Slide 1: Corporate Presentation September 2024
Corporate Presentation September 2024
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 September 2024. This document contains certain forward-looking statements pertaining to the Company and its
Slide 3: Contents
Contents LAMDA – At the right place, at the right time page 5 The Investment Opportunity page 9 Malls – A compelling value and growth play page 16 The Ellinikon – A unique development at an inflection point page 28 Conclusion page 43 Appendix page 50
Slide 4: 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 5: LAMDA: At the right place, at the right time
O1 LAMDA At the right place, at the right time | 5
Slide 6: Greece is poised for sustained macroeconomic growth
Greece is poised for sustained macroeconomic growth A growing economy decoupled from global trends Strong 2023 GDP growth1 (2.0%), way ahead vs. the rest of Europe2 (+0.5%) Solid GDP growth outlook2 (2024: +2.3% and 2025: +2.3%), ahead of EU peers2 (2024: +0.9% and 2025: +1.7%) Investment Grade (IG)
Slide 7: Greek Real Estate to rebound after a prolonged under-investment period
Greek Real Estate to rebound after a prolonged under-investment period Average Annual New Dwellings Net FDI in Greek real estate (‘000 units) (€m) Attica South Attica1 2019-23: € 7.6bn 2.133 34,1 1.975 2007-18: € 3.1bn 1.450 -90% 1.128 1.176 875 8,2 415 4,0 3,7 308 2,1 0,5 129 98 63 89 101 156 2000-
Slide 8: Athenian Riviera is the prime focal point of the real estate resurgence
Athenian Riviera is the prime focal point of the real estate resurgence A Supply & Demand Imbalance which The Ellinikon project is uniquely positioned to capitalize on Remarkable influx of local and international residents and investors to the revamped Athenian Riviera create a demand wave that exis
Slide 9: The Investment Opportunity
O2 The Investment Opportunity | 9
Slide 10: LAMDA has a proven track record of value creation and significant upside potential
LAMDA has a proven track record of value creation and significant upside potential NAV (€bn) The Ellinikon €1,000/sqm extra residential sale Incl. €650m 1,4 1,4 SCI price (over 2023 base €7,800/sqm) 1,8 = €1bn extra cash upside 1,2 0,4 potential 0,4 2026 Malls Organic upside potential from Existing
Slide 11: Group 2023 Results Highlights
Group 2023 Results Highlights Achieved Group EBITDA of €206m (69% increase vs. 2022) Group New Record High EBITDA before valuations at €81m (+18% vs. 2022) for the 4 Operating Malls Malls New Record High EBITDA at €18m (+5% vs. 2022) for the 2 Operating Marinas Marinas Achieved €65m EBITDA before va
Slide 12: Group H1 2024 Highlights
Group H1 2024 Highlights 72% increase over 2023 to Group EBITDA before valuations at €46.5m (incl. €4.1m gain from asset sale), driven by a solid performance across Malls, Group Marinas & The Ellinikon New Record High Retail EBITDA before valuations at €44m (+8% vs. 2023) for the 4 Operating Malls M
Slide 13: Significant upside potential from remaining residential developments selling price appreciation
Significant upside potential from The Ellinikon remaining residential developments selling price appreciation Other Phases 2027-2037 Residential Developments Gross Saleable Area Weighted Average Assumed (GSA) Selling Price at 2023-24 levels (‘000 sqm) (€‘000/sqm) High-Rise (50m) c500 9.0 Upper Mains
Slide 14: A unique residential offering at an attractive entry point with upside potential
A unique residential offering at an attractive entry point with upside potential Prime residential selling prices in Greece stand well below vs. other Metropolitan cities in Europe* Hong Kong 39,1 New York 25,3 Geneva 25,1 Shanghai 20,4 Tokyo 19,2 London 18,9 Little Athens Residential Sydney 18,0 Av
Slide 15: Why invest in LAMDA?
Why invest in LAMDA? The platform to capitalize on positive country macro fundamentals Investment Assets Development Assets Malls & Other portfolio assets The Ellinikon ✓ #1 player in Malls in Greece ✓ Europe's pioneering 15- ✓ Self-financed with already minute, green, smart, c€1.5bn secured proceed
Slide 16: Malls: A compelling value and growth play
O3 Malls A compelling value and growth play | 16
Slide 17: 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 and entertainment center in Greece The most premium shopping and leisure center in Greece Designed to become the Mall of the Fu
Slide 18: Best ever profitability in the Malls' history
Operating Malls 2023 Financial results Best ever profitability in the Malls’ history Record high Retail EBITDA 81 Incl. Designer Outlet Athens €9m €m Record high Tenant Sales 823 Record high GAV €m Incl. 2 Ellinikon Malls €336m 1.5 €bn Rent Collection c100% Record high NAV 0.9 Occupancy Incl. 2 Elli
Slide 19: Achieving new record high EBITDA and poised for strong growth outlook
Operating Malls Achieving new record high EBITDA and poised for strong growth outlook EBITDA (€m) +5.4% +18% CAGR 2014-19 81 Retail EBITDA 9 Designer Outlet1 69 Greek 64 COVID 4 Macro Crisis 21 1 Med. Cosmos 49 19 19 45 13 37 21 Golden Hall 17 14 19 13 11 13 10 29 27 31 24 The Mall Athens 15 19 2014
Slide 20: Uniquely positioned to exploit the upside opportunity in the Greek market
LAMDA MALLS Group Uniquely positioned to exploit the upside opportunity in the Greek market Greece has the lowest Shopping Centres density in Europe Norway 857 Finland 464 High barriers to entry for new competitors (lack of sizeable plots and complicated permitting process) Sweden 380 Spain 248 Prol
Slide 21: The undisputed leader in prime retail assets in Greece
LAMDA MALLS Group The undisputed leader in prime retail assets in Greece Top Parks Piraeus 12,8 GLA (‘000 sqm) One Salonica 13,3 Thessaloniki (c1m population) Athens Heart 18,4 Existing: 207 Riviera Galleria 19,0 326 Ellinikon: 119 Fashion City 20,0 Larisa (c150k population) Designer Outlet 23,5 Pee
Slide 22: Conservative asset valuation offers significant premium 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% 7,4% Malls1 6,0% 4,2% 4,0% 10-year 3,5% 3,5% GGB 2,6% 1,3% 0,9% 2017 2018 2019 2020
Slide 23: Conservative asset valuation limits potential downside risk
LAMDA MALLS Group Conservative asset valuation limits potential downside risk Prime Malls Yields1 in relevant countries Spain Italy 7,3% +180bps 7,4% +65bps 7,4% +40bps 7,0% 6,8% 6,8% 6,8% 5,5% 5,0% 2019 2023 June-24 1. Yield for LAMDA MALLS represents the weighted average (weighted by GAV) Exit Yie
Slide 24: The Ellinikon Mall
The Ellinikon Shopping & Entertainment Destinations The Ellinikon Mall Designed to become the Mall of the Future – A hybrid experiential mall HoT (% GLA) Completion 63% 2027 1.5x larger vs. 100,000 c350 Aedas Mace-Jacobs The Mall Athens sqm GLA stores Lead Architect Project Management Data for signe
Slide 25: Riviera Galleria
The Ellinikon Shopping & Entertainment Destinations Riviera Galleria Designed to become one of the best premium boutique retail developments in Europe HoT (% GLA) Completion 69% 2026 19,000 100 Kengo Kuma Mace-Jacobs METKA sqm GLA stores Lead Architect Project Management Contractor Data for signed H
Slide 26: Commercial Leasing Progress
The Ellinikon Shopping & Entertainment Destinations Commercial Leasing Progress Outstanding commercial leasing progress almost 3 years ahead of opening Agreed/Signed Heads of Terms (% of GLA) GLA (sqm) Target August 2024 End-2024 The Ellinikon Mall 100,0001 63% 70% Riviera Galleria 19,000 69% 80% 1.
Slide 27: Project Development Funding
The Ellinikon Shopping & Entertainment Destinations Project Development Funding The Ellinikon Mall & Riviera Galleria (2022-2027) Uses Sources Building CAPEX 656 Own Equity 271 Land & Infrastructure 263 Bank Debt 575 Other Costs 133 Other Funding 206 (financing, marketing, etc.) Total 1,052 Total 1,
Slide 28: The Ellinikon: A unique development at an inflection point
O4 The Ellinikon A unique development at an inflection point | 28
Slide 29: Europe's pioneering 15-minute, green, smart, coastline city-within-a-city
Europe's pioneering 15-minute, green, smart, coastline city-within-a-city Land GBA The Ellinikon Park Coastline & Beach Phase I Revenues 6.2m sqm 2.7m sqm 2m sqm 3.5 km €3.3bn | 29
Slide 30: Master Plan
Master Plan Residential Education / R&D / Alternative Residential Hospitality Healthcare Commercial – Retail Sports Commercial – Offices Metropolitan Park Public Open Spaces Listed Buildings 1. Building for Associations of 14. Health Park People with Disabilities 15. Integrated Resort Complex (AMEA)
Slide 31: A Unique Master Plan & Location
Α Unique Master Plan & Location 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 Edu
Slide 32: Phase I
O4.1 Phase I Project Overview | 32
Slide 33: Phase I Project Overview
Phase I Project Overview Residential Office Park Phase I (2021-2027) PwD Mixed-Use Tower Other Developments Education The Ellinikon Mall Phase I (2021-2027) Experience Park & Experience Centre Retail Park 3rd parties' developments Sports Education / Residential / Healthcare Residential Complex Offic
Slide 34: The Project in numbers
O4.2 The Project in numbers | 34
Slide 35: Residential Sales Progress
Residential Sales Progress 72% of the Little Athens units placed to the market are reserved; Coastal Front units are sold-out Units Contract Value (€m) SPAs & Update as of Placed to the Total Cash Total Reservation 30 August 2024 market Proceeds to-date Phase I Agreements Riviera Tower 173 173 300 6
Slide 36: Phase I Residential Developments
Phase I Residential Developments Estimated Gross Profit: €0.9bn Residential to be gradually placed to the market Coastal Front projects sold-out from H2 2023 Riviera Cove Cove Park Rise Mainstream Mainstream Neighborhood Tower Villas Residences 50m Posidonos Alimos Retail Total Metric GSA ‘000 sqm 4
Slide 37: Phase I Estimated Net Cash Flow generation: €0.6bn
Phase I Estimated Net Cash Flow generation: €0.6bn A self-financed project, despite heavy upfront investment, on the back of a successfully tested Residential “Design-Sell-Build” model in €bn Units gradually Phase I Phase I placed to the market since 3,3 1,4 FY2023 FY2023 Q4 2023 0,3 Coastal Front r
Slide 38: Other Phases Estimated Net Cash Flow generation: €1.7bn
Other Phases (2027-2037) Estimated Net Cash Flow generation: €1.7bn Significant embedded value in the Residential projects in €bn 0,8 0,2 6,0 10,3 9,3 0,8 0,4 0,6 0,8 1,7 Residential Other1 Land Plot Total Residential Infrastructure Land General Tax & Net Cash Sales Inflows & Park Acquisition Expens
Slide 39: The Ellinikon Estimated Cash Flow Generation
The Ellinikon Estimated Cash Flow Generation Significant embedded value from the Ellinikon anticipated cash flow generation Net Cash Flow after Tax Present Value end-2026 in €bn Nominal Value (8% discount rate) Phase I (2021-2026) 0.6 0.6 Other Phases (2027-2037) 1.7 1.2 The Ellinikon 2.3 1.8 €1,000
Slide 40: Risks & Mitigation
O4.3 Risks & Mitigation | 40
Slide 41: De-risked business model focusing on self-sustainable growth
De-risked business model focusing on self-sustainable growth Construction cost increase mitigants “Guaranteed Maximum Price” (GMP) contract with Contractors • Riviera Tower Bouygues – Intrakat JV • The Ellinikon Mall Rizzani de Eccher – AVAX JV Construction kick-off at advanced Design stage • Ensure
Slide 42: 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-June 2024 c€3m ✓ €0.2bn committed, currently undrawn credit lines (excl. Ellinikon Malls) 30.06.2024 Group Bo
Slide 43: Conclusion
O5 Conclusion | 43
Slide 44: The Development Cycle: Critical milestones achieved so far
The Development Cycle Critical milestones achieved so far A prolonged period of value build-up has been completed, leading to exceptional Residential Pre-Sales and significant progress of Construction Works SPA Signing Funding Organization build up Construction Tenders: Sales • Rights Issue • Bouygu
Slide 45: Sustainability Strategy Pillars
Sustainability Strategy Pillars Decarbonization Circularity People & Prosperity Transition to net zero and build Achieve net zero water and waste Create economic value, accelerate Ambition resilience to a changing climate social vitality and engage people Energy- Net Zero Climate Design out Keep pro
Slide 46: Value-adding Development Strategy
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 & Residential
Slide 47: The path towards 2026: Group Cash & Debt Evolution
The path towards 2026 Group Cash & Debt Evolution in €bn Group Cash Group Debt* Ellinikon: €0.6bn €0.2bn payment to Peak of Residential Sales the Greek State (2nd instalment) Peak of Resi & Infra CAPEX 1,7 0,7 1,4 0,5 1,1 1,2 0,4 0,3 2023 2024 2025 2026 2023 2024 2025 2026 * No HELLINIKON S.M.S.A. l
Slide 48: The path towards 2026-2027: Ellinikon Key Drivers
The path towards 2026-2027 Ellinikon Key Drivers • Greece is poised for sustained macroeconomic growth • Real Estate market is rebounding after a prolonged under-investment period Favorable micro & • Athenian Riviera is the prime focal point of the real estate resurgence macro fundamentals • Interna
Slide 49: Why invest in LAMDA?
Why invest in LAMDA? The ultimate real estate platform to capitalize on: • positive Greek macro fundamentals and • rebounding real estate sector after years of underinvestment Unlocking the value of a Significant NAV appreciation unique Malls portfolio potential Further upside potential via a unique
Slide 50: Appendix
O6 Appendix | 50
Slide 51: Shareholders
O6. | Nalelis)are)lelsiss
Slide 52: Shareholders Structure
Shareholders Structure Foreign Institutionals 20,6% Treasury Shares Greek Institutionals LAMDA: GA 0,8% 6,5% Shares Outstanding: 176,736,715 Retail 6,6% Aegean Airlines 1,7% EBRD 1,8% G. Prokopiou 2,0% CLH (Latsis Group) 43,7% Brevan Howard & Partners 6,4% Voxcove Holdings 10,0% Data as of 31.08.202
Slide 53: Corporate Governance
O6.2 Corporate Governance | 53
Slide 54: 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 • Procurement • Chair is independent, non-executive with distinct rol
Slide 55: Macroeconomic & Market Fundamentals
O6.3 Macroeconomic & Market Fundamentals | 55
Slide 56: Greece is poised for sustained macroeconomic growth
Greece is poised for sustained macroeconomic growth Real GDP growth (% y-o-y) Total Investment (% of GDP) 24% Greece 2,7% 23% 14% 2,5% Euro Area 22% 22% 22% 2,0% 2,0% 22% 1,9% Greece US 21% 22% 21% 21% 1,9% US 10-year avg 1,5% Euro Area (2014-2023) 0,8% 0,4% 17% 2023 2024e 2025e 2023 2024e 2025e Sou
Slide 57: Greek Real Estate Market fundamentals underpin future growth
Greek Real Estate Market fundamentals underpin future growth Net FDI in Greek real estate LAMDA MALLS vs High Street Retail in €m 8% Yield Rent €/sqm/month 2.133 LAMDA 7,4% 43 1.975 Kifisia 6,5% 110 1.450 1.128 1.176 Kolonaki 6,4% 105 875 Glyfada 6,0% 150 180 Ermou 5,3% 290 2006-17 2018 2019 2020 20
Slide 58: 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 59: Offices & Retail Units in Athens
Greek Real Estate Offices & Retail Units (high-street retail) in Athens Offices Price Retail Units Price index 2007=100 index 2007=100 +46% 101 +37% 100 95 93 89 86 86 84 82 84 80 76 Historic Historic low low 70 74 69 73 2016 2017 2018 2019 2020 2021 2022 2023 2016 2017 2018 2019 2020 2021 2022 2023
Slide 60: Residential Real Estate Market
Residential Real Estate Market Solid growth outlook following a prolonged under-investment period Key drivers Selling price increases in the Southern Housing 7% growth • Sizeable stock of household financial saving Athens area, where The Ellinikon is Price Index per annum1 • Increasing real disposab
Slide 61: The Ellinikon
O6.4 The Ellinikon | 61
Slide 62: A Unique Location
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 ELLINIKON
Slide 63: 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 64: Working with world-class advisors and expert partners
Working with world-class advisors and expert partners to mitigate execution risks While having lined-up all our partners to quickly move to the execution phase of the project CONTRACTORS • Bouygues-Intrakat JV • Rizzani de Eccher-AVAX JV • AVAX • METKA – Intrakat JV • EKTER ARCHITECTS & DESIGNERS OT
Slide 65: Phase I Cash Inflows
Phase I Cash Inflows Total Cash Proceeds build-up in €bn 3,3 3,3 Total 0,7 0,1 2,4 0,2 2,3 Residential 0,6 1,5 0,2 0,1 0,4 0,9 0,1 0,3 Other (IRC) 0,4 0,3 0,1 Land Plot Sales & 0,8 JVs 0,1 0,2 2022 2023 2024 2025 2026 Total | 65
Slide 66: Phase I Cash Inflows: estimated proceeds at end-2024
Phase I Cash Inflows €0.9bn estimated total proceeds from property sales at end-2024 Cumulative Cash proceeds Target 30 August 2024 in €bn 31.12.2024 Residential1 0.64 0.7 Land Plot Sales/Leases & Other2 0.14 0.2 Sub-TOTAL 0.78 0.9 Ellinikon Malls (intragroup land plot sale) 0.19 0.2 TOTAL 0.96 1.1
Slide 67: Phase I Residential Sales
Phase I Residential Sales €639m cumulative cash proceeds from project start until end-August 2024 in €m Cumulative Cash proceeds Total Cash Total Contract Signed SPAs Deposits1 30 August 2024 Proceeds to-date Value Phase I Riviera Tower 298 2 300 626 Coastal Front The Cove Villas 199 2 201 211 The C
Slide 68: 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 Build-to- Rent JV Park Rise Mainstream Posidonos The Cove Villas Riviera Tower The Cove Residences | 68
Slide 69: JVs and Land Plots Sales/Leases
JVs and Land Plots Sales/Leases MIXED-USE TOWER Brook Lane Capital JV OFFICE TOWER & OFFICES Land Sale Land Sale RESIDENTIAL HIGHER EDUCATION Land Sale SPA process Land Sale EDUCATION CGS at The Ellinikon Land Lease EDUCATION/RESIDENTIAL/OFFICES Mr. George Prokopiou RETAIL PARK HEALTHCARE Land Sale
Slide 70: Residential Land Plot Sales (July 2024)
Residential Land Plot Sales (July 2024) c€106m total gross proceeds; selling price c4x the book value • 5 distinct urban blocks of total c51k sqm permitted buildable area (GFA) for Residential • Urban development area A-U3 (close to the Commercial Hub and The Ellinikon Mall) • Land plots ranging fro
Slide 71: Residential Land Plot Sales (July 2024)
Residential Land Plot Sales (July 2024) The Ellinikon Mall Vouliagmenis Ave Metro Station Mixed-Use Tower Experience Centre Retail A-U 3.12 Park A-U 3.11 Experience Sports Park Complex A-U 3.2 A-U 3.9 A-U 3.10 Building Plot Area Permitted GFA Max Plot Buyer Plot Coefficient (‘000 sqm) (‘000 sqm) Cov
Slide 72: Land Plot Sales to Mr. George Prokopiou (September 2024)
Land Plot Sales to Mr. George Prokopiou (September 2024) c€120m total gross proceeds; selling price c3x the book value • Total maximum allowed buildable area: 85,658 sqm ▪ Residential: 30,000 sqm ▪ Education: 20,000 sqm ▪ Offices: 35,658 sqm Property Glyfada Land Golf Club Plots • Highlights the “hi
Slide 73: Integrated Resort Complex (IRC)
Integrated Resort Complex (IRC) Targeted monetization by end-2025 Counterparty HARD ROCK-GEK TERNA JV (Developer) (IRC HELLINIKON) Agreement Land Agreement type (Signed in Sep. 2022) Land lease Long-term lease (30 years) Integrated Resort Complex (IRC) Project type (the first of its kind in continen
Slide 74: Mixed-Use Tower (MUT) 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%) Land Plot €39m Purchase Cost (26.1k sqm land plot area) Mixed-Use Tower (MUT) Project type (150m landmark building, 40 floors) Total Projec
Slide 75: Progress of Works Visuals
O6.5 The Ellinikon Progress of Works Visuals | 75
Slide 76: Riviera Tower
Riviera Tower Concreting Works in progress: 8th level Core Structures & 4th level Slabs Lead Architect Foster + Partners Project Management Hill International Contractor Bouygues – Intrakat | 76
Slide 77: Riviera Tower Foundation Works
Riviera Tower Foundation Works The largest continuous concreting process ever in Greece Oct 2023 • Over 40 consecutive hours of concreting • 7,500 cubic meters of concrete • 1,760 tons of steel reinforcement | 77
Slide 78: The Cove Residences
The Cove Residences Plots 5-6: Early works construction package close to completion (buildings’ structural frame) (total: 7 buildings) Plots 7-8: Concreting works in progress on the ground and 1st floor slabs (total: 14 buildings) Lead Architects Bobotis / ISV Project Management Hill International C
Slide 79: Park Rise (BIG) & Pavilion Terraces
Park Rise (BIG) & Pavilion Terraces (Mainstream Posidonos) Park Rise (BIG) Pavilion Terraces (Mainstream Posidonos) Excavations almost completed; Early Works Contractor to Demolitions completed in August; Early Works (excavations commence concrete works/foundations etc) to commence in September Lead
Slide 80: Promenade Heights / Atrium Gardens / Trinity Gardens
Promenade Heights / Atrium Gardens / Trinity Gardens (Mainstream Alimos) Promenade Heights Atrium Gardens / Trinity Gardens Excavations completed; Early Works started in August; Excavations completed; Early Works Contractor to be foundation slab concreting ongoing (35% to date) mobilized in Septembe
Slide 81: The Ellinikon Mall
The Ellinikon Mall Excavations to be completed in Sep-2024; 96% of total volume has been excavated Lead Architect Aedas Project Management Mace – Jacobs Contractor Early Works AKTOR | 81
Slide 82: Riviera Galleria
Riviera Galleria Excavation works & demolitions commenced in July 2024; 15% of total volume has been excavated Lead Architects Kengo Kuma / BETAPLAN Project Management Hill International Contractor METKA | 82
Slide 83: The Ellinikon Sports Park
The Ellinikon Sports Park Ongoing concrete casting and finishing works on the 3 main buildings Project Management Hill International Contractor METKA – INTRAKAT | 83
Slide 84: Posidonos Underpass
Posidonos Underpass 83% of excavations & 71% of concrete casting completed to date Completion End 2025 Project Management Hill International Contractor AVAX | 84
Slide 85: Other Infrastructure Works
Other Infrastructure Works Trachones Stream The Ellinikon Mall Underpass 96% of excavations and 86% of concreting 90% of excavations and 32% of concreting Completion End 2024 Project Management Hill International Project Management Hill International Contractor AVAX Contractor AVAX | 85
Slide 86: Residential Developments
O6.6 The Ellinikon Residential Developments | 86
Slide 87: Coastal Front Residential Developments
The Ellinikon Coastal Front Residential Developments All Coastal Front units have been secured by buyers €1.1bn of Contractual Value achieved to date The Cove Villas 27 100% Units of the units under SPA or final stage of Riviera Tower negotiation 173 The Cove Residences Units 100% 115 100% of the un
Slide 88: Little Athens Residential Developments
Little Athens Residential Developments 5 New Developments consisting of almost 460 mid-scale to luxury apartments have been launched as part of the “Little Athens” neighborhood Park Rise Pavilion Terraces Promenade Heights Atrium Gardens Trinity Gardens | 88
Slide 89: Little Athens Product Launches
Little Athens Product Launches 72% of the units placed to the market have been reserved by buyers (end-August 2024) Mainstream Posidonos Mainstream Alimos Park Rise (50m) Pavilion Terraces Promenade Heights Atrium Gardens Trinity Gardens Renderings Project Location Architect Bjarke Ingels Group (BIG
Slide 90: Investment Assets: LAMDA MALLS Group & Marinas
O6.7 Investment Assets LAMDA MALLS Group & Marinas | 90
Slide 91: Malls & Marinas
Malls & Marinas A top-quality portfolio with unmatched footprint in the Greek market Mediterranean Designer Outlet Ellinikon Malls The Mall Athens Golden Hall The Ellinikon Mall Flisvos Marina Cosmos Athens Riviera Galleria Greece’s first exclusive The largest2 shopping & The most premium The larges
Slide 92: Operating Malls Key Performance Metrics FY2023
Operating Malls Key Performance Metrics FY2023 New record high Retail EBITDA Tenant Sales GAV 4 Malls €81m €823m €1.1bn Retail EBITDA Tenant Sales Footfall FY2023 vs. 2022 +18% +18% +17% 1. Designer Outlet Athens was acquired in early August 2022. FY2022 EBITDA included Designer Outlet for c.5 month
Slide 93: Operating Malls Key Performance Metrics H1 2024
Operating Malls Key Performance Metrics H1 2024 New record high (H1 basis) Retail EBITDA Tenant Sales GAV 4 Malls €44m €375m €1.1bn Retail EBITDA Tenant Sales Footfall H1 2024 vs. 2023 +8% +6% +2% | 93
Slide 94: Operating Malls Key Performance Drivers
Operating Malls Key Performance Drivers Inflation Indexed Strong Leasing Activity Strong growth in Net Base Rents (Re-lettings & Renewals) Tenants’ Sales +20% 1 +7% +4% +16% +18% +6% vs. 2022 vs. H1 2023 FY2023 H1 2024 vs. 2022 vs. H1 2023 Greek CPI plus 1% – 2% margin annualised effect to base rent
Slide 95: Operating Malls lease duration
Operating Malls An attractive lease duration to support long-term rental growth Cumulative Lease Expiry (% of Net Rental Income) Net Rental Income1 WAULT2 65% €91m 5.1 years 57% H1 2024 Re-lettings/Renewals Signed 53% of contracts expiring in 2024 46% 16% higher annualized rental income 34% 18% 2024
Slide 96: LAMDA MALLS Group Key Financials
LAMDA MALLS Group Key Financials EBITDA (in €m) FY2023 FY2022 H1 2024 H1 2023 The Malls Athens 30.6 26.9 16.0 15.1 Golden Hall 20.6 19.1 11.7 10.6 Med. Cosmos 20.9 19.0 10.8 9.6 Designer Outlet Athens1 9.1 3.7 5.2 5.2 Retail EBITDA 81.2 68.8 43.6 40.5 Ellinikon Malls2 (7.2) (1.2) (3.7) (2.6) Malls P
Slide 97: LAMDA MALLS Group Key Financial Metrics
LAMDA MALLS Group Key Financial Metrics Net Debt / (Cash) (in €m) 30.06.2024 31.12.2023 31.12.2022 4 Operating Malls 478 501 517 Ellinikon Malls1 (31) (46) (40) HoldCo & Malls Property Management2 (3) (49) (13) LAMDA MALLS Group 444 405 464 Net LTV3 30% 28% 35% 1. Includes: The Ellinikon Mall, Rivie
Slide 98: LAMDA MALLS Group Assets Valuation (GAV)
LAMDA MALLS Group Assets Valuation (GAV) vs. 2023 2% Group 1.485 1.459 0% Ellinikon Malls 336 336 2% Operating Malls 1.149 1.123 30.06.2024 31.12.2023 | 98
Slide 99: LAMDA MALLS Group corporate structure
LAMDA MALLS Group Corporate structure following completed corporate transformation LAMDA MALLS S.A. 100% 100% 100% 100% 100% 100% MALLS DESIGNER OUTLET ELLINIKON MALLS THE MALL ATHENS LAMDA DOMI PYLEA MANAGEMENT ATHENS HOLDING S.M.S.A. S.M.S.A. S.M.S.A. S.M.S.A. SERVICES (MMS) S.M.S.A. S.M.S.A. 100%
Slide 100: Marinas
Marinas A record-breaking performance across all metrics Flisvos Marina Agios Kosmas Marina 310 100% 337 100% berths occupancy berths occupancy FY2023 H1 2024 Revenues €29m + 6% €15m +13% vs. 2022 vs. H1 2023 30% of Sector +5% +9% Revenue EBITDA1 €18m vs. 2022 €10m vs. H1 2023 1. EBITDA including IF
Slide 101: Group Financials
O6.8 Group Financials | 101
Slide 102: Portfolio of Assets
Portfolio of Assets Key growth drivers: Malls and Ellinikon revaluation in €m 30.06.2024 31.12.2023 Notes The Ellinikon IRC, Retail, Sports & Leisure 622 625 Assets measured at Fair Value (independent valuer: Savills) (Investment Property) Residential (Inventory) 971 1,014 Assets captured at cost, i
Slide 103: Consolidated Balance Sheet Summary
Consolidated Balance Sheet Summary (in €m) 30.06.2024 31.12.2023 Notes: 30.06.2024 Investment Property 2,117 2,068 Ellinikon €622m, Malls & other properties €1,494m (incl. Ellinikon Malls) Fixed & Intangible Assets 103 103 Ellinikon €40m, Flisvos Marina €54m Total Ellinikon (excl. Ellinikon Malls) I
Slide 104: Key Financial Metrics (Group)
Key Financial Metrics (Group) (in €m) 30.06.2024 31.12.2023 31.12.2022 Notes & definitions: Alternative Performance Measures (APM) Free Cash 524 464 516 Restricted Cash (Short & Long Term) 32 24 178 Total Cash 555 488 694 Total Debt 1,721 1,705 1,863 = Borrowings + Lease Liability + PV Transaction C
Slide 105: NAV Pillars
NAV Pillars June 2024 Development Investment Other Assets Assets Parent LAMDA MALLS Group2 Company The Other TOTAL Net Debt, Ellinikon1 Ellinikon Operating Properties3 30.06.2024 Minority, Malls Malls Other4 941 NAV (€m) 398 294 647 100 (41) 1,398 5.34 NAV per share5 2.26 1.67 3.68 0.57 (0.24) 7.94
Slide 106: Independent Valuation Sensitivity Analysis
O6.9 Independent Valuation Sensitivity Analysis | 106
Slide 107: Operating Malls Valuation sensitivity analysis
Operating Malls Valuation sensitivity analysis1 in €m DCF discount rate +/- 0.25% 30.06.2024 (€m) The Mall Athens 8.45% 8 Golden Hall 9.15% 5 2% GAV Med. Cosmos 9.50% 3 of GAV 30.06.2024 Designer Outlet Athens 9.10% 2 The Mall Athens 489 3% Total Malls2 8.91% 18 of NAV Golden Hall 305 Med. Cosmos 21
Slide 108: Ellinikon Malls Valuation sensitivity analysis
Ellinikon Malls Valuation sensitivity analysis1 in €m DCF discount rate -0.25% +0.25% 6% 6% 10.40% - 10.75% 19 (18) of GAV of NAV Exit yield -0.25% +0.25% 7.0% - 7.5% 15 (14) 5% 5% GAV of GAV of NAV 30.06.2024 Ellinikon Malls The Ellinikon Mall 336 +12 months Riviera Galleria Timing impact (13) 4% 4
Slide 109: Ellinikon Investment Property Valuation sensitivity analysis
Ellinikon Investment Property Valuation sensitivity analysis1 in €m DCF discount rate -0.25% +0.25% 5% 7% 6.6% - 11.5% 29 (28) of GAV of NAV Exit yield -0.25% +0.25% 4.25% - 8.50% 22 (20) 4% 5% GAV of GAV of NAV 30.06.2024 IRC, Retail, Sports & Leisure 622 +12 months (Investment Property) Timing imp
Slide 110: 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