Slide 1: Corporate Presentation
May 2026 Corporate Presentation
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by LAMDA Development S.A. (the “Company”) for the purposes of FORWARD LOOKING STATEMENTS investor meetings held (virtually or physically) during May 2026. This document contains certain forward-looking statements pertaining to the Company and its Group.
Slide 3: Contents
Contents Group Overview page 4 Malls – A unique blend of value and growth page 8 Marinas – A growing segment with strong fundamentals page 16 The Ellinikon – A unique development with significant hidden value page 19 Economic Update page 29 Appendix page 32 | 3
Slide 4: LAMDA Development Group Overview
1 LAMDA Development Group Overview | 4
Slide 5: LAMDA Development: Greece's leading real estate platform
LAMDA Development Greece’s leading real estate platform with a premier, diversified portfolio Investment Assets Development Assets A top-quality portfolio of Malls and Marinas with The Ellinikon: Europe's pioneering 15-minute, unmatched footprint in the Greek market green, smart, coastline city-with
Slide 6: NAV Pillars
NAV Pillars Company NAV above €1.5bn and MALLS NAV above €1.2bn mark Development Investment Other Assets Assets Parent LAMDA MALLS Group2 Company The Other Net Debt, TOTAL Ellinikon1 Ellinikon Operating Properties3 31.12.2025 Minority, Malls Malls Other4 1,244 NAV (€m) 301 404 839 67 (64) 1,548 7.28
Slide 7: LAMDA Development | Building Value
LAMDA Development | Building Value Net Asset Value in € bn 1.55bn x4 NAV is 4x higher vs 2011 1.1bn This reflects The Ellinikon’s residential plots valued at cost 0.4bn Since 2020, we have made investments of €1.2bn 2011 2020 2025 Sources: Annual Financial Statements, LAMDA Development (rounded figu
Slide 8: Malls
2 Malls A unique blend of value & growth | 8
Slide 9: LAMDA MALLS Group
LAMDA MALLS Group A diversified portfolio of trophy assets with unmatched footprint in the retail market The Mall Athens Golden Hall The Ellinikon Mall* The largest shopping & entertainment center in Greece The most premium shopping & leisure center in Greece The largest commercial complex in Greece
Slide 10: Operating Malls FY 2025 Performance
Operating Malls FY 2025 Performance Record-high profitability in the Malls’ history Record high Operating Malls EBITDA for 2025 €90m €96m or 4% higher y-o-y when adjusted for intragroup recharges of €6m Record high Tenant Sales 910€m Record high GAV 1.8 €bn Rent Collection c100% Record high NAV 1.2
Slide 11: Operating Malls | Delivering Record Results and Building for the Future
Operating Malls | Delivering Record Results and Building for the Future Operating EBITDA (€m) Malls EBITDA CAGR: 9% 88 90 81 10 10 Designer Outlet1 9 COVID 69 4 22 23 Med. Cosmos 21 19 45 24 24 Golden Hall 37 21 14 19 11 13 10 31 32 33 The Mall Athens 27 15 19 2020 2021 2022 2023 2024 2025 1. Design
Slide 12: The clear market leader in prime retail assets in Greece
The clear market leader in prime retail assets in Greece Top Parks Piraeus 12,8 GLA (‘000 sqm) Makedonia Mall 13,1 Thessaloniki One Salonica 13,3 Thessaloniki Existing: 179 298 Riviera Galleria* 19,0 GLA Fashion City 20,0 Larisa Ellinikon: 119 Designer Outlet 21,5 Thessaloniki Retail Park 24,0 Thess
Slide 13: LAMDA Malls | Competing in a Highly Undersupplied, High-Barrier Market
LAMDA Malls| Competing in a Highly Undersupplied, High-Barrier Market Shopping Malls’ density (GLA sqm per 1,000 people) Greece has the lowest shopping centre density in Europe 263 Greece stands at less than ¼ of European High barriers to entry for new competitors average (limited large plots and co
Slide 14: The Ellinikon Retail & Entertainment Destinations: The Ellinikon Mall
The Ellinikon Retail & Entertainment Destinations Outstanding commercial leasing progress 3 years ahead of completion Construction Completion* 350 70% stores Agreed H2 2029 (Heads of Terms, % of total GLA) The Ellinikon Mall * Estimated construction completion As of 31.12.2025 | 14
Slide 15: The Ellinikon Retail & Entertainment Destinations: Riviera Galleria
The Ellinikon Retail & Entertainment Destinations Outstanding commercial leasing progress as the project moves closer to completion 100 77% Construction Completion* stores Agreed (Heads of Terms, % of total GLA) End of 2026 Riviera Galleria * Estimated construction completion As of 31.12.2025 | 15
Slide 16: Marinas
3 Marinas A Growing Segment with Strong Fundamentals | 16
Slide 17: Marinas: Another record-breaking performance in 2025
Marinas Another record-breaking performance in 2025 Flisvos Marina Agios Kosmas Marina 310 100% 337 71% berths Occupancy berths Occupancy* FY2025 *71% average occupancy through 2025 as a result of reduced berth availability due to renovation Revenues €33m +2% works supporting transition to higher-va
Slide 18: Corfu Mega Yacht Marina
Corfu Mega Yacht Marina Over €140m Investment towards creating The new Yacht Destination in the Ionian Signed 40-year sub-concession for Corfu Mega Yacht Marina, a >€50M investment, expanding our footprint. | 18
Slide 19: The Ellinikon
The Ellinikon 4 A unique development with Significant Hidden Value | 19
Slide 20: Europe's pioneering 15-minute, green, smart, coastline city-within-a-city
Europe's pioneering 15-minute, green, smart, coastline city-within-a-city Land GFA The Ellinikon Park Coastline & Beach Secured Proceeds to date 6.2m sqm 2.7m sqm 2.0m sqm 3.5 km €2.2bn | 20
Slide 21: A City within a City
A City within a City A unique urban regeneration project in the Athenian Riviera Residential Retail & Entertainment Offices & Hospitality The Ellinikon Park Best-in-class LAMDA’s core investment & JVs and business agreements 2 million sqm residential developments development expertise for prime offi
Slide 22: The Ellinikon Projects
The Ellinikon Projects ION R&D Centre Mixed-Use Tower Residential The Ellinikon Other Developments PwD Mall Education Post 2028 Completion Medical Venue ION Resi Campus 3rd parties Experience Park & Residentials Experience Centre Education/Offices/Resi Sports Prokopiou Park Facilities Little Aura At
Slide 23: The Ellinikon | Progress of Residential Sales
The Ellinikon | Progress of Residential Sales Coastal Front 315 Total Units* 100% absorption rate Riviera Tower 173 Units The Cove Villas 27 Units The Cove Residences 115 Units Little Athens 671 Total Units* 85% absorption rate Park Rise Pavilion Promenade Atrium Trinity Sunset 89 156 79 56 80 Grove
Slide 24: Cash Inflow History & Anticipated Collections in 2026
Cash Inflow History & Anticipated Collections in 2026 €0.6bn anticipated cash collections for 2026 in €bn Total 2.08 1.53 Land Plot Sales1 0.42 1.07 0.34 1.11 Residential1 0.73 Cumulative until Cumulative until 28.02.2026 (Feb Estimate) Cumulative until 31.12.2024 31.12.2026 Note: all amounts are ro
Slide 25: Buildings & Infrastructure CAPEX History & Anticipated CAPEX for 2026
Buildings & Infrastructure CAPEX History & Anticipated CAPEX for 2026 €0.6bn anticipated CAPEX for 2026 in €bn Total CAPEX 1.64 Infrastructure1 1.07 0.29 0.56 0.18 0.79 Buildings2 0.38 Cumulative until Cumulative until 28.02.26 (Feb Estimate) Cumulative until 31.12.2024 31.12.2026 Note: all amounts
Slide 26: Residential Projects – Coastal Front
Residential Projects – Coastal Front Riviera Tower Concreting works: 48th level Core Structures & 46th level Slabs Cove Residences Plots 5-6: Main works in progress Plots 7-8: Main works in progress | 26
Slide 27: Residential Projects – Little Athens
Residential Projects – Little Athens Promenade Heights Park Rise (BIG) Plots 6.9-6.10: Main works in progress Superstructure concreting works completed. Main works in progress. Atrium & Trinity Gardens Sunset Groves (1 of 2 plots) Superstructure concreting works completed. Main works in progress. Co
Slide 28: Other Projects
Other Projects Riviera Galleria The Ellinikon Sports Park 99% of concreting works completed to date. Fitout works in progress. Track and field & throwing field, football pitches & admin build. completed Posidonos Underpass The Ellinikon Mall Underpass 96% of excavations & concrete casting completed
Slide 29: Economic Update
4 Economic Update | 29
Slide 30: Greece: Positioned for Sustainable Growth
Greece: Positioned for Sustainable Growth 2024 GDP expanded by 2.3%, significantly outpacing the euro area (+0.9%) and Performance demonstrating resilience against global headwinds. Strong medium-term prospects with GDP projected at +2.2% in 2025 and +2.1% in 2026, GDP Outlook consistently above EU
Slide 31: Greece: Residential investment recovery supported by credit growth
Greece: Residential investment recovery supported by credit growth Credit growth of Greek Households vs Europe Residential investment vs property prices 12 8 200 % YoY % GDP Index (1997=100) 10 175 Germany France 6 Italy Spain 8 150 Portugal Netherlands 4 Greece 6 125 2 4 100 0 2 75 -2 0 50 Resident
Slide 32: Appendix
5 Appendix | 32
Slide 33: Portfolio of Assets
Portfolio of Assets Key growth drivers: Malls and Ellinikon revaluation in €m 31.12.2025 31.12.2024 Notes The Ellinikon IRC, Retail, Sports & Leisure 711 627 Measured at Fair Value (independent appraisal by Savills) (Investment Property) Booked at cost, incl. land, infrastructure and construction co
Slide 34: Consolidated Balance Sheet Summary
Consolidated Balance Sheet Summary in €m 31.12.2025 31.12.2024 Notes: 31.12.2025 Investment Property 2,474 2,179 Ellinikon €711m, Mall (incl. Ellinikon Malls) & other properties €1,763m Fixed & Intangible Assets 124 110 Ellinikon €54m, Flisvos Marina €55m Total Ellinikon €1,707m Inventory 949 957 (e
Slide 35: Key Financial Metrics (Group)
Key Financial Metrics (Group) in €m 31.12.2025 31.12.2024 Alternative Performance Measures (APM) definitions Free Cash 750 642 Restricted Cash (Short & Long Term) 54 37 Total Cash 804 679 Total Debt 2,066 1,754 = Borrowings + Lease Liability + PV Transaction Consideration Adj. Total Debt 2,749 2,432
Slide 36: Malls: A top-quality portfolio with unmatched footprint
Malls A top-quality portfolio with unmatched footprint in the Greek Retail market Mediterranean Designer Outlet Ellinikon Malls The Mall Athens Golden Hall The Ellinikon Mall Cosmos Athens Riviera Galleria The largest2 shopping & The most premium The largest2 shopping & Designed to become The premie
Slide 37: Malls FY 2025 Results Highlights
Malls FY 2025 Results Highlights 4 MALLS Another record-breaking performance Tenants Sales 5% y-o-y • New Record of €910m (FY basis) Footfall 2% y-o-y • 26m visitors in 2025 • New Record of €104m for FY Net Base Rents 6% y-o-y • 70% of growth from Inflation Indexation • 30% of growth from Renewals/R
Slide 38: Marinas: Breaking new records
Marinas Breaking new records (FY basis) for both Revenue (+2% vs 2024) and EBITDA (+6% vs 2024) Revenue in €m EBITDA1 33,3 2% Vs FY-24 32,7 6% Vs FY-24 6,6 62% EBITDA 60% 8,2 Margin Total 20,6 19,5 3,3 Flisvos 4,8 Agios Kosmas 26,7 24,5 Other 18,0 15,6 -0,7 -0,9 FY 2025 FY 2024 FY 2025 FY 2024 Key p
Slide 39: The Ellinikon Income Statement Snapshot
The Ellinikon Income Statement Snapshot FY 2025 vs FY 2024 FY 2025 FY2024 in €m Revenue FY 2025 465,7 • Riviera Tower €139m • Little Athens €101m OPEX FY 2025 410,3 • Terra Mare A-U 2.10 €62m • 3rd party & other costs (€39m) • Cove Residences €51m • VAT non-recoverable (€23m) • Project Sunrise €38m
Slide 40: Shareholders Structure
Shareholders Structure GREEK INSTITUTIONAL TREASURY SHARES 5,3% 3,5% G. PROKOPIOU LAMDA: GA 2,0% RETAIL EBRD % out of 176,736,715 9,2% 1,8% shares outstanding AEGEAN AIRLINES BREVAN HOWARD & 1,7% PARTNERS 8,6% FOREIGN INSTITUTIONAL CLH (LATSIS GROUP) 23,3% 44,8% Data as of Feb 2026 | 40
Slide 41: Thank you
Thank you LAMDA Development S.A. ● 37Α Kifissias Ave. (Golden Hall) ● 151 23 Maroussi ● Greece Tel: +30.210.74 50 600 ● www.lamdadev.com Investor Relations ● IR@lamdadev.com