Slide 1: Corporate Presentation July 2024
Corporate Presentation July 2024
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 July 2024. This document contains certain forward-looking statements pertaining to the Company and its Group
Slide 3: Contents
Contents LAMDA – At the right place, at the right time page 5 The Investment Opportunity page 9 Malls – A compelling value and growth play page 16 The Ellinikon – A unique development at an inflection point page 28 Conclusion page 43 Appendix page 50
Slide 4: LAMDA at a glance
LAMDA at a glance A leading Greek Real Estate player with a premier, diversified portfolio of assets in a rebounding market 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 gre
Slide 5: LAMDA: At the right place, at the right time
O1 LAMDA At the right place, at the right time | 5
Slide 6: Greece is poised for sustained macroeconomic growth
Greece is poised for sustained macroeconomic growth A growing economy decoupled from global trends Strong 2023 GDP growth1 (2.0%), way ahead vs. the rest of Europe2 (+0.5%) Solid GDP growth outlook2 (2024: +2.3% and 2025: +2.3%), ahead of EU peers2 (2024: +0.9% and 2025: +1.7%) Investment Grade (IG)
Slide 7: Greek Real Estate to rebound after a prolonged under-investment period
Greek Real Estate to rebound after a prolonged under-investment period Average Annual New Dwellings Net FDI in Greek real estate (‘000 units) (€m) Attica South Attica1 2019-23: € 7.6bn 2.133 34,1 1.975 2007-18: € 3.1bn 1.450 -90% 1.128 1.176 875 8,2 415 4,0 3,7 308 2,1 0,5 129 98 63 89 101 156 2000-
Slide 8: Athenian Riviera is the prime focal point of the real estate resurgence
Athenian Riviera is the prime focal point of the real estate resurgence A Supply & Demand Imbalance which The Ellinikon project is uniquely positioned to capitalize on Remarkable influx of local and international residents and investors to the revamped Athenian Riviera create a demand wave that exis
Slide 9: The Investment Opportunity
O2 The Investment Opportunity | 9
Slide 10: LAMDA has a proven track record of value creation and significant upside potential
LAMDA has a proven track record of value creation and significant upside potential NAV (€bn) The Ellinikon Incl. €650m 1,4 1,4 €1,000/sqm extra residential sale SCI price (over 2023 base €7,800/sqm) 1,8 = €1bn extra cash upside 1,2 0,4 0,4 2026 potential Malls Organic upside potential from Existing
Slide 11: Group 2023 Results Highlights
Group 2023 Results Highlights Achieved Group EBITDA of €206m (69% increase vs. 2022) Group New Record High EBITDA before valuations at €81m (+18% vs. 2022) for the 4 Operating Malls Malls New Record High EBITDA at €18m (+5% vs. 2022) for the 2 Operating Marinas Marinas Achieved €65m EBITDA before va
Slide 12: Significant upside potential from remaining residential selling price appreciation
Significant upside potential from The Ellinikon remaining residential developments selling price appreciation Other Phases 2027-2037 Residential Developments Gross Saleable Area Weighted Average Assumed (GSA) Selling Price at 2023-24 levels (‘000 sqm) (€‘000/sqm) High-Rise (50m) c500 9.0 Upper Mains
Slide 13: Recent Transactions in the Athenian Riviera
Significant upside potential from The Ellinikon remaining residential developments selling price appreciation Recent Transactions in the Athenian Riviera Location Voula Location Elliniko Status Under development Status Under development Completion 2024 Completion 2023 Transaction (2022) (€/sqm GSA)
Slide 14: A unique residential offering at an attractive entry point
A unique residential offering at an attractive entry point with upside potential Prime residential selling prices in Greece stand well below vs. other Metropolitan cities in Europe* Hong Kong 39,1 New York 25,3 Geneva 25,1 Shanghai 20,4 Tokyo 19,2 London 18,9 Little Athens Residential Sydney 18,0 Av
Slide 15: Why invest in LAMDA?
Why invest in LAMDA? The platform to capitalize on positive country macro fundamentals Investment Assets Development Assets Malls & Other portfolio assets The Ellinikon ✓ #1 player in Malls in Greece ✓ Europe's pioneering 15- ✓ Self-financed with already minute, green, smart, c€1.4bn secured proceed
Slide 16: Malls: A compelling value and growth play
O3 Malls A compelling value and growth play | 16
Slide 17: 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 and entertainment center in Greece The most premium shopping and leisure center in Greece Designed to become the Mall of the Fu
Slide 18: Best ever profitability in the Malls' history
Operating Malls 2023 Financial results Best ever profitability in the Malls’ history Record high Retail EBITDA 81 Incl. Designer Outlet Athens €9m €m Record high Tenant Sales 823 Record high GAV €m Incl. 2 Ellinikon Malls €336m 1.5 €bn Rent Collection c100% Record high NAV 0.9 Occupancy Incl. 2 Elli
Slide 19: Operating Malls: record high EBITDA and strong growth outlook
Operating Malls Achieving new record high EBITDA and poised for strong growth outlook EBITDA (€m) +5.4% +18% CAGR 2014-19 81 Retail EBITDA 9 Designer Outlet1 69 Greek 64 COVID 4 Macro Crisis 21 1 Med. Cosmos 49 19 19 45 13 37 21 Golden Hall 17 14 19 13 11 13 10 29 27 31 24 The Mall Athens 15 19 2014
Slide 20: Uniquely positioned to exploit the upside opportunity in the Greek market
LAMDA MALLS Group Uniquely positioned to exploit the upside opportunity in the Greek market Greece has the lowest Shopping Centres density in Europe Norway 857 Finland 464 High barriers to entry for new competitors (lack of sizeable plots and complicated permitting process) Sweden 380 Spain 248 Prol
Slide 21: The undisputed leader in prime retail assets in Greece
LAMDA MALLS Group The undisputed leader in prime retail assets in Greece Top Parks Piraeus 12,8 GLA (‘000 sqm) One Salonica 13,3 Thessaloniki (c1m population) Athens Heart 18,4 Existing: 207 Riviera Galleria 19,0 316 Ellinikon: 109 Fashion City 20,0 Larisa (c150k population) Designer Outlet 23,5 Pee
Slide 22: Conservative asset valuation offers premium vs. sovereign bond yields
LAMDA MALLS Group Conservative asset valuation offers significant premium vs. sovereign bond yields 10-year Greek Government Bond Yield (GGB) vs. LAMDA Malls Exit Yield1 8,5% 8,0% Exit Yield 7,3% 7,3% 7,4% 7,4% 7,4% Malls1 6,0% 4,2% 10-year 4,0% GGB 3,5% 2,6% 1,3% 0,9% 2017 2018 2019 2020 2021 2022
Slide 23: Conservative asset valuation limits potential downside risk
LAMDA MALLS Group Conservative asset valuation limits potential downside risk Prime Asset Yields1 in relevant countries Spain Italy 7,4% 7,4% 7,3% +65bps +110bps +180bps 6,8% 6,4% 6,3% 5,8% 5,5% 5,0% 2019 2022 2023 1. Yield for LAMDA MALLS represents the weighted average (weighted by GAV) Exit Yield
Slide 24: The Ellinikon Mall
The Ellinikon Shopping & Entertainment Destinations The Ellinikon Mall Designed to become the Mall of the Future – A hybrid experiential mall HoT (% GLA) Completion 70% 2027 50% larger than 90,000 280 Aedas Mace-Jacobs The Mall Athens sqm GLA stores Lead Architect Project Management Data for signed
Slide 25: Riviera Galleria
The Ellinikon Shopping & Entertainment Destinations Riviera Galleria Designed to become one of the best premium boutique retail developments in Europe HoT (% GLA) Completion 62% 2026 19,000 100 Kengo Kuma Mace-Jacobs METKA sqm GLA stores Lead Architect Project Management Contractor Data for signed H
Slide 26: Commercial Leasing Progress
The Ellinikon Shopping & Entertainment Destinations Commercial Leasing Progress Outstanding commercial leasing progress almost 3 years ahead of opening Agreed/Signed Heads of Terms (% of GLA) GLA (sqm) Target 31.05.2024 End-2024 The Ellinikon Mall 90,000 70% 83% Riviera Galleria 19,000 62% 75% | 26
Slide 27: Project Development Funding
The Ellinikon Shopping & Entertainment Destinations Project Development Funding The Ellinikon Mall & Riviera Galleria (2022-2027) Uses Sources Building CAPEX 656 Own Equity 271 Land & Infrastructure 263 Bank Debt 575 Other Costs 133 Other Funding 206 (financing, marketing, etc.) Total 1,052 Total 1,
Slide 28: The Ellinikon: A unique development at an inflection point
O4 The Ellinikon A unique development at an inflection point | 28
Slide 29: 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 GBA The Ellinikon Park Coastline & Beach Phase I Revenues 6.2m sqm 2.7m sqm 2m sqm 3.5 km €3.3bn | 29
Slide 30: Master Plan
Master Plan Residential Education / R&D / Alternative Residential Hospitality Healthcare Commercial – Retail Sports Commercial – Offices Metropolitan Park Public Open Spaces Listed Buildings 1. Building for Associations of 14. Health Park People with Disabilities 15. Integrated Resort Complex (AMEA)
Slide 31: A Unique Master Plan & Location
Α Unique Master Plan & Location An exemplar "15-minute City” where people can walk or cycle, within 15 minutes, to Work, Shops, School, Cultural & Sports Venues, Park & the Beach Shopping Education Private School & Destination Health & 1 Mega Mall & Residences Higher 1 Luxury Destination Medical Edu
Slide 32: Phase I
O4.1 Phase I Project Overview | 32
Slide 33: Phase I Project Overview
Phase I Project Overview Residential Office Park Phase I (2021-2027) PwD Mixed-Use Tower Other Developments Education The Ellinikon Mall Phase I (2021-2027) Experience Park & Experience Centre Retail Park 3rd parties' developments Sports Education / Residential / Healthcare Residential Complex Offic
Slide 34: The Project in numbers
O4.2 The Project in numbers | 34
Slide 35: Residential Sales Progress
Residential Sales Progress Launch of selected Little Athens units, following the commercial success of the Coastal Front units Units Contract Value SPAs & Placed to the Total Project Total Phase I Αs of 27.05.2024 Reservation market Phase I (€m) Agreements Riviera Tower 167 173 173 626 The Cove Resi
Slide 36: Phase I Residential Developments
Phase I Residential Developments Estimated Gross Profit: €0.9bn Residential to be gradually placed to the market Coastal Front projects sold-out from H2 2023 Riviera Cove Cove Park Rise Mainstream Mainstream Neighborhood Tower Villas Residences 50m Posidonos Alimos Retail Total Metric GSA ‘000 sqm 4
Slide 37: Phase I Estimated Net Cash Flow generation: €0.6bn
Phase I Estimated Net Cash Flow generation: €0.6bn A self-financed project, despite heavy upfront investment, on the back of a successfully tested Residential “Design-Sell-Build” model in €bn Little Athens Resi gradually placed Phase I Phase I to the market FY2023 FY2023 from Q4 2023 0,3 3,3 1,4 Coa
Slide 38: Other Phases Estimated Net Cash Flow generation: €1.7bn
Other Phases (2027-2037) Estimated Net Cash Flow generation: €1.7bn Significant embedded value in the Residential projects in €bn 0,8 0,2 6,0 10,3 9,3 0,8 0,4 0,6 0,8 1,7 Residential Other1 Land Plot Total Residential Infrastructure Land General Tax & Net Cash Sales Inflows & Park Acquisition Expens
Slide 39: The Ellinikon Estimated Cash Flow Generation
The Ellinikon Estimated Cash Flow Generation Significant embedded value from the Ellinikon anticipated cash flow generation Net Cash Flow after Tax Present Value end-2026 in €bn Nominal Value (8% discount rate) Phase I (2021-2026) 0.6 0.6 Other Phases (2027-2037) 1.7 1.2 The Ellinikon 2.3 1.8 €1,000
Slide 40: Risks & Mitigation
O4.3 Risks & Mitigation | 40
Slide 41: De-risked business model focusing on self-sustainable growth
De-risked business model focusing on self-sustainable growth Construction cost increase mitigants “Guaranteed Maximum Price” (GMP) contract with Contractors • Riviera Tower Bouygues – Intrakat JV • The Ellinikon Mall Rizzani de Eccher – AVAX JV Construction kick-off at advanced Design stage • Ensure
Slide 42: Sensitivity to rising interest rates
Sensitivity to rising interest rates 73% of Group Borrowings are fixed/hedged LAMDA MALLS Debt Refinancing (€600m) signed in April 2024 The Ellinikon Project ✓ Reduced overall financing cost (c€5m savings per annum) ✓ No debt drawdowns in 2023 and in Q1 2024 ✓ Extended maturity to June 2030 ✓ €0.2bn
Slide 43: Conclusion
O5 Conclusion | 43
Slide 44: The Development Cycle: Critical milestones achieved so far
The Development Cycle Critical milestones achieved so far A prolonged period of value build-up has been completed, leading to exceptional Residential Pre-Sales and significant progress of Construction Works SPA Signing Funding Organization build up Construction Tenders: Sales • Rights Issue • Bouygu
Slide 45: Sustainability Strategy Pillars
Sustainability Strategy Pillars Decarbonization Circularity People & Prosperity Transition to net zero and build Achieve net zero water and waste Create economic value, accelerate Ambition resilience to a changing climate social vitality and engage people Energy- Net Zero Climate Design out Keep pro
Slide 46: Value-adding Development Strategy
Value-adding Development Strategy Ultimately striking a balance between extracting the maximum amount of value, while ensuring timely and successful execution Full Development Value Project De-risking JVs Land Develop Sale or Lease Malls, Marina Strategic JVs Masterplan-enhancing deals & Residential
Slide 47: The path towards 2026: Group Cash & Debt Evolution
The path towards 2026 Group Cash & Debt Evolution in €bn Group Cash Group Debt* Ellinikon: €0.6bn €0.2bn payment to Peak of Residential Sales the Greek State (2nd instalment) Peak of Resi & Infra CAPEX 1,7 0,7 1,4 0,5 1,1 1,2 0,4 0,3 2023 2024 2025 2026 2023 2024 2025 2026 * No HELLINIKON S.A. loan
Slide 48: The path towards 2026: Ellinikon Key Drivers
The path towards 2026 Ellinikon Key Drivers • Greece is poised for sustained macroeconomic growth • Real Estate market is rebounding after a prolonged under-investment period Favorable micro & • Athenian Riviera is the prime focal point of the real estate resurgence macro fundamentals • Internationa
Slide 49: Why invest in LAMDA?
Why invest in LAMDA? The ultimate platform to capitalize on: • positive Greek macro fundamentals and • rebounding real estate sector after years of underinvestment Unlocking the value of a unique Malls portfolio Significant NAV appreciation potential Further upside potential via a unique residential
Slide 50: Appendix
O6 Appendix | 50
Slide 51: Shareholders
O6.1 Shareholders | 51
Slide 52: Shareholders Structure
Shareholders Structure Foreign Institutionals 20,5% Treasury Shares Greek Institutionals LAMDA: GA 0,4% 6,5% Shares Outstanding: 176,736,715 Retail 7,1% Aegean Airlines 1,7% EBRD 1,8% G. Prokopiou 2,0% CLH (Latsis Group) 43,8% Brevan Howard & Partners 6,4% Voxcove Holdings 10,0% Data as of 28.06.202
Slide 53: Corporate Governance
O6.2 Corporate Governance | 53
Slide 54: Corporate Governance
Corporate Governance LAMDA has adopted the Hellenic Corporate Governance Code of the Hellenic Corporate Governance Council1 Board of Directors (BoD) Main Adopted Policies 11 members elected on an individual basis • Code of Conduct • Procurement • Chair is independent, non-executive with distinct rol
Slide 55: Macroeconomic & Market Fundamentals
O6.3 Macroeconomic & Market Fundamentals | 55
Slide 56: Greece is poised for sustained macroeconomic growth
Greece is poised for sustained macroeconomic growth Real GDP growth (% y-o-y) Total Investment (% of GDP) 24% Greece 2,7% 23% 14% 2,5% Euro Area 22% 22% 22% 2,0% 2,0% 22% 1,9% Greece US 21% 22% 21% 21% 1,9% US 10-year avg 1,5% Euro Area (2014-2023) 0,8% 0,4% 17% 2023 2024e 2025e 2023 2024e 2025e Sou
Slide 57: Greek Real Estate Market fundamentals underpin future growth
Greek Real Estate Market fundamentals underpin future growth Net FDI in Greek real estate Shopping Malls vs High Street Retail yields in €m 8% Rent €/sqm/ LAMDA 7,4% 2.133 month 1.975 Shopping Malls 6.9%-7.8% 1.450 110 Kifisia 6,5% 1.128 1.176 875 105 Kolonaki 6,4% 150 Glyfada 6,0% 180 290 Ermou 5,3
Slide 58: Athens Residential Real Estate
Athens Residential Real Estate Building activity gradually rebounding following a prolonged under-investment period Average Annual New Dwellings Athens Residential prices Attica South Attica1 ‘000 units index 2007=100 +84% New 34,1 106 apartments (<5yrs) 100 103 Old apartments 97 (>5yrs) 89 Q1 2024
Slide 59: Offices & Retail Units in Athens
Greek Real Estate Offices & Retail Units (high-street retail) in Athens Offices Price Retail Units Price index 2007=100 index 2007=100 +46% 101 +37% 100 95 93 89 86 86 84 82 84 80 76 Historic Historic low low 70 74 69 73 2016 2017 2018 2019 2020 2021 2022 2023 2016 2017 2018 2019 2020 2021 2022 2023
Slide 60: Residential Real Estate Market
Residential Real Estate Market Solid growth outlook following a prolonged under-investment period Key drivers Selling price increases in the Southern Housing 7% growth • Sizeable stock of household financial saving Athens area, where The Ellinikon is Price Index per annum1 • Increasing real disposab
Slide 61: The Ellinikon
O6.4 The Ellinikon | 61
Slide 62: A Unique Location
A Unique Location Enjoying the Mediterranean climate, at only 20min distance from the Acropolis, the cradle of Western civilization With Public Transport Accessibility (Metro, Tram etc.)… FALIRO COVE STAVROS NIARCHOS FOUNDATION CULTURAL CENTER MARINA FLISVOS PIRAEUS PORT ALIMOS MARINA THE ELLINIKON
Slide 63: 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 64: Working with world-class advisors and expert partners
Working with world-class advisors and expert partners to mitigate execution risks While having lined-up all our partners to quickly move to the execution phase of the project CONTRACTORS • Bouygues-Intrakat JV • Rizzani de Eccher-AVAX JV • AVAX • METKA – Intrakat JV • EKTER ARCHITECTS & DESIGNERS OT
Slide 65: Phase I Cash Inflows
Phase I Cash Inflows Total Cash Proceeds build-up in €bn 3,3 3,3 Total 0,7 0,1 2,4 0,2 2,3 Residential 0,6 1,5 0,2 0,1 0,4 0,9 0,1 0,3 Other (IRC) 0,4 0,3 0,1 Land Plot Sales & 0,8 JVs 0,1 0,2 2022 2023 2024 2025 2026 Total | 65
Slide 66: Phase I Cash Inflows: €0.9bn estimated proceeds
Phase I Cash Inflows €0.9bn estimated total proceeds from property sales at end-2024 Cumulative Cash proceeds Target 27 May 2024 in €bn 31.12.2024 Residential1 0.57 0.7 Land Plot Sales/Leases & Other2 0.10 0.2 Sub-TOTAL 0.67 0.9 Ellinikon Malls (intragroup land plot sale) 0.19 0.2 TOTAL 0.86 1.1 Sig
Slide 67: Phase I Residential Sales: Coastal Front
Phase I Residential Sales €567m cumulative cash proceeds from project start and until 27.05.2024 in €m Cumulative Cash proceeds Pre-agreement Total Cash Proceeds Signed SPAs 27 May 2024 customer deposits to-date Riviera Tower 266 2 268 Coastal Front The Cove Villas 195 -- 195 The Cove Residences 78
Slide 68: Residential Developments
Residential Developments Phase I (2021-2027) Phase I Other Phases Other Phases (2027-2037) c0.2m sqm c1m sqm Mainstream 3rd parties' developments Alimos Build-to- Rent JV Park Rise Mainstream Posidonos The Cove Villas Riviera Tower The Cove Residences | 68
Slide 69: JVs and Land Plots Sales/Leases
JVs and Land Plots Sales/Leases MIXED-USE TOWER Brook Lane Capital JV OFFICE TOWER & OFFICES Land Sale Land Sale RESIDENTIAL HIGHER EDUCATION SPA process SPA process Land Sale Land Sale EDUCATION CGS at The Ellinikon Land Lease EDUCATION/RESIDENTIAL/OFFICES MoU George Prokopiou RETAIL PARK HEALTHCAR
Slide 70: Integrated Resort Complex (IRC)
Integrated Resort Complex (IRC) Targeted monetization in 2025 Counterparty HARD ROCK-GEK TERNA JV (Developer) (IRC HELLINIKON) Agreement Land Agreement type (Signed in Sep. 2022) Land lease Long-term lease (30 years) Integrated Resort Complex (IRC) Project type (the first of its kind in continental
Slide 71: Mixed-Use Tower (MUT) JV with Brook Lane Capital
Mixed-Use Tower (MUT) JV with Brook Lane Capital JV SPV ELLINIKON PARK TOWER Brook Lane Capital Group (70%) Shareholders Ellinikon Hospitality Investments (30%) Land Plot €39m Purchase Cost (26.1k sqm land plot area) Mixed-Use Tower (MUT) Project type (150m landmark building, 40 floors) Total Projec
Slide 72: Progress of Works Visuals
O6.5 The Ellinikon Progress of Works Visuals | 72
Slide 73: Riviera Tower
Riviera Tower First levels of the tower’s superstructure are visible from Posidonos Avenue Lead Architects Foster + Partners Project Management Hill International Contractor Bouygues – Intrakat Concreting of the Tower foundation slab completed Core Structures (walls, columns) up to 3rd floor (Core A
Slide 74: Riviera Tower: Completed Foundation Works
Riviera Tower Completed Foundation Works; the largest continuous concreting process ever in Greece Oct 2023 • more than 40 consecutive hours of concreting process • 7,500 cubic meters of concrete • 1,760 tons of steel reinforcement | 74
Slide 75: The Cove Residences
The Cove Residences Concreting works on the ground and 1st floor slab currently in progress Lead Architects Bobotis / ISV Project Management Hill International Contractor Early Works ETHNOKAT / AKTOR Excavation works (all 4 plots) completed Raft foundation casting (all 4 plots) completed Ground floo
Slide 76: The Ellinikon Mall (formerly Vouliagmenis Mall)
The Ellinikon Mall (formerly Vouliagmenis Mall) Excavation works commenced in late September 2023; 75% of total volume has been excavated Lead Architect Aedas Project Management Mace – Jacobs Contractor Early Works AKTOR | 76
Slide 77: Sports Complex
Sports Complex Athletes’ dorm foundation casting has been completed Project Management Hill International Contractor METKA – Intrakat | 77
Slide 78: Posidonos Underpass
Posidonos Underpass 80% of excavations & 59% of concrete casting has been completed Completion End 2025 Project Management Hill International Contractor AVAX | 78
Slide 79: Infrastructure Works
Infrastructure Works Trachones Stream The Ellinikon Mall Underpass 91% of excavations 55% of excavations and 15% of concreting Completion Completion End 2024 H1 2026 | 79
Slide 80: Site Remediation
Site Remediation 2022 Completed • 250 tons of hazardous waste July 2023 removed from the site surfaces 2023 • 1,000 m3 of contaminated underground water treated • More than 6,000 tons of contaminated soil has been treated on site in the bioremediation cell. • 5.5 km of fuel pipelines have been remov
Slide 81: AMEA (PwD) Building Complex
AMEA (PwD) Building Complex Constructed within 1 year; delivered for use in September 2023 Aug 2022 Sep 2023 Land Plot area: 7,400 sqm Building GFA: 11,500 sqm | 81
Slide 82: Residential Developments
O6.6 The Ellinikon Residential Developments | 82
Slide 83: The Ellinikon Coastal Front Residential
The Ellinikon Coastal Front Residential Coastal Front prime, luxury residential developments All Coastal Front units have been secured by buyers €1.1bn of Contractual Value achieved to date The Cove Villas 27 100% Units of the units under SPA or final stage of Riviera Tower negotiation 173 The Cove
Slide 84: Little Athens Residential Developments
Little Athens Residential Developments 5 New Developments consisting of almost 500 mid-scale to luxury apartments have been launched as part of the “Little Athens” neighborhood Park Rise Pavilion Terraces Promenade Heights Atrium Gardens Trinity Gardens | 84
Slide 85: Little Athens Product Launches
Little Athens Product Launches 60% of the units placed to the market have been reserved by buyers (as of 07.06.2024) Mainstream Posidonos Mainstream Alimos Park Rise (50m) Pavilion Terraces Promenade Heights Atrium Gardens Trinity Gardens Renderings Project Location Architect Bjarke Ingels Group (BI
Slide 86: Investment Assets: LAMDA MALLS Group & Marinas
O6.7 Investment Assets LAMDA MALLS Group & Marinas | 86
Slide 87: Malls & Marinas
Malls & Marinas A top-quality portfolio with unmatched footprint in the Greek market Mediterranean Designer Outlet Ellinikon Malls The Mall Athens Golden Hall The Ellinikon Mall Flisvos Marina Cosmos Athens Riviera Galleria Greece’s first exclusive The largest2 shopping & The most premium The larges
Slide 88: Operating Malls Key Performance Metrics FY2023
Operating Malls Key Performance Metrics FY2023 New record high Retail EBITDA Tenant Sales GAV 4 Malls incl. Designer Outlet Athens1 €81m €823m €1.1bn Retail EBITDA Tenant Sales Footfall FY2023 vs. 2022 +18% +18% +17% 1. Designer Outlet Athens was acquired in early August 2022. FY2022 EBITDA included
Slide 89: Operating Malls Key Performance Metrics Q1 2024
Operating Malls Key Performance Metrics Q1 2024 New record high (Q1 basis) Retail EBITDA Tenant Sales GAV 4 Malls €23m €171m €1.1bn Retail EBITDA Tenant Sales Footfall Q1 2024 vs. 2023 +8% +9% +4% | 89
Slide 90: Operating Malls Key Performance Drivers
Operating Malls Key Performance Drivers Inflation Indexed Strong growth in Consistently high Net Base Rents Tenants’ Sales Occupancy Rates +20% 2 +7% +18% +9% c99% vs. 2022 vs. Q1 2023 vs. 2022 vs. Q1 2023 (4 Malls) Greek CPI plus 1% – 2% margin unchanged during last 5 years Consistently High Strong
Slide 91: Operating Malls: attractive lease duration
Operating Malls An attractive lease duration to support long-term rental growth Cumulative Lease Expiry (% of Rental Income) Net Rental Income1 WAULT2 €91m 5.1 years 65% 57% 46% 34% 18% 2024 2025 2026 2027 2028 1. FY2023 Net Rental Income = Net Base Rent + Turnover Rent (4 Malls in operation) 2. WAU
Slide 92: LAMDA MALLS Group Key Financials: EBITDA
LAMDA MALLS Group Key Financials EBITDA (in €m) FY2023 FY2022 Q1 2024 Q1 2023 The Malls Athens 30.6 26.9 8.4 8.2 Golden Hall 20.6 19.1 6.0 5.4 Med. Cosmos 20.9 19.0 5.5 5.0 Designer Outlet Athens1 9.1 3.7 2.7 2.4 Retail EBITDA 81.2 68.8 22.5 20.9 Ellinikon Malls2 (7.2) (1.2) (1.4) (0.5) Malls Proper
Slide 93: LAMDA MALLS Group Net LTV
LAMDA MALLS Group Key Financials Net Debt / (Cash) (in €m) 31.03.2024 31.12.2023 31.12.2022 4 Operating Malls 495 501 517 Ellinikon Malls1 (39) (46) (40) HoldCo & Malls Property Management2 (10) (49) (13) LAMDA MALLS Group 445 405 464 Net LTV 30% 28% 35% 6 Malls 1. Including: The Ellinikon Mall, Riv
Slide 94: LAMDA MALLS Group Assets Valuation (GAV)
LAMDA MALLS Group Assets Valuation (GAV) 1.465 1.458 Riviera Galleria 88 88 1.312 71 254 248 The Ellinikon Mall 209 Designer Outlet 135 135 116 Med. Cosmos 207 207 191 Golden Hall 298 298 272 The Mall Athens 483 482 454 31.03.2024 31.12.2023 31.12.2022 Latest independent valuation as of 31.12.2023 |
Slide 95: LAMDA MALLS Group corporate structure
LAMDA MALLS Group Corporate structure following completed corporate transformation LAMDA MALLS S.A. 100% 100% 100% 100% 100% 100% MALLS DESIGNER OUTLET ELLINIKON MALLS THE MALL ATHENS LAMDA DOMI PYLEA MANAGEMENT ATHENS HOLDING S.M.S.A. S.M.S.A. S.M.S.A. S.M.S.A. SERVICES (MMS) S.M.S.A. S.M.S.A. 100%
Slide 96: Marinas
Marinas A record-breaking performance across all metrics Flisvos Marina Agios Kosmas Marina 310 100% 337 100% berths occupancy berths occupancy FY2023 Q1 2024 Revenues €29m + 6% €7m +14% vs. 2022 vs. Q1 2023 EBITDA (IFRS 16) €18m +5% €5m +13% vs. 2022 vs. Q1 2023 | 96
Slide 97: Group Financials
O6.8 Group Financials | 97
Slide 98: Portfolio of Assets
Portfolio of Assets Key growth drivers: Malls and Ellinikon revaluation (in €m) 31.03.2024 31.12.2023 31.12.2022 Notes The Ellinikon Offices, Hotels, IRC, Sports 629 625 617 Assets measured at Fair Value (independent valuer: Savills). Excluding Ellinikon Malls (Investment Property) Assets captured a
Slide 99: Consolidated Balance Sheet Summary
Consolidated Balance Sheet Summary (in €m) 31.03.2024 31.12.2023 31.12.2022 Notes: 31.03.2024 Investment Property 2,078 2,068 1,932 Ellinikon €629m, Malls & other properties €1,449m (incl. Ellinikon Malls) Fixed & Intangible Assets 102 103 118 Ellinikon €39m, Flisvos Marina €54m Total Ellinikon (exc
Slide 100: Key Financial Metrics (Group)
Key Financial Metrics (Group) (in €m) 31.03.2024 31.12.2023 31.12.2022 Notes & definitions: Alternative Performance Measures (APM) Free Cash 545 464 516 Restricted Cash (Short & Long Term) 25 24 178 Total Cash 570 488 694 Total Debt 1,733 1,705 1,863 = Borrowings + Lease Liability + PV Transaction C
Slide 101: NAV Pillars
NAV Pillars March 2024 Development Investment Other Assets Assets Parent LAMDA MALLS Group Company Other TOTAL The Ellinikon1 Net Debt, Ellinikon Operating Properties3 31.12.2023 Minority, Malls2 Malls2 Other4 931 NAV (€m) 414 314 617 96 (48) 1,392 5.38 NAV per share5 2.39 1.81 3.56 0.55 (0.28) 8.04
Slide 102: Independent Valuation Sensitivity Analysis
O6.9 Independent Valuation Sensitivity Analysis | 102
Slide 103: Operating Malls Valuation sensitivity analysis
Operating Malls Valuation sensitivity analysis1 in €m DCF discount rate +/- 0.25% 31.12.2023 (€m) The Mall Athens 8.45% -/+ 8 Golden Hall 9.15% -/+ 5 2% GAV Med. Cosmos 9.50% -/+ 3 of GAV 31.12.2023 Designer Outlet Athens 9.15% -/+ 2 3% The Mall Athens 482 Total Malls2 8.92% -/+ 18 of NAV Golden Hal
Slide 104: Ellinikon Malls Valuation sensitivity analysis
Ellinikon Malls Valuation sensitivity analysis1 in €m DCF discount rate -0.25% +0.25% 5% 5% 10.75% - 11.25% 17 (16) of GAV of NAV Exit yield -0.25% +0.25% 7.0% - 7.5% 14 (13) 4% 4% GAV of GAV of NAV 31.12.2023 Ellinikon Malls The Ellinikon Mall 3102 +12 months Riviera Galleria Timing impact (13) 4%
Slide 105: Ellinikon Investment Property Valuation sensitivity analysis
Ellinikon Investment Property Valuation sensitivity analysis1 in €m DCF discount rate -0.25% +0.25% 5% 7% 6.6% - 11.6% 30 (28) of GAV of NAV Exit yield -0.25% +0.25% 4.25% - 8.50% 22 (21) 4% 5% GAV of GAV of NAV 31.12.2023 Offices, Hotels, IRC, Sports 625 +12 months (Investment Property) Timing impa
Slide 106: 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