Lamda Development S.a. · ATHEX:LAMDA
Lamda Development — Investor Presentation (November 2024)
111 slides from Lamda Development's investor presentation, November 2024
Slide 1: Corporate Presentation
Corporate Presentation November 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 November 2024. This document contains certain forward-looking statements pertaining to the Company and its G
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 51 | 3
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%) Performance Solid outlook2 (2024: +2.2% & 2025: +2.3%), ahead of EU peers2 (2024: +1% & 2025: +1.6%) GDP Outlook Investment Gra
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 price Incl. SCI €650m 1,4 1,4 (over current base €7,800/sqm) = 1,8 1,2 0,4 €1bn extra cash upside potential 0,4 2026 Malls Organic upside potential from Existi
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 9M 2024 Results Highlights
Group 9M 2024 Results Highlights 155% increase vs. 2023 to Group EBITDA before valuations at €90m1 483% increase vs. 2023 to Adjusted Group Consolidated Net Results2 at €26m Group New Record High Retail EBITDA before valuations at €66m (+7% vs. 2023) for the 4 Operating Malls Malls New Record High E
Slide 13: Significant upside potential from The Ellinikon 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 Assumed Selling Price (GSA) at 2023-24 levels (‘000 sqm) (€‘000/sqm) High-Rise (50m) c500 9.0 Upper Mainstream c300 7.2 En
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 38,0 New York 25,5 Geneva 25,2 Tokyo 20,9 Shanghai 19,7 Sydney 19,2 Little Athens Residential London 18,9 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 & entertainment center in Greece The most premium shopping & leisure center in Greece The largest commercial complex in Greece
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: Operating Malls: Achieving new record high EBITDA
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 One Salonica 13,3 Thessaloniki (c1m population) GLA (‘000 sqm) Athens Heart 18,4 Existing: 179 Riviera Galleria 19,0 298 Fashion City 20,0 Larisa (c150k population) Ellinikon: 119 Designer Outlet 21,5 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 7,4% 7,4% 7,4% 7,4% Malls1 7,3% 7,3% 6,0% 10-year 4,2% 4,0% GGB 3,5% 3,5% 3,4% 2,6% 1,3% 0,9% 2017 2018 2019
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 2-3 years ahead of opening Agreed/Signed Heads of Terms (% of GLA) GLA (sqm) Target October 2024 End-2024 The Ellinikon Mall 100,0001 63% 70% Riviera Galleria 19,000 69% 80%
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 & Retail Park Experience Centre 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 85% of the Little Athens available for sale units have been reserved; Coastal Front units are sold-out Units Contract Value (€m) SPAs & Total Cash Update as of Placed to the Total Reservation Proceeds1 31 October 2024 market Phase I Agreements to-date Riviera Tower 173 173
Slide 36: Phase I Estimated Gross Profit: €0.9bn
Phase I Residential Developments Estimated Gross Profit: €0.9bn Little Athens Coastal Front projects sold-out (1st sales launch for 5 projects: 85% reserved units) Riviera Cove Cove Park Rise Mainstream Mainstream Neighborhood Tower Villas Residences 50m Posidonos Alimos Retail Total Metric GSA ‘000
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 3,3 1,4 9M 2024 9M 2024 market since 0,3 Coastal Front residen
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 0,2 0,8 6,0 10,3 9,3 0,8 0,4 0,6 0,8 1,7 Residential Other 1 Land Plot Total Residential Infrastructure Land General Tax & Net Cash Sales Inflows & Park Acquisition Expen
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 0.6 0.6 Other Phases (2027-2037) 1.7 1.2 The Ellinikon 2.3 1.8 €1,000/sqm = €1bn
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 Bouygues (Early Contractor Involvement – ECI) Construction kick-off at advanced Des
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-September 2024 c€3m ✓ €0.2bn committed, currently undrawn credit lines (excl. Ellinikon Malls) 30.09.2024 Gro
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: €0.5bn €0.2bn payment to Peak of Residential Sales the Greek State (2nd instalment) Ellinikon: €0.2bn 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 HEL
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 • Rebounding real estate market after a prolonged under-investment period Favorable micro & • Athenian Riviera is the prime focal point of the real estate resurgence macro fundamentals • Internatio
Slide 49: The Ellinikon "Hidden" Value: The Residential Land Plot Example
The Ellinikon “Hidden” Value | The Residential Land Plot Example Land Plots for sale assumed price per GFA sqm € 2,100/sqm NAV per Share (30.09.2024) € 7.93/share Cost of Land & Infra € 770/sqm Implied “hidden” value € 1,330/sqm Implied “hidden” value for unsold residential plots € 7/share Available
Slide 50: 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 51: Appendix
O6 Appendix | 51
Slide 52: Shareholders
O6. | Nialelis)are)lelsiss
Slide 53: Shareholders Structure
Shareholders Structure Foreign Institutionals 20,3% Treasury Shares Greek Institutionals 1,6% LAMDA: GA 6,0% Shares Outstanding: 176,736,715 Retail 6,5% Aegean Airlines 1,7% EBRD 1,8% G. Prokopiou 2,0% CLH (Latsis Group) 43,8% Brevan Howard & Partners 6,4% Voxcove Holdings 10,0% Data as of 31.01.202
Slide 54: Corporate Governance
O6.2 Corporate Governance | 54
Slide 55: 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 56: Macroeconomic & Market Fundamentals
O6.3 Macroeconomic & Market Fundamentals | 56
Slide 57: Greece is poised for sustained macroeconomic growth
Greece is poised for sustained macroeconomic growth Real GDP growth (% y-o-y) Total Investment (% of GDP) 2024-29e 2024-29e Average Average 2,9% 25% Greece 2,8% 26% 24% 2,5% US 2,2% 2.2% 23% 22% US 2,3% 2,0% 22% 22% 21% 22% 1,6% 2,0% 2,0% Greece 22% 21% 22% Euro Area 1,7% 1.7% 21% 1,6% 21% 21% 21% 1
Slide 58: 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% y-o-y Yield Rent €/sqm/month 2.133 LAMDA 7,4% 45 1.975 4% Kifisia 6,5% 110 1.450 y-o-y 1.128 1.176 1.142 Kolonaki 6,4% 105 875 Glyfada 6,0% 150 180 Ermou 5,3% 290 2006
Slide 59: 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 New Attica South Attica1 +89% 106 apartments 34,1 (<5yrs) 100 103 104 Old apartments (>5yrs) 97 89
Slide 60: Greek Real Estate: 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 +37% +46% 101 100 95 93 89 86 86 84 82 84 CAGR CAGR 80 2023-19 76 2023-19 +5% Historic +5% Historic low low 70 74 69 73 2016 2017 2018 2019 2020
Slide 61: 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 62: The Ellinikon
O6.4 The Ellinikon | 62
Slide 63: 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 64: 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 65: Working with world-class advisors and expert partners to mitigate execution risks
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 • AVAX • METKA – Intrakat JV • AKTOR • EKTER ARCHITECTS & DESIGNERS OTHER • Foster + Partn
Slide 66: 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 Sales1 & 0,8 JVs 0,1 0,2 2022 2023 2024 2025 2026 Total Note: all amounts are rounded figures 1. Including Ellinikon Malls intragro
Slide 67: Phase I Cash Inflows to date
Phase I Cash Inflows €0.97bn cash proceeds to-date (excl. intragroup) Cumulative Cash Proceeds Target 31 October 2024 in €bn 31.12.2024 Residential1 0.67 0.70 Land Plot Sales/Leases1 0.30 0.20 Exceeded target Sub-TOTAL 0.97 2 months ahead of schedule 0.90 Ellinikon Malls (intragroup land plot sale)
Slide 68: Phase I Residential Sales
Phase I Residential Sales €668m cumulative cash proceeds from project start until end-October 2024 in €m Cumulative Cash proceeds Total Cash Total Contract Signed SPAs Deposits1 31 October 2024 Proceeds to-date Value Phase I Riviera Tower 299 2 301 626 Coastal Front The Cove Villas 202 2 204 211 The
Slide 69: 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 (Little Athens) Build-to-Rent JV Park Rise (Little Athens) Mainstream Posidonos (Little Athens) The Cove Villas Riviera Tower The Cove Residences |
Slide 70: 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 3rd parties’ development SPA process Land Sale Land Sale EDUCATION CGS at The Ellinikon Land Lease EDUCATION/RESIDENTIAL/OFFICES Mr. George Prokopiou RETAIL P
Slide 71: 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 for Residential developments • total c51k sqm permitted buildable area (GFA) Asset • Urban development area A-U3 (close to The Ellinikon Mall) Perimeter • Gross Proceeds: c
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 (GFA sqm): 85,658 Glyfada Land Golf Club ▪ Residential (GFA sqm): 30,000 Plots ▪ Education (GFA sqm): 20,000 Property ▪ Offices (GFA sqm): 35,
Slide 73: Retail Park Land Plot Sale to Trade Estates REIC
Retail Park Land Plot Sale to Trade Estates REIC (October 2024) Counterparty Trade Estates REIC (Developer) (member of FOURLIS Group) Agreement Land Plot Sale type (sale of divided horizontal properties) Total c€31m Consideration Project type Retail Park (“Big Boxes”) (Big Box unit tenancies) Total
Slide 74: Integrated Resort Complex (IRC)
Integrated Resort Complex (IRC) Targeted monetization by end-2025 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 continen
Slide 75: 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%) Total €39m Consideration (26.1k sqm land plot area & allocated infra cost) Project type Mixed-Use Tower (MUT) (Landmark building: height 15
Slide 76: The Ellinikon: Progress of Works Visuals
O6.5 The Ellinikon Progress of Works Visuals | 76
Slide 77: Riviera Tower
Riviera Tower Concreting Works in progress: 11th level Core Structures & 8th level Slabs Lead Architect Project Management Contractor Foster + Partners Hill International Bouygues – Intrakat | 77
Slide 78: The Cove Residences
The Cove Residences Plots 5-6 (7 buildings): Early works almost completed (buildings’ structural frame); Main works in full progress Plots 7-8 (14 buildings): Concreting works in progress on the ground and 1st & 2nd floor slabs Lead Architects Bobotis / ISV Project Management Hill International Cont
Slide 79: Park Rise (BIG) & Pavilion Terraces
Park Rise (BIG) & Pavilion Terraces (Mainstream Posidonos) Park Rise (BIG) Pavilion Terraces (Mainstream Posidonos) • Excavations completed • Demolitions completed in August • Concrete works/foundations currently in progress • Early Works (excavations etc) commenced in October Lead Architect Project
Slide 80: Promenade Heights / Atrium Gardens / Trinity Gardens
Promenade Heights / Atrium Gardens / Trinity Gardens (Mainstream Alimos) Promenade Heights Atrium Gardens / Trinity Gardens • Early Works started in August • Early Works Contractor mobilized in September • Concrete structure works ongoing • Foundation works currently in progress Lead Architect Proje
Slide 81: The Ellinikon Mall
The Ellinikon Mall Excavations were completed in September 2024 Lead Architect Project Management Contractor Early Works Aedas Mace – Jacobs AKTOR | 81
Slide 82: Riviera Galleria
Riviera Galleria Excavation works commenced in July 2024; 30% of total volume has been excavated Lead Architects Project Management Contractor Early Works Kengo Kuma / BETAPLAN Hill International 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 Contractor Hill International METKA – INTRAKAT JV | 83
Slide 84: Posidonos Underpass
Posidonos Underpass 83% of excavations & 72% of concrete casting completed to date Completion End 2025 Project Management Contractor Hill International AVAX | 84
Slide 85: Other Infrastructure Works
Other Infrastructure Works Trachones Stream The Ellinikon Mall Underpass 97% of excavations and 89% of concreting 95% of excavations and 35% of concreting Completion End 2024 Project Management Contractor Hill International AVAX | 85
Slide 86: The Ellinikon: Residential Developments
O6.6 The Ellinikon Residential Developments | 86
Slide 87: Coastal Front Residential Developments
Coastal Front Residential Developments All Coastal Front units (315) 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 units Unit
Slide 88: Little Athens Residential Developments
Little Athens Residential Developments 1st Sales Launch (5 projects) 5 New Developments consisting of 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 1st Sales Launch
Little Athens 1st Sales Launch 85% of the units placed to the market have been reserved by buyers (end-October 2024) Mainstream Posidonos Mainstream Alimos Park Rise (50m) Pavilion Terraces Promenade Heights Atrium Gardens Trinity Gardens Renderings Project Location Architect Bjarke Ingels Group (BI
Slide 90: Investment Assets: LAMDA MALLS Group & Marinas
O6.7 Investment Assets LAMDA MALLS Group & Marinas | 90
Slide 91: 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 92: Operating Malls Key Performance Metrics
Operating Malls Key Performance Metrics Breaking New Records 4 Malls Retail EBITDA Tenant Sales Footfall FY2023 9M 2024 FY2023 9M 2024 FY2023 9M 2024 €81m €66m €823m €593m 25m 18m +18% +7% +18% +4% +17% +2% vs. 2022 vs. 9M 2023 vs. 2022 vs. 9M 2023 vs. 2022 vs. 9M 2023 | 92
Slide 93: 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 +6% +4% +9% +18% +4% vs. 2022 vs. 9M 2023 FY2023 9M 2024 vs. 2022 vs. 9M 2023 Greek CPI plus 1% – 2% margin annualised effect to base rents
Slide 94: Operating Malls: An attractive lease duration
Operating Malls An attractive lease duration to support long-term rental growth Cumulative Lease Expiry1 (% of Net Rental Income) Net Rental Income2 WAULT3 €91m 5.0 years 65% 57% 9M 2024 Re-lettings/Renewals Signed 88% of contracts expiring4 in 2024 46% 9% higher annualized rental income 34% 18% 202
Slide 95: LAMDA MALLS Group Key Financials
LAMDA MALLS Group Key Financials EBITDA (in €m) LTM 20241 FY2023 FY2022 9M 2024 9M 2023 The Malls Athens 32.1 30.6 26.9 24.1 22.6 Golden Hall 21.9 20.6 19.1 17.2 15.9 Med. Cosmos 22.1 20.9 19.0 16.2 15.0 Designer Outlet Athens2 9.6 9.1 3.7 8.2 7.7 Retail EBITDA 85.7 81.2 68.8 65.7 61.1 Ellinikon Mal
Slide 96: LAMDA MALLS Group Key Financial Metrics
LAMDA MALLS Group Key Financial Metrics Net Debt / (Cash) (in €m) 30.09.2024 31.12.2023 31.12.2022 4 Operating Malls 493 501 517 Ellinikon Malls1 (52) (46) (40) HoldCo & Malls Property Management2 4 (49) (13) LAMDA MALLS Group 446 405 464 Net LTV3 30% 28% 35% 1. Includes: The Ellinikon Mall, Riviera
Slide 97: LAMDA MALLS Group Assets Valuation (GAV)
LAMDA MALLS Group Assets Valuation (GAV) vs. 2023 Group 1.459 1.493 2% 1.312 336 343 2% Ellinikon Malls 279 COVID 892 855 872 1.150 2% Operating Malls 1.123 1.033 892 855 872 2019 2020 2021 2022 2023 Sep-24 Designer Outlet Athens 1st consolidation €109m purchase cost vs. €116m 31.12.2022 GAV | 97
Slide 98: LAMDA MALLS Group Corporate structure
LAMDA MALLS Group Corporate structure following completed corporate transformation LAMDA MALLS 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% 100%
Slide 99: Marinas: A top-quality portfolio
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 100: Marinas: A record-breaking performance
Marinas A record-breaking performance Flisvos Marina Agios Kosmas Marina 310 100% 337 100% berths occupancy berths occupancy FY2023 9M 2024 Revenues €29m + 6% €25m +13% vs. 2022 vs. 9M 2023 30% of Sector +5% +14% Revenues EBITDA1 €18m vs. 2022 €16m vs. 9M 2023 1. EBITDA including IFRS 16 (Flisvos la
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 30.09.2024 31.12.2023 Notes The Ellinikon IRC, Retail, Sports & Leisure 628 625 Measured at Fair Value (3rd party independent valuer: Savills) (Investment Property) Residential & Other (Inventory) 959 1,014 Booked at cost,
Slide 103: Consolidated Balance Sheet Summary
Consolidated Balance Sheet Summary (in €m) 30.09.2024 31.12.2023 Notes: 30.09.2024 Investment Property 2,127 2,068 Ellinikon €628m, Malls & other properties €1,499m (incl. Ellinikon Malls) Fixed & Intangible Assets 104 103 Ellinikon €41m, Flisvos Marina €53m Total Ellinikon (excl. Ellinikon Malls) I
Slide 104: Key Financial Metrics (Group)
Key Financial Metrics (Group) (in €m) 30.09.2024 31.12.2023 31.12.2022 Notes & definitions: Alternative Performance Measures (APM) Free Cash 603 464 516 Restricted Cash (Short & Long Term) 31 24 178 Total Cash 633 488 694 Total Debt 1,714 1,705 1,863 = Borrowings + Lease Liability + PV Transaction C
Slide 105: NAV Pillars
NAV Pillars September 2024 Development Investment Other Assets Assets Parent LAMDA MALLS Group2 Company The Other Net Debt, TOTAL Ellinikon1 Ellinikon Operating Properties3 30.09.2024 Minority, Malls Malls Other4 953 NAV (€m) 340 327 626 101 (6) 1,387 5.45 NAV per share5 (€) 1.94 1.87 3.58 0.58 (0.0
Slide 106: Group Reported Cash Flow
Group Reported Cash Flow Significant Net Operating Cash Flow generation in 2024 driven largely by The Ellinikon Net Cash Flow Evolution (in €m) 9M 2024 vs. 2023 353 Net Operating Net Change 164% Cash Flow in Cash 269 269 139 102 139 121 83 Payment €167m for Payment €167m for €230m Retail Bond Issue
Slide 107: Independent Valuation Sensitivity Analysis
O6.9 Independent Valuation Sensitivity Analysis | 107
Slide 108: Operating Malls Independent Valuation sensitivity analysis
Operating Malls Independent 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 Me
Slide 109: Ellinikon Malls Independent Valuation sensitivity analysis
Ellinikon Malls Independent 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 impa
Slide 110: Ellinikon Investment Property Independent Valuation sensitivity analysis
Ellinikon Investment Property Independent 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
Slide 111: 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
LAMDA Development — Investor Presentation (November 2024) on 6ix