50 slides from Lamda Development's shareholder meeting presentation, Jun 23, 2026
Slide 1: Ordinary General Meeting
Τακτική Γενική Ordinary General Συνέλευση Meeting 23.06.2026 +30 210 33.66.426 AXIAeShareholdersMeeting@athexgroup.gr
Slide 2: Most Admired Companies 2025
rs r OSS LAMDA DEVELOPMENT MOST ADMIRED COMPANIES 2025 © The Fortune Media Group
Slide 3: Agenda
Agenda O1. Group Results Overview O2. Investment Assets | Malls & Marinas O3. Development Assets | The Ellinikon O4. The Ellinikon | Ongoing Progress O5. Share Price Performance O6. Exceptional Fundamentals | 3
Slide 4: Group Results Overview
O1 Group Results Overview | 4
Slide 5: Group 2025 Results Overview
Group 2025 Results Overview Consolidated GROUP MALLS Investment Net Results Portfolio 29% 4% Increase y-o-y to Group EBITDA Increase y-o-y with record 1.9x after valuations at €254m Operating Malls EBITDA1 at €96m Higher y-o-y at €91m MARINAS The ELLINIKON €3.8bn 6% €1.1bn CAPEX2 Increase y-o-y with
Slide 6: Group Balance Sheet Snapshot | December 31, 2025
Group Balance Sheet Snapshot | December 31, 2025 €0.8bn €1.5bn €1.9bn 51 % Adjusted Net Debt Cash Borrowings1 Adjusted Net Debt2 /Total Inv. Portfolio No bank debt used to date for The Ellinikon, highlighting strong pre-sales and self- funding capacity. 1. Borrowings include bank & bond debt 2. Adju
Slide 7: Investment Assets: Malls
O2 Investment Assets Malls | 7
Slide 8: Four Operating Malls
Four Operating Malls Operating €96m +4% New record Malls high* EBITDA Valuation Gain: €159m GAV: €1.4bn NAV: €0.8bn Record €910m +5% 26m +2% Record Tenant Footfall Sales Net Base Rent +6% Occupancy c100% *Adjusted for intragroup recharges of €6m | 8
Slide 9: The Ellinikon Retail & Entertainment Destinations: Riviera Galleria
The Ellinikon Retail & Entertainment Destinations Outstanding commercial leasing progress as the project moves closer to completion 100 76% stores Agreed (Heads of Terms, % of total GLA) Riviera Galleria As of 31.05.2026 | 9
Slide 10: The Ellinikon Retail & Entertainment Destinations: The Ellinikon Mall
The Ellinikon Retail & Entertainment Destinations Outstanding commercial leasing progress 3 years ahead of completion 350 70% stores Agreed (Heads of Terms, % of total GLA) The Ellinikon Mall As of 31.05.2026 | 10
Slide 11: Investment Assets: Marinas
O2.1 Investment Assets Marinas | 11
Slide 12: Marinas | Another record-breaking performance in 2025
Marinas | Another record-breaking performance in 2025 Flisvos Marina Agios Kosmas Marina 310 100% 337 71% berths Occupancy berths Occupancy* FY2025 *71% average occupancy through 2025 as a result of reduced berth capacity ahead of redevelopment Revenues €33m +2% phase, supporting transition to highe
Slide 13: 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. | 13
Slide 14: Development Assets: The Ellinikon
O3 Development Assets The Ellinikon | 14
Slide 15: The Ellinikon Projects
The Ellinikon Projects ION R&D Centre Mixed-Use Tower Residential The Ellinikon Other Developments PwD Mall Education Post 2028 Completion Medical Venue ION Resi Campus 3rd parties Experience Park & Residentials Experience Centre Education/Offices/Resi Sports Prokopiou Park Facilities Little Aura At
Slide 16: Key Milestone Highlights
Key Milestone Highlights Funding Sales CAPEX Construction Deliveries € 850m € 1.7bn* € 1.1bn 20+ 2026-2027 Bonds Issued on Cash Proceeds CAPEX until Dec ‘25 Active Construction Major Deliveries attractive terms Collected Projects Approaching Accelerating Strong liquidity Consistently strong progress
Slide 17: The Ellinikon Ongoing Progress
O4 The Ellinikon Ongoing Progress | 17
Slide 18: The Ellinikon | Residential Progress of Sales
The Ellinikon | Residential Progress of Sales All Coastal Front units have been sold-out with a Total Contractual Value of € 1.1 bn Residents Expected to Move in within 2027 The Cove Residences 115 Units Riviera Tower Sold Out 173 The Cove Villas Units Sold Out 27 Units Sold Out | 18
Slide 19: The Ellinikon | Little Athens Residential Progress
The Ellinikon | Little Athens Residential Progress Have launched 6 Developments consisting of mid-scale to luxury apartments in “Little Athens” Residents Expected to Move in within 2027 Park Rise Pavilion Terraces Promenade Heights Sunset Groves Outstanding pre-sales progress 87% of 671 units brough
Slide 20: The Ellinikon Construction Progress Update
O4.1 The Ellinikon Construction Progress Update | 20
Slide 21: CBU | Promenade Heights
CBU | Promenade Heights June 2026 | 21
Slide 22: CBU | Cove Residences
CBU | Cove Residences | 22
Slide 23: Park Rise | Construction Progress
Park Rise | Construction Progress | 23
Slide 24: Riviera Galleria | Construction Progress
Riviera Galleria | Construction Progress | 24
Slide 25: The Ellinikon | Construction Progress Despite Challenges
The Ellinikon | Construction Progress Despite Challenges 5 Years of Adverse Conditions in Construction Market ✓ Construction Challenges Biggest challenges remain Infrastructure and Riviera Tower Developed internal Construction Business Unit “CBU” and improving margins on new projects ✓ Addressing Ch
Slide 26: The Ellinikon | Key Exogenous Challenges Successfully Navigated
The Ellinikon | Key Exogenous Challenges Successfully Navigated ✓ COVID-19 pandemic ✓ Global inflationary pressures ✓ Rising interest rate environment ✓ Supply chain and construction cost disruptions ✓ War in Ukraine and energy market volatility ✓ War in Iran / Middle east tensions and broader geopo
Slide 27: The Ellinikon A Project for All
O4.2 The Ellinikon A Project for All | 27
Slide 28: The Ellinikon Sports Park | First Project to be Delivered
The Ellinikon Sports Park | First Project to be Delivered – July 2026 | 28
Slide 29: The Ellinikon Sports Park | Construction Progress
The Ellinikon Sports Park | Construction Progress | 29
Slide 30: Sports Park | Construction Progress
Sports Park | Construction Progress | 30
Slide 31: Sports Park | Construction Progress
Sports Park | Construction Progress | 31
Slide 32: The Experience Park
The Experience Park 32> \
Slide 33: The Ellinikon Park
The Ellinikon Park | 33
Slide 34: The Ellinikon Park Lake
The Ellinikon Park Lake | 34
Slide 35: Projects Already Delivered to Society
O4.3 Projects Already Delivered to Society Outside of The Ellinikon | 35
Slide 36: Athens Olympic Sports Centre (OAKA)
Athens Olympic Sports Centre (OAKA) | 36
Slide 37: Olympic Facilities in Paiania
Olympic Facilities in Paiania | 37
Slide 38: Olympic Facilities in Paiania
Olympic Facilities in Paiania | 38
Slide 39: Olympic Village Sports Complex
Olympic Village Sports Complex | 39
Slide 40: Share Price Performance
O5 Share Price Performance | 40
Slide 41: Historical Performance | Significant potential upside
Historical Performance | Significant potential upside 8,5 €10.9 Analyst in EUR Consensus 8,0 ✓ AXIA-Alpha ✓ Eurobank 7,5 ✓ Euroxx ✓ Pantelakis 7,0 6,5 6,0 US Tariffs - trade US-Iran Military uncertainty conflict 5,5 5,0 Source: LAMDA Development | 41
Slide 42: The majority of LAMDA's NAV is made up of the Malls
The majority of LAMDA’s NAV is made up of the Malls LAMDA Development’s NAV is €1.5b out of which LAMDA Malls’ NAV is €1.2b The Ellinikon’s NAV includes land plots recorded at cost Available GFA sqm for Residential Development plots ~0,9m sqm Recorded on Balance Sheet at a Book Value of under €1,000
Slide 43: Global Real Estate Sector Performance To Date
Global Real Estate Sector Performance To Date Listed real estate peers continue to trade at discounts to NAV Significant re-rating potential as Higher interest rates continue projects mature and rates normalize to weigh on sector valuations Large Real Estate development projects remain out of favor
Slide 44: Internal Vote of Confidence – Employees electing shares instead of cash
Internal Vote of Confidence – Employees electing shares instead of cash 2.2m 45 treasury shares employees participated (2023-2026) 533,957 627,923 258,944 794,563 shares allocated shares allocated shares allocated shares allocated 25 employees 31 employees 24 employees 38 employees 2023 2024 2025 20
Slide 45: Exceptional Fundamentals
O6 Exceptional Fundamentals | 45
Slide 46: Exceptional Fundamentals | LAMDA Malls
Exceptional Fundamentals | LAMDA Malls Significant built-in growth with Unmatched track record of growth the 2 new Ellinikon Malls with 8 years of profitability records €96m EBITDA Operating Malls EBITDA* 4% for 2025 9% for 2024 Expected to Double EBITDA In the first full year of Operations *Adjuste
Slide 47: Exceptional Fundamentals | LAMDA Marinas
Exceptional Fundamentals | LAMDA Marinas Unmatched track record of growth of profitability Further built-in growth with the development of Significant upside after renovation the Corfu Marina of The Ellinikon Marina €21m €140m EBITDA Investment 6% for 2025 8% for 2024 The New Mega Yacht Destination
Slide 48: Exceptional Fundamentals | The Ellinikon
Exceptional Fundamentals | The Ellinikon Outstanding Commercial Success Strong Balance Sheet with with Ongoing Demand over €0.8bn of cash as of Dec 31, 2025 Over Little Athens Adjusted Net Debt /Total Inv. Portfolio NO BANK €1.7 billion 87% DEBT USED of sales proceeds of launched units 51% for Resid
Slide 49: Becoming a Top European Development Player
LAMDA Development – Becoming a Top European Development Player A company with unmatched Execution & Expertise in: ✓ Strategic Transactions ✓ Permitting - Planning - Legal ✓ 360 Commercialization Services ✓ Communications & Corporate Marketing ✓ Operating Excellence in Malls & Marinas ✓ Development &
Slide 50: Thank you
Τακτική Γενική Συνέλευση Ευχαριστούμε