Slide 1: Corporate Presentation
December 2025 Corporate Presentation
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 December 2025. This document contains certain forward-looking statements pertaining to the Company and its G
Slide 3: Contents
Contents Group Overview page 4 Malls – A unique blend of value and growth page 10 Marinas – A growing segment with strong fundamentals page 18 The Ellinikon – A unique development with significant hidden value page 21 Economic Update page 31 Appendix page 36 | 3
Slide 4: LAMDA Development Group Overview
1 LAMDA Development Group Overview | 4
Slide 5: Greece's leading real estate platform
LAMDA Development Greece’s leading real estate platform with a premier, diversified portfolio 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 green, smart, coastline city-with
Slide 6: 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 7: Building Value: NAV up 4x since 2011
LAMDA Development | Building Value Net Asset Value in € 1.6bn x4 NAV is up 4x since 2011 1.1bn This reflects The Ellinikon’s residential plots valued at cost 0.4bn Since 2020, we have made 2011 2020 H1 2025 investments of €1bn Sources: Annual Financial Statements, LAMDA Development (rounded figures)
Slide 8: Diversified and growing cash flow base
LAMDA Group built a diversified and growing cash flow base 1 2 3 Retail EBITDA Malls Ellinikon EBITDA Marinas EBITDA 39.6m 45.5m 9.8m 10.0m 43.6m 6.9m H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 EBITDA before asset valuations Sources: Annual Financial Statements, LAMDA Development | 8
Slide 9: Significant hidden value: Ellinikon residential land plot example
With Significant “Hidden” Value | The Ellinikon Residential Land Plot Example Land Plots for sale assumed price per GFA sqm € 2,250/sqm Total Cost of Land & Infra until completion € 800/sqm Implied “hidden” value for unsold residential plots € 7.5/share Implied “hidden” value €1,450/sqm Available GF
Slide 10: Malls: A unique blend of value & growth
2 Malls A unique blend of value & growth | 10
Slide 11: 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 12: Record-high profitability in the Malls' history
Operating Malls FY 2024 Performance Record-high profitability in the Malls’ history Record high Retail EBITDA for 2024 €88m Further improvement to €45m for 1H 2025 Record high Tenant Sales 865 Record high GAV €mn 1.7 €bn Rent Collection c100% Record high NAV 1.2 Occupancy 99% €bn | 12
Slide 13: Operating Malls: Delivering Record Results
Operating Malls | Delivering Record Results and Building for the Future EBITDA (€m) +9% +18% 88 Retail EBITDA 81 10 Designer Outlet1 9 69 COVID 4 22 Med. Cosmos 21 19 45 Golden Hall 24 37 14 21 19 11 13 The Mall Athens 10 31 32 27 15 19 2020 2021 2022 2023 2024 1. Designer Outlet Athens first time c
Slide 14: Clear market leader in prime retail assets in Greece
The clear market leader in prime retail assets in Greece Top Parks Piraeus 12,8 GLA (‘000 sqm) Makedonia Mall 13,1 Thessaloniki One Salonica 13,3 Thessaloniki Existing: 179 298 Athens Heart 18,4 GLA Riviera Galleria 19,0 Ellinikon: 119 Fashion City 20,0 Larisa Designer Outlet 21,5 307 Peers Thessalo
Slide 15: Competing in a Highly Undersupplied, High-Barrier Market
LAMDA Malls| Competing in a Highly Undersupplied, High-Barrier Market Shopping Malls’ density (GLA sqm per 1,000 people) Greece has the lowest shopping centre density in Europe 263 Greece stands at less than ¼ of European High barriers to entry for new competitors average (limited large plots and co
Slide 16: The Ellinikon Mall
The Ellinikon Retail & Entertainment Destinations Outstanding commercial leasing progress 3 years ahead of opening Construction Completion 350 64% stores Agreed (Heads of Terms) End of 2028 The Ellinikon Mall | 16
Slide 17: Riviera Galleria
The Ellinikon Retail & Entertainment Destinations Outstanding commercial leasing progress as the project moves closer to completion 100 78% Construction Completion stores Agreed (Heads of Terms) End of 2026 Riviera Galleria | 17
Slide 18: Marinas: A Growing Segment with Strong Fundamentals
3 Marinas A Growing Segment with Strong Fundamentals | 18
Slide 19: Marinas: Another record-breaking performance in 2024
Marinas Another record-breaking performance in 2024 Flisvos Marina Agios Kosmas Marina 310 100% 337 100% berths occupancy berths occupancy FY2024 Revenues €33m +12% Further improvement to €17m (+8% yoy) for 1H 2025 vs. 2023 EBITDA1 €19m +8% Further improvement to €10m (+2% yoy) for 1H 2025 vs. 2023
Slide 20: Corfu Mega Yacht Marina
Corfu Mega Yacht Marina Over €140m Investment towards creating The new Yacht Destination in the Ionian Signed 40-year sub-concession for Corfu Mega Yacht Marina, a >€50M investment, expanding our footprint. | 20
Slide 21: The Ellinikon
The Ellinikon 4 A unique development with Significant Hidden Value | 21
Slide 22: Europe's pioneering 15-minute city-within-a-city
Europe's pioneering 15-minute, green, smart, coastline city-within-a-city Land GFA The Ellinikon Park Coastline & Beach Secured Proceeds to date 6.2m sqm 2.7m sqm 2m sqm 3.5 km €2.2bn | 22
Slide 23: 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 24: The Ellinikon Phase I Projects
The Ellinikon Phase I Projects Residential ION R&D Centre Education Other Developments Mixed-Use Tower PwD The Ellinikon Mall ION Resi Campus 3rd parties Residential Education/Offices/Resi Experience Park & Prokopiou Experience Centre Sports Healthcare Little Athens Complex Built to Rent Posidonos I
Slide 25: Progress of Residential Sales
The Ellinikon | Progress of Residential Sales Coastal Front 315 Total Units* 100% absorption rate Riviera Tower 173 Units The Cove Villas 27 Units The Cove Residences 115 Units Little Athens 559 Total Units* 93% absorption rate Park Rise Pavilion Promenade Atrium Trinity Sunset Groves (50m) 89 Terra
Slide 26: Cash Inflow History & Anticipated Collections
Cash Inflow History & Anticipated Collections in 2025 €0.5bn anticipated cash collections in 2025 in €bn H1 2025 2025 Collections Collections Total 0.2 0.52 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 3
Slide 27: CAPEX History & Anticipated CAPEX
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: Residential Projects – Coastal Front
Residential Projects – Coastal Front Riviera Tower Cove Residences Plots 5-6: Early works completed and main works in progress Plots 7-8: Early works and main works in progress Concreting works: 31st level Core Structures & 28th level Slabs | 28
Slide 29: 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 30: 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 31: Economic Update
4 Economic Update | 31
Slide 32: Greece: Positioned for Sustainable Growth
Greece: Positioned for Sustainable Growth 2024 GDP expanded by 2.3%, significantly outpacing the euro area (+0.9%) and Performance demonstrating resilience against global headwinds. Strong medium-term prospects with GDP projected at +2.3% in 2025 and +2.2% in 2026, GDP Outlook consistently above EU
Slide 33: Strong FDI Inflows and Record Golden Visa Demand
Strong FDI Inflows and Record Golden Visa Demand Drive Investment Momentum Top 5 Net Capital Inflows for Real Estate Top 10 Golden Visa Investor Permits in 2024 2000 100.000 China Cyprus EUR mn 1750 France Germany Number of Permits 85.417 Israel Luxembourg Singapore Switzerland 80.000 1500 Turkey Un
Slide 34: Greek Residential Market Maintains Upward Momentum
Greek Residential Market Maintains Upward Momentum Athens leads sustained property value expansion, driven by economic recovery and investor inflows New Index of apartment prices by geographical area: New (up to 5 years old) (2008=100) Real Estate Prices Growth YoY 120 Athens While prices in the 114
Slide 35: Building activity gradually rebounding
Building activity gradually rebounding following a prolonged under-investment period Building permits for new dwellings show steady growth New vs Old Apartments (Base year: 2007) 140.000 120,0 Total New Dwellings Up to 5 Years Old Total Habitable Rooms Over 5 Years 120.000 110,0 100.000 100,0 80.000
Slide 36: Appendix
5 Appendix | 36
Slide 37: 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 38: 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 39: 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 40: Malls: 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 41: 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 42: Marinas: Breaking new records
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 43: 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 44: 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 45: Shareholders Structure
Shareholders Structure Treasury Shares 3,4% G. Prokopiou 2,0% LAMDA: GA Greek Institutional Retail % out of 176,736,715 4,5% EBRD 8,2% 1,8% shares outstanding Aegean Airlines 1,7% Brevan Howard & Partners 8,6% Foreign Institutional CLH (Latsis Group) 25,1% 44,7% Data as of 29.08.2025 | 45
Slide 46: 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