Lamda Development S.a. · ATHEX:LAMDA
Lamda Development — H1 2026 Earnings Presentation
37 slides from Lamda Development's earnings presentation, Sep 17, 2026
Slide 1: H1 2026 Results Presentation
H1 2026 RESULTS PRESENTATION Results Conference Call / Live Webcast 17 September 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 H1 2026 Results Conference Call/Live Webcast (17.10.2026). 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 28 The Ellinikon: Progress of Works Visuals page 32
Slide 4: Group Results Highlights
1 Group Results Highlights | 4
Slide 5: H1 2026 Financial Performance at a glance
H1 2026 Financial Performance at a glance Group Consolidated Revenue EBITDA GAV NAV € 265m € 22m € 3.7bn € 1.5bn After Assets Valuation & Other €8.81/share adjustments Malls, Marinas & Other The Ellinikon Operating Flisvos Marina Total Cash Malls1 EBITDA EBITDA Revenues Proceeds3 € 9m € 188m € 1.8bn
Slide 6: Group H1 2026 Highlights
Group H1 2026 Highlights Consolidated Group EBITDA after valuations of €22m Group Revenue of €265m Group Successfully issued a €350m 7-year bond with attractive terms in June 2026 Record Operating Malls EBITDA before valuations at €50m, or 5% increase y-o-y, Malls adjusted for allocation of intragro
Slide 7: Group Balance Sheet Snapshot
Group Balance Sheet Snapshot 30.06.2026 vs 31.12.2025 Assets Valuation (Gross Asset Value – GAV) in €m NAV (Net Asset Value) NAV per 8.81 9.06 share1 (€) 3.681 3.549 82 80 1.500 1.548 Other 4 1.901 1.761 Malls 1.340 1.244 Ellinikon 1.698 1.707 170 301 -10 30.06.2026 31.12.2025 30.06.2026 31.12.2025
Slide 8: Group EBITDA Before Assets Valuation
Group EBITDA Before Assets Valuation H1 2026 vs H1 2025 in €m H1-26 H1-25 82,1 42,1 44,2 42,5 40,9 39,6 8,7 10,0 -1,4 -2,4 -0,6 -5,1 -6,0 -44,8 MALLS MARINAS OTHER BUSINESS UNITS OVERHEADS EBITDA ELLINIKON EBITDA (before valuations & (before valuations) Ellinikon) LAMDA MALLS GROUP MARINAS OTHER BUS
Slide 9: Group EBITDA After Assets Valuation
Group EBITDA After Assets Valuation H1 2026 vs H1 2025 in €m H1-26 H1-25 250 245 236,6 240 235 230 225 220 215 210 205 200 195 190 185 180 175 170 165 160 151,2 155 150 145 140 135 130 125 120 115 110 105 100 95 90 82,1 85 80 75 70 65 60 55 50 45 40 35 30 23,2 22,4 25 20 15 10 -0,6 -0,2 3,4 5 0 -5 -
Slide 10: Group Profitability evolution
Group Profitability evolution H1 2026 vs H1 2025 in €m H1-26 H1-25 236,6 127,9 22,4 0,1 -6,0 -0,5 -0,4 -6,2 -29,8 -25,5 -26,1 -31,5 -46,2 -41,0 EBITDA CASH FINANCE NON-CASH FINANCE DEPRECIATION TAXES MINORITIES NET RESULT COSTS COSTS | 10
Slide 11: Group Borrowings & Interest Rate Sensitivity
Group Borrowings & Interest Rate Sensitivity 80% of Group Borrowings are fixed/hedged in €m Financing Cost Sensitivity +1% change in Euribor = -c€4m -1% change in Euribor = +c€4m 30.06.2026 Group Borrowings2 3.9% 1.850 Euribor 371 Floating Rate – Unhedged 1.474 + spread 93 215 349 Floating Rate – He
Slide 12: NAV Pillars
NAV Pillars Company NAV €1.5bn and MALLS NAV above €1.3bn Development Investment Other Assets Assets Parent LAMDA MALLS Group2 Company The Other Net Debt, TOTAL Ellinikon1 Ellinikon Operating Properties3 30.06.2026 Minority, Malls Malls Other4 1,340 NAV (€m) 170 445 895 67 (77) 1,500 7.87 NAV per sh
Slide 13: Highlights for Malls, Marinas & The Ellinikon
2 Highlights for Malls, Marinas & The Ellinikon | 13
Slide 14: Malls: H1 2026 Results Highlights
Malls H1 2026 Results Highlights 4 MALLS Another record-breaking performance Tenants Sales 5% y-o-y • New Record of €409m (Half-year basis) Footfall 5% y-o-y • 12.5m visitors in H1 2026 • New Record of €52m for H1-26 Net Base Rents 6% y-o-y • 80% of growth from Inflation Indexation • 20% of growth f
Slide 15: LAMDA MALLS Group Key Financials
LAMDA MALLS Group Key Financials EBITDA Net Debt / (Cash) (in €m) H1-26 H1-25 (in €m) 30.06.2026 31.12.2025 The Malls Athens 16.9 16.9 Golden Hall 12.7 11.8 4 Operating Malls 485 474 Med. Cosmos 11.7 11.8 Ellinikon Malls 51 29 Designer Outlet Athens 5.2 4.9 Malls Property Management1 & HoldCo 34 44
Slide 16: Operating Malls Tenants' Sales
Operating Malls Tenants’ Sales Reaching new record high levels in €m 5% Vs H1-25 Operating Malls 409 388 Designer Outlet 53 53 5% Med. Cosmos 111 106 Golden Hall 116 8% 107 The Mall Athens 130 123 6% H1-26 H1-25 Note: all amounts are rounded figures | 16
Slide 17: Operating Malls
Operating Malls Sustained solid growth in H1 2026 Operating Malls Revenue in €m Operating Malls EBITDA 6% H1 2026 2% H1 2025 H1 2026 effective increase of 5% y-o-y at €50m when adjusted for intragroup recharges of €3,4m 46,6 60,2 45,5 57,0 4% 7% 4% 13% 7% 1% 6% 16,9 16,9 21,5 20,7 12,7 11,8 15,6 14,
Slide 18: LAMDA MALLS Group Assets Valuation (GAV)
LAMDA MALLS Group Assets Valuation (GAV) − Maintaining solid growth trends 1.901 in €m 1.761 465 Group 1.548 390 1.459 1.312 345 Ellinikon Malls 336 279 Operating Malls 1.372 1.435 1.203 1.123 1.033 2022 2023 2024 2025 H1 2026 Note: all amounts are rounded figures | 18
Slide 19: Marinas
Marinas Breaking new record for Flisvos Marina EBITDA (+10% vs H1 2025) Revenue in €m EBITDA1 57% EBITDA 61% Margin 16,6 10,0 15,2 8,7 1,3 3,7 Total 2,1 Flisvos Agios Kosmas 9,3 13,9 8,5 12,9 Other -0,3 -0,5 -0,4 H1 2026 H1 2025 H1 2026 H1 2025 1. EBITDA including IFRS 16 (Flisvos land lease payment
Slide 20: The Ellinikon: H1 2026 Results Highlights
The Ellinikon H1 2026 Results Highlights Ellinikon Liquidity at healthy levels Cash Collections to date1 • Residential: €1.3bn €1.8bn • Land Plot Sales/Leases: €0.5bn (excluding Ellinikon Malls intragroup sale of €0.24bn) Strong Absorption Rate of • Coastal Front: Sold out Residential units • Little
Slide 21: The Ellinikon Cash Inflows Progress
The Ellinikon Cash Inflows Progress Cumulative Cash Proceeds 31.08.2026 31.12.2025 30.06.2026 in €bn Residential1 1.09 1.25 1.31 Land Plot Sales/Leases1 0.40 0.51 0.52 Sub-TOTAL 1.49 1.76 1.83 Ellinikon Malls (intragroup land plot sales) 0.24 0.24 TOTAL 1.73 2.00 2.07 2.0 €0.7bn of remaining2 procee
Slide 22: Little Athens Sales Progress (7 Projects)
Little Athens Sales Progress(7 Projects) 81% of the units placed in the market have been sold or reserved POSIDONOS ALIMOS Park Rise (50m) Pavilion Terraces Promenade Heights Atrium Gardens Trinity Gardens Sunset Groves Courtyards East Bjarke Ingels Group 314 Architecture 314 Architecture Deda Tsola
Slide 23: The Ellinikon Infrastructure Works & Buildings CAPEX
The Ellinikon Infrastructure Works & Buildings CAPEX Total CAPEX 990 276 1,265 Project start until in €m H1-2026 Aggregate Total end-2025 Mainly related to: Infrastructure – Poseidonos Underpass & other road networks Works 271 51 322 – Power network, Telecoms, etc. – Building Connections & other uti
Slide 24: The Ellinikon Income Statement Snapshot
The Ellinikon Income Statement Snapshot H1 2026 vs H1 2025 H1 2026 H1 2025 in €m Revenue H1 2026 235,7 • Riviera Tower €71m OPEX H1 2026 • Little Athens €60m • VAT non-recoverable (€20m) 188,2 • Cove Residences €33m • 3rd party & other costs (€14m) • Land plot sales & JVs €24m • Personnel (€11m) 74,
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 2,08 1,83 Total 1,49 0,52 0,40 Land Plot Sales1 1,31 1,09 Residential1 Cumulative until Cumulative until Cumulative until 31.12.2025 31.08.2026 31.12.2026 Note: all amounts are rounded figures 1
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 1,64 Total CAPEX 1,27 Infrastructure1 0,99 0,32 0,27 0,94 Buildings2 0,72 Cumulative until Cumulative until Cumulative until 31.12.2025 30.06.2026 31.12.2026 Note: all amounts are rounded f
Slide 27: 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 28: Appendix: Group Balance Sheet & Key Ratios
Appendix 3.1 Group Balance Sheet & Key Ratios | 28
Slide 29: Portfolio of Assets
Portfolio of Assets Key growth drivers: Malls and Ellinikon revaluation in €m 30.06.2026 31.12.2025 Notes The Ellinikon IRC, Retail, Sports & Leisure 690 711 Measured at Fair Value (independent appraisal by Savills) (Investment Property) Booked at cost, incl. land, infrastructure and construction co
Slide 30: Consolidated Balance Sheet Summary
Consolidated Balance Sheet Summary in €m 30.06.2026 31.12.2025 Notes: 30.06.2026 Investment Property 2,592 2,474 Ellinikon €690m, Ellinikon Malls €465m Fixed & Intangible Assets 139 124 Ellinikon €66m, Flisvos Marina €57m Total Ellinikon €1,698m Inventory 948 949 (excl. Ellinikon Malls) Ellinikon €9
Slide 31: Key Financial Metrics (Group)
Key Financial Metrics (Group) in €m 30.06.2026 31.12.2025 Alternative Performance Measures (APM) definitions Free Cash 697 750 Restricted Cash (Short & Long Term) 377 54 Total Cash 1,074 804 Total Debt 2,439 2,066 = Borrowings + Lease Liability + PV Transaction Consideration Adj. Total Debt 3,101 2,
Slide 32: The Ellinikon: Progress of Works Visuals
3.2 The Ellinikon Progress of Works Visuals | 32
Slide 33: 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 5. TERNA 6. JV BOUYGUES-INTRAKAT 9 7. ORILINA 8. METKA 9. TERNA 10. LAMDA CBU 11. ΤERNA 2 Sports Complex Little 10 10 Athens 1 Integrated Resort Complex (IRC)
Slide 34: Residential Projects – Coastal Front
Residential Projects – Coastal Front Riviera Tower Cove Residences Concreting Works Completed (50th floor). Fit out works ongoing | 34
Slide 35: Residential Projects – Little Athens
Residential Projects – Little Athens Park Rise (BIG) Promenade Heights Plots 6.9-6.10: Main works in progress Atrium & Trinity Gardens Main works in progress Sunset Groves (1 of 2 plots) Concreting works completed in Plot 6.7; main works underway. Concreting Concreting works completed ongoing in Plo
Slide 36: Other Projects
Other Projects The Ellinikon Sports Park Riviera Galleria Main works in progress The Ellinikon Mall Track & field, throwing field, football pitches, admin building, tennis & basketball courts completed. Enters full operation this month. Main works commenced June 15 and are in progress | 36
Slide 37: 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