FY2024 RESULTS PRESENTATION
Results Conference Call / Live Webcast
27 March 2025
Contents
Group Results Highlights | page | 4 |
Highlights for Malls, Marinas & The Ellinikon | page | 14 |
Appendix | page | 28 |
Group Balance Sheet & Key Ratios | page | 29 |
Detailed Analysis: Malls | page | 33 |
Development Assets (The Ellinikon): Progress of Works | page | 39 |
O1Group Results Highlights
FY2024 Financial Performance at a glance
Group Consolidated Revenue €665m EBITDA €197m Net Result €46m NAV €1.4bn +48% vs. 2023 After Assets Valuation & Other adjustments After Taxes & Minorities €8.28/share | |
Investment Assets Malls, Marinas & Other Retail1 EBITDA €88m Marinas EBITDA €19m New Record +9% vs. 2023 New Record +8% vs. 2023 Malls1 NAV €1.0bn Other2 NAV €0.1bn | Development Assets The Ellinikon EBITDA €97m Cash Proceeds3 €1.1bn before Assets Valuation +50% vs. 2023 cumulative from project start NAV € 0.4bn CAPEX4 €564m cumulative from project start |
Note: all amounts are rounded figures
1. Details on LAMDA MALLS Group EBITDA (slide #16) and NAV (slide #13)
2. Includes Land plots, Flisvos Marina, Offices and other assets. Excludes HoldCo Debt/Cash,
Minorities and other adjustments.
3. Cash proceeds from (i) signed contracts (SPAs) (excl. intragroup) and (ii) pre-agreement deposits.
Aggregate cash proceeds from project start and until 31.12.2024
4. Buildings & Infrastructure total CAPEX from project start and until 31.12.2024
Group FY2024 Highlights
Group
71% increase y-o-y of Consolidated Net Results at €46m 30% increase y-o-y to Consolidated EBITDA before valuations at €171m €191m increase in Total Cash in 2024; Group Total Cash at €679m
Malls
Record Retail EBITDA before valuations at €88m, or 9% increase y-o-y GAV exceeded €1.5bn and NAV surpassed €1.0bn mark
50% increase of EBITDA before valuations at €97m
Ellinikon
Over €1.1bn total Cash Proceeds from property sales through February 2025 Additional c€30m of EBITDA from land plot sales to be booked in H1 2025
Note: all amounts are rounded figures
Group Balance Sheet Snapshot 31.12.2024 vs 31.12.2023
Assets Valuation (Gross Asset Value - GAV)
NAV per share1 (€)
31.12.2024
31.12.2023
in €m
Other
Malls
Ellinikon
NAV (Net Asset Value)
31.12.2024
31.12.2023
Group Borrowings2 (Bank Loans & Bonds)
Other
31.12.2024
31.12.2023
in €m
Malls
HoldCo
1. NAV per share adjusted for own shares: 2.18m shares as of 31.12.2024 vs. 3.09m shares as of 31.12.2023
2. Outstanding loan balance plus (+) accrued interest minus (-) capitalized loan expenses
Group Cash
31.12.2024
31.12.2023
3. As of 31.12.2024: (i) €12m next coupon payment (ATHEX Bonds), (ii) €19m HRADF-related debt security for HELLINIKON shares deferred consideration and (iii) €6m Malls' debt service next payment
Group EBITDA Before Assets Valuation 2024 vs 2023
Group EBITDA After Assets Valuation 2024 vs 2023
LAMDA MALLS GROUP, ELLINIKON INVESTMENT PROPERTY, OTHER ASSETS
Lower assets valuations vs. 2023 as the redesign of The Ellinikon Mall resulted in a one-off €26m write-off (loss) due to the elimination of the Offices Above Mall project
(already accounted in 9M 2024 results)
ASSET DISPOSALS
FY2024 includes €4m gain (Cecil office building)
(already accounted for in 9M 2024 results)
FY2023: €6m gain (R Energy 1 Holding)
Group Profitability evolution 71% increase vs. 2023 to Consolidated Net Results
in €m
NON-CASH FINANCE COSTS
● non-cash accounting recognition related to Ellinikon obligations for land payments and Infra Works: impact from the change in Present Value: €42m in FY2024 vs. €44m in FY2023
● Ellinikon capitalised loan expenses: €0.4m in FY2024 vs. €11m in FY2023
● non-cash IRS valuation: €0.4m gain in FY2024 vs. €0.7m gain in FY2023
Group Total Cash1 €191m increase in 2024, largely driven by 3x increase in Net Operating Cash Flow
191 679 | 488 Payment of €167m for Ellinikon land (2nd instalment) |
31.12.2024 | 31.12.2023 |
1. Including Free & Restricted Cash
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