Παρουσίαση Οικονομικών Αποτελεσμάτων 9Μ 2025

9M 2025 RESULTS PRESENTATION

Results Conference Call / Live Webcast 19 December 2025

Contents

‌1 Group Results Highlights

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9M 2025 Financial Performance at a glance

Revenue

€444m

Group Consolidated

EBITDA Net Result

€253m €116m

After Assets Valuation & Other adjustments

After Taxes & Minorities

NAV

€1.6bn

€9.20/share

Malls, Marinas & Other

Operating Malls1 EBITDA

€69m

New Record

+5% vs. 9M 2024

Marinas

EBITDA

€17m

New Record

+9% vs. 9M 2024

Malls1

NAV

€1.2bn

Other2 NAV

€0.1bn

Note: all amounts are rounded figures

1. Details on LAMDA MALLS Group EBITDA (slide #16) and NAV (slide #12)

2. Land plots, Flisvos Marina, Offices and other assets. Excludes HoldCo Debt/Cash, Minorities and other adjustments. Details on NAV (slide #13)

   The Ellinikon

   EBITDA

   €32m

   Before Asset Valuation

   Cash Proceeds3

   €1.4bn

   cumulative from project start

   NAV

   € 0.4bn

   CAPEX4

   €849m

   cumulative from project start

   
   
   

3. Cash proceeds from (i) signed contracts (SPAs) (excl. intragroup) and (ii) pre-agreement deposits. Aggregate cash proceeds from project start and until 30.09.2025

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4. Buildings & Infrastructure CAPEX from project start and until 30.09.2025 5

Group 9M 2025 Highlights

Note: all amounts are rounded figures | 6

Group Balance Sheet Snapshot

30.09.2025 vs 31.12.2024

Assets Valuation (Gross Asset Value - GAV) in €m NAV (Net Asset Value)

9.20

8.28

76

1.714

1.623

1.650

359

365

1.046

40

NAV per share1 (€)

Other Malls

Ellinikon

30.09.2025 31.12.2024

-2

30.09.2025 31.12.2024

Restricted3

37

56

642

HoldCo

320

561

Group Borrowings2 (Bank Loans & Bonds) in €m Group Cash

1. NAV per share adjusted for own shares: 5.94m shares as of 30.09.2025 vs. 2.18m shares as of 31.12.2024

2. (i) Outstanding loan balance plus (+) accrued interest minus (-) capitalized loan expenses, (ii) €500m

   common bond loan successfully issued in November 2025

3. As of 30.09.2025: (i) €6m next coupon payment (ATHEX Bonds), (ii) €19m HRADF-related debt

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security for HELLINIKON shares deferred consideration, (iii) €5m Malls' debt service next payment, 7

(iv) €26m RRF LG security for Marina Ag. Kosmas and LG for Liabilities and Tax Authorities.

Group EBITDA Before Assets Valuation

9M 2025 vs 9M 2024

in €m

62,8

59,6

66,2

55,0

98,4

85,7

17,2

15,8

32,2

30,8

-2,8

-2,9

-11,0

-17,5

MALLS

LAMDA MALLS GROUP

Detailed analysis slide #16

MARINAS OTHER BUSINESS UNITS OVERHEADS EBITDA

(before valuations &

Ellinikon)

ELLINIKON EBITDA

(before valuations)

MARINAS

Detailed analysis slide #20

OTHER BUSINESS UNITS

Non-core other investments

ELLINIKON

Detailed analysis slide #25

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Group EBITDA After Assets Valuation

9M 2025 vs 9M 2024 in €m

252,7

150,9

98,4

85,7

94,0

4,2

3,4

4,1

EBITDA

(before valuations)

ASSETS VALUATIONS ASSET DISPOSALS EBITDA

LAMDA MALLS GROUP, ELLINIKON, OTHER ASSETS

Latest independent valuation as of 30.06.2025

Lamda Malls Group & Other : 9M-25 €137.6 vs. 9M-24 €6.6 Ellinikon: 9M-25 €13.3m vs. 9M-24 (€2.4m)

ASSET DISPOSALS

H1-25: Athens Metropolitan Expo (11.7% stake €3.2m)

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Group Profitability evolution

9M 2025 vs 9M 2024 in €m

252,7

116,2

94,0

-9,4

-9,0

-1,2 -0,7

-16,6

-14,1

-42,4

-48,4

-36,6

-33,4

-47,1

EBITDA CASH FINANCE COSTS

NON-CASH FINANCE COSTS

DEPRECIATION TAXES MINORITIES NET RESULT

TAXES

The increase in asset valuations led to improved deferred tax income, contributing to a lower overall tax burden.

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Group Borrowings & Interest Rate Sensitivity

53% of Group Borrowings are fixed/hedged (IRS) in €m

Euribor

+ spread

3.8%

Floating Rate - Unhedged

Floating Rate - Hedged

Group Borrowings2

30.09.2025

Financing Cost Sensitivity

330

356

100

193

96

190

320

fixed/ hedged (IRS)

550

fixed/ hedged (IRS)

4.2%

3.4%

Fixed Rate1

Euribor Cap

Euribor IRS

Floating Rate - Hedged

30.09.2025 31.12.2024

1. ATHEX-listed Corporate Bond Loans (i) (CBL): €320m, 2027 maturity (issued in July 2020), 3.4% coupon. (ii) (CBL): €500m, 2032 maturity (issued in November 2025), 3.8% coupon

2. Group Borrowings shown on Balance Sheet as of 30.09.2025 = Outstanding loan balance (€962m) plus accrued interest (+€2m) minus capitalized loan expenses (-€8m)

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NAV Pillars

Company NAV above €1.5bn and MALLS NAV above €1.2bn mark

1,209

800

7.08

4.69

Note: all amounts are rounded figures

1. Assets (GAV) €1,650m and Liabilities (net of cash) €1,284m (including €182m LAMDA Bonds allocated to Ellinikon).

2. Assets (GAV) €1,714m and Liabilities (net of cash) -€506m. GAV derived from 3rd party independent valuer (Savills and Cushman & Wakefield) as of 30.06.2025

3. Other Properties: Flisvos Marina, Land plots and Other income-generating assets

4. Parent Company Debt -€139m (€321m less €182m LAMDA Bonds allocated to Ellinikon) & Cash +€42m, Other Group Cash +€30m, Minorities -€15m (Flisvos Marina), Other +€10m

5. NAV per share as of 30.09.2025 adjusted for 5.94m own shares (3.36% of total)

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   2

   ‌Highlights for Malls, Marinas & The Ellinikon

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   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

     Net Base Rents 5% y-o-y

   • New Record of €73.5 for 9M

   • 70% of growth from Inflation Indexation

   • 30% of growth from Renewals/Re-lettings

Operating Malls EBITDA

ELLINIKON MALLS

Commercial Leasing

Riviera Galleria

5% y-o-y

HoT with Tenants (% of GLA)

Project Financing

• New Record of €68.7m for 9M

• Rental Income: +5% / Parking Revenue: +10%

• The Ellinikon Mall: 66%

• Riviera Galleria: 76%

• Riviera Galleria Syndicated bond loan was signed in February 2025 (incl.

€39m VAT financing) & RRF financing participation was signed in

September 2025

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LAMDA MALLS Group Key Financials

Net LTV2

1. Property Management Companies MMS and Other Recreational Activities

2. Net LTV = Net Debt / GAV

30%

30%

Net Debt / (Cash)

(in €m)

30.09.2025 31.12.2024

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Operating Malls Tenants' Sales

Reaching new record high levels in €m Operating Malls

Designer Outlet

Vs 9M-24 5%

5%

5%

187

3%

193

160

167

168

176

78

83

7%

Med. Cosmos

Golden Hall

The Mall Athens

9M-25 9M-24

Note: all amounts are rounded figures

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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

80,5

7%

6%

10%

5%

31,0

29,1

22,2

21,0

23,2

21,0

10,0 9,5

68,7

65,7

5%

5%

10%

7%

25,3

24,1

18,0

17,2

17,8

16,2

7,6

8,2

THE MALL ATHENS

GOLDEN HALL MED.

COSMOS

DESIGNER OUTLET

TOTAL RETAIL

THE MALL ATHENS

GOLDEN HALL MED.

COSMOS

DESIGNER OUTLET

TOTAL RETAIL

EBITDA Margin

80% 82%

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LAMDA MALLS Group

Vs 2024

11%

1.033

1.123

1.203

279

1.341

336

345

373

Assets Valuation (GAV) − Maintaining solid growth trends in €m Group

8%

Ellinikon Malls

Operating Malls

11%

2022 2023 2024 9M-2025

Note: all amounts are rounded figures

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Marinas

Breaking new records (9M basis) for both Revenue (+5% vs 2024) and EBITDA (+9% vs 2024)

Revenue in €m EBITDA1

10%

Vs 9M-24 5%

Vs 9M-24 9%

66%

Total

Flisvos

Agios Kosmas Other

14,4

EBITDA

Margin

64%

18%

16%

12,4

10%

20,4

9M 2025 9M 2024

-0,4 -0,5

9M 2025 9M 2024

Key performance drivers in 9M 2025:

+ Flisvos yacht berthing fees: contracts adjusted for inflation

+ Both Marinas registered higher revenues from yacht transits

1. EBITDA including IFRS 16 (Flisvos land lease payments are transferred from OPEX to financial expenses, hence are added back to Operating EBITDA)

2. Corfu Mega Yacht Marina and HoldCos (LAMDA Marinas Investments

- Agios Kosmas: gradual decline in number of available berths, due to the commencement of renovation works

and LAMDA Flisvos Holding)

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The Ellinikon

9M 2025 Results Highlights Ellinikon

Cash Collections to date1

€1.5bn

Strong Absorption Rate of Residential units

Total Cash balance

€0.2bn

Construction Progress/Challenges

Note: all amounts are rounded figures

Liquidity at healthy levels

• Residential: €1.1bn

• Land Plot Sales/Leases: €0.4bn (excluding Ellinikon Malls intragroup sale of €0.24bn)

• Coastal Front: Sold out

• Little Athens: 84% sold or reserved (of the 671 units launched to date)*

  * Includes 112 additional units at Sunset Groves launched in November 2025

• €371m of deferred revenue not yet recognized as P&L Revenue (as of 30.09.2025)

+ Accelerated construction progress for Little Athens developments expected to contribute positively to profitability going forward

o CBU residential projects ahead of schedule and on budget

+ Riviera Galleria progressing on schedule and budget

+ Significant progress in Sports Park construction. Sports facilities opening to public scheduled for Summer 2026.

• Weak construction market and overall labor shortages continue to be the main obstacles.

• Riviera Tower reached new agreement on the main terms and schedule revision with BBI (completion at Q2 2027).

• Infrastructure remains challenging but working on resolution of outstanding issues towards

acceleration going forward

1. Cumulative total from project start and until 30.11.2025

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The Ellinikon Cash Inflows Progress

€0.8bn of remaining2 proceeds from units launched to date, expected to be collected until 2027-28

Note: all amounts are rounded figures

1. Cash proceeds from (i) signed SPAs and (ii) pre-agreement customer deposits & MoUs

2. Total Value of the 986 units that have been placed in the market for sale to date, of which €0.6bn relate to SPAs and €0.2bn relate to reservations including the latest launch of 112 units at Sunset Groves as of 30.11.2025

1.90

Total Contract Value Phase I

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Little Athens Sales Progress (6 projects)

84% of the units placed in the market have been sold or reserved

Launched to date

671

SPAs & Reservations

566

Units

84%

absorption rate

1. Includes the launch of an additional 112 units at Sunset Groves

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The Ellinikon Infrastructure Works & Buildings CAPEX

Total CAPEX

564

285

849

Note: all amounts are rounded figures

1. including construction costs, design fees, technical & project management fees. Excluding CAPEX for Ellinikon Malls

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The Ellinikon Income Statement Snapshot

9M 2025 vs 9M 2024

329,5

254,6

Revenue 9M 2025

• Riviera Tower €101m

• Little Athens €79m

• Cove Residences €35m

• IRC (land lease) €9m

• Cove Villas €4m

in €m

OPEX H1 2025

• 3rd party & other costs (€23m)

• Personnel (€15m)

• VAT non-recoverable (€14m)

101,9

84,1

32,2 30,8

13,3

45,5

28,3

42,3

25,7

2,1

-2,4

-3,3 -2,6

-8,9 -9,2

-14,9

-4,4 -2,6

-2,3

-17,5

-51,9

-31,2 -31,4

-71,1

Little Athens growing contribution in 9M 2025

Land Plot sales in 9M-25: Booking of remaining revenue from '24 transactions plus new plot in '25

Note: all amounts are rounded figures

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Cash Inflow History & Anticipated Collections in 2025

€0.5bn anticipated cash collections in 2025

in €bn

Total

Land Plot Sales1

2024

Collections

0.59

9M 2025

Collections

0.3

2025

Collections

0.52

0.7

0.3

0.4

0.1

Residential1

Cumulative until

31.12.2023

Cumulative until

31.12.2024

Cumulative until

31.12.2025

Note: all amounts are rounded figures

1. Cumulative Total Cash proceeds from (i) signed SPAs and (ii) pre-agreement customer deposits & MoUs

2. Including €0.3bn of 9M 2025 Collections

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Buildings & Infrastructure CAPEX History & Anticipated CAPEX for 2025

€0.5bn estimated CAPEX in 2025

in €bn

Total CAPEX

9M 2025 CAPEX

0.3

2025

CAPEX

0.53

Infrastructure1

2024

CAPEX

0.25

0.2

0.1

0.4

0.2

Buildings2

Cumulative until 31.12.2023

Cumulative until 31.12.2024

Cumulative until 31.12.2025

Note: all amounts are rounded figures

1. Investment Obligations for Infra Works. As of 31.12.2024, the nominal value of the remaining Investment Obligations for Infra Works amounted to €794m

2. Including construction costs, design fees, technical & project management fees. Excluding CAPEX for Ellinikon Malls

3. Including €0.3bn of 9M 2025 CAPEX

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Residential Developments

Gross Profit of Phase I developments

Metric

GSA '000 sqm

Sold-out

91.1

Little Athens

Average Selling Price

€'000/GSA

sqm

12.3

Gross Profit €m**

Gross Profit Margin

24%

26%

46

39% 43%

257

176

222.2

10.6

32%

Note: all amounts are rounded figures

Coastal Front

Park Rise (BIG)

Mainstream Alimos

479m Total Little Athens

Mainstream Posidonos

Phase I Total

*Estimated average price of all Little Athens Developments including 73.4Κ GSA already launched and 57.7K GSA to be launched for Phase I

**Gross Profit before allocated Land and Infrastructure cost per project. Total Phase I Residential projects allocated Land and Infrastructure: €237m

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The Ellinikon Phase I Projects

Experience Park & Experience Centre

ION R&D Centre

Residential

Education Mixed-Use

Other Developments

ION Resi Campus

PwD

Tower

The Ellinikon Mall

3rd parties Residential

Education/Offices/Resi Prokopiou

Little Athens

Sports Complex

Built to

Rent

Healthcare

Posidonos

Underpass

Integrated Resort Complex (IRC)

Marina Hotel & Branded Residences

Cove Villas

Little Athens

Beach

Riviera Tower

Riviera Galleria

Cove

Residences

Mandarin Oriental

Hotel Athens

Marina Club

& Residences

Marina

Ag. Kosmas

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3.1

‌Appendix

Group Balance Sheet & Key Ratios

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Portfolio of Assets

Key growth drivers: Malls and Ellinikon revaluation

1. Including Intangibles (30.09.2025: €5.3m vs. 31.12.2024: €4.7m)

2. Represents 100% of each investment/asset. Under IFRS, assets consolidated under the equity method are presented on the Balance Sheet under "Investments in Associates"

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Consolidated Balance Sheet Summary

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