Dan Sebastian Câmpeanu

07.02.2026

What were the main business results for 2025?

Despite numerous challenges, 2025 was a strong year for us business-wise. At group level, in the first 9 months of the year we doubled our revenues, reaching a consolidated turnover of EUR 55.8 million and a consolidated net profit of EUR 11.4 million. Sales in this period registered an advance of 152% compared to the first 9 months of last year: 227 units, worth EUR 31.5 million.

Beyond these financial results, we delivered major projects to customers, overcame all obstacles and challenges, significantly reduced loans and financial debts, significantly increased liquidity, put new projects in the pipeline and obtained new building permits.

The results obtained in 2025 confirm the solidity of our business model and the efficiency of the measures implemented to increase operational and financial performance.

In 2026, IMPACT also marks two important capital market milestones: 30 years of uninterrupted listing on the Bucharest Stock Exchange and 20 years since the Company’s promotion to the Main Market (First Tier). These anniversaries further underline the Group’s long-term commitment to transparency, sound corporate governance and sustainable growth as a publicly listed company.

What are your company’s business targets and plans for 2026?

In line with our 2026 – 2034 long-term strategy, launched last year, our focus is on improving asset utilization, accelerating development on land already in our portfolio, and reinvesting capital into high-yield projects.

In 2026 we’ll launch two major, much-anticipated mixed-use projects in Bucharest and Iasi.

At the same time, we will continue the development of our flagship projects: GREENFIELD Baneasa in northern Bucharest, which will reach over 6,485 homes upon completion, and Boreal Plus in Constanța, a residential complex totaling more than 771 homes.

What economic pressures (e.g., inflation, interest rates, work force issues) or regulatory and fiscal changes do you anticipate impacting the market in 2026, and how is your company preparing for them?

In 2026, we expect the market to continue operating in a context defined by macroeconomic volatility, regulatory tightening, and structural cost pressures, rather than by a single dominant risk.

Inflation and financing costs are likely to remain relevant, even if interest rates stabilize. The key challenge will be affordability and predictability, not access to financing. Our response builds on financial discipline, reduced leverage, strong liquidity, and flexible commercial mechanisms designed to limit the financial effort required from clients.

A persistent structural pressure remains the shortage of qualified workforce in construction, impacting costs and execution timelines. We address this through vertical integration, bringing design and general contracting in-house to improve cost control, delivery predictability, and operational flexibility.

On the regulatory side, recent legislative changes, including the “Nordis law”, will increase compliance requirements but should prove structurally positive, reinforcing transparency and favoring well-capitalized, disciplined developers. Our conservative financial approach and strict risk management allow us to adapt without disrupting our development pipeline.

Fiscal uncertainty remains a medium-term risk, which we manage through scenario-based planning, liquidity buffers, and early financing. Overall, we believe 2026 will continue to reward resilience, financial discipline, and operational control, supported by a long-term strategy focused on delivering relevant, affordable, and high-quality projects.

What do you see as the main risks for the Romanian real estate market in 2026? Where do you see the most attractive opportunities for growth?

In 2026, the main risks for the Romanian real estate market remain linked to macroeconomic and fiscal volatility, which continues to affect long-term planning in a sector with multi-year investment cycles. Affordability pressures, driven by construction, financing, and regulatory costs, may slow decision-making, while structural constraints, such as labor shortages, continue to impact execution and margins.

At the same time, 2026 offers attractive opportunities for both end-users and investors, particularly in well-located, well-priced residential projects developed by financially solid players. Projects that are completed or close to delivery are expected to perform better, benefiting from higher buyer confidence, easier access to bank financing, and clearer yield visibility for investors. Increased regulation and market discipline are also likely to favor transparent, well-governed developers, while mixed-use and sustainable developments remain attractive for long-term capital preservation and stable returns.

Which players or strategies are going to be winners in 2026?

In 2026, the winners in the real estate market will be developers with strong operational capacity, financial discipline, and the ability to adapt quickly to changing economic and regulatory conditions.

Players with integrated capabilities – covering design, authorization, execution, financing, and sales — will have a clear advantage, as they can better control costs, timelines, and quality, while remaining flexible in pricing and commercial structures. Liquidity, low leverage, and disciplined risk management will be key differentiators in a market where predictability remains limited.

Strategically, projects that are well-positioned, relevant for both end-users and investors, and supported by transparent communication and strong governance are likely to outperform. In a more regulated and selective market, credibility, execution track record, and long-term thinking will matter more than aggressive expansion or speculative approaches.