Slide 1: Corporate Presentation January 2026
January 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 January 2026. This document contains certain forward-looking statements pertaining to the Company and its Gr
Slide 3: Contents
Contents Group Overview page 4 Malls – A unique blend of value and growth page 9 Marinas – A growing segment with strong fundamentals page 17 The Ellinikon – A unique development with significant hidden value page 20 Economic Update page 31 Appendix page 36 | 3
Slide 4: LAMDA Development Group Overview
1 LAMDA Development Group Overview | 4
Slide 5: 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 30.09.2025 Minority, Malls Malls Other4 1,209 NAV (€m) 365 408 800 68 (70) 1,572 7.08
Slide 7: LAMDA Development | Building Value
LAMDA Development | Building Value Net Asset Value in € bn 1.6bn x4 NAV is up 4x since 2011 1.1bn This reflects The Ellinikon’s residential plots valued at cost 0.4bn Since 2020, we have made investments of €1bn 2011 2020 September 2025 Sources: Annual Financial Statements, LAMDA Development (rounde
Slide 8: Diversified and growing cash flow base
LAMDA Group built a diversified and growing cash flow base 1 2 3 Operating Malls EBITDA Marinas EBITDA Ellinikon EBITDA 68.7m 32.2m 65.7m 17.2m 30.8m 15.8m 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 EBITDA before asset valuations Sources: Annual Financial Statements, LAMDA Development | 8
Slide 9: Malls
2 Malls A unique blend of value & growth | 9
Slide 10: 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 11: Record-high profitability in the Malls' history
Operating Malls FY 2024 Performance Record-high profitability in the Malls’ history Record high Operating Malls EBITDA for 2024 €88m Further improvement to €69m for 9M 2025 Record high Tenant Sales 865 Record high GAV €mn 1.7 €bn Rent Collection c100% Record high NAV 1.2 Occupancy 99% €bn | 11
Slide 12: Operating Malls | Delivering Record Results
Operating Malls | Delivering Record Results and Building for the Future EBITDA (€m) +9% +18% 88 Operating Malls EBITDA 81 10 Designer Outlet1 9 69 COVID 4 22 Med. Cosmos 21 19 45 Golden Hall 24 37 14 21 19 11 13 The Mall Athens 10 31 32 27 15 19 2020 2021 2022 2023 2024 1. Designer Outlet Athens fir
Slide 13: 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 Athens Heart 18,4 GLA Riviera Galleria 19,0 Ellinikon: 119 Fashion City 20,0 Larisa Designer Outlet 21,5 307 Peers Thessalo
Slide 14: 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 15: The Ellinikon Mall
The Ellinikon Retail & Entertainment Destinations Outstanding commercial leasing progress 3 years ahead of opening Construction Completion 350 66% stores Agreed (Heads of Terms) End of 2028 The Ellinikon Mall | 15
Slide 16: Riviera Galleria
The Ellinikon Retail & Entertainment Destinations Outstanding commercial leasing progress as the project moves closer to completion 100 76% Construction Completion stores Agreed (Heads of Terms) End of 2026 Riviera Galleria | 16
Slide 17: Marinas
3 Marinas A Growing Segment with Strong Fundamentals | 17
Slide 18: Marinas: Another record-breaking performance in 2024
Marinas Another record-breaking performance in 2024 Flisvos Marina Agios Kosmas Marina 310 100% 337 100% berths occupancy berths occupancy FY2024 Revenues €33m +12% Further improvement to €26m (+5% yoy) for 9M 2025 vs. 2023 EBITDA1 €19m +8% Further improvement to €17m (+9% yoy) for 9M 2025 vs. 2023
Slide 19: 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. | 19
Slide 20: The Ellinikon
The Ellinikon 4 A unique development with Significant Hidden Value | 20
Slide 21: Europe's pioneering 15-minute 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 2m sqm 3.5 km €2.2bn | 21
Slide 22: 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 23: The Ellinikon Phase I Projects
The Ellinikon Phase I Projects Experience Park & Residential Experience Centre ION R&D Centre Other Developments Education Mixed-Use Tower PwD ION Resi Campus The Ellinikon 3rd parties Education/Offices/Resi Mall Residential Prokopiou Little Sports Healthcare Athens Complex Built to Rent Posidonos U
Slide 24: 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* 84% absorption rate Park Rise Pavilion Promenade Atrium Trinity Sunset 89 156 79 56 80 Grove
Slide 25: Cash Inflow History & Anticipated Collections
Cash Inflow History & Anticipated Collections in 2025 €0.5bn anticipated cash collections in 2025 in €bn 9M 2025 2025 Collections Collections Total 0.3 0.52 1.6 2024 Collections Land Plot Sales1 0.59 1.1 0.3 0.5 0.1 0.7 Residential1 0.4 Cumulative until Cumulative until Cumulative until 31.12.2023 3
Slide 26: Buildings & Infrastructure CAPEX History
Buildings & Infrastructure CAPEX History & Anticipated CAPEX for 2025 €0.5bn estimated CAPEX in 2025 9M 2025 2025 in €bn CAPEX CAPEX 0.3 0.53 1.1 Total CAPEX 2024 CAPEX Infrastructure1 0.25 0.6 0.2 0.3 0.1 Buildings2 0.4 0.2 Cumulative until Cumulative until Cumulative until 31.12.2023 31.12.2024 31
Slide 27: Residential Developments Gross Profit
Residential Developments Gross Profit of Phase I developments Sold-out Little Athens Park Rise Mainstream Mainstream Phase I Metric Coastal Front 50m (BIG) Alimos Posidonos Total GSA ‘000 sqm 91.1 16.0 52.2 62.9 222.2 Average €’000/GSA 10.6 Selling Price sqm 12.3 9.4* 800,0 750 700,0 600,0 500,0 43%
Slide 28: Residential Projects – Coastal Front
Residential Projects – Coastal Front Riviera Tower Concreting works: 36th level Core Structures & 34th level Slabs Cove Residences Plots 5-6: Early works completed and main works in progress Plots 7-8: Early works and main works in progress | 28
Slide 29: Residential Projects – Little Athens
Residential Projects – Little Athens Promenade Heights Park Rise (BIG) Plots 6.9-6.10: Early works completed and main works in progress 6-7th floor concreting works in progress Atrium & Trinity Gardens Sunset Groves (1 of 2 plots) Superstructure concreting works in progress: 90% completed Concreting
Slide 30: Other Projects
Other Projects Riviera Galleria The Ellinikon Sports Park 90% of concreting works for all buildings completed to date Track and field facility to be handed over within September Posidonos Underpass The Ellinikon Mall Underpass 94% of excavations & 91% of concrete casting completed to date 100% of ex
Slide 31: Economic Update
4 Economic Update | 31
Slide 32: 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 +2.1% in 2025 and +2.2% in 2026, GDP Outlook consistently above EU
Slide 33: Strong FDI Inflows and Record Golden Visa Demand
Strong FDI Inflows and Record Golden Visa Demand Drive Investment Momentum Top 5 Net Capital Inflows for Real Estate Top 10 Golden Visa Initial Investor Permits in 2024 2000 100.000 China Cyprus EUR mn 1750 France Germany Number of Permits 85.417 Israel Luxembourg Singapore Switzerland 80.000 1500 T
Slide 34: Greek Residential Market Maintains Upward Momentum
Greek Residential Market Maintains Upward Momentum Athens leads sustained property value expansion, driven by economic recovery and investor inflows New Index of apartment prices by geographical area: (2007=100) Real Estate Prices Growth YoY 120 While prices in the Residential Property Prices growth
Slide 35: Building activity gradually rebounding
Building activity gradually rebounding following a prolonged under-investment period Building permits for new dwellings show steady growth New vs Old Apartments (Base year: 2007) 140.000 Total New Dwellings 120 Total Habitable Rooms Up to 5 Years Old 120.000 Over 5 Years 110 100.000 100 80.000 90 60
Slide 36: Appendix
5 Appendix | 36
Slide 37: Portfolio of Assets
Portfolio of Assets Key growth drivers: Malls and Ellinikon revaluation in €m 30.09.2025 31.12.2024 Notes The Ellinikon IRC, Retail, Sports & Leisure 684 627 Measured at Fair Value (independent appraisal by Savills) (Investment Property) Booked at cost, incl. land, infrastructure and construction co
Slide 38: Consolidated Balance Sheet Summary
Consolidated Balance Sheet Summary in €m 30.09.2025 31.12.2024 Notes: 30.09.2025 Investment Property 2,400 2,179 Ellinikon €684m, Mall (incl. Ellinikon Malls) & other properties €1,057m Fixed & Intangible Assets 116 110 Ellinikon €916m Total Ellinikon €1,650m Inventory 923 957 (excl. Ellinikon Malls
Slide 39: Key Financial Metrics (Group)
Key Financial Metrics (Group) in €m 30.09.2025 31.12.2024 Alternative Performance Measures (APM) definitions Free Cash 333 642 Restricted Cash (Short & Long Term) 56 37 Total Cash 389 679 Total Debt 1,550* 1,754 = Borrowings + Lease Liability + PV Transaction Consideration Adj. Total Debt 2,211 2,43
Slide 40: Malls: A top-quality portfolio in the Greek retail market
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 41: Malls 9M 2025 Results Highlights
Malls 9M 2025 Results Highlights 4 MALLS Another record-breaking performance Tenants Sales 5% y-o-y • New Record of €620m (9M basis) Footfall 2% y-o-y • 18.6m visitors in Jan-Sep 2025 • New Record of €73.5 for 9M Net Base Rents 5% y-o-y • 70% of growth from Inflation Indexation • 30% of growth from
Slide 42: Marinas 9M 2025 results
Marinas Breaking new records (9M basis) for both Revenue (+5% vs 2024) and EBITDA (+9% vs 2024) Revenue in €m EBITDA1 Vs 9M-24 Vs 9M-24 26,0 5% 24,7 9% 10% 5,6 66% EBITDA 64% 6,2 Margin Total 17,2 18% 15,8 3,2 10% Flisvos 3,9 Agios Kosmas 20,4 16% 18,5 Other 14,4 12,4 -0,4 -0,5 9M 2025 9M 2024 9M 20
Slide 43: The Ellinikon 9M 2025 Results Highlights
The Ellinikon 9M 2025 Results Highlights Ellinikon Liquidity at healthy levels Cash Collections to date1 • Residential: €1.1bn €1.5bn • Land Plot Sales/Leases: €0.4bn (excluding Ellinikon Malls intragroup sale of €0.24bn) Strong Absorption Rate of • Coastal Front: Sold out • Little Athens: 84% sold
Slide 44: The Ellinikon Income Statement Snapshot
The Ellinikon Income Statement Snapshot 9M 2025 vs 9M 2024 9M 2025 9M 2024 329,5 Revenue 9M 2025 in €m • Riviera Tower €101m • Little Athens €79m OPEX H1 2025 • Cove Residences €35m • 3rd party & other costs (€23m) 254,6 • IRC (land lease) €9m • Personnel (€15m) • Cove Villas €4m • VAT non-recoverab
Slide 45: Shareholders Structure
Shareholders Structure Treasury Shares 3,3% G. Prokopiou Greek Institutional LAMDA: GA 4,9% 2,0% % out of 176,736,715 Retail EBRD shares outstanding 8,4% 1,8% Aegean Airlines 1,7% Brevan Howard & Partners 8,6% CLH (Latsis Group) 44,8% Foreign Institutional 24,6% Data as of 31.12.2025 | 45
Slide 46: 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