Slide 1: Corporate Presentation December 2022
CORPORATE PRESENTATION CORPORATE PRESENTATION DECEMBER 2022
Slide 2: Contents
Contents Group Overview page 3 Investment Assets page 10 Development Assets page 15 ESG page 28 Appendix page 33 2
Slide 3: Group Overview
GROUP OVERVIEW DEVELOPMENT
Slide 4: LAMDA at a glance
LAMDA at a glance Investment Assets1 A top quality portfolio with unmatched footprint in the Greek retail market Thessaloniki 2 3 4 GAV Retail EBITDA Retail GLA €1.2bn €64.3m 178k sqm 5 6 NAV Occupancy Marina berths €0.7bn c.99% 303 Athens Development Assets One of the largest urban development proj
Slide 5: Key investment highlights
Key investment highlights • LAMDA Development is one of the largest1 institutional real estate participants in Greece as it is: o The undisputed leader in the shopping malls sector with several trophy assets in its portfolio and; o The developer of one of Europe’s largest urban projects: The Ellinik
Slide 6: Solid track record of portfolio growth & NAV appreciation
Solid track record of portfolio growth & NAV appreciation Assets Valuation (Gross Asset Value – GAV) Net Asset Value (NAV) (in €m) NAV per 5.1 5.6 6.5 6.2 7.7 7.6 share1 3.052 (€) 2.842 1.362 1.324 2017-2021 CAGR +36% 99 1.155 1.102 1.860 Development 549 676 Assets 2017-2021 CAGR +35% 1.793 1.055 1.
Slide 7: NAV Pillars
NAV Pillars September 2022 Development Investment Other Assets Assets Adjustments Parent Other Company Net Total The Ellinikon1 Malls2 Properties3 Debt, Minority, 30.09.2022 Other4 NAV 676 548 119 (20) 1,324 (€m) NAV/share5 3.88 3.15 0.68 (0.11) 7.60 (€) All amounts in €m are rounded figures 1. Asse
Slide 8: Greece: on a steady path to recovery
Greece: on a steady path to recovery • Greece is on a steady path to recovery with unemployment steadily decreasing leading to a gradual increase in the households’ disposable income • Greece is one of the largest recipients of the EU Recovery and Resilience Facility (RRF) funds corresponding to c.1
Slide 9: Greek real estate: market fundamentals underpin future growth
Greek real estate: market fundamentals underpin future growth • Following a long period of low real estate activity and limited supply, the Athenian residential market has witnessed an increase both in volume of sales and rental values. The Southern suburbs and downtown Athens remain at the top of i
Slide 10: Investment Assets
INVESTMENT ASSETS
Slide 11: Investment Assets
Investment Assets A top quality portfolio with unmatched footprint in the Greek retail market The Mall Athens Golden Hall Mediterranean Cosmos Designer Outlet Athens Flisvos Marina The largest2 shopping & Greece’s first exclusive marina The largest2 shopping and The most premium shopping and The pre
Slide 12: Prime retail assets
Prime retail assets Assets Valuation (GAV) Revenue 1,002 (in €m) 77 892 855 872 109 60 21 59 252 264 2 247 256 48 17 17 23 189 177 181 186 14 18 17 14 451 430 435 443 33 20 24 23 2019 2020 2021 9M 2022 2019 2020 COVID-192 2021 9M 2022 1 1 The Mall Athens Med. Cosmos Golden Hall Designer Outlet The M
Slide 13: Valuation drivers
Valuation drivers 1. Yield Compression Potential NAV Appreciation (annualized Δ ) Shopping Malls yields across selected EU countries1 2 2019 Exit Yield 7,4% Pre-COVID 5,9% 6,2% EBITDA 5,5% 5,6% 7.4%2 -50bps -100bps 3 64.3 63 137 EBITDA LD EU ES PT IT +5% 44 110 187 2. EBITDA Growth +10% 87 157 238 •
Slide 14: Acquisition of the Designer Outlet Athens
Acquisition of the “Designer Outlet Athens” The premier designer outlet in Greece Overview Transaction overview • Location: Spata, Attica • Agreement date: 05.08.2022 • Commencement of operations: June 2011 • Description: acquisition of 100% of McArthurGlen Hellas S.M.L.L.C. • GAV1: €109m • Seller:
Slide 15: Development Assets
DEVELOPMENT ASSETS DEVELOPMENT
Slide 16: The Ellinikon
The Ellinikon One of the largest urban regeneration projects in Europe Land Metropolitan Park Coastline & Beach Carbon footprint Budget1 6.2m sqm 2m sqm 3.5 km Zero c.€8bn GBA GAV2 2.8m sqm €1.9bn NSA NAV2 2.6m sqm €0.7bn 1. Refers to the Total Project Investment for the entire term of the project (
Slide 17: The Ellinikon Master Plan
The Ellinikon 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 People with Disabilities (AMEA) 2. The Ellinikon Business District
Slide 18: The Ellinikon: Phase developments
The Ellinikon Phase 1 developments 18
Slide 19: €8bn investment plan for a mixed-use development
The Ellinikon €8bn investment plan for a world-leading mixed-use development in the Athens Riviera Residential Shopping Malls & Retail Offices & Hospitality Metropolitan Park Best-in-class LAMDA’s core investment & JVs and business agreements for prime 2 million sqm residential developments developm
Slide 20: Project funding & risks
Project funding & risks Phase 1 Cash inflows from contracted proceeds1 currently stand at 160% of the initial funding plan allowing for +20% headroom in CAPEX Initial funding plan (in €bn) Cash inflows from contracted proceeds (in €bn) Sources Uses 2022 0.2 Share Capital Increase 0.6 (Dec. 2019) 202
Slide 21: De-risking a landmark development project
De-risking a landmark development project Pre-sales of residential projects exceeded expectations, increasing confidence on cash proceeds and 1 bringing forward new residential developments in Phase 1 2 Focus on what we know best 3 JVs with best-in-class business partners 4 Business agreements with
Slide 22: Residential status
1 Residential status Buying interest for the Riviera Tower, Cove Villas and Cove Residences has exceeded expectations, increasing confidence on the revenue side and bringing forward new residential developments in Phase 1 Gross proceeds per GFA Pre-agreement Total gross proceeds Total gross LAMDA’s
Slide 23: Significant commercial leasing progress
2 Focus on what we know best Significant commercial leasing progress almost 3 years ahead of commencement of operations supported by strong market demand GLA Expression of interest (EoI) Signed Heads of Terms (HoT) (‘000 sqm) (% of GLA) (% of GLA) Vouliagmenis 85 92% 25% Mall Riviera 19 71% 3% Galle
Slide 24: JVs and business agreements with reputable counterparties
3 JVs with best-in-class business partners 4 Business agreements with reputable counterparties A vote of confidence from top-tier investors and business partners, adding tangible and intangible value to the project JVs Sale of prime office space & land plots Orilina Counterparty Fourlis Group Piraeu
Slide 25: Permitting risks cleared; infrastructure progressing
5 Permitting risks are cleared 6 Infrastructure and early works are progressing according to plan Permitting risks are cleared Demolitions Infra Works Council of State (Greece’s Supreme Court) has 80% completed; completed all required demolitions to Main Contractor for the first cleared all pending
Slide 26: Construction & building permits timeline
6 Construction & building permits timeline Phase 1 2022 2023 2024 2025 2026 H1 H2 H1 H2 H1 H2 H1 H2 H1 AMEA Building Experience Center Project Completed Sports Facilities Infra & Other Posidonos underpass & road network1 Open areas1 Other Infra Works in Phase 11 Metropolitan Park1 Agios Kosmas Marin
Slide 27: Employing world-class consultants/advisors
7 Employing world-class consultants/advisors to assist in the project execution Project Management & Architects/Designers Execution Project Management Consultants (PMC) → Infrastructure and Landscape: Hill International Foster+Partners for Riviera Tower → Buildings: Jacobs-Mace JV Independent Engine
Slide 28: ESG
DEVELOPMENT
Slide 29: Sustainability strategy pillars
Sustainability strategy pillars Decarbonization Circularity People & Prosperity Transition to net zero and build Create economic value, accelerate Target Achieve net zero water and waste resilience to a changing climate social vitality and engage people Design out Keep Create Enhance social Regenera
Slide 30: Green Bond Framework Overview
Green Bond Framework Overview By adopting the ICMA GBP, LAMDA adopts best practices for external control, monitoring, verification and reporting and also assures that the financed projects by the Green Bond will contribute towards the Company's Sustainable Development Strategy. 1 Use of Net Proceeds
Slide 31: Green Bond Framework – Eligible Categories
Green Bond Framework – Eligible Categories Category Eligible Green Investments UN SDG ✓ Buildings which have or will receive an international sustainable buildings certification: Green Buildings o Land acquisition for the development/construction of new buildings o Development/construction of new bu
Slide 32: Corporate governance
Corporate governance LAMDA has adopted the Hellenic Corporate Governance Code of the Hellenic Corporate Governance Council1 Board of Directors (BoD) Audit Committee BoD members fulfill all independence criteria required by legislation in force (L.3016/2002 & L.4706/2020) 4 members • Chair is indepen
Slide 33: Appendix
APPENDIX DEVELOPMENT
Slide 34: The Ellinikon key milestones timeline
The Ellinikon Key milestones timeline A 7-year long journey that ended in June 2021 HRADF launches the Approval of the Ratification of the SPA Ratification of the international tender Urban Planning by the Greek Parliament transfer of rights in rem process (Invitation to Signing of Studies via Joint
Slide 35: Phase – Landmark developments
The Ellinikon Phase 1 – Landmark developments Riviera Galleria Vouliagmenis Mall Mixed-Use Tower (JV with Brook Lane Capital The Coastal Front Riviera Tower 35
Slide 36: Phase – Landmark developments (continued)
The Ellinikon Phase 1 – Landmark developments (continued) The Experience Park The Experience Centre The Cove The Cove Villas Residences AMEA Building Retail Park by Fourlis 36
Slide 37: Phase – Project execution overview
The Ellinikon Phase 1 – Project execution overview VOULIAGMENIS OFFICE TOWER MIXED-USE TOWER HANGAR C Experience Centre (Apr. 2022) VOULIAGMENIS MALL COMPLEX AMEA BUILDING SOLID WASTE VOULIAGMENIS OFFICE TREATMENT HEALTHCARE PLANT EDUCATION EDUCATION SPORTS COMPLEX TRACHONES STREAM WASTE WATER TREAT
Slide 38: Phase – Infrastructure works
The Ellinikon Phase 1 – Infrastructure works • Pedestrian Axis • Main Road Network • Main Avenues • Poseidonos Avenue Underpass 38
Slide 39: LAMDA takes full control of LAMDA MALLS
LAMDA takes full control of LAMDA MALLS Minority stake (31.7%) purchase from Värde Partners Overview of LAMDA MALLS Transaction overview Owner and operator of the largest and best-in-class prime retail assets in Greece: • Agreement date: 20.05.2022 (transaction closing: 15.07.2022) • GAV1: €450m • D
Slide 40: The undisputed leader in prime retail assets in Greece
The undisputed leader in prime retail assets in Greece GLA (‘000 sqm) Footfall1 (million visitors) Factory Pireos 13,0 Athens Heart 1,6 Existing: 178 283 Factory Airport 14,0 Ellinikon: 105 VS Athens Heart 18,4 One Salonica 4,5 Peers: 214 2 Riviera Galleria 19,0 River West 5,3 24.0 Fashion City 20,0
Slide 41: Group Financial Highlights
Group Financial Highlights Group Total EBITDA Net Asset 3 Evolution Value (NAV) (in €m) Group Total Equity 1 2 (in €m) 1.301 5.1 5.6 6.5 6.2 7.7 7.6 99 NAV per 1.143 1.142 1.102 14 4 Share (€) 1.362 86 1.324 95 1.155 1.101 1.202 3 1.128 1.057 1.007 435 378 439 80 395 65 313 355 2017 2018 2019 2020 2
Slide 42: Consolidated Balance Sheet Summary
Consolidated Balance Sheet Summary (in €m) 30.09.2022 31.12.2021 Notes Investment Property 1,933.9 1,769.2 30.09.2022: The Ellinikon €908m, Shopping Malls & other property assets €1,026m Total Ellinikon Fixed & Intangible Assets 128.1 101.4 30.09.2022: The Ellinikon €50m (PP&E & Intangibles), Flisvo
Slide 43: Group Key Financial Metrics
Group Key Financial Metrics (in €m) 30.09.2022 31.12.2021 Notes & definitions of Alternative Performance Measures (APM) Cash 452 162 Restricted Cash (Short & Long Term) 207 377 Total Cash 659 539 Total Debt 1,866 1,406 = Loans (incl. Accrued Interest) + Lease Liability + PV Transaction Consideration
Slide 44: Portfolio of Assets
Portfolio of Assets Designer Outlet Athens acquisition, The Ellinikon and Malls revaluation the key growth drivers (in €m) 30.09.2022 31.12.2021 Notes The Ellinikon Assets measured at Fair Value (DCF valuation by Savills). Same Malls, Offices, Hotels, IRC (Investment Property) 907.8 873.4 methodolog
Slide 45: Group 9M 2022 Financial Performance
Group 9M 2022 Financial Performance Malls: solid business performance driving recovery towards record-high 2019 levels EBITDA Breakdown Profitability Evolution (in €m) 9M 2022 9Μ 2021 9M 2019 9M 2022 9Μ 2021 9Μ 2019 +1% -3% vs. 2019 vs. 2019 306 329 210 82 48 48 40 41 31 47 28 40 41 35 28 30 21 13 1
Slide 46: Malls 9M 2022 vs. 2019
Malls 9M 2022 vs. 2019 EBITDA reached 2019 record-high levels 9M Revenue vs. 2019 9M EBITDA vs. 2019 +3% +6% (in €m) 59,8 9M 2022 -2% +1% 58,0 56,4 56,4 9M 2019 46,8 47,6 48,1 47,6 -5% +16% +3% -8% +10% -2% 23,5 24,7 21,1 19,3 17,2 17,3 16,8 14,9 14,2 12,9 13,3 13,6 1,8 1,3 THE MALL GOLDEN MED. TOTA
Slide 47: Malls KPIs
Malls KPIs Strong sales and higher average spending as shopping is the primary reason of visit Footfall decline mainly due to lower recreational visits Tenants’ Sales % change vs. 2019 Q4 2021 Q1 2022 Q2 2022 Q3 2022 The Mall Athens -21% -28% -10% -5% Golden Hall +5% -7% +17% +17% Med. Cosmos -10% -
Slide 48: Malls KPIs
Malls KPIs Accelerated growth in Tenants’ sales in Q3 2022 Tenants’ Sales % change vs. 2019 January February March April May June July August September 9M 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 The Mall Athens -39% -21% -17% -13% -10% -5% -12% -1% +2% -13% Golden Hall -23% +5% +8% +17% +1
Slide 49: Malls Valuation
Malls Valuation Total GAV exceeds €1bn following the Designer Outlet Athens acquisition (in €m) COVID-19 Weighted 7.3% 7.3% 7.4% 7.4% average Exit Yield +€130m 1.002 892 +€17m 109 855 872 252 256 264 247 Designer Outlet 2 Golden Hall 189 181 186 177 Med. Cosmos €893m The Mall Athens +€21m vs. 31.12.
Slide 50: Malls valuation sensitivity analysis
Malls Valuation sensitivity analysis1 DCF discount rate (in €m) 30.06.2022 +/- 0.25% The Mall Athens 8.35% -/+ 7 Med. Cosmos 9.40% -/+ 3 GAV Golden Hall 9.05% -/+ 4 (in €m) 30.06.2022 Designer Outlet Athens 9.50% -/+ 1 The Mall Athens 443 Total Malls2 8.85% -/+ 15 1.5% Med. Cosmos 186 of GAV Golden
Slide 51: The Ellinikon Investment Property
The Ellinikon Investment Property Valuation sensitivity analysis1 DCF discount rate -0.50% +0.50% 9-10% 6.50% - 12.22% 87 (80) of GAV Exit yield -0.50% +0.50% 6-7% 4.25% - 9.00% 60 (52) GAV of GAV (in €m) 30.06.2022 21-23% Malls, Offices, Hotels, IRC 897 of GAV (Investment Property) +12 months Timin
Slide 52: Shareholders Structure
Shareholders Structure Foreigh Institutional LAMDA: GA Tresury Shares 19,0% Shares Outstanding: Greek Institutional 1,3% 7,7% 176,736,715 Retail 8,4% Aegean Airlines 1,7% EBRD 1,8% CLH (Latsis Group) 43,8% Brevan Howard & Partners 6,4% Voxcove Holdings 10,0% As of 30.09.2022 52
Slide 53: Disclaimer
Disclaimer This presentation has been prepared by LAMDA Development S.A. (the “Company”). The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accura