Slide 1: 9M 2025 Results Presentation
9M 2025 RESULTS PRESENTATION Results Conference Call / Live Webcast 19 December 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 9M 2025 Results Conference Call/Live Webcast (19.12.2025). 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 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: 9M 2025 Financial Performance at a glance
9M 2025 Financial Performance at a glance Group Consolidated Revenue EBITDA Net Result NAV € 444 m € 253m € 116 m € 1.6bn After Assets After Taxes & Valuation & Other €9.20/share Minorities adjustments Malls, Marinas & Other The Ellinikon Operating Marinas Cash Malls1 EBITDA EBITDA EBITDA Proceeds3
Slide 6: Group 9M 2025 Highlights
Group 9M 2025 Highlights Consolidated EBITDA before valuations of €98m, or 15% higher y-o-y Consolidated Net Profit of €116m Group NAV per share increase to €9.20 Record Operating Malls EBITDA before valuations at €69m, or 5% increase y-o-y Malls Record EBITDA of €17m, or 9% increase y-o-y Marinas €
Slide 7: Group Balance Sheet Snapshot
Group Balance Sheet Snapshot 30.09.2025 vs 31.12.2024 Assets Valuation (Gross Asset Value – GAV) in €m NAV (Net Asset Value) NAV per 3.440 9.20 8.28 76 3.251 share1 (€) 80 1.572 1.445 Other 40 1.714 1.548 Malls 1.209 1.046 Ellinikon 1.650 1.623 365 359 -2 30.09.2025 31.12.2024 30.09.2025 31.12.2024
Slide 8: Group EBITDA Before Assets Valuation
Group EBITDA Before Assets Valuation 9M 2025 vs 9M 2024 in €m 9M-25 9M-24 98,4 85,7 62,8 66,2 59,6 55,0 32,2 30,8 17,2 15,8 -2,8 -2,9 -11,0 -17,5 MALLS MARINAS OTHER BUSINESS UNITS OVERHEADS EBITDA ELLINIKON EBITDA (before valuations & (before valuations) Ellinikon) LAMDA MALLS GROUP MARINAS OTHER B
Slide 9: Group EBITDA After Assets Valuation
Group EBITDA After Assets Valuation 9M 2025 vs 9M 2024 in €m 9M-25 9M-24 252,7 150,9 98,4 94,0 85,7 4,2 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 9M 2025 vs 9M 2024 in €m 9M-25 9M-24 252,7 116,2 94,0 -1,2 -0,7 -9,4 -9,0 -14,1 -16,6 -36,6 -33,4 -42,4 -48,4 -47,1 EBITDA CASH FINANCE NON-CASH FINANCE DEPRECIATION TAXES MINORITIES NET RESULT COSTS COSTS TAXES The increase in asset valuations led to improved deferred
Slide 11: Group Borrowings & Interest Rate Sensitivity
Group Borrowings & Interest Rate Sensitivity 53% of Group Borrowings are fixed/hedged (IRS) in €m Financing Cost Sensitivity +1% change in Euribor = -c€4m -1% change in Euribor = +c€4m 30.09.2025 Group Borrowings2 3.8% 1.174 Euribor Floating Rate – Unhedged + spread 962 330 Floating Rate – Hedged Eu
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 30.09.2025 Minority, Malls Malls Other4 1,209 NAV (€m) 365 408 800 68 (70) 1,572 7.08
Slide 13: Highlights for Malls, Marinas & The Ellinikon
2 Highlights for Malls, Marinas & The Ellinikon | 13
Slide 14: Malls 9M 2025 Results Highlights
Malls 9M 2025 Results Highlights 4 MALLS Another record-breaking performance Tenants Sales 5% y-o-y • New Record of €620m (9M basis) Footfall 2% y-o-y • 18.6m visitors in Jan-Sep 2025 • New Record of €73.5 for 9M Net Base Rents 5% y-o-y • 70% of growth from Inflation Indexation • 30% of growth from
Slide 15: LAMDA MALLS Group Key Financials
LAMDA MALLS Group Key Financials EBITDA Net Debt / (Cash) (in €m) 9M-25 9M-24 (in €m) 30.09.2025 31.12.2024 The Malls Athens 25.3 24.1 Golden Hall 18.0 17.2 4 Operating Malls 478 488 Med. Cosmos 17.8 16.2 Ellinikon Malls (5) (65) Designer Outlet Athens 7.6 8.2 Malls Property Management1 & HoldCo 39
Slide 16: Operating Malls Tenants' Sales
Operating Malls Tenants’ Sales Reaching new record high levels in €m Vs 9M-24 5% Operating Malls 620 7% 593 Designer Outlet 83 5% 78 Med. Cosmos 176 168 5% Golden Hall 167 160 3% 193 187 The Mall Athens 9M-25 9M-24 Note: all amounts are rounded figures | 16
Slide 17: Operating Malls
Operating Malls Sustained solid growth in 9M 2025 across all assets Operating Malls Revenue in €m Operating Malls EBITDA 7% 9M 2025 5% 9M 2024 86,3 68,7 80,5 65,7 7% 6% 10% 5% 5% 5% 10% 7% 31,0 29,1 25,3 24,1 22,2 21,0 23,2 18,0 17,2 21,0 17,8 16,2 10,0 9,5 7,6 8,2 THE MALL GOLDEN HALL MED. DESIGNER
Slide 18: LAMDA MALLS Group Assets Valuation (GAV)
LAMDA MALLS Group Assets Valuation (GAV) − Maintaining solid growth trends in €m Vs 2024 11% Group 1.714 1.548 8% 1.459 373 Ellinikon Malls 1.312 345 336 279 Operating Malls 11% 1.341 1.123 1.203 1.033 2022 2023 2024 9M-2025 Note: all amounts are rounded figures | 18
Slide 19: Marinas
Marinas Breaking new records (9M basis) for both Revenue (+5% vs 2024) and EBITDA (+9% vs 2024) Revenue in €m EBITDA1 Vs 9M-24 Vs 9M-24 26,0 5% 24,7 9% 10% 5,6 66% EBITDA 64% 6,2 Margin Total 17,2 18% 15,8 3,2 10% Flisvos 3,9 Agios Kosmas 20,4 16% 18,5 Other 14,4 12,4 -0,4 -0,5 9M 2025 9M 2024 9M 20
Slide 20: The Ellinikon 9M 2025 Results Highlights
The Ellinikon 9M 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: 84% sold
Slide 21: The Ellinikon Cash Inflows Progress
The Ellinikon Cash Inflows Progress Cumulative Cash Proceeds 31.12.2024 30.09.2025 30.11.2025 in €bn Residential1 0.73 0.98 1.07 Land Plot Sales/Leases1 0.34 0.40 0.40 Sub-TOTAL 1.07 1.38 1.47 Ellinikon Malls (intragroup land plot sales) 0.24 0.24 TOTAL 1.31 1.63 1.72 1.90 €0.8bn of remaining2 proce
Slide 22: Little Athens Sales Progress (6 projects)
Little Athens Sales Progress (6 projects) 84% 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 564 285 849 Project start until in €m 9M 2025 Aggregate Total end-2024 Mainly related to: Infrastructure – demolitions Works 184 39 223 – enabling works – construction works (e.g. Posidonos underpass) Completed projects: – The Experien
Slide 24: The Ellinikon Income Statement Snapshot
The Ellinikon Income Statement Snapshot 9M 2025 vs 9M 2024 9M 2025 9M 2024 329,5 Revenue 9M 2025 in €m • Riviera Tower €101m • Little Athens €79m OPEX H1 2025 • Cove Residences €35m • 3rd party & other costs (€23m) 254,6 • IRC (land lease) €9m • Personnel (€15m) • Cove Villas €4m • VAT non-recoverab
Slide 25: Cash Inflow History & Anticipated Collections in 2025
Cash Inflow History & Anticipated Collections in 2025 €0.5bn anticipated cash collections in 2025 in €bn 9M 2025 2025 Collections Collections Total 0.3 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 26: Buildings & Infrastructure CAPEX History & Anticipated CAPEX for 2025
Buildings & Infrastructure CAPEX History & Anticipated CAPEX for 2025 €0.5bn estimated CAPEX in 2025 9M 2025 2025 in €bn CAPEX CAPEX 0.3 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 27: Residential Developments
Residential Developments Gross Profit 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* 800,0 750 700,0 600,0 500,0 43%
Slide 28: The Ellinikon Phase I Projects
The Ellinikon Phase I Projects Experience Park & Residential Experience Centre ION R&D Centre Other Developments Education Mixed-Use Tower PwD ION Resi Campus The Ellinikon 3rd parties Education/Offices/Resi Mall Residential Prokopiou Little Sports Healthcare Athens Complex Built to Rent Posidonos U
Slide 29: 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 30.09.2025 31.12.2024 Notes The Ellinikon IRC, Retail, Sports & Leisure 684 627 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 30.09.2025 31.12.2024 Notes: 30.09.2025 Investment Property 2,400 2,179 Ellinikon €684m, Mall (incl. Ellinikon Malls) & other properties €1,057m Fixed & Intangible Assets 116 110 Ellinikon €916m Total Ellinikon €1,650m Inventory 923 957 (excl. Ellinikon Malls
Slide 32: Key Financial Metrics (Group)
Key Financial Metrics (Group) in €m 30.09.2025 31.12.2024 Alternative Performance Measures (APM) definitions Free Cash 333 642 Restricted Cash (Short & Long Term) 56 37 Total Cash 389 679 Total Debt 1,550 1,754 = Borrowings + Lease Liability + PV Transaction Consideration Adj. Total Debt 2,211 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: 36th level Core Structures & 34th 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) Plots 6.9-6.10: Early works completed and main works in progress 6-7th floor concreting works in progress Atrium & Trinity Gardens Sunset Groves (1 of 2 plots) Superstructure concreting works in progress: 90% completed Concreting
Slide 37: Other Projects
Other Projects Riviera Galleria The Ellinikon Sports Park 90% 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 94% of excavations & 91% 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