Slide 1: Corporate Presentation May 2025
Corporate Presentation May 2025
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 May 2025. This document contains certain forward-looking statements pertaining to the Company and its Group.
Slide 3: Contents
Contents LAMDA – Group Overview page 4 Malls – A compelling value and growth play page 9 Marinas – A Growing Segment with Strong Fundamentals page 18 The Ellinikon – A unique development at an inflection point page 21 Appendix page 43 | 3
Slide 4: LAMDA Group Overview
O1 LAMDA Group Overview | 4
Slide 5: 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 6: Why invest in LAMDA?
Why invest in LAMDA? A unique real estate platform to capitalize on positive country macro fundamentals Investment Assets Development Assets Malls & Other portfolio assets The Ellinikon ✓ Europe's pioneering 15- ✓ Self-financed with already ✓ #1 player in Malls in Greece minute, green, smart, c€2.2b
Slide 7: NAV Pillars December 2024
NAV Pillars 31 December 2024 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) 359 408 638 66 (26) 1,445 5.99 NAV per share5 (€) 2.06 2.34 3.66 0.38
Slide 8: The Ellinikon Hidden Value
The Ellinikon “Hidden” Value The Residential Land Plot Example Residential Land Plots for sale assumed price per GFA sqm € 2,250/sqm Net Asset Value (NAV) (31.12.2024) € 8.28/share 1 Cost of Land & Infra € 800/sqm Implied “hidden” value € 1,450/sqm Implied “hidden” value of unsold residential plots
Slide 9: Malls
O2 Malls A compelling value and growth play | 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: Best ever profitability in the Malls' history
Operating Malls 2024 Financial results Best ever profitability in the Malls’ history Record high Retail EBITDA 88 €m Record high Tenant Sales 865 Record high GAV €m Incl. 2 Ellinikon Malls €345m 1.5 €bn Rent Collection c100% Record high NAV 1.0 Occupancy Incl. 2 Ellinikon Malls €408m 99% €bn | 11
Slide 12: Operating Malls achieving new record high EBITDA
Operating Malls Achieving new record high EBITDA and poised for strong growth outlook EBITDA (€m) +9% +5.4% Retail EBITDA CAGR 2014-19 88 +18% 81 10 Designer Outlet1 Greek COVID 9 69 Macro Crisis 64 4 22 Med. Cosmos 21 49 19 19 45 24 Golden Hall 13 37 21 17 14 19 13 11 13 10 29 31 32 The Mall Athens
Slide 13: The Ellinikon Mall
The Ellinikon Retail & Entertainment Destinations The Ellinikon Mall Designed to become the Mall of the Future – A hybrid experiential mall HoT (% GLA) Completion 63% end-2028 1.5x larger vs. 100,000 c350 Aedas The Mall Athens sqm GLA stores Lead Architect Data for Heads of Terms (HoT) as of March 2
Slide 14: Riviera Galleria
The Ellinikon Retail & Entertainment Destinations Riviera Galleria Designed to become one of the best premium boutique retail developments in Europe HoT (% GLA) Completion 76% end-2026 19,000 100 Kengo Kuma METKA sqm GLA stores Lead Architect Contractor Data for Heads of Terms (HoT) as of March 2025
Slide 15: The undisputed leader in prime retail assets in Greece
The undisputed leader in prime retail assets in Greece Thessaloniki: c1m population Larisa: c150k population 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
Slide 16: Undersupplied Market with High Barriers to Entry
Operating in an Undersupplied Market with High Barriers to Entry Norway 857 Greece has the lowest Shopping Centres Finland 464 density in Europe Sweden 380 Spain 248 Italy 229 High barriers to entry for new competitors Shopping Malls’ density (lack of sizeable plots and complicated (GLA sqm per 1,00
Slide 17: Conservative asset valuation 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 7,2% 6,0% 4,2% 4,0% 10-year 3,5% 3,3% GGB 2,6% 1,3% 0,9% 2017 2018 2019 2020
Slide 18: Marinas
O3 Marinas A Growing Segment with Strong Fundamentals | 18
Slide 19: Marinas: top-quality portfolio with expanding footprint
Marinas A top-quality portfolio with expanding footprint in fast-growing markets Flisvos Agios Kosmas Corfu Mega Yacht1 (under development) Greece’s first exclusive marina; An integral part of The Ellinikon and a focal Corfu: one of the premier mega-yacht the ultimate destination for mega yachts poi
Slide 20: Marinas: 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% 30% vs. 2023 of Sector Revenues EBITDA1 €19m +8% vs. 2023 1. EBITDA including IFRS 16 (Flisvos land lease payments are transferred from
Slide 21: The Ellinikon
O4 The Ellinikon A unique development at an inflection point | 21
Slide 22: Europe's pioneering 15-minute, green, smart 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 | 22
Slide 23: In a Unique Location
In 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 ELLINIK
Slide 24: 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 25: With a Unique Master Plan
With a Unique Master Plan 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 Education
Slide 26: Value-adding Development Strategy
Utilizing a 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 &
Slide 27: Market with Strong Fundamentals
Operating in a Market with Strong Fundamentals Greek Real Estate rebound after a prolonged under-investment period Average Annual New Dwellings Net FDI in Greek real estate (‘000 units) (€m) Attica South Attica1 2019-24: € 10.4bn 2.750 34,1 2.133 1.975 2007-18: € 3.1bn -90% 1.450 13,2 1.128 1.176 8,
Slide 28: Attractive Entry Point with Upside Potential
Offering an Attractive Entry Point with Upside Potential Prime residential selling prices in Greece stand well below vs. other Metropolitan cities in Europe* Hong Kong 38,0 New York 25,5 Geneva 25,2 Tokyo 20,9 Shanghai 19,7 Sydney 19,2 Little Athens Residential London 18,9 Average selling price of p
Slide 29: The Project in numbers
O4.1 The Project in numbers | 29
Slide 30: Overview of Phase I Projects
Overview of Phase I Projects (2021 – 2027/28) Residential PwD Mixed-Use Tower Other Developments The Ellinikon Mall Education Experience Park & Experience Centre Retail Park 3rd party Residential developments Sports Education/Offices/Resi Complex Healthcare (Prokopiou) Little Athens Build-to-Rent JV
Slide 31: The Ellinikon Cash Inflows Progress
The Ellinikon Cash Inflows Progress Residential & Land Plot Sales 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
Slide 32: Little Athens - Residential Sales Progress
Little Athens - Residential 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) Rende
Slide 33: Sales & Leases of Land Plots
Sales & Leases of Land Plots €0.5bn of contract value secured to date Cumulative Cash Collections Total Contract Value in €bn until 31.12.2024 Phase I 3rd parties & JVs 0.34 0.52 Ellinikon Malls (intragroup) 0.24 0.24 TOTAL 0.58 0.76 Signed Deals 1. Hospitality JV (TEMES) 5. CGS At The Ellinikon (le
Slide 34: Cash Inflow History & Anticipated Collections in 2025
Cash Inflow History & Anticipated Collections in 2025 €0.55bn anticipated cash collections in 2025 in €bn 2025 Collections Total 0.55 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 31.12.2024 31.12.2025 No
Slide 35: CAPEX History & Anticipated CAPEX for 2025
Buildings & Infrastructure CAPEX History & Anticipated CAPEX for 2025 €0.5bn estimated CAPEX in 2025 2025 in €bn CAPEX 0.5 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 31.12.2025 Note: all
Slide 36: Residential Developments
Residential Developments Gross Profit of Phase I developments Sold-out Little Athens 81% sold or reserved Park Rise Mainstream Mainstream Phase I Metric Coastal Front 50m (BIG) Alimos Posidonos Total GSA ‘000 sqm 91.1 16.0 53.6 61.2 222.0 Average €’000/GSA 10.1 Selling Price sqm 12.3 8.6 900,0 787 5
Slide 37: Progress of Works Visuals
O4.2 The Ellinikon Progress of Works Visuals | 37
Slide 38: Active Construction Sites
Ellinikon Masterplan − Active Construction Sites Contractors: 1. ELEMKA 2. METKA-INTRAKAT JV 3. ETHNOKAT 4. TEKAL / LAMDA CBU The Ellinikon Mall 5. ERETBO 6. BOUYGUES-INTRAKAT JV 7. REDEX 9 8. METKA Sports 9. AKTOR (Earthworks) Complex 10. LAMDA CBU 11. ΤERNA 2 10 Little Athens 10 Residential 1 Posi
Slide 39: Residential Projects Progress of Works
Residential Projects Progress of Works (March 2025) 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 Hei
Slide 40: Other Projects Progress of Works
Other Projects Progress of Works (March 2025) 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
Slide 41: Appendix
O5 Appendix | 41
Slide 42: Shareholders Structure
Shareholders Structure Foreign Institutionals Treasury Shares 20,8% 2,1% LAMDA: GA Greek Institutionals 5,8% Shares Outstanding: 176,736,715 Retail 6,8% Aegean Airlines 1,7% EBRD 1,8% G. Prokopiou 2,0% CLH (Latsis Group) Voxcove Holdings 43,8% 6,7% Brevan Howard & Partners 8,6% Data as of 31.03.2025
Slide 43: 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 • Sustainable Development • Chair is independent, non-executive with
Slide 44: Macroeconomic & Market Fundamentals
O5.1 Macroeconomic & Market Fundamentals | 44
Slide 45: Greece is poised for sustained macroeconomic growth
Greece is poised for sustained macroeconomic growth A growing economy decoupled from global trends Strong 2024 GDP growth1 (2.3%), way ahead vs. the rest of Europe2 (+0.9%) Performance Solid outlook2 (2025: +2.3% & 2026: +2.2%), ahead of EU peers2 (2025: +1.5% & 2026: +1.8%) GDP Outlook Investment G
Slide 46: Market fundamentals underpin future growth
LAMDA MALLS Group Market fundamentals underpin future growth LAMDA MALLS vs High Street Retail Yield1 Rent2 €/sqm/month LAMDA 7,2% 45 Kifisia 6,5% 110 Kolonaki 6,2% 115 Glyfada 6,0% 155 Ermou 5,3% 300 Source: Savills, Cushman & Wakefield Proprius 1. Yield for LAMDA MALLS is the weighted average (by
Slide 47: Conservative asset valuation limits downside risk
LAMDA MALLS Group Conservative asset valuation limits potential downside risk Spain Italy Rent2 €/sqm/month Prime Malls Yields1 in relevant countries 45 73 92 7,4% +65bps 7,3% +180bps +20bps 7,2% 7,0% 6,8% 6,8% 6,8% 5,5% 5,0% 2019 2023 2024 1. Yield for LAMDA MALLS represents the weighted average (w
Slide 48: 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 34,1 +91% New Attica South Attica1 109 apartments (<5yrs) 100 Old 104 apartments (>5yrs) 97 89 2024 y-o
Slide 49: Offices & Retail Units in Athens
Greek Real Estate Offices & Retail Units (high-street retail) in Athens Offices Retail Units (high-street retail) Price index 2007=100 Price index 2007=100 +44% 105 +58% 109 100 101 95 93 89 86 86 84 82 84 CAGR CAGR Historic 76 80 2019-23 2019-23 low Historic +5% 70 +5% low 69 74 73 2016 2017 2018 2
Slide 50: The Ellinikon
O5.2 The Ellinikon | 50
Slide 51: Residential Developments
Residential Developments Phase I (2021-2027/28) Phase I Next Phases Next Phases (2028-2037) c0.2m sqm1 c1m sqm Mainstream 3rd party developments Alimos (Little Athens) Build-to-Rent JV Park Rise (Little Athens) Mainstream Posidonos (Little Athens) The Cove Villas Riviera Tower The Cove Residences 1.
Slide 52: JVs and Land Plots Sales/Leases
JVs and Land Plots Sales/Leases MIXED-USE TOWER Brook Lane Capital JV Land Sale RESIDENTIAL HIGHER EDUCATION 3rd parties’ development University of Nicosia Land Sale Land Sale EDUCATION CGS at The Ellinikon Land Lease EDUCATION/RESIDENTIAL/OFFICES Mr. George Prokopiou RETAIL PARK HEALTHCARE Land Sal
Slide 53: Land Plot Sales to Mr. George Prokopiou
Land Plot Sales to Mr. George Prokopiou (September 2024) €120m total gross proceeds; selling price c3x the book value • Total maximum allowed buildable area (GFA sqm): 85,658 Glyfada Land Golf Club ▪ Residential (GFA sqm): 30,000 Plots ▪ Education (GFA sqm): 20,000 Property ▪ Offices (GFA sqm): 35,6
Slide 54: Retail Park Land Plot Sale to Trade Estates
Retail Park (October 2024) Land Plot Sale to Trade Estates REIC Counterparty Trade Estates REIC (Developer) (member of FOURLIS Group) Agreement Land Plot Sale type (sale of divided horizontal properties) Project type Retail Park (“Big Boxes”) (Big Box unit tenancies) Total GFA 30k sqm (4 buildings;
Slide 55: Integrated Resort Complex (IRC)
Integrated Resort Complex (IRC) IRC HELLINIKON Developer JV HARD ROCK (51%)/GEK TERNA (49%) Agreement Land Agreement type (Signed in September 2022) Land lease Long-term lease (30 years) Integrated Resort Complex (IRC) Project type (the first of its kind in continental Europe) Total GFA sqm 168k • T
Slide 56: Mixed-Use Tower 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%) Total €39m Consideration (26.1k sqm land plot area & allocated infra cost) Project type Mixed-Use Tower (MUT) (Landmark building: max heigh
Slide 57: Residential Land Plot Sales (July 2024)
Residential Land Plot Sales (July 2024) €106m total gross proceeds; selling price c4x the book value • 5 distinct urban blocks for Residential developments • total c51k sqm permitted buildable area (GFA) Asset • Urban development area A-U3 (close to The Ellinikon Mall) Perimeter • Gross Proceeds: €1
Slide 58: Investment Assets: Malls & Marinas
O5.3 Investment Assets LAMDA MALLS Group & Marinas | 58
Slide 59: Malls: top-quality portfolio in 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 60: Operating Malls Key Performance Drivers in 2024
Operating Malls Key Performance Drivers in 2024 Inflation Indexed Strong Leasing Activity Strong growth in Net Base Rents (Re-lettings & Renewals) Tenants’ Sales +8 % +8 % +5 % vs. 2023 vs. 2023 Greek CPI plus 1% – 2% margin annualised effect to base rents New Record Consistently High Consistently h
Slide 61: Operating Malls lease duration
Operating Malls An attractive lease duration to support long-term rental growth Cumulative Cumulative Lease Lease Expiries Expiry 1 (%1 of (%Contracted of Net Rental Rental Income) Income) Rental Income2 WAULT3 69% €98m 5 years 63% FY2024 Re-lettings/Renewals 54% 8% higher annualized rental income 4
Slide 62: LAMDA MALLS Group Key Financials
LAMDA MALLS Group Key Financials EBITDA Net Debt / (Cash) (in €m) FY2024 FY2023 FY2022 (in €m) 31.12.2024 31.12.2023 31.12.2022 The Malls Athens 32.4 30.6 26.9 4 Operating Malls 488 501 517 Golden Hall 23.7 20.6 19.1 Med. Cosmos 22.1 20.9 19.0 Ellinikon Malls1 (65) (46) (40) Designer Outlet Athens1
Slide 63: Group Financials
O5.4 Group Financials | 63
Slide 64: Group 2024 Results Highlights
Group 2024 Results 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 €178m net cash generation in 2024; Group Cash at €679m Record Retail EBITDA before valuations at €88m, a 9% increase y-o-y Malls GAV exceede
Slide 65: 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 66: 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: €1,623m Inventory 957 1,09
Slide 67: 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 68: 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