessary.

Speaker #2: Importantly, the underlying business remains stronger than the reported accounting figures. Residential transactions increased 11%, construction is progressing according to plan, and demand for our developments remains solid.

Speaker #2: Now, we have prepared a new matrix in which you can see the value of the company. Basically, what we do is publish our adjusted net asset value, because we feel the gap between accounting value and economic value has widened over time.

Speaker #2: We build this calculation conservatively, asset by asset, by adding the properties, land, receivables, and cash, and deducting debt and liabilities. We do this in the same way an individual or a family conservatively assesses their own net wealth.

Victor Căpitanu: We build this calculation conservatively, asset by asset, by adding the properties, land, receivables, and cash, and deducting debt and liabilities. We do this in the same way an individual or a family conservatively assess their own net wealth. The adjusted net asset value attributable to the shareholders of ONE UNITED PROPERTIES is €1.24 billion. This translates to about RON 62 per share. The adjusted loan to value based on the total external debt to total assets is only 16.5%, which is extremely low compared to international peers. The main difference between IFRS accounting and adjusted net asset value, it has to be clear, is not in the rental properties, because we carry them more or less at market value in the books. The significant difference comes from the residential assets, which are largely recorded at historic cost.

Speaker #2: The adjusted net asset value attributable to the shareholders of One United Properties is €1.24 billion. This translates to about 62 lei per share.

Speaker #2: The adjusted loan-to-value, based on the total external debt to total assets, is only 16.5 percent, which is extremely low compared to international peers.

Speaker #2: The main difference between IFRS accounting and adjusted net asset value, it has to be clear, is not in the rental properties, because we carry them more or less at market value in the books.

Speaker #2: The significant difference comes from the residential assets, which are largely recorded at historic cost. From now on, we'll calculate this figure quarterly and intend to have the methodology reviewed by either the European real estate association EPRA, reputable auditors, or independent valuators.

Victor Căpitanu: From now on, we will calculate this figure quarterly and intend to have the methodology reviewed by either European Public Real Estate Association, EPRA, reputable auditors, or independent valuators. To be just clear, this is a management estimate. It is not an independent valuation, it is not audited, and it is not a discounted cash flow valuation. We have just valued the assets as they exist today, and we have not included future profits or cash generation from the pipeline. Therefore, successful execution of the pipeline represents significant upside to the current net asset value. We have prepared another slide to show the complete calculation. We start with the estimated current value of the individual assets, and you can see the breakdown per different categories that we think it is relevant for our business. We deduct deferred taxes, external debt, trade payables, and customer advances.

Speaker #2: To be clear, this is a management estimate. It is not an independent valuation, it is not audited, and it is not a discounted cash flow valuation.

Speaker #2: We have just valued the assets as they exist today, and we have not included future profits or cash generation from the pipeline. Therefore, successful execution of the pipeline represents significant upside to the current net asset value.

Speaker #2: We have prepared another slide to show the complete calculation. We start with the estimated current value of the individual assets, and you can see the breakdown by different categories that we think are relevant for our business.

Speaker #2: And we deduct deferred taxes, external debt, trade payables, and customer advances. We have disclosed here the full breakdown so investors can understand the assumptions, challenge them, and form their own view.

Victor Căpitanu: We have disclosed here the full breakdown so investors can understand the assumptions, challenge them, and form their own view. Basically, you can calculate here either the gross assets in our control or the gross assets only to ONE UNITED PROPERTIES shareholders. Of course, the most important number, the net asset to ONE UNITED PROPERTIES shareholder. You can see also we adjusted the number of shares to make the calculation correct because we have more than 5 million shares in the treasury that they will be canceled in the next period, and this will increase the value with more than 5% for each shareholder. Basically, the percentage of each shareholder in ONE UNITED PROPERTIES will increase with a bit over 5%. Coming back to the business, I will just repeat it that our business has two main engines. Residential development generates development profit and cash for investment.

Speaker #2: So, basically, you can calculate here either the gross assets under our control, or the gross assets attributable only to ONE UNITED PROPERTIES shareholders, and, of course, the most important number—the net assets attributable to ONE UNITED PROPERTIES shareholders.

Speaker #2: You can see, also, we adjusted the number of shares to make the calculation correct. Because we have more than 5 million shares in the treasury, they will be canceled in the next period, and this will increase the value by more than 5 percent for each shareholder.

Speaker #2: So basically, the percentage of each shareholder invited to ONE UNITED PROPERTIES will increase by a bit over 5 percent. Coming back to the business, I will just repeat that our business has two main engines.

Speaker #2: Residential development generates development profit and cash for reinvestment. The rental portfolio provides long-term recurring income and reduces our dependence on the residential cycle. We have built both businesses to significant scale today.

Victor Căpitanu: The rental portfolio provides long-term recurring income and reduces our dependence on the residential cycle. We have built both businesses to significant scale today. Our objective is not growth for its own sake, but disciplined capital allocation between the two segments based on the risk and expected returns. We prepared also a slide with the upcoming deliveries and pipeline. You can see that 2026 remains our largest delivery year to date by far. It was a challenging year, but we decided to prioritize completion of ongoing developments. So basically, you will see this year One High District already was delivered with authorities. One Herăstrău Vista, the same. One Lake Club, the same. One Lake District by the end of this year. So we have thousands of units being delivered this year.

Speaker #2: Our objective is not growth for its own sake, but disciplined capital allocation between the two segments, based on the risk and expected returns. We also prepared a slide with the upcoming deliveries and pipeline.

Speaker #2: You can see that 2026 remains our largest delivery year to date by far. It was a challenging year, but we decided to prioritize completion of ongoing development.

Speaker #2: So basically, you will see this year: One High District already was finished and was delivered to its authorities, One Heritage Vista, the same, One Lake Club, the same. One Lake District will be by the end of this year. So we have, like, thousands of units being delivered this year.

Victor Căpitanu: The construction progress is substantial, but some final contracts and related accounting recognition is taking longer because of these administrative delays. We also have a substantial pipeline, as you can see the numbers, but will remain selective and will not build speculatively, as we always did. We will launch new developments when permitting demand, financing, and expected returns are in place. In case of residential, we need to have the demand in place and the sales according to our plans. In case of rental properties, we need to have strong pre-leases from the beginning. Very good examples for our strategy is, for example, our last office development is the headquarters of Infineon Technologies, where we had a full lease in place before we even acquired the land. A full lease in place for 15 years.

Speaker #2: You know the construction process is substantial, but some final contracts and related accounting recognition are taking longer because of these administrative delays. We also have a substantial pipeline, as you can see from the numbers, but we remain selective.

Speaker #2: And we will not build speculatively, as we always did. We will launch new developments when permitting, demand, financing, and expected returns are in place.

Speaker #2: In the case of residential, we need to have the demand in place and the sales according to our plans. In the case of rental properties, we need to have strong releases from the beginning.

Speaker #2: Very good examples for our strategy is, for example, our last office development is the headquarters of Infineon Technologies, where we had a full lease in place before we before we even acquired the land, a full lease in place for 15 years.

Speaker #2: And for residential, the best example is Floresca Sunset, which we launched earlier this year and was our most successful residential launch to date.

Victor Căpitanu: For residential, the best example is One Floreasca Sunset, which we launched earlier this year and was our most successful residential launch to date. I want to speak a bit also about the United States. Our approach there is very conservative, remains phased, and very disciplined. We start with a pilot development in Nashville, and we are evaluating opportunities in Miami. But before committing significant capital, we want to demonstrate returns comparable to those achieved in Romania. For the developments in US, we are also raising third-party equity from our region. For every euro that ONE UNITED PROPERTIES will put from their own equity, we expect to attract another one to additional euros from limited partners. From what I've seen so far, investor interest in co-investing with us in US has been stronger than initially expected.

Speaker #2: I want to speak a bit also about the United States. Our approach there is very conservative, remains phased, and very disciplined. We start with a pilot development in Nashville, and we are evaluating opportunities in Miami.

Speaker #2: But before committing significant capital, we want to demonstrate returns comparable to those achieved in Romania. For the developments in the US, we are also raising third-party equity.

Speaker #2: From our region, for every euro that ONE UNITED PROPERTIES will put from their own equity, we expect to attract another 1 to 2 additional euros from limited partners.

Speaker #2: From what I've seen so far, investor interest in co-investing with us in the U.S. has been stronger than initially expected. This structure allows us to build a platform while limiting the capital exposed to the new market.

Victor Căpitanu: This structure allows us to build a platform while limiting the capital exposed to the new market. This will create also an additional profit stream through the promote that we will charge on the profit of the limited partners. We will update the market when we have binding commitments or other material information. Just to conclude, the reported IFRS results are below our expectations, and we also have updated the outlook accordingly. However, construction progress, customer demand, the rental portfolio, and the underlying asset base remains solid. Our responsibility now is to convert these assets into deliveries, cash, and recognition profit, while communicating progress transparently to the market. I will now let Zuzanna take you through the business update. Thank you.

Speaker #2: And this will also create an additional profit stream through the promote that we will charge on the profit of the limited partners. We will update the market when we have binding commitments or other material information.

Speaker #2: Just to conclude, the reported IFRS results are below our expectations, and we also have the updated outlook accordingly. However, construction progress, customer demand, the rental portfolio, and the underlying asset base remain solid.

Speaker #2: Our responsibility now is to convert these assets into deliveries, cash, and recognized profit, while communicating progress transparently to the market. I will now let Zuzanna take you through the business updates.

Speaker #2: Thank you.

Speaker #1: Thank you, Victor. Excuse me—before Cosmin goes through the numbers, I want to spend a couple of minutes on the piece of regulation that shapes almost everything you will see in this presentation and that you surely read about in our results.

Zuzanna Kurek: Thank you, Victor. Before, excuse me, before Cosmin will go through the numbers, I want to spend a couple of minutes on the piece of regulation that shapes almost everything you will see in this presentation, and you surely read in our results. It is a little bit elaborated slide that we have also presented at Q1. Just as a reminder, since December 2025, the Romanian residential market is operated under new legal framework. Under the previous rules, we used to sign a preliminary sale purchase agreement with the client once he was sure that he wants to purchase an apartment. Generally, at that moment, the client paid 30% of the apartment value. We did not have the notion of reservations introduced at ONE UNITED PROPERTIES.

Speaker #1: So, it's a little bit more elaborated slide that we've also presented at Q1. And just as a reminder, since December 2025, the Romanian residential market has operated under a new legal framework. Under the previous rules, we used to sign a preliminary sale-purchase agreement with a client once he was sure that he wanted to purchase an apartment.

Speaker #1: And generally, at that moment, the client paid 30% of the apartment value. We didn't have the notion of reservations introduced at One United Properties.

Speaker #1: From the point where the client signed a pre-sales agreement and paid the amount, recognized value under IFRS 15 began according to the stage of completion.

Zuzanna Kurek: From that point where the client signed a pre-sales agreement and paid the amount, recognized value under IFRS 15 began according to the stage of completion. This was more or less a single step, as you can see on the slide. Under the new framework, there is an additional step in between. You can see it in gold. Before we can sign a preliminary sale purchase agreement, the development has to go through a process called preliminary unit subdivision, pre-apartamentare in Romanian, which requires cadastral and notarial documentation for every individual unit within a development. Until that is done, a client can sign only a reservation agreement and pay a 5% reservation fee. The reservation fee, while it is a real commitment from the client, it is not equal to preliminary purchase agreement, so it does not trigger revenue recognition under IFRS 15.

Speaker #1: This was more or less a single step, as you can see on the slide. Under the new framework, there is an additional step in between.

Speaker #1: You can see it in gold. Before we can sign a preliminary sale-purchase agreement, the development has to go through a process called preliminary unit subdivision—PRA pre-apartamentare in Romanian—which requires cadastral and notarial documentation for every individual unit within a development.

Speaker #1: Until that is done, a client can sign only a reservation agreement and pay a 5% reservation fee. And the reservation fee, while it is a real commitment from the client, is not equal to a preliminary sale-purchase agreement.

Speaker #1: So it does not trigger revenue recognition under IFRS 15. As you can see on the right side, the payment structure itself is now staged and linked to construction milestones, as defined in the legislation.

Zuzanna Kurek: As you can see on the right side, the payment structure itself is now staged and linked to construction milestones as defined in the legislation. Clients pay 5% at reservation, 20% on structural works, and then, when the pre-sale contract is signed, further 20% whilst the MEP milestone is reached, and the remaining 55% on completion and delivery. Apart from the major legislative change for the whole market, it is important to mention that it had additional impact for us, given that 2026, as Victor mentioned, is the biggest year of deliveries for us. It created a sort of trade-off, because for developments completing in 2026, we had clients interested in those developments starting December 2025.

Speaker #1: So, clients pay 5% at reservation, 20% on structural works, and then, when the pre-sale contract is signed, a further 20% while the MEP milestone is reached, and the remaining 55% on completion and delivery.

Speaker #1: Apart from the major legislative change for the whole market, it is important to mention that it had additional impact for us, given that 2026, as Victor mentioned, is the biggest year of deliveries for us.

Speaker #1: It created a sort of trade-off, because for developments completed or completing in 2026, we had clients interested in those developments starting December 2025. But for us to be able to recognize the sales, we could either pause and complete the subdivision process first—which would have pushed back the completion and reception of those buildings for all the clients—or we could prioritize finishing construction and take reservations in the meantime.

Zuzanna Kurek: But for us to be able to recognize the sales, we could either pause and complete the subdivision process first, which would have pushed back the completion and reception of those buildings for all the clients, or we could prioritize finishing construction and take reservations in the meantime. We chose to protect the delivery timetable, and we selected the second option. That decision meant we collected only 5% reservation fee on the affected units for now, with the balance due with the final sale contract is signed after completion. The effect that you will see in the H1 results, there is a timing effect. What is important is that there is no evidence of material impact on customer demand or project economics to date for us.

Speaker #1: We chose to protect the delivery timetable, and we selected the second option. That decision meant we collected only a 5% reservation fee on the affected units for now, with the balance due when the final sale contract is signed, after completion.

Speaker #1: So, the effect that you will see in the half-year results is that there is a timing effect. What is important is that there is no evidence of material impact on customer demand or project economics to date for us.

Speaker #1: What we expect is that the impact of this will be normalized by 2027, as the cadastral and administrative procedures are completed across all our developments. As Victor mentioned, due to the cyberattack that took place between July and August, that got further postponed, unfortunately.

Zuzanna Kurek: What we expect is that the impact of this law will normalize by 2027 as the cadastral and administrative procedures are completed across all our developments. As Victor mentioned, due to the cyberattack that took place between July and August, that got further postponed, unfortunately. But again, we expect this to normalize as our developments are finalized and reaching delivery, and those that are being launched for sale are having the pre-apartamentare process carried out. Now, turning to commercial activity. For the H1, we recorded EUR 106.1 million of residential transactions in the H1 of the year. Here are sales, pre-sales, and reservations combined. This corresponds to 229 residential and commercial units, just over 25,000 square meters, and 396 parking and storage spaces.

Speaker #1: But again, we expect this to normalize as our developments are finalized and reach delivery, and those that are being launched for sale are having the pre-apartmentization process carried out.

Speaker #1: Now, turning to commercial activity for the first half, we recorded €106.1 million of residential transactions in the first half of the year. So, here are sales, pre-sales, and reservations combined.

Speaker #1: This corresponds to 229 residential and commercial units, just over 25,000 square meters, and 396 parking and storage spaces. Out of that, 106.1 million 102.9 million euros sit in reservations, which tells you again how much of the period's activity is in newly launched developments and it also shows you this trade-off we had to to make related to developments that are facing delivery in 2026, for which we couldn't sign for which we couldn't recognize sales for units that were sold after December 2025.

Zuzanna Kurek: Out of that EUR 106.1 million, EUR 102.9 million sits in reservations, which tells you again how much of the period's activity is in newly launched developments, and it also shows you this trade-off we had to make related to developments that are facing delivery in 2026, for which we couldn't recognize sales for units that were sold after December 2025. You can see an increase of 11% on the chart against the EUR 95.4 million that were reported in the H1 of last year. I want to be clear also about this comparison. As we mentioned also in the report, these two periods are not directly comparable since we didn't have a notion of reservations last year. But we are showing you the last year's figure for reference and also to show you overall the steady demand that we see at One United Properties.

Speaker #1: So, you can see an increase of 11% on the chart, against €95.4 million that were reported in the first half of last year.

Speaker #1: I want to be clear also about this comparison. As we mentioned also in the report, these two periods are not directly comparable, since we didn't have a notion of reservations last year.

Speaker #1: But we are showing you last year's figure for reference and also to show you overall the steady demand that we see.

Speaker #1: At ONE UNITED PROPERTIES, the more meaningful number that I would like to draw your attention to is the price per square meter. So, the average contracted price has reached approximately €3,900 per square meter, compared to €3,100 per square meter a year earlier.

Zuzanna Kurek: The more meaningful number that I would like to draw your attention to is the price per square meter. The average contracted price has reached approximately almost EUR 3,900 per square meter against EUR 3,100 per square meter a year earlier. That's a 24% increase, and this is driven by the launch of new high-end developments. You can see One Floreasca Sunset was our best seller in the H1 of the year. We managed, basically within three months, to sell 73% of this development. It's one of the best launches in our history by far. It accounted for 159 units out of 229 units contracted in the H1. The second best-selling development, there is no big change. One Lake District Phase 2 continues to be our key development. A further 35 units were reserved in the H1 of the year.

Speaker #1: That's a 24% increase, and this is driven by the launch of new high-end developments. You can see One Floreasca Sunset was our bestseller in the first half of the year.

Speaker #1: We managed, basically within three months, to sell 73% of this development. It's one of the best launches in our history by far.

Speaker #1: And it's accounted for 159 units out of 229 units contracted in the first half. The second best-selling development. There is no, no, no big change.

Speaker #1: One Lake District phase two continues to be our key development. Further, 35 units were reserved in the first half of the year.

Zuzanna Kurek: A very important slide that I want to point out to you. If there was one thing, the one number for you to take out of this slide is the EUR 445 million of cash contracted with customers and still to be collected, that is running through to 2029. This is the highest level of contracted future cash inflows in our history, and it reflects only the units that were contracted as of the end of 30 June, without taking into account any sales done as of 1 July. On the left of the chart, you can also see our track record. Since the IPO, a little bit earlier, we celebrated five years since our IPO. Since the IPO, we have collected over EUR 800 million from residential sales and pre-sales from our clients.

Speaker #1: Very important slide. That I want to point out to you. If there was one thing that the one number for you to to to take out of this slide is the 445 million euros of cash contracted with customers and still to be collected.

Speaker #1: That is running through to 2029. This is the highest level of contracted future cash inflows in our history. And it reflects only the units that were contracted as of the end of June 30, without taking into account any sales done as of July 1.

Speaker #1: On the left of the chart, you can also see our track record. So since the IPO, since now we're—a little bit earlier—we celebrated five years since our IPO.

Speaker #1: Since the IPO, we have collected over €800 million from residential sales and pre-sales from our clients. And another important number: currently, as of June 30th, we had 3,939 units under construction, with 2,562 to be delivered in 2026 and 1,400 to be delivered starting in 2027.

Zuzanna Kurek: And another important number, as of 30 June, we had 3,939 units under construction, with 2,562 to be delivered in 2026 and 1,400 to be delivered starting 2027. Three quarters of all units we currently have under construction were already contracted at the end of June. That leaves 1,000 units available across developments still being built and a further 158 units across the completed portfolio, of which only 36 units are located in developments that were finished before 2025. So you can see that the finished stock is genuinely limited. Regarding the delivery, I want to also repeat what Victor mentioned a little bit earlier. We can tell you that One High District construction is completed. One Lake Club Phase 1 is targeted for finalization in the Q3, and the building reception process at One Lake District Phase 1 has begun.

Speaker #1: Three-quarters of all units we currently have under construction were already contracted at the end of June. That leaves 1,000 units available across developments still being built.

Speaker #1: And further, 158 units across the completed portfolio, of which only 36 units are located in developments that were finished before 2025. So you can see that the finished stock is genuinely limited.

Speaker #1: Regarding the delivery, I want to also repeat what Victor mentioned a little bit earlier. We can tell you that, once High District construction is completed...

Speaker #1: One Lake Club Phase One is targeted for finalization in the third quarter, and the building reception process at One Lake District Phase One has begun.

Speaker #1: Looking forward, as mentioned by Victor, we plan to launch one City Club, one Cotroceni Towers, one Park Lane in Bucharest, and one Riverfront in Sibiu, all subject to how quickly the authorities issue the building permits and, of course, how we plan to phase the sales launches.

Zuzanna Kurek: Looking for orders mentioned by Victor, we plan to launch One City Club, One Cotroceni Towers, One Park Lane in Bucharest, One Riverfront in Sibiu, all subject to how quickly the authorities issue the building permits and of course, how we plan to phase the sales launches. In terms of the rental, the recurring income side of the business, the part is completely unaffected by everything I described before that was related to revenue recognition and the impact of the Nordis Law. The standing portfolio generates an annualized headline net operating income, NOI, of €28.6 million. It comprises of around 152,000 square meters of gross lettable area that was 95% leased, with 93% of tenants already moved in as of 30 June. The weighted average unexpired lease term is 5.2 years.

Speaker #1: In terms of the rental, the recurring income side of the business, that part is completely unaffected by everything I described before that was related to revenue recognition and the impact of the Nordis law.

Speaker #1: The standing portfolio generates an annualized headline net operating income of €28.6 million. It comprises around 152,000 square meters of gross lettable area.

Speaker #1: That was 95% leased, with 93% of tenants already moved in as of June 30th. The weighted average unexpired lease term is 5.2 years. The portfolio will grow by roughly 28% before the end of the year by adding one Gallery, one Technology District, and one Mondrian and Mondrian Hotel, which will add approximately 43,000 square meters, taking us to around 195,000 square meters of office portfolio. All three are already 100% leased.

Zuzanna Kurek: The portfolio will grow by roughly 28% before the end of the year by adding One Gallery, One Technology District, and the Mondrian Bucharest, which will add approximately 43,000 square meters, taking us to around 195,000 square meters of office portfolio. All three are already 100% leased. So once those assets are in place, we have calculated annualized headline NOI rising to €40.5 million, and occupancy being across that extended portfolio at 96%, and the vault extending to 6.9 years. I will now pass over to Cosmin, who will take you through the IFRS consolidated results.

Speaker #1: So, once those assets are in place, we have calculated annualized headline NOI rising to €40.5 million, and occupancy across that extended portfolio at 96%.

Speaker #1: And the vault extending to 6.9 years. I will now pass over to Cosmin, who will take you through the IFRS consolidated results.

Speaker #2: Thank you, Zuzanna. And thank you, everyone, for joining our first half financial results presentation. Related to the financial IFRS results, as mentioned earlier also by Victor and by Zuzanna, we are presenting this like-for-like comparison.

Cosmin Samoilă: Thank you, Zuzanna, and thank you everyone for joining our H1 financial results presentation. Related to the financial IFRS results, as mentioned earlier also by Victor and by Zuzanna, we are presenting this like-for-like comparison due to the fact that as of end of June, we had in balance €103 million in reservations. Which on the previous legislation, they were all eligible to be pre-sales. Nevertheless, under the new legislation, we needed to sign reservations for this. This gap started to close mid of June when we finalized the subdivision of the apartments on first development. It was temporarily suspended in July and August due to the cyberattack on the land registry, but it has now resumed in the last two weeks, and we are converting these reservations to pre-sales or to final sales, depending on the stage of the development.

Speaker #2: Due to the fact that, as of the end of June, we had an imbalance of €103 million in reservations, which, under the previous legislation, were all eligible to be recognized as pre-sales.

Speaker #2: Nevertheless, under the new legislation, we needed to sign reservations for this. This gap started to close in mid-June, when we finalized the subdivision of the first development, the subdivision of the apartments on the first developments.

Speaker #2: It was temporarily suspended in July and August due to the cyberattack on the land registry. But it has now resumed in the last two weeks.

Speaker #2: And we are converting these reservations to pre-sales or to final sales, depending on the stage of the development. We are expecting, by the end of Q3, this gap to shrink.

Cosmin Samoilă: We are expecting by end of Q3 this gap to shrink, and most probably by the end of the year, there will be a minimal gap or even not at all. All the reservations should be converted into pre-sales or sales, and we will not even need to report by the end of the year this like-to-like comparison. In terms of turnover, we achieved RON 440 million in turnover, 47% below H1 of last year. But if we wouldn't have the negative effect of this new legislation, the turnover would have been RON 742.5 million, only 10% below last year. On profit before tax, we achieved RON 96.5 million, which is 68% below last year. Again, if we wouldn't have the negative effect of the new legislation, the profit before tax would have been RON 214.2 million.

Speaker #2: And most probably, by the end of the year, there will be minimal gap or even none at all. All the reservations should be converted into pre-sales or sales.

Speaker #2: And we will not even need to report, by the end of the year, this like-to-like comparison. So, in terms of turnover, we achieved 440 million lei in turnover.

Speaker #2: 47% below the first half of last year. But if we would have considered—if we wouldn't have the negative effect of this new legislation—the turnover would have been 742.5 million lei, only 10% below last year.

Speaker #2: On profit before tax, we achieved 96.5 million lei, which is 68% below last year. Again, if we wouldn't have the negative effect of the new legislation, the profit before tax would have been 214.2 million lei.

Speaker #2: On the next slide, we see the effect on the residential segment, which basically was the only segment affected. And we had consolidated turnover of 440 million lei, as mentioned.

Cosmin Samoilă: On the next slide, we see the effect on the residential segment, which basically this was the only segment affected. We had a consolidated turnover of RON 440 million, as mentioned, and a net profit of RON 79.2 million. But like for like and without the negative effect of the new legislation, the net profit would have been 178.1%. The demand is still solid. As mentioned, sales, reservations, and pre-sales were 11% more than last year to EUR 106.1 million. Also, cash contracted is at the highest level in the history of the company. The consolidated results on residential, RON 230.5 million in residential revenue, 64% lower than last year. But again, in a like-for-like comparison, the decrease would have been only 17%.

Speaker #2: And the net profit of 79.2 million lei, but like-for-like and without the negative effect of the new legislation, the net profit would have been 178.1 million lei.

Speaker #2: The demand is still solid. As mentioned, sales reservations and pre-sales were 11% higher than last year, at €106.1 million. Also, cash contracted is at the highest level in the history of the company.

Speaker #2: The consolidated results on residential: 230.5 million lei in residential revenue, 64% lower than last year. But again, in a like-for-like comparison, the decrease would have been only 17%.

Speaker #2: Net margin on residential was also lower due to the effect of the legislation. The net income from residential was 59.5 million lei, decreasing significantly compared to last year.

Cosmin Samoilă: Net margin on residential is also lower due to the effect of the legislation, and the net income from residential, RON 59.5 million, decreasing significantly compared to last year. But in the like-for-like comparison, this result would have been RON 177.2 million. On the rental properties, here we are in line with the budget, we're in line with the expectation, and we are slightly above the results of last year as the effect of the portfolio that it has matured. It has almost full lease rate, 95%. By the end of the year, this will receive additional properties, which will further increase the rental income in the next period. Rental income, including tenant service, RON 83.9 million, +3% compared to last year, and the net rental income, RON 56.8 million. It's 6% above the value of last year.

Speaker #2: But in the like-for-like comparison, this result would have been 177.2 million lei. On the rental properties, here we are in line with the budget.

Speaker #2: We're in line with expectations, and we are slightly above the results of last year. As a result of the portfolio having matured, it now has an almost full lease rate—95%.

Speaker #2: And by the end of the year, this will receive additional properties, which will further increase the rental income in the next period. Rental income, including tenant services, was 83.9 million lei, up 3% compared to last year.

Speaker #2: And the net rental income, RON 56.8 million, is 6% above the value of last year. On the general administrative expenses and EBITDA, we have a general and administrative expense value of RON 55.3 million.

Cosmin Samoilă: On the general and administrative expenses and EBITDA, we have in the general and administrative expense a value of RON 55.3 million. But very important out of this, RON 20.7 million non-cash expense related to the stock option plan. Without considering this non-cash expense, the G&A expenses would have increased only 12% compared to last year. Basically, it's in line with the inflation, in line with the increase of the volume of activities in the company. Here, these expenses are very well monitored and controlled. EBITDA reached RON 157.2 million. Again, in a like-for-like comparison, the EBITDA would have been RON 274.9 million. This here is a summary of the profit and loss account. Main position, as already discussed, turnover, general and administrative expenses, and net profit. Very important, we have also these gains from fair value adjustment of investment property.

Speaker #2: But very important, out of this 20.7 million lei, it's a non-cash expense related to the stock option plan. Without considering this non-cash expense, the G&A expenses would have increased only 12% compared to last year. Basically, it's in line with inflation and in line with the increase of the volume of activities in the company.

Speaker #2: So here, these expenses are very well monitored and controlled. EBITDA reached 157.2 million lei. And again, in a like-for-like comparison, the EBITDA would have been 274.9 million lei.

Speaker #2: This here is a summary of the profit and loss account. Main positions, as already discussed: turnover, general administrative expenses, and net profit. Very important, we also have these gains from fair value adjustment of investment property.

Speaker #2: Here we have 104.1 million lei recognized during the first half, mainly coming from the developments in the rental segment—one gallery and one technology district, the Infineon building.

Cosmin Samoilă: Here we have RON 104.1 million recognized during the H1, mainly coming from the development in the rental segment, One Gallery and One Technology District, the Infineon building. Both properties reached almost full completion. The One Technology District was receptioned in the Q3, and One Gallery is expected to be receptioned in the close next period, in the next few months. Basically, this brought increase in fair value on the grounds that there is no construction risk anymore on these properties. This was translated in appreciation of the value of these properties. Balance sheet and debt profile. Total assets increasing with 4% to RON 6.9 billion. Equity, mostly stable, RON 3.8 billion. Cash position decreased compared to last year to RON 371 million. This decrease, it's again due to the impact of the new residential legislation.

Speaker #2: Both properties reached almost full completion. The Technology District was receptioned in the third quarter, and One Gallery is expected to be receptioned in the next period, in the next few months.

Speaker #2: And basically, this brought an increase in fair value on the grounds that there is no construction risk anymore on these properties. This was translated into an appreciation in the value of these properties.

Speaker #2: Balance sheet and debt profile: total assets increased by 4% to RON 6.9 billion. Equity is mostly stable at RON 3.8 billion. Cash position decreased compared to last year, to RON 371 million. This decrease is again due to the impact of the new residential legislation.

Speaker #2: And net debt is 1.5 billion lei, which is only 22% of the assets. The outlook for the remainder of the year, and for the annual results, is that the consolidated net profit was budgeted at 457.7 million lei. We are expecting a 15 to 20% downward deviation on this amount.

Cosmin Samoilă: Net debt, RON 1.5 billion, it's only 22% from the total assets. The outlook for the remaining of the year and for the results of the year, the consolidating net profit was budgeted at RON 457.7 million. We are expecting a 15% to 20% downward deviation on this amount. Strictly, the deviation is the impact of the Nordis Law, this new legislation, how is called the Nordis Law, which affected in the Q1 and the Q2. Then also we had this effect in July until mid of August from blocking the land registry activity, which again, brought a delay in signing transactions. Very important, this is just a delay. It's not anything that was lost. It's just a shifting in the recognition for the next two quarters and for next year, primarily. Thank you.

Speaker #2: Strictly, the deviation is the impact of the Nordis Law—this new legislation, which is called the Nordis Law—which affected the first quarter and the second quarter.

Speaker #2: And then also, we had this effect in July until the middle of August from blocking the land registry activity, which again brought a delay in signing transactions.

Speaker #2: But, very importantly, this is just a delay. It's not anything that was lost—it's just a shifting in the recognition for the next two quarters and primarily for next year.

Speaker #2: Thank you.

Speaker #1: Thank you very much, Cosmin. Before we jump to Q&A session, I want to draw your attention that in two weeks, less than two weeks, we're going to host our capital markets day, our annual capital markets day, 11 September 2026, 10:00 a.m.

Zuzanna Kurek: Thank you very much, Cosmin. Before we jump to Q&A session, I want to draw your attention that in two weeks, less than two weeks, we're going to host our annual Capital Markets Day, 11 September 2026, 10:00 AM at One Tower. We're going to have first, the main conference. You can see the detailed agenda at one.ro/cmd2026. We also published the current report about this today morning. We invite you all to register and to see us in person, as well as join the property tour, so you can see how the developments have progressed. We're going to have visits to One Gallery, One Lake Club, and One High District. This wraps up our formal part of the presentation.

Speaker #1: At One Tower. So we're going to have first the main conference. You can see the detailed agenda at one.ro/cmd2026. We also published the current report about this this morning.

Speaker #1: So we invite you all to register and to see us in person, as well as join the properties tour so you can see how the developments have progressed.

Speaker #1: We're going to have visits to one Gallery, one Lake Club, and one High District. And this wraps up our formal part of the presentation.

Speaker #1: Before we go into the Q&A, I recommend you all—we're going to take one minute. So we're going to go on mute and we're going to wait for your questions.

Zuzanna Kurek: Before we go into the Q&A, I recommend you all to We're going to take one minute, so we're going to go on mute, and we're going to wait for your questions. I see we already get some questions, but to go smoothly, we'd like to wait for the full set. Therefore, please type your questions right now in the Q&A chat, and we will be addressing them shortly. Thank you. Perfect. I think we can begin the Q&A session. The first question is, why didn't you finish the subdivision process for all developments under construction since the law changed nine months ago?

Speaker #1: I see we already have some questions, but to keep things running smoothly, we'd like to wait for the full set. Therefore, please type your questions right now in the Q&A chat, and we will be addressing them shortly.

Speaker #1: Thank you. Perfect. I think we can begin the Q&A session. So, the first question is: why didn't you finish the subdivision process for all developments under construction since the law changed nine months ago?

Speaker #2: Okay, thank you. I will explain a bit, so anybody? Okay. So basically, what happened with this new law? The new law, by its intention and by what it does, is not bad.

Cosmin Samoilă: Okay, thank you. I will explain a bit. So, basically, what happened with this new law? The new law, by its intention and by what it does, is not bad. It is a good law that links the payment of the clients to the stages of development, makes sure that the money are used for the specific developments. The law in itself is not bad, but when it passed, it did not have a clear period of implementation, and it did not have the norms. This transformed in 6 or 7 months, until you were able to sign the first unit subdivision process, which we did in May, June, after December, if you can imagine, for One Academy Club and for One Floreasca Sunset. Immediately after, we had the cadastral cyberattack, which blocked us to sign the sales.

Speaker #2: It's a good law that, you know, links the payments of the clients to the stages of development and makes sure that the money is used for the specific developments.

Speaker #2: So the law in itself is not bad, but when it passed, it didn't have a clear period of implementation and it didn't have the norms. So this transformed in six or seven months until you were able to sign the first unit subdivision process, which we did in May or June after December, if you can imagine.

Speaker #2: For one academic club and for one Floresca Sunset. And, you know, immediately after, we had the cadastral cyber attack which blocked us from signing the sales.

Speaker #2: So, basically, for most of the year from December to today, we managed—because of the law—to sign only reservations, with a 5% down payment. So, this, of course, had a huge effect on what we recognize in IFRS.

Cosmin Samoilă: Basically, most of the year, from December to today, we manage

Victor Căpitanu: Because of the law to sign only reservations with 5% down payment. This, of course, had a huge effect on what we recognize in IFRS. This does not mean that we did not do the sales and we will not register the profit. We just postpone it. Also a very important aspect to understand is that once the new law came, we were put in face of a dilemma. For some of the developments that were more advanced, like One Lake Club, One High District, One Lake District, which are also our largest developments, we had either to start the unit subdivision process and delay the formal reception with authorities. This meant that we would have pushed the delivery of all these three huge developments into 2027, but we would have recognized better numbers IFRS.

Speaker #2: This doesn't mean that we didn't do the sales, and we will not register the profit. We just postpone it. But also, a very important aspect to understand is that, once the new law came, we were put in face of the dilemma.

Speaker #2: Because for some of the developments that were more advanced, like One Lake Club, One High District, One Lake District—which are also our largest developments—we had either to start the unit subdivision process and delay the formal reception with authorities.

Speaker #2: So this meant that we would have pushed the delivery of all these three huge developments into 2027. But we would have recognized better numbers in IFRS, or we could have decided to finish them—and this is what we decided—to finish them with priority this year, without doing the unit subdivision process.

Victor Căpitanu: Or we could have decided to finish them, and this is what we decided, to finish them with priority this year without doing the unit subdivision process, understanding that we will not be able to record the amounts, but at least we have all the developments finished and the risk for the company is much lower with apartments instead of construction sites. This is very important that we are faced with this dilemma, and we decided it is better to focus on the substance than on the form, and focus to deliver the units this year, not focus on registering in the account of the company. I do not know if I am clear enough, but it is very important these two aspects. First, that the norms of the new law were very poor and we did not have time to implement it.

Speaker #2: Understanding that we will not be able to record the amounts, but at least we have all the developments finished, and the risk for the company is much lower with apartments instead of construction sites.

Speaker #2: So, this is very important that we are faced with this dilemma, and we decided it's better to focus on the substance than on the form.

Speaker #2: And focus on delivering the units this year, not on registering them in the accounts of the company. So, I don't know if I'm clear enough, but these two aspects are very important.

Speaker #2: First, that the norms of the new law were very poor, and we didn't have time to implement it. And second, that we couldn't do both the unit subdivision and the finalization of the developments with authorities in parallel.

Victor Căpitanu: Second, that we couldn't do both the unit subdivision and the finalization of the developments with authorities in parallel. We had to choose. We had this dilemma, and me as a shareholder, I'm happy how we chose, even though we published poor IFRS results for the H1 of the year. Thank you.

Speaker #2: We had to choose, so we had this dilemma, and me as a shareholder, I'm happy how we chose, even though we published poor IFRS results for the first half of the year.

Speaker #2: Thank you.

Speaker #3: And if I can add to what Victor mentioned, it was also a blockage at the level of the institution because there were no clear norms on how to treat this subdivision, this pre-apartamentare, under the new legislation.

Cosmin Samoilă: If I can add to what Victor mentioned, it was also a blockage at the level of the institution because there were no clear norms on how to treat this subdivision, this pre-apartamentare under the new legislation. We finalized the first development, One Floreasca Sunset, with this subdivision in mid of June. As we know, there were two developments at the level of the country which were launched first, two developments which were launched with this subdivision. One of them was One Floreasca Sunset.

Speaker #3: We finalized the first development one Floresca Sunset with this subdivision in mid of June and as we know there were two developments at the level of the country which were launched first two developments which were launched with this subdivision one of them was one Floresca Sunset.

Speaker #1: Thank you. We can now go to the next question. What is the status of One Cotroceni Towers?

Zuzanna Kurek: Thank you. We can now go to the next question. What is the status of One Cotroceni Towers?

Speaker #2: The status of One Cotroceni Towers is that we are waiting for the building permit to be issued by the authorities. And after we have the building permit, we start the sales and the unit subdivision process in order to collect money.

Victor Căpitanu: The status of One Cotroceni Towers is that we are waiting for the building permit to be issued by the authorities. After we have the building permit, we start the sales, the unit subdivision process in order to collect money. After the unit subdivision process is ready, and we have probably by that time around 2 months, 3 months of sales, we start the full-blown construction. Based on permitting, we might start even this year, but it's a bit stretched since it's already September. If not, we start at the beginning of next year. This is a landmark development. We were extremely successful with One Cotroceni Park. This was our most profitable mixed-use development overall from all our portfolio, from all matrixes, total profit, return on equity.

Speaker #2: And after the unit subdivision process is ready, and we have probably by that time around two or three months of sales, we start the full-blown construction.

Speaker #2: So, based on permitting, we might start even this year, but it's a bit stretched since it's already September. If not, we start at the beginning of next year.

Speaker #2: This is a landmark development. We were extremely successful in One Cotroceni Park. This was our most profitable mixed-use development overall, from all our portfolio.

Speaker #2: From all matrices, total profit return on equity—so basically, ONE Cotroceni Towers is just an extension of ONE Cotroceni Park. Transforming what we call ONE Cotroceni City, with 1.3 kilometers opening to Progressul Street. Also, ONE Cotroceni Towers will have the two tallest residential buildings in Romania, so this is a really, really amazing development.

Victor Căpitanu: One Cotroceni Towers is just an extension of One Cotroceni Park, transforming what we call One Cotroceni City, 1.3-kilometer opening to Progresul Street. Also, One Cotroceni Towers will have the two tallest residential buildings in Romania. This is a really amazing development. We are very excited to start it. But we are waiting already for longer than we estimated for the administration to issue the permitting. We feel that it is coming soon, so we feel it is now in the last moments. I take this opportunity to say that 2026, except for the new legislation and for the cadastral attack on the administrative point of view, like issuing permits, avize, and all kind of administrative procedures, we have to say that they are much faster than before. It looks like on the bureaucracy level of approving the developments, the process has improved.

Speaker #2: We are very excited to start it. But, you know, we are already waiting longer than we estimated for the administration to issue the permitting.

Speaker #2: We feel that it's coming soon, so we feel it is now in the last moments, and I take this opportunity to say that 2026, except for the new Nordis law, the new legislation, and for the cadastral attack on the administrative point of view, like issuing permits, visas, and, you know, all kinds of administrative procedures, we have to say that they are much faster than before.

Speaker #2: So it looks like on the bureaucracy level of approving the developments the process the process has improved. And we hope this we will it will affect also positively one Cotroceni Towers we cannot wait to start building it.

Victor Căpitanu: We hope it will affect also positively One Cotroceni Towers. We cannot wait to start building it.

Speaker #1: Thank you. The next question: Could you please provide some additional details on the approximately 1.6 million square meter land plot in Ilfov held by One Project 11?

Zuzanna Kurek: Thank you. The next question, could you please provide some additional details on the approximately 1.6 million square meter land plot in Ilfov, held by One Project 11? What is the group's current strategy regarding this asset?

Speaker #1: What is the group's current strategy regarding this asset?

Speaker #2: For the time being, there is no public strategy, and when we have a plan and a strategy, we'll make it immediately public.

Victor Căpitanu: For the time being, there is no public strategy. When we will have a plan and a strategy, we will make it immediately public. For the time being, it is just an investment.

Speaker #2: For the time being, it is just an investment.

Speaker #1: Can you provide an update on the potential sale of one tower?

Zuzanna Kurek: Can you provide an update on the potential sale of One Tower?

Speaker #2: For the time being, there is no sale of One Tower. We have not succeeded in finding a buyer at the price we are aiming for.

Victor Căpitanu: For the time being, there is no sale of One Tower. We have not succeeded to find a buyer at the price we are aiming. We decided it is better for the time being for the shareholders to keep this asset. All these rental properties produce on average, a lower return than from the residential development, probably around 10%, 12%, 14% IRR per year. But still, it is a very good return. We are happy with it and also the risk-adjusted return is very good because these properties have long-term tenants. They do not have construction risk. We are happy. We have now around 23% of our gross assets in the rental portfolio. We are happy with One Tower as part of our portfolio. At that time, we decided we might sell it. We thought we can get a very good price for the shareholders, but we couldn't.

Speaker #2: So, we decided it is better for the time being for the shareholders to keep this asset. All these rental properties produce, on average, a lower return than from the residential development.

Speaker #2: Probably around 10, 12, 14% IRR per year. But still, it's a very good return. We are happy with it, and also the risk-adjusted return is very good because, you know, this property has long-term tenants.

Speaker #2: They don't have construction risk, so we are happy. We now have around 23% of our net assets in the gross assets in the rental portfolio.

Speaker #2: We are happy with one tower as part of our portfolio. At that time, we decided we might sell it. We thought we could get a very good price for the shareholders.

Speaker #2: But we couldn't. So, in this moment, it is much better for all of us to hold this asset, which is, anyway, a unique asset.

Victor Căpitanu: In this moment, it is much better for all of us to hold this asset, which is anyway a unique asset. It is the best office building by far in Romania, LEED Platinum rated, the highest rating in Romania, fully leased for long-term. Location will never change. If you come back in 10, 20 years, One Floreasca City location will only be better. I think it is an amazing asset to own.

Speaker #2: It's best office building by far in Romania Platinum lead rated the highest rating in Romania fully leased for long-term location will never change if you come back in 10 20 years one Floresca City location will only be better so I think it's an amazing asset to own.

Speaker #1: Thank you, Victor. The next question: the subdivision requirement is an administrative process. Cadastral subdivision of individual units—physical construction runs on a separate track.

Zuzanna Kurek: Thank you, Victor. The next question. The subdivision requirement is an administrative process, cadastral subdivision of individual units. Physical construction runs on a separate track. Could you help us understand why these two work streams cannot run in parallel?

Speaker #1: Could you help us understand why these two work streams can't run in parallel?

Speaker #2: Yes, yes, of course. So basically, physical construction works run on a separate track. But the reception with authorities of the actual construction works is parallel to the cadastral subdivision.

Victor Căpitanu: Yes, of course. Basically, physical construction works run on a separate track, but the reception with authorities of the actual construction works is parallel to the cadastral subdivision. Basically, if we decided to do the cadastral subdivision of individual units, let's say in One High District, we could have done the reception with authorities. We could have done it. It would have delayed this process, not necessarily the physical construction. The physical construction advanced, and in parallel, we decided to do reception with authorities. As we speak today, we are signing the final contracts, contract de vânzare-cumpărare for units in One High District. If we would have decided to do the subdivision of individual units first, this would have pushed us with the final contract next year.

Speaker #2: So basically, if we decided to do the cadastral subdivision of individual units, let's say, in one high district, we couldn't have done the reception with authorities—recepție cu autorități—so we couldn't have done it.

Speaker #2: So, it could have or would have delayed this process, not necessarily the physical construction. So the physical construction advanced, and in parallel, we decided to do the reception with authorities.

Speaker #2: So as we speak today we are signing the final contracts contract de vânzare cumpărare for units in one high district. If we would have decided to do the subdivision of individual units first would have this would have pushed us with the final contracts next year so we decided although it was painful for the IFRS results we decided it's better to do the reception with authorities and start the final contracts faster.

Victor Căpitanu: We decided, although it was painful for the IFRS results, we decided it is better to do the reception with authorities and start the final contracts faster. Basically today, we are in the position to sign final contract in One High District, and by the end of the year, we will be able to sign final contracts for all of our developments. What is good, when you sign the final contract, you are not subject to the Nordis Law anymore because you have finished properties. You sell it as you want. You can get 100% down payment up front. You can make any type of payment schedule. The clients can mortgage the units.

Speaker #2: So basically, today we are in the position to sign final contracts in one high district, and by the end of the year, we will be able to sign final contracts for all of our developments.

Speaker #2: So, what is good is that when you sign the final contracts, you are not subject to the Nordis law anymore because you have finished properties; you sell it as you want.

Speaker #2: You can get 100% down payment upfront. You can make any type of payment schedule. The clients can mortgage the units. So, the fact that we can sign final contracts and everything is finalized is much, much more important than having the subdivision of the units. That was only helping us to record, not to do.

Victor Căpitanu: The fact that we can sign final contracts and everything is finalized is much, much more important than having the subdivision of the units and just that was only helping us to record, not to do. How to say. If it is not clear, please let me know, Irina, and I will try to explain again.

Speaker #2: If it's not clear, please let me know, Irina, and I will try to explain again.

Speaker #3: I would like to add something, Victor. When you are saying 'final reception of authorities,' this has two main components: the reception of the building and the final division of the units.

Cosmin Samoilă: I would like to add something, Victor. When you are saying final reception of authorities, this has two main components, reception of the building and the final division of the units. Reception of the building is parallel, but the final division of the unit would have been blocked by the preliminary subdivision of the unit. This is why we choose not to do the preliminary subdivision and do directly the final division of the units with the land registry. This is why it was delayed.

Speaker #3: So, the reception of the building is parallel, but the final division of the unit would have been blocked by the preliminary subdivision of the unit.

Speaker #3: So this is why we choose not to do the preliminary subdivision, and instead proceed directly with the final division of the units at the land registry.

Speaker #3: This is why it was delayed.

Speaker #1: Thank you. The next question: Given the difficult macroeconomic situation, how do you see the demand for residential apartments? Do you see any pressure on sales or any additional marketing efforts the company is making?

Zuzanna Kurek: Thank you. The next question, given the difficult macroeconomic situation, how do you see the demand for residential apartments? Do you see any pressure on ONE sales or any additional marketing efforts the company makes?

Victor Căpitanu: Yes, you are right. Macro situation is difficult. We see a robust demand, so we are happy with the demand. I cannot say it is amazing. It could have been much better, if you ask me. We know what to sell, when to sell, and we know how to do that, we have a good flow of sales. You can imagine we sold RON 106 million in the first six months, so around EUR 17, 18 million on average per month. I think it is very good performance. More or less our average in the last three years is around EUR 15, 20 million per month. Now that we have a lot of units finalized, and for the first time in the history of our company, we have an apartment stock. I think this would help us also, because it is easier to sell finalized apartments than under construction.

Speaker #2: Yes, you are right. The macro situation is difficult. But, you know, we see robust demand, so we are happy with the demand. I cannot say it's amazing.

Speaker #2: It could have been much better, if you ask me. But if we know what to sell, when to sell, and we know how to do that, we have a good flow of sales.

Speaker #2: You can imagine, we sold €106 million in the first six months—so, around €17–18 million, on average, per month. I think it's a very good performance.

Speaker #2: More or less, our average in the last three years is around €15–20 million per month. Now that we have a lot of units finalized, and for the first time in the history of our company we have an apartment stock, I think this will help us also, because it's easier to sell finalized apartments than those under construction.

Speaker #2: Regarding the team, we always put pressure on our sales team, as you know they are paid mostly, if not entirely, at success. And you know this was difficult also for them because, as we sign only reservations, the sales team cash flow was under pressure also. And you know they are very motivated to perform.

Victor Căpitanu: Regarding the team, we always put pressure on our sales team. As you know, they are paid mostly, if not entirely, at success. This was difficult also for them because as we sign only reservations, the sales team cash flow was under pressure also. They are very motivated to perform. Regarding additional marketing efforts, we did not plan this year for any additional marketing efforts to what we are normally doing. We were just following our plan. We are very happy on how our online marketing strategy works. Yes, let us see the end of the year. Let us see how the end will close. On the demand alone, it seems we see a solid demand.

Speaker #2: And regarding additional marketing efforts, we didn't plan this year for any additional marketing efforts to what we are normally doing. So, we were just following our plan.

Speaker #2: We are very happy with how our online marketing strategy is working, and yes, let's see at the end of the year. Let's see how the end will close.

Speaker #2: But on the demand alone, it seems we see solid demand.

Speaker #1: Thank you. For your questions. I see we have answered all of them. Therefore I think we can conclude this teleconference. So as usual I would like to make a mention that the next time we're going to be publishing the results is going to be the Q3 2026 results that are going to be released on 12th of November prior to that we'll have a trading update and as I mentioned before on September 11th we are looking forward to welcoming you all at one tower for our capital markets day.

Zuzanna Kurek: Thank you.

Victor Căpitanu: Thank you also.

Zuzanna Kurek: for your questions. I see we have answered all of them. Therefore, I think we can conclude this teleconference. As usual, I would like to make a mention that the next time we are going to be publishing the results is going to be the Q3 2026 results that are going to be released on 12 November. Prior to that, we will have a trading update. As I mentioned before, on 11 September, we are looking forward to welcoming you all at One Tower for our Capital Markets Day. Please don't forget to register, especially for the property tours, because we have limited places available. In case of any other questions, as always, you can reach out to us at investors@one.ro. We will be happy to provide any further details. Thank you.

Speaker #1: Please don't forget to register, especially for the property tours, because we have limited places available. In case of any other questions, as always, you can reach out to us at investors@one.raw.

Speaker #1: We’ll be happy to provide any further details. Thank you.

Speaker #2: Zuzanna, I also want to extend a warm invitation for the Investors Day, especially for the tour of One Gallery. I think it's extremely interesting because it's a very unique building.

Victor Căpitanu: Zuzanna-

Zuzanna Kurek: Please

Victor Căpitanu: I want also to extend a warm invitation for the Investors Day, especially for the tour of One Gallery. I think it is extremely interesting because it is a very unique building. It was also very expensive per square meter to build. Also, we are moving our headquarters there, and we are moving operations from five different offices. That some we own, some we leased. We moved and consolidate all the operations in the almost half floor of the first floor of the gallery. So I think it is extremely exciting. It is a totally special building, and it is an opportunity to see it and to understand how it got to where it is today.

Speaker #2: It was also very expensive per square meter to build. Also, we are moving our headquarters there, and we are relocating operations from five different offices—some we own, some we lease.

Speaker #2: We moved and consolidated all the operations into almost half a floor on the first floor of the gallery. So I think it's extremely, extremely exciting.

Speaker #2: It's a special, it's a totally special building, and it's an opportunity to see it and to understand how it got to where it is today.

Speaker #1: I think it’s also an exclusive look—so before it launches officially. So I would like to, like Victor said, really stress the need to register and join us for the property tours, because I think it’s going to be amazing.

Zuzanna Kurek: I think it is also exclusive look, so before it launches officially. So I would like to, like Victor Căpitanu said, really stress the need to register and join us for the property tours, because I think it is going to be amazing. So thank you all once again for joining us. We look forward to seeing you on 11 September. Thank you for all your questions, and we look forward to keeping in touch.

Speaker #1: So, thank you all once again for joining us. We look forward to seeing you on September 11th. Thank you for all your questions, and we look forward to keeping in touch.

Victor Căpitanu: Thank you, and have a great day.

Speaker #2: Thank you, and have a great day.

Speaker #3: Thank you all the best.

Cosmin Samoilă: Thank you. All the best.

Victor Căpitanu: The recording has stopped.