Slide 1: 9M 2023 Results Presentation
9M 2023 RESULTS PRESENTATION 24 November 2023
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by LAMDA Development S.A. (the “Company”) for the purposes of FORWARD LOOKING STATEMENTS the Company’s 9M 2023 Results Conference Call/Live Webcast. This document contains certain forward-looking statements pertaining to the Company and its Group. All T
Slide 3: Contents
Contents Group Results Highlights page 4 Group 9M 2023 Financial Information page 22 Appendix page 27 Group Income Statement & Balance Sheet page 28 Detailed Analysis: Investment Assets (Malls & Marinas) page 31 Detailed Analysis: Development Assets (The Ellinikon) page 42 Independent Valuation Sens
Slide 4: Group Results Highlights
O1 Group Results Highlights | 4
Slide 5: 9M 2023 Performance at a glance
9M 2023 Performance at a glance Group Consolidated EBITDA EBITDA NAV €35m €77m €1.32bn Before Assets After Assets Valuation Valuation Investment Assets Development Assets Malls, Marinas & Other Assets The Ellinikon Malls Marinas Ellinikon Cash EBITDA EBITDA EBITDA Proceeds1 €62m €14m €22m loss €241m
Slide 6: Group Income Statement Highlights 9M 2023
Group Income Statement Highlights 9M 2023 9M EBITDA 28% • New record on 9M basis even before Designer Outlet’s (c€8m) contribution Malls €62m y-o-y • Key drivers: net base rents (+14% like-for-like vs. 2022) and strong KPIs growth €22m €36m loss • Gross Profit: €42m Ellinikon loss 9M 2022 • Total ca
Slide 7: Group Income Statement Snapshot
Group Income Statement Snapshot EBITDA before Assets Valuation & Ellinikon (in €m) EBITDA before Assets Valuation +47% +11x 35,3 57,7 39,1 2,9 9M 2023 9M 2022 9M 2023 9M 2022 EBITDA after Assets Valuation (in €m) Net Result after taxes and minorities +121% 76,9 -6,1 Ellinikon -15 34,8 Ellinikon -60
Slide 8: Group EBITDA 9M 2023 vs 2022 Before Assets Valuation
Group EBITDA 9M 2023 vs 2022 Before Assets Valuation (in €m) 9M 2023 9M 2022 +28% +7% +47% +11x 61,6 57,7 48,1 39,1 35,3 13,9 12,9 2,9 -0,3 -2,5 -0,5 -0,5 -17,1 -19,0 -22,4 -36,2 MALLS MARINAS OTHER BUSINESS NON-RECURRING OVERHEADS EBITDA ELLINIKON EBITDA UNITS (before valuations (before valuations)
Slide 9: Group EBITDA 9M 2023 vs 2022 After Assets Valuation
Group EBITDA 9M 2023 vs 2022 After Assets Valuation (in €m) 9M 2023 9M 2022 +121% +11x 76,9 35,3 34,8 21,3 21,8 19,9 10,5 2,9 EBITDA VALUATIONS - INVESTMENT ASSETS VALUATIONS - ELLINIKON EBITDA (before valuations) VALUATIONS – INVESTMENT ASSETS (Malls & Other Assets) VALUATIONS – ELLINIKON INVESTMEN
Slide 10: Group Balance Sheet Snapshot
Group Balance Sheet Snapshot Assets Valuation (Gross Asset Value – GAV) (in €m) NAV (Net Asset Value) 7.61 7.78 7.73 NAV per 3.226 3.159 share1 (€) 176 175 2.842 1.321 1.357 1.362 177 31 145 1.053 1.033 217 872 Other Other 617 574 Malls 596 Malls Ellinikon Ellinikon 1.997 1.952 1.793 672 638 549 30.
Slide 11: Net Asset Value (NAV) Bridge 31.12.2022 to 30.09.2023
Net Asset Value (NAV) Bridge 31.12.2022 to 30.09.2023 NAV per share1 (€) 7.78 (0.04) (0.15) (0.02) 7.61 (in €m) (6) Ellinikon2 (26) €15m loss 1.357 (4) 1.321 NAV Net Result Deferred tax Other items NAV 31.12.2022 (after tax & minorities) (add back) 30.09.2023 1. Adjusted for own shares: 3.32m as of
Slide 12: NAV Pillars September 2023
NAV Pillars September 2023 Development Investment Other Assets Assets Parent Ellinikon1 Malls2 Other Company Net Total Properties3 Debt, Minority, 30.09.2023 Other4 NAV (€m) 672 617 119 (87) 1,321 NAV per share5 (€) 3.87 3.56 0.68 (0.50) 7.61 Note: all amounts are rounded figures 1. Assets (GAV) €1,
Slide 13: Results Highlights
O1.1 Results Highlights Investment & Development Assets | 13
Slide 14: 9M 2023 Results Highlights Investment Assets
9M 2023 Results Highlights Investment Assets Malls Another record-breaking performance across all metrics 4 Malls 3 Malls • New record-high since opening, even before Designer Outlet Athens Tenant Sales 23% y-o-y 23% y-o-y consolidation Footfall 23% y-o-y 23% y-o-y Net Rental Income 28% y-o-y 14% y-
Slide 15: Key Financials Snapshot Investment Assets
Key Financials Snapshot Investment Assets EBITDA (in €m) Assets Valuation (Gross Asset Value, GAV) New record 7.6% 6.7% 7.2% EBITDA Yield2 (9M basis) 1.053 1.033 61,6 124 116 Designer 892 Outlet €7.8m 48,1 196 191 Designer 47,6 189 Outlet1 €1.3m Designer Outlet Med. Cosmos 279 272 252 Golden Hall Th
Slide 16: Key Performance Drivers Investment Assets
Key Performance Drivers Investment Assets Inflation Indexed Strong growth in Solid Base Rents Tenants’ Sales Occupancy Rates Greek CPI plus 1.5% – 2% margin +23% vs. 9M 2022 98% (4 Malls) +14% vs. 9M 2022 +21% vs. 9M 2019 unchanged vs. pre-COVID Consistently High Solid Average Remaining Rent Collect
Slide 17: 9M 2023 Results Highlights Development Assets
9M 2023 Results Highlights Development Assets Ellinikon Cash proceeds increase as construction milestones are achieved Cash €448m • Cash proceeds since project start from residential, land plot sales and IRC rental Proceeds CAPEX €122m • Buildings (c€88m) and Infrastructure (c€34m) 100% • Achieved i
Slide 18: Key Financials Snapshot Development Assets
Key Financials Snapshot Development Assets Assets Valuation (Gross Asset Value, GAV) (in €m) NAV (Net Asset Value) 1.997 1.952 672 638 47 44 549 NAV 1.793 34 Properties for own use 1.038 1.997 1.952 1.033 Residential 1.793 GAV 886 Assets booked at cost, incl. land, infra & construction costs, as inc
Slide 19: The Ellinikon Infrastructure Works & Buildings CAPEX
The Ellinikon Infrastructure Works & Buildings CAPEX Total CAPEX since project inception: €282m Total CAPEX €160m €122m €282m Project inception 9M 2023 Aggregate Total until end-2022 Mainly related to: Infrastructure – demolitions €41m €34m €75m Works – enabling works – construction works (e.g. Posi
Slide 20: The Ellinikon Cash Inflows Progress
The Ellinikon Cash Inflows Progress €0.44bn cash proceeds to-date (excl. intragroup) Cumulative Cash proceeds Total cash proceeds Total cash proceeds in €bn 6 November 2023 end-2023 Coastal Front Residential1 0.38 0.6 High-Rise Residential1 0.00 0.0 Land Plot Sales & Other2 0.06 0.1 Sub-TOTAL 0.44 0
Slide 21: The Ellinikon Residential Sales Progress
The Ellinikon Residential Sales Progress All Coastal Front units have been sold-out Units Contract Value SPAs & Final stage Available/ Total Total Reservation of negotiation In the Market Units (€m) Agreements Riviera Tower 164 7 0 171 625 The Cove 103 12 0 115 279 Residences The Cove 28 0 0 28 214
Slide 22: Group 9M 2023 Financial Information
O2 Group 9M 2023 Financial Information | 22
Slide 23: Portfolio of Assets
Portfolio of Assets Key growth drivers: Ellinikon and Malls revaluation (in €m) 30.09.2023 31.12.2022 31.12.2021 Notes The Ellinikon Malls, Offices, Hotels, IRC, Sports Assets measured at Fair Value (Savills valuation). Same methodology 912 874 873 (Investment Property) applied in our existing Malls
Slide 24: Consolidated Balance Sheet Summary
Consolidated Balance Sheet Summary (in €m) 30.09.2023 31.12.2022 Notes: 30.09.2023 Investment Property 1,990 1,932 Ellinikon €912m, Malls & other properties €1,078m Total Ellinikon Fixed & Intangible Assets 122 118 Ellinikon €47m, Flisvos Marina €55m €1,997m Inventory 1,106 1,102 Ellinikon €1,038m I
Slide 25: Key Financial Metrics (Group)
Key Financial Metrics (Group) (in €m) 30.09.2023 31.12.2022 Notes & definitions of Alternative Performance Measures (APM) Free Cash 377 516 Restricted Cash (Short & Long Term) 147 178 Total Cash 523 694 Total Debt 1,742 1,863 = Borrowings (incl. Accrued Interest) + Lease Liability + PV Transaction C
Slide 26: Sensitivity to rising interest rates
Sensitivity to rising interest rates 55% of Group Borrowings are fixed/hedged in €m Sensitivity Analysis Interest Rates +/- 100 bps +/- c.€5m Group Borrowings2 1.189 1.167 Floating Rate – Unhedged 531 506 Floating Rate - Hedged 108 112 55% 57% Fixed Rate1 550 of total 550 of total 30.09.2023 31.12.2
Slide 27: Appendix
O3 Appendix
Slide 28: Group Income Statement & Balance Sheet
O3.1 Group Income Statement & Balance Sheet | 28
Slide 29: Group Profitability evolution 9M 2023 vs 2022
Group Profitability evolution 9M 2023 vs 2022 (in €m) 9M 2023 9M 2022 +121% 76,9 34,8 8,3 -0,1 -7,6 -7,2 -7,2 -6,1 -13,6 -30,4 -26,9 -35,1 -53,3 -55,2 EBITDA CASH FINANCE NON-CASH FINANCE DEPRECIATION TAXES MINORITIES NET RESULT COSTS COSTS CASH FINANCE COSTS NON-CASH FINANCE COSTS 9M 2023 increase
Slide 30: Group Assets Valuation (GAV)
Group Assets Valuation (GAV) Malls Other Assets The Ellinikon GAV GAV GAV €1.1bn €0.2bn €2.0bn New Record +€45m vs. 31.12.2022 +€21m vs. 31.12.2022 +2% vs. 31.12.2022 +2% vs. 31.12.2022 The Mall Golden Flisvos • Buildings CAPEX: +€23m (net of cost of assets sold) Land Plots • Investment property rev
Slide 31: Detailed Analysis: Investment Assets
Detailed Analysis: O3.2 Investment Assets Malls & Marinas | 31
Slide 32: Malls Key Performance Metrics 9M 2023
Malls Key Performance Metrics 9M 2023 New record high EBITDA Tenant Sales GAV 4 Malls incl. Designer Outlet1 €62m €569m €1.1bn EBITDA Tenant Sales Footfall 9M 2023 vs. 2022 +28% +23% +23% 1. Designer Outlet Athens was acquired in early August 2022. 9M 2022 EBITDA included Designer Outlet for c.2 mon
Slide 33: Malls 9M 2023 vs 2022
Malls 9M 2023 vs 2022 Sustained strong growth driven by normalised operations & inflation indexation Revenue (in €m) EBITDA +14% +26% 9M 2023 +15% +28% 9M 2022 75,3 66,1 61,6 58,0 59,8 53,8 46,8 48,1 +15% +13% +14% +19% +12% +13% 27,0 23,5 23,0 19,4 19,7 19,3 17,2 17,3 15,9 14,2 15,0 13,3 9,2 7,8 1,
Slide 34: Malls Net Base Rents
Malls Net Base Rents Inflation indexation & solid leasing activity the key drivers 3rd Quarter (Q3) performance (in €m) 9-months (9Μ) performance vs. 2022 vs. 2022 +15% 19,3 +14% 57,0 16,8 15,9 5,6 +13% 50,1 47,5 16,5 +13% 4,9 4,6 14,5 14,1 +18% 5,6 16,5 +13% 4,2 4,8 12,3 14,6 8,1 +14% 7,1 7,1 24,0
Slide 35: Malls Tenants' Sales
Malls Tenants’ Sales Reaching new record high levels in €m vs. 2019 vs. 2022 +21% +23% 4 Malls 471 464 569 +21% +23% 3 Malls 410 402 495 +22% +20% 74 Designer Outlet1 60 62 +38% +26% 151 Golden Hall 109 120 +23% +19% 165 Med. Cosmos 135 139 179 +7% +24% 166 144 The Mall Athens 9M 2019 9M 2022 9M 202
Slide 36: Malls Key Performance Indicators (KPIs)
Malls Key Performance Indicators (KPIs) Tenants’ Sales Average Spending per Visitor* vs. 2022 vs. 2022 % change % change Q1 2023 Q2 2023 Q3 2023 9M 2023 Q1 2023 Q2 2023 Q3 2023 9M 2023 The Mall Athens +39% +19% +19% +24% The Mall Athens +4% -6% -4% -3% Golden Hall +35% +23% +23% +26% Golden Hall +4%
Slide 37: The Mall Athens 9M 2023 Performance Drivers
The Mall Athens 9M 2023 Performance Drivers in €m Occupancy (period average) Tenants’ Sales (% change vs.) 9M 2023 9M 2022 9M 2019 9M 2022 9M 2019 98% 98% 98% +24% +7% 9M 2023 9M 2022 +14% +15% +19% 27,0 24,0 23,5 23,0 21,0 19,3 2,4 1,9 0,2 0,1 0,5 0,5 -0,7 -0,6 -3,3 -3,5 NET BASE RENT TURNOVER RENT
Slide 38: Golden Hall 9M 2023 Performance Drivers
Golden Hall 9M 2023 Performance Drivers in €m Occupancy (period average) Tenants’ Sales (% change vs.) 9M 2023 9M 2022 9M 2019 9M 2022 9M 2019 99% 98% 99% +26% +38% 9M 2023 9M 2022 +13% +13% +12% 19,4 17,2 16,5 15,9 14,6 14,2 1,8 1,5 0,9 1,0 0,1 0,1 -0,5 -0,4 -3,0 -2,6 NET BASE RENT TURNOVER RENT PA
Slide 39: Mediterranean Cosmos 9M 2023 Performance Drivers
Mediterranean Cosmos 9M 2023 Performance Drivers in €m Occupancy (period average) Tenants’ Sales (% change vs.) 9M 2023 9M 2022 9M 2019 9M 2022 9M 2019 100% 100% 100% +19% +23% 9M 2023 9M 2022 +13% +14% +13% 19,7 17,3 16,5 14,5 15,0 13,3 1,9 1,7 0,8 0,5 0,5 0,6 -0,3 -0,2 -1,0 -1,1 -3,3 -2,8 NET BASE
Slide 40: Designer Outlet Athens 9M 2023 Performance Drivers
Designer Outlet Athens 9M 2023 Performance Drivers in €m Occupancy (period average) Tenants’ Sales (% change vs.) 9M 2023 9M 2022 9M 2019 96% +20% +22% 9M 2023 9M 2022 9,2 8,2 7,8 Designer Outlet Athens consolidated in 9M 2022 for c2 months (since 06.08.2022) 1,8 1,8 1,3 0,8 0,0 0,2 -0,3 -0,5 -1,1 N
Slide 41: Marinas Key Performance Metrics 9M 2023
Marinas Key Performance Metrics 9M 2023 Revenue (in €m) EBITDA1 +5% +7% 13,9 22,3 21,2 12,9 +8% 3,6 +17% 5,8 Ag. Kosmas 3,0 5,4 +4% +4% 16,5 Flisvos 10,3 9,9 15,8 9M 2023 9M 2022 9M 2023 9M 2022 Key performance drivers in 9M 2023: + Flisvos yacht berthing fees: c15% price list increase effected duri
Slide 42: Detailed Analysis: Development Assets
Detailed Analysis: O3.3 Development Assets The Ellinikon | 42
Slide 43: Income Statement 9M 2023 vs 2022
Income Statement 9M 2023 vs 2022 (in €m) 9M 2023 9M 2022 106,8 42,3 21,8 25,5 10,5 0,2 0,2 1,7 -1,5 -1,0 -11,4 -7,3 -14,9 -22,4 -26,9 -27,7 -36,4 -36,2 -64,7 -59,9 REVENUE GROSS PROFIT OPEX EBITDA VALUATIONS - DEPRECIATION NON-CASH CASH FINANCE TAXES NET RESULT INVEST FINANCE COSTS PROPERTY COSTS NO
Slide 44: Ellinikon Malls leasing progress
Ellinikon Malls Outstanding commercial leasing progress almost 3 years ahead of opening Firmly on track to achieve targets set by end-2023 Agreed/Signed Heads of Terms Expression of (% of GLA) GLA interest (sqm) (% of GLA) Target November 2023 End 2023 Vouliagmenis Mall 90,000 155% 64% 70% Riviera G
Slide 45: Progress of Building Construction Works
Progress of Building Construction Works Riviera Tower The Cove Residences Bobotis ISV Piling (316 piles, up to 55m depth) completed Diaphragm Wall (520m, up to 15m depth) completed Tower excavation works & dewatering completed Concreting of the Tower foundation slab completed Existing structure demo
Slide 46: Riviera Tower
Riviera Tower Completed Foundation Works; the largest continuous concreting process ever in Greece • more than 40 consecutive hours of concreting process • 7,500 cubic meters of concrete • 1,760 tons of steel reinforcement | 46
Slide 47: The Cove Residences
The Cove Residences Excavation works and Raft foundation castings in progress Lead Architects Bobotis / ISV Project Management Hill International Contractor Early Works ETHNOKAT / AKTOR | 47
Slide 48: AMEA (PwD) Building Complex
AMEA (PwD) Building Complex Constructed within 1 year; delivered for use in September 2023 Land Plot area Building GFA 7,400 sqm 11,500 sqm | 48
Slide 49: Sports Complex
Sports Complex Athletes’ dorm foundation casting in progress Contractor Mytilineos – Intrakat Project Management Hill International | 49
Slide 50: Vouliagmenis Mall Complex (VMC)
Vouliagmenis Mall Complex (VMC) Commencement of excavation works in late September 2023 Lead Architect Aedas Project Management Mace – Jacobs ECI Consultant Rizzani de Eccher – AVAX Contractor Early Works AKTOR | 50
Slide 51: Progress of Infrastructure Works
Progress of Infrastructure Works Posidonos Underpass Trachones Stream 70% of excavations & 35% of concreting 65% of excavations Anti-flood protection works Primary Road network | 51
Slide 52: Posidonos Underpass
Posidonos Underpass 70% of excavations & 35% of concrete casting has been completed Contractor AVAX Project Management Hill International | 52
Slide 53: Phase I (2021-2026) Residential | Overview of Developments
Phase I (2021-2026) Residential | Overview of Developments GSA Units 244k sqm 1,534 Mainstream Alimos Park Rise (50m) Mainstream Posidonos The Cove Villas Riviera Tower The Cove Residences | 53
Slide 54: Coastal Front Residential Sales
Phase I (2021-2026) Residential Sales | €384m cash proceeds to-date in €m Cumulative Cash proceeds Pre-agreement Total Cash Proceeds Signed SPAs 6 November 2023 customer deposits to-date Riviera Tower 168 8 176 Coastal Front The Cove Villas 160 1 161 The Cove Residences 30 14 44 Sub-Total 358 23 381
Slide 55: Phase I Residential Developments | Launch of Little Athens
Phase I Residential Developments | Launch of “Little Athens” Mainstream Park Rise Mainstream Alimos Mainstream Alimos Mainstream Alimos Posidonos (50m) (AU6.9-10) (AU6.11) (AU6.11) “Pavilion Terraces” Renderings Architect / Bjarke Ingels Group 314 Architecture 314 Architecture Deda & Architects Tsol
Slide 56: Park Rise | Residential
Park Rise | Residential 50m project designed by Bjarke Ingels Group (BIG) GSA Units Proceeds 25k sqm 88 €147m LITTLE ATHENS Park Rise (50m by BIG) Units placed to the market (since July 2023) 33 Units Reserved by Customers (as of 06.11.2023) 21 | 56
Slide 57: Independent Valuation Sensitivity Analysis
Independent Valuation Sensitivity Analysis Malls O3.4 Ellinikon Malls Ellinikon Investment Property | 57
Slide 58: Malls Valuation sensitivity analysis
Malls Valuation sensitivity analysis1 in €m DCF discount rate +/- 0.25% 30.06.2023 (€m) The Mall Athens 8.50% -/+ 7 Med. Cosmos 9.55% -/+ 3 Golden Hall 9.20% -/+ 5 GAV 30.06.2023 Designer Outlet Athens 9.15% -/+ 2 c2% The Mall Athens 454 Total Malls2 8.96% -/+ 17 of GAV Med. Cosmos 196 Golden Hall 2
Slide 59: Ellinikon Malls Valuation sensitivity analysis
Ellinikon Malls Valuation sensitivity analysis1 in €m DCF discount rate -0.25% +0.25% 6-7% 10.75% 19 (18) of GAV Exit yield -0.25% +0.25% 5% 7.5% 15 (14) GAV of GAV 30.06.2023 c25% Ellinikon Malls of GAV 283 +12 months (Investment Property) Timing impact 9% (25) of GAV -15% +15% Construction Costs 3
Slide 60: Ellinikon Investment Property Valuation sensitivity analysis
Ellinikon Investment Property Valuation sensitivity analysis1 in €m DCF discount rate -0.25% +0.25% 5% 6.6% - 11.9% 32 (29) of GAV Exit yield -0.25% +0.25% 4.25% - 8.50% 23 (19) 3-4% GAV of GAV 30.06.2023 c20% of GAV Offices, Hotels, IRC, Sports 625 +12 months (Investment Property) Timing impact (23
Slide 61: Macroeconomic Fundamentals
O3.5 Macroeconomic Fundamentals | 61
Slide 62: Greek Real Estate: Market fundamentals underpin future growth
Greek Real Estate Market fundamentals underpin future growth Net FDI in Greek real estate (€m) Shopping Malls vs High Street Retail yields 6.75%-7.75% 7,5% 1.975 High Street 6,5% 6,5% 40% 6.2% 6,0% 6,4% 1.450 5,4% 1.128 1.176 1.103 875 788 415 222 Ermou Glyfada Kolonaki Kifisia Piraeus Shopping LAMD
Slide 63: Greek Real Estate: Significant growth in Athenian residential prices
Greek Real Estate Significant growth in Athenian residential prices Athens Residential prices (% y-o-y) Athens Residential prices (index 2007=100) 15 Old apartments 14 (>5yrs) New apartments 98 (<5yrs) 14 12 New Old apartments 95 apartments (<5yrs) 89 (>5yrs) 11 11 10 85 78 8 9 70 74 7 66 Historic 6
Slide 64: Greek Real Estate: Offices & Retail Units in Athens
Greek Real Estate Offices & Retail Units in Athens Offices (% y-o-y) Retail Units (% y-o-y) 8 8 8 7 Prices 5 5 Prices 4 Rents 5 2 2 2 3 3 Rents 3 1 1 0 -0 -2 -2 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Source: Bank of Greece Source: Bank of Greece | 64
Slide 65: Residential Real Estate Market: Solid growth outlook
Residential Real Estate Market Solid growth outlook following a prolonged under-investment period Key drivers Selling price increases in the Southern 7% per annum • Sizeable stock of household financial Athens area, where The Ellinikon is Housing Price growth1 in saving Index (HPI) being developed,
Slide 66: 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