Slide 1: Q1 2026 Results Presentation
Q1 2026 RESULTS PRESENTATION Results Conference Call / Live Webcast 8 July 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by LAMDA Development S.A. (the “Company”) for the purposes of FORWARD LOOKING STATEMENTS the Company’s Q1 2026 Results Conference Call/Live Webcast (08.07.2026). This document contains certain forward-looking statements pertaining to the Company and its
Slide 3: Contents
Contents Group Results Highlights page 4 Highlights for Malls, Marinas & The Ellinikon page 13 Appendix Group Balance Sheet & Key Ratios page 28 The Ellinikon: Progress of Works Visuals page 32
Slide 4: Group Results Highlights
1 Group Results Highlights | 4
Slide 5: Q1 2026 Financial Performance at a glance
Q1 2026 Financial Performance at a glance Group Consolidated Revenue EBITDA GAV NAV € 143m € 12m € 3.6bn € 1.5bn Before Assets Valuation & Other €8.97/share adjustments Malls, Marinas & Other The Ellinikon Operating Flisvos Marina Total Cash Malls1 EBITDA EBITDA Revenues Proceeds3 € 5m € 106m € 1.7b
Slide 6: Group Q1 2026 Highlights
Group Q1 2026 Highlights Consolidated Group EBITDA before valuations of €12m Group Revenue of €143m, up 35% vs Q1 2025 Group Successfully issued a €350m 7-year bond with attractive terms in June 2026 Record Operating Malls EBITDA before valuations at €25m, or 5% increase y-o-y, Malls adjusted for al
Slide 7: Group Balance Sheet Snapshot
Group Balance Sheet Snapshot 31.03.2026 vs 31.12.2025 Assets Valuation (Gross Asset Value – GAV) in €m NAV (Net Asset Value) NAV per 8.97 9.06 3.580 3.549 share1 (€) 80 80 1.548 1.529 Other 4 1.778 1.761 Malls 1.255 1.244 Ellinikon 1.722 1.707 285 301 -11 31.03.2026 31.12.2025 31.03.2026 31.12.2025
Slide 8: Group EBITDA Before Assets Valuation
Group EBITDA Before Assets Valuation Q1 2026 vs Q1 2025 in €m Q1-26 Q1-25 20,7 20,0 20,1 19,2 12,3 12,5 4,2 4,7 -1,4 -1,1 -2,1 -2,7 -7,5 -8,5 MALLS MARINAS OTHER BUSINESS OVERHEADS EBITDA ELLINIKON EBITDA UNITS (before valuations & (before valuations) Ellinikon) LAMDA MALLS GROUP MARINAS OTHER BUSIN
Slide 9: Group EBITDA After Assets Valuation
Group EBITDA After Assets Valuation Q1 2026 vs Q1 2025 in €m Q1-26 Q1-25 17,3 13,9 12,3 12,5 3,2 1,6 1,6 0,0 EBITDA ASSETS VALUATIONS ASSET DISPOSALS EBITDA (before valuations) ASSET DISPOSALS 2025: Athens Metropolitan Expo (11.7% stake €3.2m) | 9
Slide 10: Group Profitability evolution
Group Profitability evolution Q1 2026 vs Q1 2025 in €m Q1-26 Q1-25 17,3 13,9 0,2 -0,2 -0,3 -1,1 -3,0 -3,2 -11,7 -11,5 -11,0 -13,6 -15,5 -17,7 EBITDA CASH FINANCE NON-CASH FINANCE DEPRECIATION TAXES MINORITIES NET RESULT COSTS COSTS TAXES The increase in asset valuations led to increased deferred tax
Slide 11: Group Borrowings & Interest Rate Sensitivity
Group Borrowings & Interest Rate Sensitivity 70% of Group Borrowings are fixed/hedged (IRS) in €m Financing Cost Sensitivity +1% change in Euribor = -c€4m -1% change in Euribor = +c€4m 31.03.2026 Group Borrowings2 3.8% 1.480 1.474 Euribor Floating Rate – Unhedged 354 349 + spread 94 95 Floating Rate
Slide 12: NAV Pillars
NAV Pillars Company NAV above €1.5bn and MALLS NAV €1.3bn Development Investment Other Assets Assets Parent LAMDA MALLS Group2 Company The Other Net Debt, TOTAL Ellinikon1 Ellinikon Operating Properties3 31.03.2026 Minority, Malls Malls Other4 1,255 NAV (€m) 285 401 854 69 (80) 1,529 7.37 NAV per sh
Slide 13: Highlights for Malls, Marinas & The Ellinikon
2 Highlights for Malls, Marinas & The Ellinikon | 13
Slide 14: Malls Q1 2026 Results Highlights
Malls Q1 2026 Results Highlights 4 MALLS Another record-breaking performance Tenants Sales 7% y-o-y • New Record of €187m (Quarterly basis) Footfall 5% y-o-y • 5.9m visitors in Q1 2026 • New Record of €25.8m for Q1-26 Net Base Rents 5% y-o-y • 80% of growth from Inflation Indexation • 20% of growth
Slide 15: LAMDA MALLS Group Key Financials
LAMDA MALLS Group Key Financials EBITDA Net Debt / (Cash) (in €m) Q1-26 Q1-25 (in €m) 31.03.2026 31.12.2025 The Malls Athens 8.2 8.4 Golden Hall 6.2 5.9 4 Operating Malls 463 474 Med. Cosmos 5.9 6.0 Ellinikon Malls 44 28 Designer Outlet Athens 2.4 2.4 Malls Property Management1 & HoldCo 44 44 Operat
Slide 16: Operating Malls Tenants' Sales
Operating Malls Tenants’ Sales Reaching new record high levels in €m 7% Vs Q1-25 200 1000 Operating Malls 187 180 2% 175 900 22 Designer Outlet 160 23 800 140 50 700 7% 47 Med. Cosmos 120 600 100 500 54 Golden Hall 80 9% 49 400 60 300 40 200 The Mall Athens 61 56 20 8% 100 0 0 Q1-26 Q1-25 Note: all
Slide 17: Operating Malls
Operating Malls Sustained solid growth in Q1 2026 Operating Malls Revenue in €m Operating Malls EBITDA 4% Q1 2026 Q1 2025 Q1 2026 effective increase of 5% y-o-y at €24.9m when adjusted for intragroup recharges of €2.2m 22,7 22,7 29,8 28,5 3% 5% 4% 8% 3% 5% 3% 2% 8,2 8,4 10,8 10,5 6,2 5,9 5,9 6,0 7,6
Slide 18: LAMDA MALLS Group Assets Valuation (GAV)
LAMDA MALLS Group Assets Valuation (GAV) − Maintaining solid growth trends in €m Group 1.761 1.778 1.548 1.459 390 405 Ellinikon Malls 1.312 345 336 279 Operating Malls 1.372 1.373 1.203 1.123 1.033 2022 2023 2024 2025 Q1 2026 Note: all amounts are rounded figures | 18
Slide 19: Marinas
Marinas Breaking new record for Flisvos Marina EBITDA (+12% vs Q1 2025) Revenue in €m EBITDA1 63% EBITDA 58% 8,0 Margin 4,7 6,8 1,7 4,2 0,5 Total 1,1 Flisvos Agios Kosmas 6,3 6,3 4,5 4,0 Other -0,2 -0,4 Q1 2026 Q1 2025 Q1 2026 Q1 2025 1. EBITDA including IFRS 16 (Flisvos land lease payments are tran
Slide 20: The Ellinikon Q1 2026 Results Highlights
The Ellinikon Q1 2026 Results Highlights Ellinikon Liquidity at healthy levels Cash Collections to date1 • Residential: €1.2bn €1.7bn • Land Plot Sales/Leases: €0.5bn (excluding Ellinikon Malls intragroup sale of €0.24bn) Strong Absorption Rate of • Coastal Front: Sold out Residential units • Little
Slide 21: The Ellinikon Cash Inflows Progress
The Ellinikon Cash Inflows Progress Cumulative Cash Proceeds 31.05.2026 31.12.2025 31.03.2026 in €bn Residential1 1.09 1.18 1.23 Land Plot Sales/Leases1 0.40 0.49 0.51 Sub-TOTAL 1.49 1.67 1.74 Ellinikon Malls (intragroup land plot sales) 0.24 0.24 TOTAL 1.73 1.91 1.98 1.90 €0.7bn of remaining2 proce
Slide 22: Little Athens Sales Progress (6 projects)
Little Athens Sales Progress (6 projects) 87% of the units placed in the market have been sold or reserved Mainstream Mainstream Alimos Park Rise Posidonos (50m) Promenade Pavilion Terraces Atrium Gardens Trinity Gardens Sunset Groves Heights Renderings Project Location Bjarke Ingels Group 314 Archi
Slide 23: The Ellinikon Infrastructure Works & Buildings CAPEX
The Ellinikon Infrastructure Works & Buildings CAPEX Total CAPEX 990 126 1,115 Project start until in €m Q1-2026 Aggregate Total end-2025 Mainly related to: Infrastructure – Poseidonos Underpass & other road networks Works 271 22 293 – Power network, Telecoms, etc. – Building Connections & other uti
Slide 24: The Ellinikon Income Statement Snapshot
The Ellinikon Income Statement Snapshot Q1 2026 vs Q1 2025 Q1 2026 Q1 2025 in €m Revenue Q1 2026 105,5 • Riviera Tower €45m OPEX Q1 2026 • Little Athens €26m • VAT non-recoverable (€12m) • Cove Residences €17m • 3rd party & other costs (€7m) • Temes Offices €14m • Personnel (€5m) 68,7 14,6 8,4 1,8 1
Slide 25: 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 1,74 1,49 0,51 Land Plot Sales1 0,40 1,23 1,09 Residential1 Cumulative until Cumulative until Cumulative until 31.12.2025 31.05.2026 31.12.2026 Note: all amounts are rounded figures 1
Slide 26: Buildings & Infrastructure CAPEX History & Anticipated CAPEX for 2026
Buildings & Infrastructure CAPEX History & Anticipated CAPEX for 2026 €0.6bn anticipated CAPEX for 2026 in €bn 1,64 Total CAPEX 1,11 Infrastructure1 0,99 0,29 0,27 Buildings2 0,82 0,72 Cumulative until Cumulative until Cumulative until 31.12.2025 31.03.2026 31.12.2026 Note: all amounts are rounded f
Slide 27: 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 28: Appendix: Group Balance Sheet & Key Ratios
Appendix 3.1 Group Balance Sheet & Key Ratios | 28
Slide 29: Portfolio of Assets
Portfolio of Assets Key growth drivers: Malls and Ellinikon revaluation in €m 31.03.2026 31.12.2025 Notes The Ellinikon IRC, Retail, Sports & Leisure 733 711 Measured at Fair Value (independent appraisal by Savills) (Investment Property) Booked at cost, incl. land, infrastructure and construction co
Slide 30: Consolidated Balance Sheet Summary
Consolidated Balance Sheet Summary in €m 31.03.2026 31.12.2025 Notes: 31.03.2026 Investment Property 2,513 2,474 Ellinikon €733m, Ellinikon Malls €405m Fixed & Intangible Assets 126 124 Ellinikon €55m, Flisvos Marina €55m Total Ellinikon €1,722m Inventory 940 949 (excl. Ellinikon Malls) Ellinikon €9
Slide 31: Key Financial Metrics (Group)
Key Financial Metrics (Group) in €m 31.03.2026 31.12.2025 Alternative Performance Measures (APM) definitions Free Cash 782 750 Restricted Cash (Short & Long Term) 48 54 Total Cash 831 804 Total Debt 2,073 2,066 = Borrowings + Lease Liability + PV Transaction Consideration Adj. Total Debt 2,743 2,749
Slide 32: The Ellinikon: Progress of Works Visuals
3.2 The Ellinikon Progress of Works Visuals | 32
Slide 33: Ellinikon Masterplan − Active Buildings Construction Sites
Ellinikon Masterplan − Active Buildings Construction Sites Contractors 1. ELEMKA 2. JV METKA-INTRAKAT The Ellinikon Mall 3. ETHNOKAT 4. TEKAL 5. TERNA 6. JV BOUYGUES-INTRAKAT 9 7. ORILINA 8. METKA 9. TERNA 10. LAMDA CBU 11. ΤERNA 2 Sports Complex Little 10 10 Athens 1 Integrated Resort Complex (IRC)
Slide 34: Residential Projects – Coastal Front
Residential Projects – Coastal Front Riviera Tower Cove Residences Plots 5-6: Main works in progress Concreting Works Completed (50th floor). Fit out works ongoing Plots 7-8: Main works in progress | 34
Slide 35: Residential Projects – Little Athens
Residential Projects – Little Athens Park Rise (BIG) Promenade Heights Plots 6.9-6.10: Main works in progress Atrium & Trinity Gardens Main works in progress Sunset Groves (1 of 2 plots) Concreting works completed. Main works ongoing Concreting & Brickworks in progress in Plot 6.7. Concreting works
Slide 36: Other Projects
Other Projects The Ellinikon Sports Park Riviera Galleria Main works in progress The Ellinikon Mall Underpass Posidonos Underpass 100% of excavations & concreting 95% of excavations & 97% of Track and field & throwing field, football pitches & admin building completed completed to date concreting co
Slide 37: Thank you
Thank you LAMDA Development S.A. ● 37Α Kifissias Ave. (Golden Hall) ● 151 23 Maroussi ● Greece Tel: +30.210.74 50 600 ● Fax: +30.210.74 50 645 Website : www.lamdadev.com Investor Relations ● E-mail: IR@lamdadev.com