Slide 1: FY2024 Results Presentation
FY2024 RESULTS PRESENTATION Results Conference Call / Live Webcast 27 March 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 FY2024 Results Conference Call/Live Webcast (27.03.2025). 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 Detailed Analysis: Malls page 33 Development Assets (The Ellinikon): Progress of Works page 39
Slide 4: Group Results Highlights
O1 Group Results Highlights | 4
Slide 5: FY2024 Financial Performance at a glance
FY2024 Financial Performance at a glance Group Consolidated Revenue EBITDA Net Result NAV € 665m € 197m € 46m € 1.4bn After Assets After Taxes & +48% vs. 2023 Valuation & Other €8.28/share Minorities adjustments Investment Assets Development Assets Malls, Marinas & Other The Ellinikon Retail1 Marina
Slide 6: Group FY2024 Highlights
Group FY2024 Highlights 71% increase y-o-y of Consolidated Net Results at €46m 30% increase y-o-y to Consolidated EBITDA before valuations at €171m Group €191m increase in Total Cash in 2024; Group Total Cash at €679m Record Retail EBITDA before valuations at €88m, or 9% increase y-o-y Malls GAV exc
Slide 7: Group Balance Sheet Snapshot
Group Balance Sheet Snapshot 31.12.2024 vs 31.12.2023 Assets Valuation (Gross Asset Value – GAV) in €m NAV (Net Asset Value) NAV per 3.251 3.276 8.28 8.02 share1 (€) 80 140 1.445 1.392 Other 40 60 1.548 1.459 Malls 1.046 925 Ellinikon 1.623 1.678 359 406 31.12.2024 31.12.2023 31.12.2024 31.12.2023 G
Slide 8: Group EBITDA Before Assets Valuation
Group EBITDA Before Assets Valuation 2024 vs 2023 12% 8% in €m 50% 30% New New FY2024 FY2023 New New Record Record Record Record 171,2 131,9 97,4 80,9 72,3 73,8 67,1 64,8 19,5 17,9 -3,6 -1,3 -22,9 -21,9 MALLS MARINAS OTHER BUSINESS OVERHEADS EBITDA ELLINIKON EBITDA UNITS (before valuations & (before
Slide 9: Group EBITDA After Assets Valuation
Group EBITDA After Assets Valuation 2024 vs 2023 in €m 30% 4% New FY2024 FY2023 Record 206,2 197,0 171,2 131,9 Malls Malls 40 95 68,2 21,1 4,7 6,0 EBITDA ASSETS VALUATIONS ASSET DISPOSALS EBITDA (before valuations) LAMDA MALLS GROUP, ELLINIKON INVESTMENT PROPERTY, OTHER ASSETS ASSET DISPOSALS Lower
Slide 10: Group Profitability evolution
Group Profitability evolution 71% increase vs. 2023 to Consolidated Net Results in €m 4% 71% FY2024 FY2023 206,2 197,0 46,3 27,0 -7,6 -1,2 -0,1 -12,1 -11,3 -29,5 -30,2 -46,7 -61,2 -59,2 -70,8 EBITDA CASH FINANCE NON-CASH DEPRECIATION TAXES GOODWILL MINORITIES NET RESULT COSTS FINANCE COSTS WRITE-OFF
Slide 11: Group Total Cash
Group Total Cash1 €191m increase in 2024, largely driven by 3x increase in Net Operating Cash Flow in €m 191 679 488 Payment of €167m for Ellinikon land (2nd instalment) 31.12.2024 31.12.2023 1. Including Free & Restricted Cash | 11
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€3m -1% change in Euribor = +c€4m 31.12.2024 Group Borrowings2 4.3% 1.174 1.144 Euribor Floating Rate – Unhedged 330 + spread 486 100 Floating Rate –
Slide 13: NAV Pillars
NAV Pillars Breaking New Records: Company NAV surpassed €1.4bn and MALLS NAV exceeded €1bn Development Investment Other Assets Assets Parent LAMDA MALLS Group2 Company The Other Net Debt, TOTAL Ellinikon1 Ellinikon Operating Properties3 31.12.2024 Minority, Malls Malls Other4 1,046 NAV (€m) 359 408
Slide 14: Highlights for Malls, Marinas & The Ellinikon
O2 Highlights for Malls, Marinas & The Ellinikon | 14
Slide 15: Malls - FY2024 Results Highlights
Malls - FY2024 Results Highlights 4 MALLS Another record-breaking performance Tenants Sales 5% y-o-y • New Record of €865m (annual basis) Footfall 2% y-o-y • 26m total visitors in 2024 (following 17% increase in FY2023) • Net Base Rents at €92m Net Base Rents 8% y-o-y • 60% of growth from inflation
Slide 16: LAMDA MALLS Group Key Financials
LAMDA MALLS Group Key Financials EBITDA Net Debt / (Cash) (in €m) FY2024 FY2023 (in €m) 31.12.2024 31.12.2023 The Malls Athens 32.4 30.6 Golden Hall 23.7 20.6 4 Operating Malls 488 501 Med. Cosmos 22.1 20.9 Ellinikon Malls1 (65) (46) Designer Outlet Athens 9.9 9.1 Malls Property Management2 & HoldCo
Slide 17: Operating Malls Tenants' Sales
Operating Malls Tenants’ Sales Reaching new record high levels in €m New vs. 2023 Record 5% Operating Malls 865 823 113 5% Designer Outlet 108 Med. Cosmos 239 2% 233 Golden Hall 237 7% 222 The Mall Athens 276 6% 260 FY2024 FY2023 | 17
Slide 18: Operating Malls
Operating Malls Sustained strong growth in FY2024 across all assets Retail Revenue in €m Retail EBITDA FY2024 9% FY2023 112,2 9% 102,8 88,2 81,2 9% 12% 9% 4% 6% 15% 6% 9% 39,9 36,6 32,4 30,6 29,6 29,5 27,0 26,5 23,7 20,6 22,1 20,9 13,2 12,7 9,9 9,1 THE MALL GOLDEN HALL MED. DESIGNER TOTAL RETAIL THE
Slide 19: LAMDA MALLS Group Assets Valuation (GAV)
LAMDA MALLS Group Assets Valuation (GAV) − Maintaining a solid growth trend in €m New Record vs. 2023 6% Group 1.548 1.459 1.312 345 3% Ellinikon Malls 336 COVID 279 892 855 872 7% Operating Malls 1.203 1.123 1.033 892 855 872 2019 2020 2021 2022 2023 2024 Designer Outlet Athens 1st consolidation €1
Slide 20: Marinas
Marinas Breaking new records for both Revenue (+12% vs 2023) and EBITDA (+8% vs 2023) Revenue in €m EBITDA1 New Record EBITDA 12% 60% 61% 32,7 Margin New Record Total 29,3 19,5 8% 5% 8,2 17,9 Agios 2% 7,8 4,8 Kosmas 4,6 15% 14% 15,6 24,5 13,5 21,5 Flisvos -0,9 -0,2 Other2 FY2024 FY2023 FY2024 FY2023
Slide 21: The Ellinikon FY2024 Results Highlights
The Ellinikon FY2024 Results Highlights Ellinikon Liquidity at healthy levels Cash Collections to date • Exceptional cash collections due to outperformance of residential and land plot sales of €1.1bn • €0.6bn of the €1.1bn collected in 2024 (residential €0.3bn and land plots €0.3bn) • Coastal Front
Slide 22: The Ellinikon Cash Inflows Progress
The Ellinikon Cash Inflows Progress Cumulative Cash Proceeds Target 31.12.2024 28.02.2025 in €bn End-2024 Residential1 0.70 0.73 0.76 Land Plot Sales/Leases1 0.20 0.34 0.36 Sub-TOTAL 0.90 1.07 1.12 Ellinikon Malls (intragroup land plot sales) 0.19 0.24 TOTAL 1.10 1.31 1.36 €0.9bn of remaining2 proce
Slide 23: Little Athens Sales Progress (6 projects)
Little Athens Sales Progress (6 projects) 81% of the units placed in the market have been sold or reserved (end-February 2025) Mainstream Mainstream Alimos Park Rise Posidonos (50m) Promenade Sunset Groves Pavilion Terraces Atrium Gardens Trinity Gardens Heights (1 of 2 projects) Renderings Project
Slide 24: The Ellinikon Infrastructure Works & Buildings CAPEX
The Ellinikon Infrastructure Works & Buildings CAPEX Total CAPEX 315 248 564 Project start until in €m end-2023 FY2024 Aggregate Total Mainly related to: Infrastructure – demolitions Works 95 89 184 – enabling works – construction works (e.g. Posidonos underpass) Completed projects: – The Experience
Slide 25: The Ellinikon Income Statement Snapshot
The Ellinikon Income Statement Snapshot Achieved €18m net profit mainly driven by 50% EBITDA growth 48% 29% 13% 50% FY2024 FY2023 in €m 465,7 313,8 194,6 150,6 97,4 64,8 10,7 17,8 -16,6 -15,8 -3,5 -3,1 -11,5 -18,4 -5,1 -16,7 -42,9 -54,8 -97,3 -85,8 REVENUE GROSS PROFIT OPEX EBITDA before ASSET DEPRE
Slide 26: The Ellinikon Phase I Projects
The Ellinikon Phase I Projects Residential Phase I (2021-2027/28) PwD Mixed-Use Tower Other Developments Phase I (2021-2027/28) The Ellinikon Mall Education Experience Park & 3rd parties Experience Centre Residential Education/Offices/Resi (Prokopiou) Sports Little Athens Complex Healthcare Resident
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 Share (31.12.2024) € 8.28/share Cost of Land & Infra € 800/sqm Implied “hidden” value € 1,450/sqm Implied “hidden” value for unsold residential plots € 8.2/share Available
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 31.12.2024 31.12.2023 Notes The Ellinikon IRC, Retail, Sports & Leisure 627 625 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 31.12.2024 31.12.2023 Notes: 31.12.2024 Investment Property 2,179 2,068 Ellinikon €627m, Malls & other properties €1,552m (incl. Ellinikon Malls) Fixed & Intangible Assets 110 103 Ellinikon €46m, Flisvos Marina €53m Total Ellinikon (excl. Ellinikon Malls) Inv
Slide 32: Key Financial Metrics (Group)
Key Financial Metrics (Group) in €m 31.12.2024 31.12.2023 Alternative Performance Measures (APM): Notes & definitions Free Cash 642 464 Restricted Cash (Short & Long Term) 37 24 Total Cash 679 488 Total Debt 1,754 1,705 = Borrowings + Lease Liability + PV Transaction Consideration Adj. Total Debt 2,
Slide 33: Detailed Analysis: Malls
O3.2 Detailed Analysis: Malls | 33
Slide 34: Operating Malls Rental Income
Operating Malls Rental Income An attractive lease duration to support long-term rental income growth Cumulative Lease Expiries1 (% of Contracted Rental Income) Net Rental Income2 WAULT3 69% €98m 5 years 63% FY2024 Re-lettings/Renewals 54% 8% higher annualized rental income 43% 31% 17% 2025 2026 2027
Slide 35: The Mall Athens
The Mall Athens 2024 vs 2023 Performance in €m Occupancy (period average) Tenants’ Sales (% change vs.) EBITDA 2024 2023 2019 2023 2019 Margin 99% 99% 98% +6% +14% 81% 84% FY2024 FY2023 10% 9% 6% 39,9 36,6 34,4 31,3 32,4 30,6 3,4 3,3 1,1 1,1 1,1 0,9 -1,1 -1,0 -5,0 -6,5 NET BASE RENT TURNOVER RENT PA
Slide 36: Golden Hall
Golden Hall 2024 vs 2023 Performance in €m Occupancy (period average) Tenants’ Sales (% change vs.) EBITDA 2024 2023 2019 2023 2019 Margin 99% 99% 99% +7% +47% 80% 78% FY2024 FY2023 8% 12% 15% 29,6 26,5 22,7 23,7 21,0 20,6 2,2 3,1 2,6 1,3 1,7 1,6 -0,7 -0,6 -5,2 -5,2 NET BASE RENT TURNOVER RENT PARKI
Slide 37: Mediterranean Cosmos
Mediterranean Cosmos 2024 vs 2023 Performance in €m Occupancy (period average) Tenants’ Sales (% change vs.) EBITDA 2024 2023 2019 2023 2019 Margin 99% 100% 100% +2% +25% 75% 77% FY2024 FY2023 8% 9% 6% 29,5 27,0 23,4 21,7 22,1 20,9 3,2 2,6 1,9 2,0 0,9 0,7 -1,4 -1,2 -0,8 -0,5 -5,2 -4,4 NET BASE RENT
Slide 38: Designer Outlet Athens
Designer Outlet Athens 2024 vs 2023 Performance in €m Occupancy (period average) Tenants’ Sales (% change vs.) EBITDA 2024 2023 2023 2019 Margin 98% 96% +5% +28% 75% 72% FY2024 FY2023 7% 4% 9% 13,2 12,7 11,4 10,6 9,9 9,1 1,7 1,1 0,7 0,4 -0,4 -0,4 -2,9 -3,1 NET BASE RENT TURNOVER RENT OTHER INCOME TO
Slide 39: Development Assets: The Ellinikon Progress of Works
Development Assets O3.3 The Ellinikon Progress of Works | 39
Slide 40: Ellinikon Masterplan − Active Construction Sites
Ellinikon Masterplan − Active 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 Residential 1 Posi
Slide 41: Residential Projects
Residential Projects Riviera Tower Cove Residences Park Rise (BIG) Concreting works: 17th level Core Structures & Plots 5-6: Finishing & electrical works Foundation concreting works in progress 14th level Slabs Plots 7-8: 1st & 2nd floor slabs in progress Promenade Heights Atrium & Trinity Gardens P
Slide 42: Other Projects
Other Projects The Ellinikon Sports Park Riviera Galleria Completed concreting works & synthetic turf 21% of concreting works for all buildings completed to date Posidonos Underpass The Ellinikon Mall Underpass 83% of excavations & 80% of concrete casting completed to date 100% of excavations and 42
Slide 43: 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