Slide 1: 9M 2024 Results Presentation
9M 2024 RESULTS PRESENTATION Results Conference Call / Live Webcast 14 November 2024
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 H1 2024 Results Conference Call/Live Webcast (14.11.2024). This document contains certain forward-looking statements pertaining to the Company and its
Slide 3: Contents
Contents Introduction page 4 Group Results Highlights page 7 Group 9M 2024 Financial Information page 25 Appendix page 30 Group Income Statement, NAV & Cash Flow page 31 Detailed Analysis: Investment Assets (Malls & Marinas) page 35 Detailed Analysis: Development Assets (The Ellinikon) page 47 Macro
Slide 4: Introduction
O1 Introduction | 4
Slide 5: Group 9M 2024 Highlights
Group 9M 2024 Highlights 155% increase vs. 2023 to Group EBITDA before valuations at €90m1 483% increase vs. 2023 to Adjusted Group Consolidated Net Results2 at €26m Group New Record High Retail EBITDA before valuations at €66m (+7% vs. 2023) for the 4 Operating Malls Malls New Record High EBITDA at
Slide 6: Key Milestones
Key Milestones The Ellinikon • Total cash proceeds: €967m (from project start and until end-Oct 2024), exceeding our year-end target • Coastal Front residential units all sold out (315 units) • Strong momentum in reservations for Little Athens: 85% of the units placed to the market Sales Progress •
Slide 7: Group Results Highlights
O2 Group Results Highlights | 7
Slide 8: 9M 2024 Financial Performance at a glance
9M 2024 Financial Performance at a glance Group Consolidated EBITDA EBITDA Net Result NAV € 86m € 94m € 14m loss € 1.4bn Before Assets After Assets After Taxes & Valuation & Other Valuation & Other €7.93/share Minorities adjustments adjustments Investment Assets Development Assets Malls, Marinas & O
Slide 9: Group Income Statement Highlights
Group Income Statement Highlights 9M 2024 EBITDA • New Record (9M basis) Retail 7% y-o-y €66m • Key drivers: net base rents (+6% vs. 2023) and continued solid growth in KPIs (4 Malls) • LAMDA MALLS Group EBITDA (before assets valuations): €60m (+3% vs. 2023) Strong • Revenue: €255m (+138% vs. 2023)
Slide 10: Group Income Statement Snapshot
Group Income Statement Snapshot 9M 2024 vs 2023 EBITDA before Assets Valuation (in €m) EBITDA after Assets Valuation 143% 22% 94,0 85,7 76,9 35,3 9M 2024 9M 2023 9M 2024 9M 2023 Net Result after taxes and minorities 9M 2023 one-off items Ellinikon -31 -6,1 ● Ellinikon tax reversal: +19.5 ● IRS valua
Slide 11: Group EBITDA Before Assets Valuation
Group EBITDA Before Assets Valuation 9M 2024 vs 2023 143% (in €m) 3% 14% New Record 9M 2024 9M 2023 (9M) New Record New Record (9M) (9M) 85,7 59,6 57,7 55,0 54,9 35,3 30,8 15,8 13,9 -2,9 -1,7 -17,5 -15,0 -19,7 MALLS MARINAS OTHER BUSINESS OVERHEADS EBITDA ELLINIKON EBITDA UNITS (before valuations &
Slide 12: Group EBITDA After Assets Valuation
Group EBITDA After Assets Valuation 9M 2024 vs 2023 (in €m) 143% 22% New Record 9M 2024 9M 2023 (9M) 94,0 85,7 76,9 41,7 35,3 4,2 4,1 0,0 EBITDA ASSETS VALUATIONS ASSET DISPOSALS EBITDA (before valuations) LAMDA MALLS GROUP, ELLINIKON INVESTMENT PROPERTY, OTHER ASSETS ASSET DISPOSALS Lower assets va
Slide 13: Group Balance Sheet Snapshot
Group Balance Sheet Snapshot 30.09.2024 vs 31.12.2023 Assets Valuation (Gross Asset Value – GAV) (in €m) NAV1 (Net Asset Value) NAV per share1 3.276 7.93 8.02 3.239 (€) 117 140 1.387 1.392 Other 94 60 1.493 1.459 Malls 953 925 Ellinikon 1.628 1.678 340 406 30.09.2024 31.12.2023 30.09.2024 31.12.2023
Slide 14: NAV Pillars
NAV Pillars September 2024 Development Investment Other Assets Assets Parent LAMDA MALLS Group2 Company The Other Net Debt, TOTAL Ellinikon1 Ellinikon Operating Properties3 30.09.2024 Minority, Malls Malls Other4 953 NAV (€m) 340 327 626 101 (6) 1,387 5.45 NAV per share5 (€) 1.94 1.87 3.58 0.58 (0.0
Slide 15: The Ellinikon "Hidden" Value | The Residential Land Plot Example
The Ellinikon “Hidden” Value | The Residential Land Plot Example Land Plots for sale assumed price per GFA sqm € 2,100/sqm NAV per Share (30.09.2024) € 7.93/share Cost of Land & Infra € 770/sqm Implied “hidden” value € 1,330/sqm Implied “hidden” value for unsold residential plots € 7/share Available
Slide 16: 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 (Little Athens) Build-to-Rent JV Park Rise (Little Athens) Mainstream Posidonos (Little Athens) The Cove Villas Riviera Tower The Cove Residences |
Slide 17: Investment & Development Assets Highlights
Investment & O2.1 Development Assets Highlights | 17
Slide 18: 9M 2024 Results Highlights: Investment Assets
9M 2024 Results Highlights Investment Assets: Malls & Marinas 4 MALLS Another record-breaking performance Tenant Sales €593m • New Record (9M basis) 4% y-o-y Footfall 2% y-o-y 18.2m • Total visitors in 9M 2024 (following 17% increase in FY2023) Net Rental Income1 6% y-o-y €71m • Net Base Rents: +6%
Slide 19: Key Performance Drivers
Key Performance Drivers Operating Malls Inflation Indexed Strong Leasing Activity Strong growth in Net Base Rents (Re-lettings & Renewals) Tenants’ Sales +6% +9% +4% vs. 9M 2023 vs. 9M 2023 Greek CPI plus 1% – 2% margin annualised effect to base rents New Record (9M) Consistently High Consistently h
Slide 20: LAMDA MALLS Group
LAMDA MALLS Group Key Financials EBITDA Net Debt / (Cash) (in €m) 9M 2024 9M 2023 (in €m) 30.09.2024 31.12.2023 The Malls Athens 24.1 22.6 Golden Hall 17.2 15.9 4 Operating Malls 493 501 Med. Cosmos 16.2 15.0 Ellinikon Malls1 (52) (46) Designer Outlet Athens 8.2 7.7 Malls Property Management2 & Hold
Slide 21: 9M 2024 Results Highlights: The Ellinikon
9M 2024 Results Highlights Development Assets: The Ellinikon ELLINIKON Total • Driven by outperformance of Residential sales: €668m cumulative total until end-October €967m Cash Proceeds • Total cash proceeds from project start until 30.09.2024: €914m • Residential (c51k sqm GFA): €70m collections u
Slide 22: The Ellinikon Cash Inflows Progress
The Ellinikon Cash Inflows Progress €0.97bn cash proceeds to-date (excl. intragroup) Cumulative Cash Proceeds Target 31 October 2024 in €bn 31.12.2024 Residential1 0.67 0.70 Land Plot Sales/Leases1 0.30 0.20 Exceeded target Sub-TOTAL 0.97 2 months ahead of schedule 0.90 Ellinikon Malls (intragroup l
Slide 23: The Ellinikon Infrastructure Works & Buildings CAPEX
The Ellinikon Infrastructure Works & Buildings CAPEX Total CAPEX since project inception: €486m Total CAPEX 315 171 486 Project start until in €m end-2023 9M 2024 Aggregate Total Mainly related to: Infrastructure – demolitions Works 95 69 164 – enabling works – construction works (e.g. Posidonos und
Slide 24: Key Financials Snapshot: The Ellinikon
Key Financials Snapshot Development Assets: The Ellinikon Assets Valuation (Gross Asset Value, GAV1) (in €m) NAV1 (Net Asset Value) 1.628 1.678 39 Properties for own use 340 406 NAV 41 IRC, Retail, Sports & Leisure 625 628 Assets measured at Fair Value 1.628 1.678 GAV (Savills valuation) Assets book
Slide 25: Group 9M 2024 Financial Information
O3 Group 9M 2024 Financial Information | 25
Slide 26: Portfolio of Assets
Portfolio of Assets Key growth drivers: Malls and Ellinikon revaluation in €m 30.09.2024 31.12.2023 Notes The Ellinikon IRC, Retail, Sports & Leisure 628 625 Measured at Fair Value (3rd party independent valuer: Savills) (Investment Property) Residential & Other (Inventory) 959 1,014 Booked at cost,
Slide 27: Consolidated Balance Sheet Summary
Consolidated Balance Sheet Summary (in €m) 30.09.2024 31.12.2023 Notes: 30.09.2024 Investment Property 2,127 2,068 Ellinikon €628m, Malls & other properties €1,499m (incl. Ellinikon Malls) Fixed & Intangible Assets 104 103 Ellinikon €41m, Flisvos Marina €53m Total Ellinikon (excl. Ellinikon Malls) I
Slide 28: Key Financial Metrics (Group)
Key Financial Metrics (Group) (in €m) 30.09.2024 31.12.2023 Alternative Performance Measures (APM): Notes & definitions Free Cash 603 464 Restricted Cash (Short & Long Term) 31 24 Total Cash 633 488 Total Debt 1,714 1,705 = Borrowings (incl. Accrued Interest) + Lease Liability + PV Transaction Consi
Slide 29: Interest Rate Sensitivity
Interest Rate Sensitivity 74% of Group Borrowings are fixed/hedged Financing Cost Sensitivity in €m The Ellinikon Project 1% in Euribor = ✓ No debt drawdowns from project start and until end-September 2024 c€3m ✓ €0.2bn committed, currently undrawn credit lines (excl. Ellinikon Malls) 30.09.2024 Gro
Slide 30: Appendix
O4 Appendix | 30
Slide 31: Group Income Statement, NAV & Cash Flow
O4.1 Group Income Statement, NAV & Cash Flow | 31
Slide 32: Group Profitability evolution
Group Profitability evolution 9M 2024 vs 2023 (in €m) 9M 2024 9M 2023 94,0 76,9 9M 2023 one-off items +c€25m 8,3 -0,7 -0,1 -9,0 -7,6 -6,1 -16,6 -14,1 -33,4 -30,4 -48,4 -53,3 EBITDA CASH FINANCE NON-CASH FINANCE DEPRECIATION TAXES MINORITIES NET RESULT COSTS COSTS NON-CASH FINANCE COSTS TAXES ● non-c
Slide 33: Net Asset Value (NAV)
Net Asset Value (NAV) Bridge 31.12.2023 to 30.09.2024 NAV per share1 (€) 8.02 (0.08) (0.00) 0.06 7.93 (in €m) (14.1) (0.4) 9.6 Ellinikon2 Mainly related to €13m net loss own shares3 1.392 1.387 NAV Net Result Deferred tax Other items NAV 31.12.2023 (after tax & minorities) (add back) 30.09.2024 1. A
Slide 34: Group Reported Consolidated Cash Flow
Group Reported Consolidated Cash Flow 9M 2024 vs 2023 139 Net Change 269 164% in Cash Net Operating 102 Cash Flow -43 Net Investing Cash Flow -87 -190 Net Financing Cash Flow -50 Payment €167m for the Ellinikon land -139 (2nd instalment) 9M 2024 9M 2023 | 34
Slide 35: Detailed Analysis: Investment Assets - Malls & Marinas
Detailed Analysis: O4.2 Investment Assets Malls & Marinas | 35
Slide 36: Operating Malls Key Performance Metrics 9M 2024
Operating Malls Key Performance Metrics 9M 2024 Breaking New Records 4 Malls Retail EBITDA Tenant Sales GAV €66m €593m €1.1bn Retail EBITDA Tenant Sales Footfall +7% +4% +2% vs. 9M 2023 vs. 9M 2023 vs. 9M 2023 | 36
Slide 37: Operating Malls 9M 2024 vs 2023
Operating Malls 9M 2024 vs 2023 Sustained strong growth driven by inflation indexation and solid KPIs Retail Revenue (in €m) Retail EBITDA 9M 2024 7% 7% 9M 2023 80,5 65,7 75,3 61,6 8% 8% 7% 3% 5% 8% 8% 5% 29,1 27,0 24,1 23,0 21,0 19,4 21,0 19,7 17,2 15,9 16,2 15,0 9,5 9,2 8,2 7,8 THE MALL GOLDEN HAL
Slide 38: Operating Malls Net Base Rent
Operating Malls Net Base Rent Inflation indexation & solid leasing activity the key drivers (in €m) New Record (9M) vs. 2023 ● Inflation indexation: 75% 69,2 6% ● Renewals/Re-lettings: 25% 65,1 9M 2024 9M 2023 | 38
Slide 39: Operating Malls Rental Income
Operating Malls Rental Income An attractive lease duration to support long-term rental income growth Cumulative Lease Expiry1 (% of Net Rental Income) Net Rental Income2 WAULT3 €91m 5.0 years 65% 57% 9M 2024 Re-lettings/Renewals Signed 88% of contracts expiring4 in 2024 46% 9% higher annualized rent
Slide 40: Operating Malls Tenants' Sales
Operating Malls Tenants’ Sales Reaching new record high levels in €m New Record vs. 2023 (9M) 4% Operating Malls 593 569 Designer Outlet 78 5% 74 168 2% Med. Cosmos 165 6% Golden Hall 160 151 5% The Mall Athens 187 179 9M 2024 9M 2023 | 40
Slide 41: The Mall Athens
The Mall Athens 9M 2024 vs 2023 Performance in €m Occupancy (period average) Tenants’ Sales (% change vs.) EBITDA 9M 2024 9M 2023 9M 2019 9M 2023 9M 2019 Margin 99% 98% 98% +5% +12% 83% 9M 2024 9M 2023 8% 8% 5% 29,1 27,0 25,8 24,0 24,1 23,0 2,4 2,4 0,2 0,2 0,6 0,5 -0,8 -0,7 -4,1 -3,3 NET BASE RENT T
Slide 42: Golden Hall
Golden Hall 9M 2024 vs 2023 Performance in €m Occupancy (period average) Tenants’ Sales (% change vs.) EBITDA 9M 2024 9M 2023 9M 2019 9M 2023 9M 2019 Margin 99% 99% 99% +6% +46% 82% 9M 2024 9M 2023 6% 8% 8% 21,0 19,4 17,5 17,2 16,5 15,9 2,2 1,8 1,1 0,9 0,1 0,1 -0,5 -0,5 -3,2 -3,0 NET BASE RENT TURNO
Slide 43: Mediterranean Cosmos
Mediterranean Cosmos 9M 2024 vs 2023 Performance in €m Occupancy (period average) Tenants’ Sales (% change vs.) EBITDA 9M 2024 9M 2023 9M 2019 9M 2023 9M 2019 Margin 99% 100% 100% +2% +25% 77% 9M 2024 9M 2023 6% 7% 8% 21,0 19,7 17,4 16,5 16,2 15,0 2,3 1,9 0,7 0,8 0,5 0,5 -1,0 -1,0 -0,6 -0,3 -3,3 -3,
Slide 44: Designer Outlet Athens
Designer Outlet Athens 9M 2024 vs 2023 Performance in €m Occupancy (period average) Tenants’ Sales (% change vs.) EBITDA 9M 2024 9M 2023 9M 2023 9M 2019 Margin 98% 96% +5% +29% 86% 9M 2024 9M 2023 4% 3% 5% 9,5 9,2 8,5 8,2 8,2 7,8 0,8 0,5 0,5 0,2 -0,3 -0,3 -1,0 -1,1 NET BASE RENT TURNOVER RENT OTHER
Slide 45: Ellinikon Malls
Ellinikon Malls Outstanding commercial leasing progress almost 2-3 years ahead of opening Agreed/Signed Heads of Terms (% of GLA) GLA (sqm) Target October 2024 End-2024 The Ellinikon Mall 100,0001 63% 70% Riviera Galleria 19,000 69% 80% 1. GLA sqm has been increased (vs. 90k sqm), now reaching up to
Slide 46: Marinas
Marinas 9M 2024 vs 2023 Key Financial Performance Revenue (in €m) EBITDA1 New Record EBITDA (9M) 64% 64% Margin 13% 24,7 Total New Record 7% 21,8 (9M) 6,2 14% Agios Kosmas 15,8 5,8 9% 13,9 3,9 3,6 16% 18% 18,5 16,0 Flisvos 12,4 10,5 Other2 -0,5 -0,2 9M 2024 9M 2023 9M 2024 9M 2023 Key performance dr
Slide 47: Detailed Analysis: Development Assets - The Ellinikon
Detailed Analysis: O4.3 Development Assets The Ellinikon | 47
Slide 48: Income Statement Snapshot
Income Statement Snapshot 9M 2024 vs 2023 Achieved operating profit in just 2.5 years since the purchase of HELLINIKON shares 138% 9M 2024 9M 2023 (in €m) 255 9M 2023 one-off items +c€25m 141% 107 102 15% 42 31 31 -2 -2 -3 -2 -5 -11 -3 -20 -13 -31 -27 -31 -71 -62 REVENUE GROSS PROFIT OPEX EBITDA ASS
Slide 49: Coastal Front: Phase I Residential Sales
Phase I Residential Sales €668m cumulative cash proceeds from project start until end-October 2024 in €m Cumulative Cash proceeds Total Cash Total Contract Signed SPAs Deposits1 31 October 2024 Proceeds to-date Value Phase I Riviera Tower 299 2 301 626 Coastal Front The Cove Villas 202 2 204 211 The
Slide 50: Little Athens 1st sales launch (5 projects)
Little Athens 1st sales launch (5 projects) 85% of the units placed to the market have been reserved by buyers (end-October 2024) Mainstream Posidonos Mainstream Alimos Park Rise (50m) Pavilion Terraces Promenade Heights Atrium Gardens Trinity Gardens Renderings Project Location Architect Bjarke Ing
Slide 51: The Ellinikon Progress of Works Visuals
Development Assets O4.3.1 The Ellinikon Progress of Works Visuals | 51
Slide 52: Riviera Tower
Riviera Tower Concreting Works in progress: 11th level Core Structures & 8th level Slabs Lead Architect Project Management Contractor Foster + Partners Hill International Bouygues – Intrakat | 52
Slide 53: The Cove Residences
The Cove Residences Plots 5-6 (7 buildings): Early works almost completed (buildings’ structural frame); Main works in full progress Plots 7-8 (14 buildings): Concreting works in progress on the ground and 1st & 2nd floor slabs Lead Architects Bobotis / ISV Project Management Hill International Cont
Slide 54: Park Rise (BIG) & Pavilion Terraces (Mainstream Posidonos)
Park Rise (BIG) & Pavilion Terraces (Mainstream Posidonos) Park Rise (BIG) Pavilion Terraces (Mainstream Posidonos) • Excavations completed • Demolitions completed in August • Concrete works/foundations currently in progress • Early Works (excavations etc) commenced in October Lead Architect Project
Slide 55: Promenade Heights / Atrium Gardens / Trinity Gardens (Mainstream Alimos)
Promenade Heights / Atrium Gardens / Trinity Gardens (Mainstream Alimos) Promenade Heights Atrium Gardens / Trinity Gardens • Early Works started in August • Early Works Contractor mobilized in September • Concrete structure works ongoing • Foundation works currently in progress Lead Architect Proje
Slide 56: The Ellinikon Sports Park
The Ellinikon Sports Park Ongoing concrete casting and finishing works on the 3 main buildings Project Management Contractor Hill International METKA – INTRAKAT JV | 56
Slide 57: Posidonos Underpass
Posidonos Underpass 83% of excavations & 72% of concrete casting completed to date Completion End 2025 Project Management Contractor Hill International AVAX | 57
Slide 58: Other Infrastructure Works
Other Infrastructure Works Trachones Stream The Ellinikon Mall Underpass 97% of excavations and 89% of concreting 95% of excavations and 35% of concreting Completion End 2024 Project Management Contractor Hill International AVAX | 58
Slide 59: The Ellinikon Mall
The Ellinikon Mall Excavations were completed in September 2024 Lead Architect Project Management Contractor Early Works Aedas Mace – Jacobs AKTOR | 59
Slide 60: Riviera Galleria
Riviera Galleria Excavation works commenced in July 2024; 30% of total volume has been excavated Lead Architects Project Management Contractor Early Works Kengo Kuma / BETAPLAN Hill International METKA | 60
Slide 61: Macroeconomic Fundamentals
O4.4 Macroeconomic Fundamentals | 61
Slide 62: Greece is poised for sustained macroeconomic growth
Greece is poised for sustained macroeconomic growth Real GDP growth (% y-o-y) Total Investment (% of GDP) 2024-29e 2024-29e Average Average 2,9% 25% Greece 2,8% 26% 24% 2,5% US 2,2% 2.2% 23% 22% US 2,3% 2,0% 22% 22% 21% 22% 1,6% 2,0% 2,0% Greece 22% 21% 22% Euro Area 1,7% 1.7% 21% 1,6% 21% 21% 21% 1
Slide 63: Greek Real Estate
Greek Real Estate Market fundamentals underpin future growth Net FDI in Greek real estate LAMDA MALLS vs High Street Retail in €m 8% y-o-y Yield Rent €/sqm/month 2.133 LAMDA 7,4% 45 1.975 4% Kifisia 6,5% 110 1.450 y-o-y 1.128 1.176 1.142 Kolonaki 6,4% 105 875 Glyfada 6,0% 150 180 Ermou 5,3% 290 2006
Slide 64: 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 ‘000 units index 2007=100 109 Attica South Attica1 +89% 106 New 34,1 apartments (<5yrs) 100 104 103 Old apartments 97 (>5yrs) 89
Slide 65: 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