Slide 1: Corporate Presentation
September 2025 Corporate Presentation
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 2025. This document contains certain forward-looking statements pertaining to the Company and its
Slide 3: Contents
Contents Group Overview page 4 Malls – A unique blend of value and growth page 8 Marinas – A growing segment with strong fundamentals page 16 The Ellinikon – A unique development with significant hidden value page 19 Economic Update page 32 Appendix page 37 | 3
Slide 4: LAMDA Development Group Overview
1 LAMDA Development Group Overview | 4
Slide 5: Greece's leading real estate platform
LAMDA Development Greece’s leading real estate platform with a premier, diversified portfolio 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 green, smart, coastline city-with
Slide 6: NAV Pillars
NAV Pillars Company NAV above €1.5bn and MALLS NAV above €1.2bn mark Development Investment Other Assets Assets Parent LAMDA MALLS Group2 Company The Other Net Debt, TOTAL Ellinikon1 Ellinikon Operating Properties3 30.06.2025 Minority, Malls Malls Other4 1,202 NAV (€m) 385 409 794 65 (68) 1,585 7.00
Slide 7: 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 share1 (30.06.2025) € 9.22/share Cost of Land & Infra € 800/sqm Implied “hidden” value € 7.5/share Implied “hidden” value € 1,450/sqm from unsold residential plots Availab
Slide 8: Malls: A unique blend of value & growth
2 Malls A unique blend of value & growth | 8
Slide 9: 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 10: Record-high profitability in the Malls' history
Operating Malls FY 2024 Performance Record-high profitability in the Malls’ history Record high Retail EBITDA for 2024 €88m Further improvement to €45m for 1H 2025 Record high Tenant Sales 865 Record high GAV €mn 1.7 €bn Rent Collection c100% Record high NAV 1.2 Occupancy 99% €bn | 10
Slide 11: Operating Malls: Achieving record EBITDA
Operating Malls Achieving record EBITDA and set for strong growth outlook EBITDA (€m) +9% +5.4% Retail EBITDA CAGR 2014-19 +18% 88 81 10 Designer Outlet1 Greek Economic Crisis COVID Shock 9 69 Med. Cosmos 64 4 22 21 49 19 19 Golden Hall 45 13 24 37 21 17 14 19 13 11 13 The Mall Athens 10 29 31 32 24
Slide 12: The clear market leader in prime retail assets in Greece
The clear market leader in prime retail assets in Greece 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 20,0 Larisa Designer Outlet 21,5 307 Peers Thessalo
Slide 13: Competing in a Highly Undersupplied, High-Barrier Market
Competing in a Highly Undersupplied, High-Barrier Market Norway 857 Greece has the lowest shopping centre density Finland 464 in Europe Sweden 380 Spain 248 Italy 229 High barriers to entry for new competitors Shopping Malls’ density (GLA sqm per 1,000 people) (limited large plots and complex permit
Slide 14: The Ellinikon Mall
The Ellinikon Retail & Entertainment Destinations Outstanding commercial leasing progress 3 years ahead of opening Construction Completion 350 64% stores Agreed (Heads of Terms) End of 2028 The Ellinikon Mall | 14
Slide 15: Riviera Galleria
The Ellinikon Retail & Entertainment Destinations Outstanding commercial leasing progress 3 years ahead of opening Construction Completion 100 78% stores Agreed (Heads of Terms) End of 2026 Riviera Galleria | 15
Slide 16: Marinas: A Growing Segment with Strong Fundamentals
3 Marinas A Growing Segment with Strong Fundamentals | 16
Slide 17: Marinas: Another 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% Further improvement to €17m (+8% yoy) for 1H 2025 vs. 2023 EBITDA1 €19m +8% Further improvement to €10m (+2% yoy) for 1H 2025 vs. 2023
Slide 18: 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. | 18
Slide 19: The Ellinikon Project
The Ellinikon Project 4 A unique development with Significant Hidden Value | 19
Slide 20: 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 GFA The Ellinikon Park Coastline & Beach Secured Proceeds to date 6.2m sqm 2.7m sqm 2m sqm 3.5 km €2.2bn | 20
Slide 21: 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 22: 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 23: The Ellinikon Phase I Projects
The Ellinikon Phase I Projects Residential ION R&D Centre PwD Mixed-Use Tower Other Developments The Ellinikon Mall Education ION Resi Campus 3rd parties Residential Experience Park & Education/Offices/Resi Experience Centre (Prokopiou) Sports Complex Healthcare Little Athens Build-to-Rent Posidonos
Slide 24: The Ellinikon Residential Progress of Sales
The Ellinikon | Residential Progress of Sales All Coastal Front units have been sold-out Total Contractual Value of € 1.4 bn The Cove Villas 27 100% Units Of the units under SPA or final stages of Riviera Tower negotiation 173 The Cove Residences Units 100% 115 100% Of the units Units Of the units u
Slide 25: Little Athens Sales Progress
Little Athens Sales Progress (6 projects) 93% of the units placed in the market have been sold or reserved Mainstream Mainstream Alimos Park Rise Posidonos (50m) Promenade Sunset Groves Pavilion Terraces Atrium Gardens Trinity Gardens Heights (1 of 2 projects)1 Renderings Project Location Bjarke Ing
Slide 26: The Ellinikon Cash Inflows Progress
The Ellinikon Cash Inflows Progress Cumulative Cash Proceeds 31.12.2024 30.06.2025 25.08.2025 in €bn Residential1 0.73 0.91 0.95 Land Plot Sales/Leases1 0.34 0.40 0.40 Sub-TOTAL 1.07 1.31 1.36 Total contract value of units launched to date is €1.77bn Therefore €0.8bn of remaining2 contract value, fr
Slide 27: Cash Inflow History & Anticipated Collections in 2025
Cash Inflow History & Anticipated Collections in 2025 €0.55bn anticipated cash collections in 2025 in €bn H1 2025 2025 Collections Collections Total 0.2 0.552 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
Slide 28: Buildings & Infrastructure CAPEX History & Anticipated CAPEX
Buildings & Infrastructure CAPEX History & Anticipated CAPEX for 2025 €0.5bn estimated CAPEX in 2025 H1 2025 2025 in €bn CAPEX CAPEX 0.2 0.53 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
Slide 29: Residential Projects – Coastal Front
Residential Projects – Coastal Front Riviera Tower Cove Residences Plots 5-6: Early works completed and main works in progress Plots 7-8: Early works and main works in progress Concreting works: 31st level Core Structures & 28th level Slabs | 29
Slide 30: Residential Projects – Little Athens
Residential Projects – Little Athens Promenade Heights Park Rise (BIG) Plot 6.9: Concreting completed / Plot 6.10: 90% of concreting completed 4th floor concreting works in progress Atrium & Trinity Gardens Sunset Groves (1 of 2 plots) Superstructure concreting works in progress Concreting works in
Slide 31: Other Projects
Other Projects Riviera Galleria The Ellinikon Sports Park 66% of concreting works for all buildings completed to date Track and field facility to be handed over within September Posidonos Underpass The Ellinikon Mall Underpass 91% of excavations & 83% of concrete casting completed to date 100% of ex
Slide 32: Economic Update
4 Economic Update | 32
Slide 33: Greece: Positioned for Sustainable Growth
Greece: Positioned for Sustainable Growth 2024 GDP expanded by 2.3%, significantly outpacing the euro area (+0.9%) and Performance demonstrating resilience against global headwinds. Strong medium-term prospects with GDP projected at +2.3% in 2025 and +2.2% in 2026, GDP Outlook consistently above EU
Slide 34: Greece Emerges as a Capital Magnet for Real Estate
Greece Emerges as a Capital Magnet for Real Estate Strong FDI Inflows and Record Golden Visa Demand Drive Investment Momentum Top 5 Net Capital Inflows for Real Estate Top 10 Golden Visa Investor Permits in 2024 2000 100.000 China Cyprus EUR mn 1750 France Germany Number of Permits 85.417 Israel Lux
Slide 35: Athens Residential Property Market
Athens Residential Property Market Building activity is steadily recovering after a prolonged period of under-investment period Apartment Price Index (Base year: 2007) Average Residential Prices (EUR/sqm) 120 Total Athens Thessaloniki Rest of Greece €10.000 110 2024 H1-2025 100 €8.000 7.713 7.615 90
Slide 36: Building activity gradually rebounding
Building activity gradually rebounding following a prolonged under-investment period Building permits for new dwellings show steady growth New vs Old Apartments (Base year: 2007) 140.000 120,0 Total New Dwellings Up to 5 Years Old Total Habitable Rooms Over 5 Years 120.000 110,0 100.000 100,0 80.000
Slide 37: Appendix
5 Appendix | 37
Slide 38: Portfolio of Assets
Portfolio of Assets Key growth drivers: Malls and Ellinikon revaluation in €m 30.06.2025 31.12.2024 Notes The Ellinikon IRC, Retail, Sports & Leisure 673 627 Measured at Fair Value (independent appraisal by Savills) (Investment Property) Booked at cost, incl. land, infrastructure and construction co
Slide 39: Consolidated Balance Sheet Summary
Consolidated Balance Sheet Summary in €m 30.06.2025 31.12.2024 Notes: 30.06.2025 Investment Property 2,377 2,179 Ellinikon €673m, Malls (incl. Ellinikon Malls) & other properties €1,036m Fixed & Intangible Assets 115 110 Ellinikon €49m, Flisvos Marina €53m Total Ellinikon €1,644m Inventory 928 957 E
Slide 40: Key Financial Metrics (Group)
Key Financial Metrics (Group) in €m 30.06.2025 31.12.2024 Alternative Performance Measures (APM) definitions Free Cash 661 642 Restricted Cash (Short & Long Term) 44 37 Total Cash 706 679 Total Debt 1,771 1,754 = Borrowings + Lease Liability + PV Transaction Consideration Adj. Total Debt 2,437 2,432
Slide 41: Malls: A top-quality portfolio with unmatched footprint
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 42: Malls H1 2025 Results Highlights
Malls H1 2025 Results Highlights 4 MALLS Another record-breaking performance Tenants Sales 3% y-o-y • New Record of €389m (H1 basis) Footfall 3% y-o-y • 11.9m visitors in H1 • New Record of €48.8m for H1 Net Base Rents 6% y-o-y • 70% of growth from Inflation Indexation • 30% of growth from Renewals/
Slide 43: Marinas H1 2025 Results
Marinas Breaking new records (H1 basis) for both Revenue (+8% vs 2024) and EBITDA (+2% vs 2024) Revenue in €m EBITDA1 Vs H1-24 Vs H1-24 8% 2% 16,6 15,4 EBITDA 4% 61% 64% 3,7 Total Margin 3,8 Flisvos 10,0 9,8 12% Agios Kosmas 12% 2,1 2,4 Other 12,9 8% 11,6 8,5 7,9 -0,5 -0,4 H1 2025 H1 2024 H1 2025 H1
Slide 44: The Ellinikon H1 2025 Results Highlights
The Ellinikon H1 2025 Results Highlights Ellinikon Liquidity at healthy levels Cash Collections to date1 • Residential: €0.91bn €1.31bn • Land Plot Sales/Leases: €0.4bn (excluding Ellinikon Malls intragroup sale of €0.24bn) Strong Absorption Rate of • Coastal Front: Sold out Residential units • Litt
Slide 45: The Ellinikon Income Statement Snapshot
The Ellinikon Income Statement Snapshot H1 2025 vs H1 2024 H1 2025 H1 2024 235,7 Revenue H1 2025 in €m • Riviera Tower €54m • Little Athens €50m OPEX H1 2025 • Cove Residences €23m • 3rd party & other costs (€16m) • IRC (land lease) €5m • Personnel (€10m) 161,7 • Cove Villas €4m • VAT non-recoverabl
Slide 46: Shareholders Structure
Shareholders Structure Treasury Shares 3,4% G. Prokopiou 2,0% LAMDA: GA Greek Institutional Retail % out of 176,736,715 4,5% EBRD 8,2% 1,8% shares outstanding Aegean Airlines 1,7% Brevan Howard & Partners 8,6% Foreign Institutional CLH (Latsis Group) 25,1% 44,7% Data as of 29.08.2025 | 46
Slide 47: 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