Slide 1: Q1 2025 Results Presentation
Q1 2025 RESULTS PRESENTATION Results Conference Call / Live Webcast 29 May 2025
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 2025 Results Conference Call/Live Webcast (29.05.2025). 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 14 Appendix page 28 Group Balance Sheet & Key Ratios page 29 Malls: Detailed Analysis page 33 The Ellinikon: Progress of Works Visuals page 39
Slide 4: Group Results Highlights
O1 Group Results Highlights | 4
Slide 5: Q1 2025 Financial Performance at a glance
Q1 2025 Financial Performance at a glance Group Consolidated Revenue EBITDA Net Result NAV € 106 m € 17 m € (11) m € 1.4 bn Ellinikon: €69m After Assets After Taxes & Malls: €30m Valuation & Other Minorities €8.22/share Marinas: €8m adjustments Investment Assets Development Assets Malls, Marinas & O
Slide 6: Group Q1 2025 Highlights
Group Q1 2025 Highlights Consolidated EBITDA after valuations of €17.4m Consolidated Net Result of €11m loss impacted by timing of land plot sales vs. Q1 ‘24 Group Group Total Cash of €652m Record Retail EBITDA before valuations at €23m, or 1% increase y-o-y Malls Record EBITDA of €5m, or 3% increas
Slide 7: Group Balance Sheet Snapshot
Group Balance Sheet Snapshot 31.03.2025 vs 31.12.2024 Assets Valuation (Gross Asset Value – GAV) in €m NAV (Net Asset Value) NAV per 3.272 3.251 8.22 8.28 share1 (€) 80 80 1.423 1.445 22 40 Other 1.559 1.548 Malls 1.056 1.046 Ellinikon 1.633 1.623 346 359 31.03.2025 31.12.2024 31.03.2025 31.12.2024
Slide 8: Group EBITDA Before Assets Valuation
Group EBITDA Before Assets Valuation 2025 vs 2024 Retail EBITDA 1% in €m New Record Q1-25 Q1-24 35,3 8% 3% 46% 1% New Record 20,9 20,1 19,8 19,2 15,5 12,5 4,7 4,6 -1,1 -0,6 -2,7 -5,1 -7,5 MALLS MARINAS OTHER BUSINESS UNITS OVERHEADS EBITDA ELLINIKON EBITDA (before valuations & (before valuations) El
Slide 9: Group EBITDA After Assets Valuation
Group EBITDA After Assets Valuation 2025 vs 2024 in €m Q1-25 Q1-24 40,2 35,3 17,4 12,5 3,2 4,1 1,6 0,8 EBITDA ASSETS VALUATIONS ASSET DISPOSALS EBITDA (before valuations) LAMDA MALLS GROUP, ELLINIKON INVESTMENT PROPERTY, OTHER ASSETS ASSET DISPOSALS Latest independent valuation as of 31.12.2024 Q1-2
Slide 10: Group Profitability evolution
Group Profitability evolution 2025 vs 2024 in €m Q1-25 Q1-24 40,2 17,4 0,2 0,6 -0,3 -0,2 -3,2 -3,0 -6,3 -11,5 -11,1 -11,0 -13,6 -19,1 EBITDA CASH FINANCE NON-CASH FINANCE DEPRECIATION TAXES MINORITIES NET RESULT COSTS COSTS NON-CASH FINANCE COSTS ● non-cash accounting recognition related to Elliniko
Slide 11: Group Total Cash
Group Total Cash1 A solid liquidity position with €0.65bn Cash and €0.23bn undrawn Ellinikon credit lines in €m 679 €191m increase 652 in FY2024 €27m reduction vs. 31.12.2024 Net Operating Cash due to CAPEX2 (€97m) Flow (FY2024) €358m Net Operating Cash Flow (Q1 2025) €31m 31.03.2025 31.12.2024 1. I
Slide 12: Group Borrowings & Interest Rate Sensitivity
Group Borrowings & Interest Rate Sensitivity 63% of Group Borrowings are fixed/hedged (IRS) in €m Financing Cost Sensitivity +1% change in Euribor = -c€4m -1% change in Euribor = +c€4m 31.03.2025 Group Borrowings2 4.1% 1.177 1.174 Euribor Floating Rate – Unhedged 336 330 + spread 98 100 Floating Rat
Slide 13: NAV Pillars
NAV Pillars Company NAV above €1.4bn and MALLS NAV above €1bn mark Development Investment Other Assets Assets Parent LAMDA MALLS Group2 Company The Other Net Debt, TOTAL Ellinikon1 Ellinikon Operating Properties3 31.03.2025 Minority, Malls Malls Other4 1,056 NAV (€m) 346 404 651 70 (48) 1,423 6.10 N
Slide 14: Highlights for Malls, Marinas & The Ellinikon
O2 Highlights for Malls, Marinas & The Ellinikon | 14
Slide 15: Malls Q1 2025 Results Highlights
Malls Q1 2025 Results Highlights 4 MALLS Another record-breaking performance Tenants Sales 3% y-o-y • New Record of €175m (Q1 basis) Footfall 1% y-o-y • Following 2% increase in FY2024 (26m visitors in FY2024) • New Record of €24.5m for Q1 Net Base Rents 5% y-o-y • 70% of growth from inflation index
Slide 16: LAMDA MALLS Group Key Financials
LAMDA MALLS Group Key Financials EBITDA Net Debt / (Cash) (in €m) Q1-25 Q1-24 (in €m) 31.03.2025 31.12.2024 The Malls Athens 8.4 8.4 Golden Hall 5.9 6.0 4 Operating Malls 480 488 Med. Cosmos 6.0 5.5 Ellinikon Malls1 (31) (65) Designer Outlet Athens 2,4 2.7 Malls Property Management2 & HoldCo 51 41 R
Slide 17: Operating Malls Tenants' Sales
Operating Malls Tenants’ Sales Reaching new record high levels, despite a seasonally weak quarter in €m New vs. 2024 Record 3% Operating Malls 175 171 7% Designer Outlet 23 21 1% Med. Cosmos 47 46 Golden Hall 3% 49 48 The Mall Athens 2% 56 55 Q1-25 Q1-24 Note: all amounts are rounded figures | 17
Slide 18: Operating Malls
Operating Malls Sustained solid growth in Q1 2025 across all assets Retail Revenue in €m Retail EBITDA Q1 2025 8% Q1 2024 28,5 1% 26,5 Earlier timing (phasing impact) • Property taxes (€0.7m) 22,7 22,5 7% 5% 10% 7% 0% 1% 9% 12% 10,5 9,8 8,4 8,4 7,2 6,9 7,5 6,8 5,9 6,0 6,0 5,5 3,3 3,0 2,4 2,7 THE MAL
Slide 19: LAMDA MALLS Group Assets Valuation
LAMDA MALLS Group Assets Valuation (GAV) − Maintaining a solid growth trend in €m New Record Group 1.548 1.559 1.459 1.312 345 354 Ellinikon Malls 336 279 COVID 892 855 872 Operating Malls 1.203 1.205 1.123 1.033 892 855 872 2019 2020 2021 2022 2023 2024 Mar-25 Designer Outlet Athens 1st consolidati
Slide 20: Marinas
Marinas Breaking new records (Q1 basis) for both Revenue (+11% vs 2024) and EBITDA (+3% vs 2024) Revenue in €m EBITDA1 New Record EBITDA 58% 63% Margin 11% 8,0 Total New Record 3% 5% 7,2 4,7 1,7 Agios 4,6 5% 1,8 Kosmas 1,1 1,1 17% 4,0 11% 6,3 3,6 5,4 Flisvos Other2 -0,4 -0,2 Q1 2025 Q1 2024 Q1 2025
Slide 21: The Ellinikon Q1 2025 Results Highlights
The Ellinikon Q1 2025 Results Highlights Ellinikon Liquidity at healthy levels Cash Collections to date1 • Residential: €0.79bn €1.18bn • Land Plot Sales/Leases: €0.39bn (excluding Ellinikon Malls intragroup sale of €0.24bn) Strong Absorption Rate of • Coastal Front: Sold out Residential units • Lit
Slide 22: The Ellinikon Cash Inflows Progress
The Ellinikon Cash Inflows Progress Cumulative Cash Proceeds 31.12.2024 31.03.2025 15.05.2025 in €bn Residential1 0.73 0.77 0.79 Land Plot Sales/Leases1 0.34 0.36 0.39 Sub-TOTAL 1.07 1.13 1.18 Ellinikon Malls (intragroup land plot sales) 0.24 0.24 TOTAL 1.31 1.38 1.43 €0.9bn of remaining2 proceeds f
Slide 23: Little Athens Sales Progress (6 projects)
Little Athens Sales Progress (6 projects) 84% of the units placed in the market have been sold or reserved (mid-May 2025) Mainstream Mainstream Alimos Park Rise Posidonos (50m) Promenade Sunset Groves Pavilion Terraces Atrium Gardens Trinity Gardens Heights (1 of 2 projects)1 Renderings Project Loca
Slide 24: The Ellinikon Infrastructure Works & Buildings CAPEX
The Ellinikon Infrastructure Works & Buildings CAPEX Total CAPEX 564 81 644 Project start until in €m Q1 2025 Aggregate Total end-2024 Mainly related to: Infrastructure – demolitions Works 184 11 196 – enabling works – construction works (e.g. Posidonos underpass) Completed projects: – The Experienc
Slide 25: The Ellinikon Income Statement Snapshot
The Ellinikon Income Statement Snapshot 2025 vs 2024 Q1 2025 Q1 2024 in €m 92,5 68,7 Land plot sales to 3rd parties: €22m 33,9 15,5 16,6 8,4 1,8 1,1 2,2 -1,1 -0,8 -2,1 -3,2 -2,5 -0,7 -7,5 -5,7 -10,7 -10,8 -15,9 -18,4 -17,4 REVENUE GROSS PROFIT OPEX EBITDA before ASSET EBITDA DEPRECIATION NON-CASH CA
Slide 26: The Ellinikon Phase I Projects (2021-2027/28)
The Ellinikon Phase I Projects (2021-2027/28) Residential PwD Mixed-Use Tower Other Developments The Ellinikon Mall Education Experience Park & 3rd parties Experience Centre Residential Education/Offices/Resi (Prokopiou) Sports Complex Healthcare Little Athens Build-to-Rent Posidonos Underpass Integ
Slide 27: The Ellinikon "Hidden" Value
The Ellinikon “Hidden” Value The Residential Land Plot Example Land Plots for sale assumed price per GFA sqm € 2,250/sqm NAV per share1 (31.12.2024) € 8.28/share Cost of Land & Infra € 800/sqm Implied “hidden” value € 1,450/sqm Implied “hidden” value1 for unsold residential plots € 8.4/share Availab
Slide 28: Appendix
O3 Appendix | 28
Slide 29: Group Balance Sheet & Key Ratios
O3.1 Group Balance Sheet & Key Ratios | 29
Slide 30: Portfolio of Assets
Portfolio of Assets Key growth drivers: Malls and Ellinikon revaluation in €m 31.03.2025 31.12.2024 Notes The Ellinikon IRC, Retail, Sports & Leisure 642 627 Measured at Fair Value (independent appraisal by Savills) (Investment Property) Booked at cost, incl. land, infrastructure and construction co
Slide 31: Consolidated Balance Sheet Summary
Consolidated Balance Sheet Summary in €m 31.03.2025 31.12.2024 Notes: 31.03.2025 Investment Property 2,203 2,179 Ellinikon €642m, Malls (incl. Ellinikon Malls) & other properties €1,561m Fixed & Intangible Assets 113 110 Ellinikon €47m, Flisvos Marina €53m Total Ellinikon €1,633m Inventory 951 957 E
Slide 32: Key Financial Metrics (Group)
Key Financial Metrics (Group) in €m 31.03.2025 31.12.2024 Alternative Performance Measures (APM) definitions Free Cash 606 642 Restricted Cash (Short & Long Term) 46 37 Total Cash 652 679 Total Debt 1,758 1,754 = Borrowings + Lease Liability + PV Transaction Consideration Adj. Total Debt 2,432 2,432
Slide 33: Malls Detailed Analysis
O3.2 Malls Detailed Analysis | 33
Slide 34: Operating Malls Lease Duration
Operating Malls An attractive lease duration to support long-term rental income growth Cumulative Lease Expiries1 (% of Contracted Rental Income) Rental Income2 WAULT3 69% €98m 5 years 63% Q1 2025 Re-lettings/Renewals 54% 10% higher annualized rental income 43% 31% 17% 2025 2026 2027 2028 2029 2030
Slide 35: The Mall Athens
The Mall Athens 2025 vs 2024 Performance in €m Occupancy (period average) Tenants’ Sales (% change vs.) EBITDA Q1-25 Q1-24 Q1-23 2024 2023 Margin 99% 99% 98% +2% +10% 80% 85% Q1-25 Q1-24 5% 7% 0% 10,5 9,8 9,2 8,8 8,4 8,4 Earlier timing (phasing impact) 0,9 • Expenses 0,8 0,4 • Property taxes 0,0 0,1
Slide 36: Golden Hall
Golden Hall 2025 vs 2024 Performance in €m Occupancy (period average) Tenants’ Sales (% change vs.) EBITDA Q1-25 Q1-24 Q1-23 2024 2023 Margin 100% 99% 99% +3% +15% 82% 87% Q1-25 Q1-24 3% 5% 1% 7,2 6,9 6,0 5,8 5,9 6,0 Earlier timing 0,7 0,7 0,5 (phasing impact) 0,1 0,3 • Expenses 0,0 -0,2 -0,2 -0,7 -
Slide 37: Mediterranean Cosmos
Mediterranean Cosmos 2025 vs 2024 Performance in €m Occupancy (period average) Tenants’ Sales (% change vs.) EBITDA Q1-25 Q1-24 Q1-23 2024 2023 Margin 100% 99% 100% +1% +6% 80% 81% Q1-25 Q1-24 7% 10% 9% 7,5 6,8 6,3 5,9 6,0 5,5 Earlier timing 0,7 0,7 (phasing impact) 0,4 • Expenses 0,1 0,1 0,1 -0,2 -
Slide 38: Designer Outlet Athens
Designer Outlet Athens 2025 vs 2024 Performance in €m Occupancy (period average) Tenants’ Sales (% change vs.) EBITDA Q1-25 Q1-24 Q1-23 2024 2023 Margin 99% 97% 94% +7% +20% 73% 89% Q1-25 Q1-24 8% 7% 12% 3,3 3,0 3,0 2,8 2,7 2,4 Earlier timing (phasing impact) • Expenses 0,1 0,2 0,2 0,1 • Property ta
Slide 39: The Ellinikon Progress of Works Visuals
O3.3 The Ellinikon Progress of Works Visuals | 39
Slide 40: Ellinikon Masterplan − Active Buildings Construction Sites
Ellinikon Masterplan − Active Buildings Construction Sites Contractors: 1. ELEMKA 2. JV METKA-INTRAKAT 3. ETHNOKAT 4. TEKAL / LAMDA CBU The Ellinikon Mall 5. ERETBO 6. JV BOUYGUES-INTRAKAT 7. REDEX 9 8. METKA Sports 9. AKTOR (Earthworks) Complex 10. LAMDA CBU 11. ΤERNA 2 10 Little Athens 10 Resident
Slide 41: Residential Projects – Coastal Front
Residential Projects – Coastal Front Riviera Tower Concreting works: 21st level Core Structures & 19th level Slabs Cove Residences Plots 5-6: Finishing & electrical works in progress Plots 7-8: 1st & 2nd floor slabs in progress | 41
Slide 42: Residential Projects – Little Athens
Residential Projects – Little Athens Promenade Heights Park Rise (BIG) Plot 6.9: Concreting completed / Plot 6.10: 2nd floor concreting works 1st floor concreting works in progress Atrium & Trinity Gardens Sunset Groves (1 of 2 plots) Ground floor concreting works in progress Foundation concreting w
Slide 43: Other Projects
Other Projects Riviera Galleria The Ellinikon Sports Park 43% of concreting works for all buildings completed to date Finishing and mechanical works in progress on 2 buildings Posidonos Underpass The Ellinikon Mall Underpass 89% of excavations & 83% of concrete casting completed to date 100% of exca
Slide 44: 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