Slide 1: Q1 2024 Results Presentation
Q1 2024 RESULTS PRESENTATION Results Conference Call / Live Webcast 13 June 2024
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 Q1 2024 Results Conference Call/Live Webcast (13.06.2024). This document contains certain forward-looking statements pertaining to the Company and its
Slide 3: Contents
Contents Group Results Highlights page 4 Group Q1 2024 Financial Information page 25 Appendix page 30 Group Income Statement page 31 Detailed Analysis: Investment Assets (Malls & Marinas) page 33 Detailed Analysis: Development Assets (The Ellinikon) page 47 Macroeconomic Fundamentals page 58
Slide 4: Group Results Highlights
O1 Group Results Highlights | 4
Slide 5: Group Q1 2024 Highlights
Group Q1 2024 Highlights Group EBITDA after assets valuations at €40m (5x increase vs. Q1 2023) on Group the back of an exceptional performance of the Ellinikon, Malls and Marinas Malls All-time high Retail EBITDA of €22.5m with growth across all assets Marinas New record EBITDA of €4.6m or 13% incr
Slide 6: Q1 2024 Performance at a glance
Q1 2024 Performance at a glance Group Consolidated EBITDA EBITDA Net Profit NAV €35m €40m €0.6m €1.4bn Before Assets After Assets After Taxes & Valuation & Other Valuation & Other €8.04/share Minorities adjustments adjustments Investment Assets Development Assets Malls, Marinas & Other The Ellinikon
Slide 7: Group Income Statement Highlights
Group Income Statement Highlights Q1 2024 EBITDA • New Record (Q1 basis) Retail €22.5m • Key drivers: net base rents (+7% vs. 2023) and continued strong growth in KPIs (4 Malls) 8% y-o-y • New LAMDA MALLS Group EBITDA (before valuations): €21m (+3% vs. 2023) Q1 2023 • Revenue: €93m (c6x vs. 2023) El
Slide 8: Group Income Statement Snapshot
Group Income Statement Snapshot Q1 2024 vs 2023 EBITDA before Assets Valuation (in €m) EBITDA after Assets Valuation 4x 5x 35,3 40,2 8,3 8,0 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Net Result after taxes and minorities Ellinikon 0,6 1.4 Ellinikon -21,4 -21 Q1 2024 Q1 2023 | 8
Slide 9: Group EBITDA Before Assets Valuation
Group EBITDA Before Assets Valuation Q1 2024 vs 2023 (in €m) New Record Q1 2024 Q1 2023 (Q1) 3% 13% 2nd 35,3 New Record New Record consecutive (Q1) (Q1) quarter of positive EBITDA 20,9 20,3 19,8 19,9 15,5 8,3 4,6 4,1 -0,6 -0,8 -5,1 -3,7 -11,6 MALLS MARINAS OTHER BUSINESS UNITS OVERHEADS EBITDA ELLIN
Slide 10: Group EBITDA After Assets Valuation
Group EBITDA After Assets Valuation Q1 2024 vs 2023 5x (in €m) Q1 2024 Q1 2023 New Record (Q1) 40,2 35,3 8,3 8,0 4,1 1,1 -0,3 -0,3 EBITDA VALUATIONS - INVESTMENT VALUATIONS - ELLINIKON ASSET DISPOSALS EBITDA (before valuations) ASSETS VALUATIONS – INVESTMENT ASSETS (Malls, Ellinikon Malls & Other As
Slide 11: Group Balance Sheet Snapshot
Group Balance Sheet Snapshot Q1 2024 vs 2023 Assets Valuation (Gross Asset Value – GAV) (in €m) NAV1 (Net Asset Value) 3.236 3.276 8.04 8.02 NAV per share1 121 140 (€) 1.392 1.392 47 60 1.465 1.458 Other Other 2% Malls 931 925 Malls Ellinikon Ellinikon 1.650 1.678 1% 414 406 31.03.2024 31.12.2023 31
Slide 12: Net Asset Value (NAV)
Net Asset Value (NAV) Bridge 31.12.2023 to 31.03.2024 NAV per share1 (€) 8.02 0.00 0.01 (0.02) 8.04 (in €m) 0.6 2.5 (3.1) mainly the purchase Ellinikon2 cost of own shares €1.4m net profit during the period 1.392 1.392 NAV Net Result Deferred tax Other items NAV 31.12.2023 (after tax & minorities) (
Slide 13: NAV Pillars
NAV Pillars March 2024 Development Investment Other Assets Assets LAMDA MALLS Group Parent Company The Ellinikon1 Other Net Debt, Total Ellinikon Operating Properties3 31.03.2024 Minority, Malls2 Malls2 Other4 931 NAV (€m) 414 314 617 96 (48) 1,392 5.38 NAV per share5 2.39 1.81 3.56 0.55 (0.28) 8.04
Slide 14: Results Highlights: Investment & Development Assets
O1.1 Results Highlights Investment & Development Assets | 14
Slide 15: Q1 2024 Results Highlights: Investment Assets (Malls & Marinas)
Q1 2024 Results Highlights Investment Assets (Malls & Marinas) Malls Another record-breaking performance across all metrics 4 Malls Tenant Sales €171m 9% y-o-y • New record-high (Q1 basis) Footfall 5.5m 4% y-o-y • Total visitors in Q1 2024 (following 17% increase in FY2023) Net Rental Income1 €23.6m
Slide 16: Key Performance Drivers: Operating Malls
Key Performance Drivers Operating Malls Inflation Indexed Strong growth in Consistently high Net Base Rents Tenants’ Sales Occupancy Rates +7% +9% c99% vs. Q1 2023 (4 Malls) vs. Q1 2023 Greek CPI plus 1% – 2% margin unchanged during last 5 years Consistently High Strong Attractive Lease Duration Ren
Slide 17: Key Financials Snapshot: Operating Malls
Key Financials Snapshot Operating Malls Retail EBITDA (4 Operating Malls) New Record (Q1) Retail EBITDA 8% 22,5 12% 20,9 Designer Outlet 2,7 2,4 3 Malls 7% 19,8 18,5 Q1 2024 Q1 2023 | 17
Slide 18: LAMDA MALLS Group Key Financials
LAMDA MALLS Group Key Financials EBITDA Net Debt / (Cash) (in €m) Q1 2024 Q1 2023 (in €m) 31.03.2024 31.12.2023 The Malls Athens 8.4 8.2 4 Operating Malls 495 501 Golden Hall 6.0 5.4 Ellinikon Malls2 (39) (46) Med. Cosmos 5.5 5.0 HoldCo & Malls Property Management2 (10) (49) Designer Outlet Athens 2
Slide 19: LAMDA MALLS Group Assets Valuation
LAMDA MALLS Group Assets Valuation (GAV) 1.465 1.458 Riviera Galleria 88 88 The Ellinikon Mall 254 248 Designer Outlet 135 135 Med. Cosmos 207 207 Golden Hall 298 298 The Mall Athens 483 482 31.03.2024 31.12.2023 | 19
Slide 20: Q1 2024 Results Highlights: Development Assets (Ellinikon)
Q1 2024 Results Highlights Development Assets Ellinikon Cash proceeds increase as construction milestones are achieved EBITDA €15m • 2nd consecutive quarter of positive EBITDA Cash • Cumulative proceeds from project start until 27.05.2024 (residential, land plots, IRC rental) €672m • €193m cash proc
Slide 21: The Ellinikon Cash Inflows Progress
The Ellinikon Cash Inflows Progress €0.67bn cash proceeds to-date (excl. intragroup) Cumulative Cash proceeds Target 27 May 2024 in €bn 31.12.2024 Residential1 0.57 0.7 Land Plot Sales/Leases & Other2 0.10 0.2 Sub-TOTAL 0.67 0.9 Ellinikon Malls (intragroup land plot sale) 0.19 0.2 TOTAL 0.86 1.1 Sig
Slide 22: The Ellinikon Residential Sales Progress
The Ellinikon Residential Sales Progress Launch of selected Little Athens units, following the commercial success of the Coastal Front units Units Contract Value SPAs & Placed to the Total Project Total Phase I Data as of 27.05.2024 Reservation market Phase I (€m) Agreements Riviera Tower 167 173 17
Slide 23: The Ellinikon Infrastructure Works & Buildings CAPEX
The Ellinikon Infrastructure Works & Buildings CAPEX Total CAPEX since project inception: €361m Total CAPEX €314m €46m €361m Project inception Q1 2024 Aggregate Total until end-2023 Mainly related to: Infrastructure – demolitions Works €95m €22m €116m – enabling works – construction works (e.g. Posi
Slide 24: Key Financials Snapshot: Development Assets (The Ellinikon)
Key Financials Snapshot Development Assets (The Ellinikon) Assets Valuation (Gross Asset Value, GAV1) (in €m) NAV1 (Net Asset Value) 1.650 1.678 NAV 39 Properties for own use 414 406 39 Offices, Hotels, IRC, Sports 629 625 Assets measured at Fair Value 1.678 GAV 1.650 (Savills valuation) Assets book
Slide 25: Group Q1 2024 Financial Information
O2 Group Q1 2024 Financial Information | 25
Slide 26: Portfolio of Assets
Portfolio of Assets Key growth drivers: Malls and Ellinikon revaluation (in €m) 31.03.2024 31.12.2023 Notes The Ellinikon Offices, Hotels, IRC, Sports 629 625 Assets measured at Fair Value (independent valuer: Savills). Excluding Ellinikon Malls (Investment Property) Assets captured at cost, incl. l
Slide 27: Consolidated Balance Sheet Summary
Consolidated Balance Sheet Summary (in €m) 31.03.2024 31.12.2023 Notes: 31.03.2024 Investment Property 2,078 2,068 Ellinikon €629m, Malls & other properties €1,449m (incl. Ellinikon Malls) Fixed & Intangible Assets 102 103 Ellinikon €39m, Flisvos Marina €54m Total Ellinikon (excl. Ellinikon Malls) I
Slide 28: Key Financial Metrics (Group)
Key Financial Metrics (Group) (in €m) 31.03.2024 31.12.2023 Notes & definitions of Alternative Performance Measures (APM) Free Cash 545 464 Restricted Cash (Short & Long Term) 25 24 Total Cash 570 488 Total Debt 1,733 1,705 = Borrowings (incl. Accrued Interest) + Lease Liability + PV Transaction Con
Slide 29: Sensitivity to rising interest rates
Sensitivity to rising interest rates 73% of Group Borrowings are fixed/hedged Financing Cost Sensitivity in €m 1% in Euribor ✓No drawdowns in 2023 for The Ellinikon Project = ✓€0.2bn committed, currently undrawn credit lines for The Ellinikon Project (excl. Ellinikon Malls) c.€3m 31.03.2024 Group Bo
Slide 30: Appendix
O3 Appendix | 30
Slide 31: Group Income Statement
O3.1 Group Income Statement | 31
Slide 32: Group Profitability evolution
Group Profitability evolution Q1 2024 vs 2023 (in €m) 5x Q1 2024 Q1 2023 40,2 8,0 0,0 0,6 -0,2 -3,0 -2,2 -2,1 -6,3 -8,5 -11,1 -16,6 -19,1 -21,4 EBITDA CASH FINANCE NON-CASH FINANCE DEPRECIATION TAXES MINORITIES NET RESULT COSTS COSTS CASH FINANCE COSTS NON-CASH FINANCE COSTS Q1 2024 increase mainly
Slide 33: Detailed Analysis: Investment Assets (Malls & Marinas)
Detailed Analysis: O3.2 Investment Assets Malls & Marinas | 33
Slide 34: Operating Malls Key Performance Metrics Q1 2024
Operating Malls Key Performance Metrics Q1 2024 New record high (Q1 basis) Retail EBITDA Tenant Sales GAV 4 Malls €23m €171m €1.1bn Retail EBITDA Tenant Sales Footfall Q1 2024 vs. 2023 +8% +9% +4% | 34
Slide 35: Operating Malls
Operating Malls Strong track record of financial performance; poised for solid growth outlook EBITDA (€m) +5.4% +18% 81 Retail EBITDA CAGR 2014-19 9 Designer Outlet1 69 Greek 64 COVID 4 Macro Crisis 21 1 Med. Cosmos 49 19 19 45 13 37 21 Golden Hall 17 14 19 13 11 13 10 29 27 31 24 The Mall Athens 15
Slide 36: Operating Malls Q1 2024 vs 2023
Operating Malls Q1 2024 vs 2023 Sustained strong growth driven by inflation indexation Retail Revenue (in €m) Retail EBITDA 8% 7% Q1 2024 7% 8% Q1 2023 26,5 22,5 24,7 20,9 23,4 19,8 21,8 18,5 7% 9% 7% 6% 2% 11% 10% 12% 9,8 9,1 8,4 8,2 6,9 6,3 6,8 6,3 6,0 5,5 5,0 5,4 3,0 2,9 2,7 2,4 THE MALL GOLDEN M
Slide 37: Operating Malls Net Base Rents
Operating Malls Net Base Rents Inflation indexation & solid leasing activity the key drivers (in €m) New Record vs. 2023 (Q1) 7% 23,3 21,7 3% 2,8 Designer Outlet 2,7 8% 5,9 Med. Cosmos 5,5 5,8 9% Golden Hall 5,4 8,8 7% The Mall Athens 8,2 Q1 2023 Q1 2024 | 37
Slide 38: Operating Malls Rental Income
Operating Malls Rental Income An attractive lease duration to support long-term rental growth Cumulative Lease Expiry (% of Net Rental Income) Net Rental Income1 €91m 65% 57% WAULT2 5.1 years 46% 34% 18% 2024 2025 2026 2027 2028 1. FY2023 Net Rental Income = Net Base Rent + Turnover Rent (4 Operatin
Slide 39: Operating Malls Tenants' Sales
Operating Malls Tenants’ Sales Reaching new record high levels in €m vs. 2023 9% 4 Malls 157 171 12% 21 Designer Outlet 19 46 5% Med. Cosmos 44 48 12% Golden Hall 43 8% The Mall Athens 51 55 Q1 2023 Q1 2024 | 39
Slide 40: Malls Valuation (GAV)
Malls Valuation (GAV) Conservative asset valuation limits potential downside risk Prime Asset Yields1 in relevant countries Spain Italy 7,4% 7,4% 7,3% +110bps +65bps +180bps 6,8% 6,4% 6,3% 5,8% 5,5% 5,0% 2019 2022 2023 1. Yield for LAMDA MALLS represents the weighted average (weighted by GAV) Exit Y
Slide 41: The Mall Athens
The Mall Athens Q1 2024 vs 2023 Performance in €m Occupancy (period average) Tenants’ Sales (% change vs.) Q1 2024 Q1 2023 Q1 2019 Q1 2023 Q1 2019 99% 98% 98% +8% +9% Q1 2024 Q1 2023 7% 7% 2% 9,8 9,1 8,8 8,2 8,4 8,2 0,8 0,7 0,1 0,0 0,2 0,2 -0,3 -0,2 -0,7 -1,1 NET BASE RENT TURNOVER RENT PARKING OTHE
Slide 42: Golden Hall
Golden Hall Q1 2024 vs 2023 Performance in €m Occupancy (period average) Tenants’ Sales (% change vs.) Q1 2024 Q1 2023 Q1 2019 Q1 2023 Q1 2019 99% 99% 99% +12% +40% Q1 2024 Q1 2023 9% 9% 11% 6,9 6,3 5,8 6,0 5,4 5,4 0,7 0,6 0,3 0,4 0,0 0,0 -0,2 -0,2 -0,7 -0,8 NET BASE RENT TURNOVER RENT PARKING OTHER
Slide 43: Mediterranean Cosmos
Mediterranean Cosmos Q1 2024 vs 2023 Performance in €m Occupancy (period average) Tenants’ Sales (% change vs.) Q1 2024 Q1 2023 Q1 2019 Q1 2023 Q1 2019 99% 100% 99% +5% +25% Q1 2024 Q1 2023 8% 7% 10% 6,8 6,3 5,9 5,5 5,5 5,0 0,7 0,6 0,1 0,1 0,1 0,2 -0,3 -0,3 -0,2 -0,1 -0,8 -0,9 NET BASE RENT TURNOVER
Slide 44: Designer Outlet Athens
Designer Outlet Athens Q1 2024 vs 2023 Performance in €m Occupancy (period average) Tenants’ Sales (% change vs.) Q1 2024 Q1 2023 Q1 2023 Q1 2019 97% 94% +12% +24% Q1 2024 Q1 2023 3% 6% 12% 3,0 2,9 2,8 2,7 2,7 2,4 0,2 0,2 0,1 0,0 -0,1 -0,1 -0,2 -0,3 NET BASE RENT TURNOVER RENT OTHER INCOME TOTAL REV
Slide 45: Ellinikon Malls
Ellinikon Malls Outstanding commercial leasing progress almost 3 years ahead of opening Agreed/Signed Heads of Terms (% of GLA) GLA (sqm) Target 31.03.2024 End-2024 The Ellinikon Mall 90,000 70% 83% Riviera Galleria 19,000 62% 75% | 45
Slide 46: Marinas
Marinas Q1 2024 vs 2023 Key Financial Performance Revenue (in €m) EBITDA1 14% 7,3 1% 6,4 1,8 New Record (Q1) 1,8 Ag. Kosmas 13% 4,6 6% 4,1 1,1 1,1 19% 5,5 4,6 Flisvos 18% 3,5 3,0 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Key performance drivers in Q1 2024: + Flisvos yacht berthing fees: contracts adjusted for
Slide 47: Detailed Analysis: Development Assets, The Ellinikon
Detailed Analysis: O3.3 Development Assets The Ellinikon | 47
Slide 48: Income Statement Snapshot
Income Statement Snapshot Q1 2024 vs 2023 2nd consecutive quarter of positive EBITDA, driven by significant revenue recognition (in €m) 6x Q1 2024 Q1 2023 92,5 2nd consecutive 6x quarter of positive EBITDA 33,9 16,7 15,5 5,9 2,2 1,1 0,0 1,4 -0,8 -0,3 -1,2 -3,1 -2,5 -11,6 -10,8 -7,6 -18,4 -17,5 -20,6
Slide 49: Phase I Residential Sales
Phase I Residential Sales €567m cumulative cash proceeds from project start until 27.05.2024 in €m Cumulative Cash proceeds Pre-agreement Total Cash Proceeds Signed SPAs 27 May 2024 customer deposits to-date Riviera Tower 266 2 268 Coastal Front The Cove Villas 195 -- 195 The Cove Residences 78 2 80
Slide 50: Little Athens Residential Product Launch
Little Athens Residential Product Launch 60% of the units placed to the market have been reserved by buyers (as of 07.06.2024) Mainstream Posidonos Mainstream Alimos Park Rise (50m) Pavilion Terraces Promenade Heights Atrium Gardens Trinity Gardens Renderings Project Location Architect / Bjarke Inge
Slide 51: Development Assets: The Ellinikon Progress of Works Visuals
Development Assets O3.3.1 The Ellinikon Progress of Works Visuals | 51
Slide 52: Riviera Tower
Riviera Tower First levels of the tower’s superstructure are visible from Posidonos Avenue Lead Architects Foster + Partners Project Management Hill International Contractor Bouygues – Intrakat Concreting of the Tower foundation slab completed Core Structures (walls, columns) up to 3rd floor (Core A
Slide 53: The Cove Residences
The Cove Residences Concreting works on the ground and 1st floor slab currently in progress Lead Architects Bobotis / ISV Project Management Hill International Contractor Early Works ETHNOKAT / AKTOR Excavation works (all 4 plots) completed Raft foundation casting (all 4 plots) completed Ground floo
Slide 54: The Ellinikon Mall (Vouliagmenis Mall)
The Ellinikon Mall (Vouliagmenis Mall) Excavation works commenced in late September 2023; 75% of total volume has been excavated Lead Architect Aedas Project Management Mace – Jacobs Contractor Early Works AKTOR | 54
Slide 55: Sports Complex
Sports Complex Athletes’ dorm foundation casting has been completed Project Management Hill International Contractor METKA – Intrakat | 55
Slide 56: Posidonos Underpass
Posidonos Underpass 80% of excavations & 59% of concrete casting has been completed Completion End 2025 Project Management Hill International Contractor AVAX | 56
Slide 57: Infrastructure Works
Infrastructure Works Trachones Stream The Ellinikon Mall Underpass 91% of excavations 55% of excavations and 15% of concreting Completion Completion End 2024 H1 2026 | 57
Slide 58: Macroeconomic Fundamentals
O3.5 Macroeconomic Fundamentals | 58
Slide 59: Greece is poised for sustained macroeconomic growth
Greece is poised for sustained macroeconomic growth Real GDP growth (% y-o-y) Total Investment (% of GDP) 24% Greece 2,7% 23% 14% 2,5% Euro Area 22% 22% 22% 2,0% 2,0% 22% 1,9% Greece US 21% 22% 21% 21% 1,9% US 10-year avg 1,5% Euro Area (2014-2023) 0,8% 0,4% 17% 2023 2024e 2025e 2023 2024e 2025e Sou
Slide 60: Greek Real Estate
Greek Real Estate Market fundamentals underpin future growth Net FDI in Greek real estate (€m) Shopping Malls vs High Street Retail yields 8% Rent €/sqm/ LAMDA 7,4% 2.133 month 1.975 6.8% Shopping Malls - 7.8% 1.450 110 Kifisia 6,5% 1.128 1.176 875 105 Kolonaki 6,4% 150 Glyfada 6,0% 180 290 Ermou 5,
Slide 61: Athens Residential Real Estate
Athens Residential Real Estate Building activity gradually rebounding following a prolonged under-investment period Average Annual New Dwellings (‘000 units) Athens Residential prices (index 2007=100) 34,1 Attica South Attica1 +84% New 106 apartments (<5yrs) 100 103 Old apartments 97 (>5yrs) 8,2 4,0
Slide 62: Greek Real Estate: Offices & Retail Units
Greek Real Estate Offices & Retail Units (high-street retail) in Athens Offices (Price index 2010=100) Retail Units (Price index 2010=100) +36% +43% 99 99 95 93 89 86 86 84 84 82 80 76 74 73 70 69 Historic low Historic low 2016 2017 2018 2019 2020 2021 2022 H1-23 2016 2017 2018 2019 2020 2021 2022 H
Slide 63: Residential Real Estate Market
Residential Real Estate Market Solid growth outlook following a prolonged under-investment period Selling price increases in the Key drivers Southern Athens area, where 7% per annum Housing Price • Sizeable stock of household financial saving growth1 in The Ellinikon is being Index (HPI) • Increasin
Slide 64: 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