Slide 1: FY 2025 Results Presentation
FY 2025 RESULTS PRESENTATION Results Conference Call / Live Webcast 5 March 2026
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 FY 2025 Results Conference Call/Live Webcast (05.03.2026). This document contains certain forward-looking statements pertaining to the Company and its
Slide 3: Contents
Contents Group Results Highlights page 4 Highlights for Malls, Marinas & The Ellinikon page 13 Appendix Group Balance Sheet & Key Ratios page 29 The Ellinikon: Progress of Works Visuals page 33
Slide 4: Group Results Highlights
1 Group Results Highlights | 4
Slide 5: FY 2025 Financial Performance at a glance
FY 2025 Financial Performance at a glance Group Consolidated Revenue EBITDA Net Result NAV € 567 m € 254m € 91m € 1.6bn After Assets After Taxes & Valuation & Other €9.06/share Minorities adjustments Malls, Marinas & Other The Ellinikon Operating Marinas Total Cash Malls1 EBITDA EBITDA Revenues Proc
Slide 6: Group FY 2025 Highlights
Group FY 2025 Highlights Consolidated EBITDA after valuations of €254m Consolidated Net Profit of €91m, or 96% higher y-o-y Group NAV per share increase to €9.06 Record Operating Malls EBITDA before valuations at €90m, or 2% increase y-o-y Malls Effective increase of 4% when adjusting for allocation
Slide 7: Group Balance Sheet Snapshot
Group Balance Sheet Snapshot 31.12.2025 vs 31.12.2024 Assets Valuation (Gross Asset Value – GAV) in €m NAV (Net Asset Value) NAV per 9.06 8.28 3.549 share1 (€) 80 3.251 1.548 80 4 1.445 Other 40 1.761 1.548 Malls 1.244 1.046 Ellinikon 1.707 1.623 301 359 31.12.2025 31.12.2024 31.12.2025 31.12.2024 G
Slide 8: Group EBITDA Before Assets Valuation
Group EBITDA Before Assets Valuation FY 2025 vs FY 2024 in €m 2025 2024 171,2 97,4 89,3 82,3 80,9 81,8 73,8 20,6 19,5 -3,7 -3,6 -7,5 -9,9 -22,9 MALLS MARINAS OTHER BUSINESS OVERHEADS EBITDA ELLINIKON EBITDA UNITS (before valuations & (before valuations) Ellinikon) LAMDA MALLS GROUP MARINAS OTHER BUS
Slide 9: Group EBITDA After Assets Valuation
Group EBITDA After Assets Valuation FY 2025 vs FY 2024 in €m 2025 2024 254,0 197,0 171,2 168,7 81,8 21,1 3,5 4,7 EBITDA ASSETS VALUATIONS ASSET DISPOSALS EBITDA (before valuations) LAMDA MALLS GROUP, ELLINIKON, OTHER ASSETS ASSET DISPOSALS Latest independent valuation as of 31.12.2025 FY-25: Athens
Slide 10: Group Profitability evolution
Group Profitability evolution FY 2025 vs FY 2024 in €m 2025 2024 254,0 197,0 90,5 46,3 -1,9 -1,2 -12,5 -12,1 -29,5 -48,7 -46,7 -43,9 -56,4 -61,2 EBITDA CASH FINANCE NON-CASH FINANCE DEPRECIATION TAXES MINORITIES NET RESULT COSTS COSTS TAXES The increase in asset valuations led to increased deferred
Slide 11: Group Borrowings & Interest Rate Sensitivity
Group Borrowings & Interest Rate Sensitivity 68% of Group Borrowings are fixed/hedged (IRS) in €m Financing Cost Sensitivity +1% change in Euribor = -c€5m -1% change in Euribor = +c€5m 31.12.2025 Group Borrowings2 3.8% 1.474 Euribor Floating Rate – Unhedged + spread 372 1.174 95 Floating Rate – Hedg
Slide 12: 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 31.12.2025 Minority, Malls Malls Other4 1,244 NAV (€m) 301 404 839 67 (64) 1,548 7.28
Slide 13: Highlights for Malls, Marinas & The Ellinikon
2 Highlights for Malls, Marinas & The Ellinikon | 13
Slide 14: Malls FY 2025 Results Highlights
Malls FY 2025 Results Highlights 4 MALLS Another record-breaking performance Tenants Sales 5% y-o-y • New Record of €910m (FY basis) Footfall 2% y-o-y • 26m visitors in 2025 • New Record of €104m for FY Net Base Rents 6% y-o-y • 70% of growth from Inflation Indexation • 30% of growth from Renewals/R
Slide 15: LAMDA MALLS Group Key Financials
LAMDA MALLS Group Key Financials EBITDA Net Debt / (Cash) (in €m) FY-25 FY-24 (in €m) 31.12.2025 31.12.2024 The Malls Athens 32.7 32.4 Golden Hall 24.2 23.7 4 Operating Malls 474 488 Med. Cosmos 23.0 22.1 Ellinikon Malls 28 (65) Designer Outlet Athens 9.8 9.9 Malls Property Management1 & HoldCo 44 4
Slide 16: Operating Malls Tenants' Sales
Operating Malls Tenants’ Sales Reaching new record high levels in €m 5% Vs FY-24 Operating Malls Designer Outlet 910 865 7% 121 113 Med. Cosmos 252 6% 239 Golden Hall 251 6% 237 The Mall Athens 285 3% 276 FY-25 FY-24 Note: all amounts are rounded figures | 16
Slide 17: Operating Malls
Operating Malls Sustained solid growth in FY 2025 across all assets Operating Malls Revenue in €m Operating Malls EBITDA 7% FY 2025 2% FY 2024 FY 2025 effective increase of 4% y-o-y at €95.9m when adjusted for intragroup recharges of €6.2m 89,7 88,2 120,1 112,2 7% 7% 8% 6% 1% 2% 4% 1% 32,7 32,4 42,6
Slide 18: LAMDA MALLS Group Assets Valuation
LAMDA MALLS Group Assets Valuation (GAV) − Maintaining solid growth trends in €m 14% Vs 2024 1.761 Group 1.548 390 13% 1.459 1.312 345 Ellinikon Malls 336 279 Operating Malls 14% 1372 1203 1123 1033 2022 2023 2024 2025 Note: all amounts are rounded figures | 18
Slide 19: Marinas
Marinas Breaking new records (FY basis) for both Revenue (+2% vs 2024) and EBITDA (+6% vs 2024) Revenue in €m EBITDA1 33,3 2% Vs FY-24 32,7 6% Vs FY-24 6,6 62% EBITDA 60% 8,2 Margin Total 20,6 19,5 3,3 Flisvos 4,8 Agios Kosmas 26,7 24,5 Other 18,0 15,6 -0,7 -0,9 FY 2025 FY 2024 FY 2025 FY 2024 Key p
Slide 20: The Ellinikon FY 2025 Results Highlights
The Ellinikon FY 2025 Results Highlights Ellinikon Liquidity at healthy levels Cash Collections to date1 • Residential: €1.1bn €1.5bn • Land Plot Sales/Leases: €0.4bn (excluding Ellinikon Malls intragroup sale of €0.24bn) Strong Absorption Rate of • Coastal Front: Sold out • Little Athens: 85% sold
Slide 21: The Ellinikon Cash Inflows Progress
The Ellinikon Cash Inflows Progress Cumulative Cash Proceeds 28.02.2026 31.12.2024 31.12.2025 Feb Estimate in €bn Residential1 0.73 1.09 1.11 Land Plot Sales/Leases1 0.34 0.40 0.42 Sub-TOTAL 1.07 1.49 1.53 Ellinikon Malls (intragroup land plot sales) 0.24 0.24 TOTAL 1.31 1.73 1.77 1.90 €0.8bn of rem
Slide 22: Little Athens Sales Progress (6 projects)
Little Athens Sales Progress (6 projects) 85% of the units placed in the market have been sold or reserved Mainstream Mainstream Alimos Park Rise Posidonos (50m) Promenade Pavilion Terraces Atrium Gardens Trinity Gardens Sunset Groves1 Heights Renderings Project Location Bjarke Ingels Group 314 Arch
Slide 23: The Ellinikon Infrastructure Works & Buildings CAPEX
The Ellinikon Infrastructure Works & Buildings CAPEX Total CAPEX 564 426 990 Project start until in €m FY 2025 Aggregate Total end-2024 Mainly related to: Infrastructure – demolitions Works 184 87 271 – enabling works – construction works (e.g. Posidonos underpass) Completed projects: – The Experien
Slide 24: The Ellinikon Income Statement Snapshot
The Ellinikon Income Statement Snapshot FY 2025 vs FY 2024 FY 2025 FY2024 in €m Revenue FY 2025 465,7 • Riviera Tower €139m • Little Athens €101m OPEX FY 2025 410,3 • Terra Mare A-U 2.10 €62m • 3rd party & other costs (€39m) • Cove Residences €51m • VAT non-recoverable (€23m) • Project Sunrise €38m
Slide 25: Cash Inflow History & Anticipated Collections in 2026
Cash Inflow History & Anticipated Collections in 2026 €0.6bn anticipated cash collections for 2026 in €bn Total 2.08 1.53 Land Plot Sales1 0.42 1.07 0.34 1.11 Residential1 0.73 Cumulative until Cumulative until 28.02.2026 (Feb Estimate) Cumulative until 31.12.2024 31.12.2026 Note: all amounts are ro
Slide 26: Buildings & Infrastructure CAPEX History & Anticipated CAPEX for 2026
Buildings & Infrastructure CAPEX History & Anticipated CAPEX for 2026 €0.6bn anticipated CAPEX for 2026 in €bn Total CAPEX 1.64 Infrastructure1 1.07 0.29 0.56 0.18 0.79 Buildings2 0.38 Cumulative until Cumulative until 28.02.26 (Feb Estimate) Cumulative until 31.12.2024 31.12.2026 Note: all amounts
Slide 27: Residential Developments
Residential Developments Gross Profit Estimate of Phase I developments Sold-out Little Athens Park Rise Mainstream Mainstream Phase I Metric Coastal Front 50m (BIG) Alimos Posidonos Total GSA ‘000 sqm 91.1 16.0 52.2 62.9 222.2 Average €’000/GSA 10.6 Selling Price sqm 12.3 9.4* 800,0 750 700,0 600,0
Slide 28: The Ellinikon Projects
The Ellinikon Projects ION R&D Centre Mixed-Use Tower Residential The Ellinikon Other Developments PwD Mall Education Post 2028 Completion Medical Venue ION Resi Campus 3rd parties Experience Park & Residentials Experience Centre Education/Offices/Resi Sports Prokopiou Park Facilities Little Aura At
Slide 29: Appendix: Group Balance Sheet & Key Ratios
Appendix 3.1 Group Balance Sheet & Key Ratios | 29
Slide 30: Portfolio of Assets
Portfolio of Assets Key growth drivers: Malls and Ellinikon revaluation in €m 31.12.2025 31.12.2024 Notes The Ellinikon IRC, Retail, Sports & Leisure 711 627 Measured at Fair Value (independent appraisal by Savills) (Investment Property) Booked at cost, incl. land, infrastructure and construction co
Slide 31: Consolidated Balance Sheet Summary
Consolidated Balance Sheet Summary in €m 31.12.2025 31.12.2024 Notes: 31.12.2025 Investment Property 2,474 2,179 Ellinikon €711m, Mall (incl. Ellinikon Malls) & other properties €1,763m Fixed & Intangible Assets 124 110 Ellinikon €54m, Flisvos Marina €55m Total Ellinikon €1,707m Inventory 949 957 (e
Slide 32: Key Financial Metrics (Group)
Key Financial Metrics (Group) in €m 31.12.2025 31.12.2024 Alternative Performance Measures (APM) definitions Free Cash 750 642 Restricted Cash (Short & Long Term) 54 37 Total Cash 804 679 Total Debt 2,066 1,754 = Borrowings + Lease Liability + PV Transaction Consideration Adj. Total Debt 2,749 2,432
Slide 33: The Ellinikon Progress of Works Visuals
3.2 The Ellinikon Progress of Works Visuals | 33
Slide 34: Ellinikon Masterplan − Active Buildings Construction Sites
Ellinikon Masterplan − Active Buildings Construction Sites Contractors 1. ELEMKA 2. JV METKA-INTRAKAT The Ellinikon Mall 3. ETHNOKAT 4. TEKAL / LAMDA CBU 5. ERETBO-TERNA 6. JV BOUYGUES-INTRAKAT 9 7. REDEX 8. METKA 9. AKTOR (Earthworks) 10. LAMDA CBU 11. ΤERNA 2 Sports Complex Little 10 10 Athens 1 I
Slide 35: Residential Projects – Coastal Front
Residential Projects – Coastal Front Riviera Tower Concreting works: 45th level Core Structures & 43rd level Slabs Cove Residences Plots 5-6: Main works in progress Plots 7-8: Main works in progress | 35
Slide 36: Residential Projects – Little Athens
Residential Projects – Little Athens Promenade Heights Park Rise (BIG) Plots 6.9-6.10: Main works in progress 10th floor concreting works in progress. Main works to commence in March Atrium & Trinity Gardens Sunset Groves (1 of 2 plots) Superstructure concreting works completed. Main works commenced
Slide 37: Other Projects
Other Projects Riviera Galleria The Ellinikon Sports Park 94% of concreting works for all buildings completed to date Track and field & throwing field completed Posidonos Underpass The Ellinikon Mall Underpass 95% of excavations & concrete casting completed to date 100% of excavations and 99% of con
Slide 38: 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