Slide 1: H1 2025 Results Presentation
H1 2025 RESULTS PRESENTATION Results Conference Call / Live Webcast 18 September 2025
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 H1 2025 Results Conference Call/Live Webcast (18.09.2025). 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 14 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: H1 2025 Financial Performance at a glance
H1 2025 Financial Performance at a glance Group Consolidated Revenue EBITDA Net Result NAV € 311 m € 237m € 128 m € 1.6bn After Assets After Taxes & Valuation & Other €9.22/share Minorities adjustments Malls, Marinas & Other The Ellinikon Malls Retail1 Marinas Cash EBITDA EBITDA EBITDA Proceeds3 € 5
Slide 6: Group H1 2025 Highlights
Group H1 2025 Highlights Consolidated EBITDA after valuations of €237m Consolidated Net Profit of €128m Group NAV per share increase to €9.22 Record Retail EBITDA before valuations at €45m, or 4% increase y-o-y Malls Significant valuation gains for both all assets +15% y-o-y Record EBITDA of 10m, or
Slide 7: Group Balance Sheet Snapshot
Group Balance Sheet Snapshot 30.06.2025 vs 31.12.2024 Assets Valuation (Gross Asset Value – GAV) in €m NAV (Net Asset Value) NAV per 9.22 8.28 3.422 share1 (€) 3.251 76 80 1.585 1.445 Other 40 1.702 1.548 Malls 1.202 1.046 Ellinikon 1.644 1.623 385 359 -3 30.06.2025 31.12.2024 30.06.2025 31.12.2024
Slide 8: Group EBITDA Before Assets Valuation
Group EBITDA Before Assets Valuation H1 2025 vs H1 2024 in €m H1-25 H1-24 82,1 40,9 39,2 42,5 42,4 39,6 35,5 10,0 9,8 6,9 -2,4 -1,7 -6,0 -11,8 MALLS MARINAS OTHER BUSINESS OVERHEADS EBITDA ELLINIKON EBITDA UNITS (before valuations & (before valuations) Ellinikon) LAMDA MALLS GROUP MARINAS OTHER BUSI
Slide 9: Group EBITDA After Assets Valuation
Group EBITDA After Assets Valuation H1 2025 vs H1 2024 in €m H1-25 H1-24 236,6 151,2 82,1 53,4 42,4 6,9 3,4 4,1 EBITDA ASSETS VALUATIONS ASSET DISPOSALS EBITDA (before valuations) LAMDA MALLS GROUP, ELLINIKON, OTHER ASSETS ASSET DISPOSALS Latest independent valuation as of 30.06.2025 H1-25: Athens M
Slide 10: Group Profitability evolution
Group Profitability evolution H1 2025 vs H1 2024 in €m H1-25 H1-24 236,6 127,9 53,4 -6,2 -6,0 -0,4 -0,5 -9,0 -23,0 -18,7 -29,8 -26,1 -33,7 -46,2 EBITDA CASH FINANCE NON-CASH FINANCE DEPRECIATION TAXES MINORITIES NET RESULT COSTS COSTS TAXES The increase in asset valuations led to improved deferred t
Slide 11: Group Borrowings & Interest Rate Sensitivity
Group Borrowings & Interest Rate Sensitivity 63% of Group Borrowings are fixed/hedged (IRS) in €m Financing Cost Sensitivity +1% change in Euribor = -c€4m -1% change in Euribor = +c€4m 30.06.2025 Group Borrowings2 4.0% 1.175 1.174 Euribor Floating Rate – Unhedged 339 330 + spread 96 100 Floating Rat
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 30.06.2025 Minority, Malls Malls Other4 1,202 NAV (€m) 385 409 794 65 (68) 1,585 7.00
Slide 13: 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 from unsold residential plots € 7.5/share Implied “hidden” value € 1,450/sqm Availab
Slide 14: Highlights for Malls, Marinas & The Ellinikon
2 Highlights for Malls, Marinas & The Ellinikon | 14
Slide 15: 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 16: LAMDA MALLS Group Key Financials
LAMDA MALLS Group Key Financials EBITDA Net Debt / (Cash) (in €m) H1-25 H1-24 (in €m) 30.06.2025 31.12.2024 The Malls Athens 16.9 16.0 Golden Hall 11.8 11.7 4 Operating Malls 468 488 Med. Cosmos 11.8 10.8 Ellinikon Malls (21) (65) Designer Outlet Athens 4.9 5.2 Malls Property Management1 & HoldCo 53
Slide 17: Operating Malls Tenants' Sales
Operating Malls Tenants’ Sales Reaching new record high levels, despite a seasonally weak quarter in €m Vs H1-24 3% Operating Malls 389 375 6% Designer Outlet 53 50 3% Med. Cosmos 106 102 4% Golden Hall 108 104 3% The Mall Athens 123 119 H1-25 H1-24 Note: all amounts are rounded figures | 17
Slide 18: Operating Malls
Operating Malls Sustained solid growth in H1 2025 across all assets Retail Revenue in €m Retail EBITDA 7% H1 2025 4% H1 2024 57,0 45,5 43,6 53,2 7% 3% 6% 1% 9% 5% 5% 11% 16,9 16,0 20,7 19,4 11,8 11,7 11,8 10,8 14,6 13,9 15,2 13,7 4,9 5,2 6,4 6,2 THE MALL GOLDEN HALL MED. DESIGNER TOTAL RETAIL THE MA
Slide 19: LAMDA MALLS Group Assets Valuation (GAV)
LAMDA MALLS Group Assets Valuation (GAV) − Maintaining solid growth trends in €m Vs H1-24 15% Group 1.702 Ellinikon Malls 1.548 1.459 1.485 8% 363 1.312 345 336 336 Operating Malls 279 17% 1.339 1.123 1.203 1.149 1.033 2022 2023 2024 Η1-2024 Η1-2025 Note: all amounts are rounded figures | 19
Slide 20: Marinas
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 21: 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 22: 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 Ellinikon Malls (intragroup land plot sales) 0.24 0.24 TOTAL 1.31 1.55 1.60 1.77 €0.8bn of remaining2 proce
Slide 23: Little Athens Sales Progress (6 projects)
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 24: The Ellinikon Infrastructure Works & Buildings CAPEX
The Ellinikon Infrastructure Works & Buildings CAPEX Total CAPEX 564 181 744 Project start until in €m H1 2025 Aggregate Total end-2024 Mainly related to: Infrastructure – demolitions Works 184 26 210 – enabling works – construction works (e.g. Posidonos underpass) Completed projects: – The Experien
Slide 25: 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 26: 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 27: Buildings & Infrastructure CAPEX History & Anticipated CAPEX for 2025
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 28: The Ellinikon Phase I Projects (2021-2027/28)
The Ellinikon Phase I Projects (2021-2027/28) Residential PwD Mixed-Use Tower Other Developments The Ellinikon Mall Education Experience Park & 3rd parties Experience Centre Residential Education/Offices/Resi (Prokopiou) Sports Complex Healthcare Little Athens Build-to-Rent Posidonos Underpass Integ
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 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 31: 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 32: 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 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 3. ETHNOKAT 4. TEKAL / LAMDA CBU The Ellinikon Mall 5. ERETBO 6. JV BOUYGUES-INTRAKAT 7. REDEX 9 8. METKA Sports 9. AKTOR (Earthworks) Complex 10. LAMDA CBU 11. ΤERNA 2 10 Little Athens 10 Resident
Slide 35: Residential Projects – Coastal Front
Residential Projects – Coastal Front Riviera Tower Concreting works: 31st level Core Structures & 28th level Slabs Cove Residences Plots 5-6: Early works completed and main works in progress Plots 7-8: Early works and main works in progress | 35
Slide 36: 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 37: 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 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