Παρουσίαση Οικονομικών Αποτελεσμάτων Α Εξαμήνου 2025

H1 2025 RESULTS PRESENTATION

Results Conference Call / Live Webcast 18 September 2025

Contents

‌1 Group Results Highlights

| 4

H1 2025 Financial Performance at a glance

Revenue

€311m

Group Consolidated

EBITDA Net Result

€237m €128m

After Assets Valuation & Other adjustments

After Taxes & Minorities

NAV

€1.6bn

€9.22/share

Malls, Marinas & Other

Malls Retail1 EBITDA

€45m

New Record

+4% vs. H1 2024

Marinas

EBITDA

€10m

New Record

+2% vs. H1 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 #13)

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

   €53m

   After Assets Valuation

   Cash Proceeds3

   €1.3bn

   cumulative from project start

   NAV

   € 0.4bn

   CAPEX4

   €744m

   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 30.06.2025

   |

4. Buildings & Infrastructure CAPEX from project start and until 30.06.2025 5

Group H1 2025 Highlights

Group Balance Sheet Snapshot

30.06.2025 vs 31.12.2024

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

9.22

8.28

76

80

1.702

1.548

1.623

1.644

NAV per share1 (€)

359

385

Other Malls

Ellinikon

30.06.2025 31.12.2024

-3

30.06.2025 31.12.2024

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

Free

Restricted3

44

37

661

HoldCo

561

560

Malls

30.06.2025 31.12.2024

1. NAV per share adjusted for own shares: 4.93m shares as of 30.06.2025 vs. 2.18m shares as of 31.12.2024

2. Outstanding loan balance plus (+) accrued interest minus (-) capitalized loan expenses

   30.06.2025 31.12.2024

   |

3. As of 30.06.2025: (i) €12m next coupon payment (ATHEX Bonds), (ii) €19m HRADF-related debt

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

(iv) €8m RRF LG security for Marina Ag. Kosmas

Group EBITDA Before Assets Valuation

H1 2025 vs H1 2024 in €m

82,1

40,9

39,2

42,5

35,5

39,6

42,4

10,0 9,8

6,9

-2,4 -1,7

-6,0

-11,8

MALLS

LAMDA MALLS GROUP

Detailed analysis slide #16

MARINAS OTHER BUSINESS UNITS

OVERHEADS EBITDA

(before valuations

Ellinikon)

EBITDA

ELLINIKON

&

ELLINIKON

Detailed analysis slide #25

(before valuations)

MARINAS

Detailed analysis slide #20

OTHER BUSINESS UNITS

Non-core other investments

Group EBITDA After Assets Valuation

H1 2025 vs H1 2024 in €m

236,6

151,2

82,1

42,4

53,4

6,9

3,4

4,1

EBITDA

LAMDA MALLS GROUP, ELLINIKON, OTHER ASSETS

Latest independent valuation as of 30.06.2025

Lamda Malls Group & Other : H1-25 €137.6 vs. H1-24 €6.7 Ellinikon: H1-25 €14m vs. H1-24 €0.2m

(before valuations)

ASSETS VALUATIONS ASSET DISPOSALS EBITDA

ASSET DISPOSALS

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

Group Profitability evolution

H1 2025 vs H1 2024 in €m

236,6

127,9

53,4

-29,8

-33,7

-26,1

-23,0

-6,2

-6,0 -9,0

-46,2

-0,4

-0,5

-18,7

TAXES

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

Group Borrowings & Interest Rate Sensitivity

63% of Group Borrowings are fixed/hedged (IRS) in €m

550

3.9%

4.2%

fixed/ hedged (IRS)

550

fixed/ hedged (IRS)

193

190

100

96

330

339

Euribor

+ spread

4.0%

Floating Rate - Unhedged

Floating Rate - Hedged

Group Borrowings2

30.06.2025

Financing Cost Sensitivity

Fixed Rate1

Euribor Cap

Euribor IRS

Floating Rate - Hedged

30.06.2025 31.12.2024

1. ATHEX-listed Corporate Bond Loans (CBL): (i) €320m, 2027 maturity (issued in July 2020), 3.4% coupon, and (ii) Green Bond €230m, 2029 maturity (issued in July 2022), 4.7% coupon

2. Group Borrowings shown on Balance Sheet as of 30.06.2025 = Outstanding loan balance (€1,175m) plus accrued interest (+€10m) minus capitalized loan expenses (-€11m)

NAV Pillars

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

1,202

794

7.00

4.62

Note: all amounts are rounded figures

1. Assets (GAV) €1,644m and Liabilities (net of cash) €1,258m (including €289m LAMDA Bonds allocated to Ellinikon).

2. Assets (GAV) €1,702m and Liabilities (net of cash) -€500m. 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 -€262m (€551m less €289m LAMDA Bonds allocated to Ellinikon) & Cash +€172m, Other Group Cash +€30m, Minorities -€15m (Flisvos Marina), Other +€8m

The Ellinikon "Hidden" Value

€ 16.7/share

The Residential Land Plot Example

2

‌Highlights for Malls, Marinas & The Ellinikon

| 14

Malls

H1 2025 Results Highlights

4 MALLS Another record-breaking performance

Tenants Sales 3% y-o-y

• New Record of €389m (H1 basis)

  Footfall 3% y-o-y

• 11.9m visitors in H1

  Net Base Rents 6% y-o-y Retail EBITDA 4% y-o-y

  ELLINIKON MALLS

• New Record of €48.8m for H1

• 70% of growth from Inflation Indexation

• 30% of growth from Renewals/Re-lettings

• New Record of €45.5m for H1

• Rental Income: +6% / Parking Revenue: +9%

  Commercial Leasing

  HoT with Tenants (% of GLA)

• The Ellinikon Mall: 64%

• Riviera Galleria: 78%

  Riviera Galleria

  Project Financing

• Feb-2025: signed €185m syndicated bank loan (incl. €39m VAT)

Net Debt / (Cash)

(in €m)

30.06.2025 31.12.2024

LAMDA MALLS Group Key Financials

Net LTV2

29%

30%

1. Property Management Companies MMS and MCPM

Operating Malls Tenants' Sales

Reaching new record high levels, despite a seasonally weak quarter in €m Operating Malls

Designer Outlet

Vs H1-24 3%

6%

375

50

3%

4%

119

123

3%

104

108

102

106

53

Med. Cosmos

Golden Hall

The Mall Athens

H1-25 H1-24

Operating Malls

Sustained solid growth in H1 2025 across all assets

Retail Revenue in €m Retail EBITDA

7% H1 2025 4%

H1 2024

45,5

43,6

6%

1%

9%

5%

16,9

16,0

11,8 11,7

11,8

10,8

4,9 5,2

57,0

53,2

7%

5%

11%

3%

20,7

19,4

14,6

13,9

15,2

13,7

6,4 6,2

THE MALL ATHENS

GOLDEN HALL

MED. COSMOS

DESIGNER OUTLET

TOTAL RETAIL

THE MALL

ATHENS

GOLDEN HALL MED.

COSMOS

DESIGNER

OUTLET

TOTAL RETAIL

EBITDA Margin

82% 80%

LAMDA MALLS Group

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

Group

Vs H1-24 15%

363

Ellinikon Malls

1.203

345

8%

1.033

279

1.123

Operating Malls

17%

2022 2023 2024 Η1-2024 Η1-2025

Marinas

Breaking new records (H1 basis) for both Revenue (+8% vs 2024) and EBITDA (+2% vs 2024)

Revenue in €m EBITDA1

Vs H1-24

4%

12%

11,6

12,9

3,8

3,7

8%

Total

61%

Vs H1-24 2%

EBITDA

Margin

64%

Flisvos

Agios Kosmas Other

8,5

12%

8%

2,4

7,9

-0,5 -0,4

H1 2025 H1 2024 H1 2025 H1 2024

Key performance drivers in H1 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)

| 20

The Ellinikon

H1 2025 Results Highlights Ellinikon Cash Collections to date1

€1.31bn

Strong Absorption Rate of Residential units Total Cash balance

€0.4bn

Construction Progress/Challenges

Liquidity at healthy levels

• Residential: €0.91bn

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

• Coastal Front: Sold out

• Little Athens: 93% sold or reserved (522 of the 559 units launched to date)

• €402m of deferred revenue not yet recognized as P&L Revenue (as of 30.06.2025)

+ 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 also progressing on schedule and budget

+ Significant progress in Sports Park construction with track & field and football fields to be delivered in Sep-25 & Mar-26 respectively - all sports facilities to be operational summer of '26

• Weak construction market and overall labor shortages continue

• Riviera Tower and Infrastructure remain challenging but working on resolution of outstanding issues towards acceleration going forward

Note: all amounts are rounded figures

1. Cumulative total from project start and until 30.06.2025

| 21