Παρουσίαση Οικονομικών Αποτελεσμάτων Α Τριμήνου 2025

Q1 2025 RESULTS PRESENTATION

Results Conference Call / Live Webcast 29 May 2025

Contents

‌O1 Group Results Highlights

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Q1 2025 Financial Performance at a glance

Group Consolidated

Revenue

€106m Ellinikon: €69m Malls: €30m

Marinas: €8m

EBITDA

€17m

After Assets Valuation & Other adjustments

Net Result

€(11)m

After Taxes & Minorities

NAV

€1.4bn

€8.22/share

Investment Assets

Malls, Marinas & Other

Development Assets

The Ellinikon

Malls Retail1 EBITDA

€23m

New Record

+1% vs. 2024

Malls1

NAV

€1.1bn

Marinas

EBITDA

€5m

New Record

+3% vs. 2024

Other2 NAV

€0.1bn

EBITDA

€(6)m

after Assets Valuation

NAV

€ 0.3bn

Cash Proceeds3

€1.2bn

cumulative from project start

CAPEX4

€644m

cumulative from project start

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)

3. Cash proceeds from (i) signed contracts (SPAs) (excl. intragroup) and (ii) pre-agreement deposits. Aggregate cash proceeds from project start and until 15.05.2025

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4. Buildings & Infrastructure CAPEX from project start and until 31.03.2025 5

Group Q1 2025 Highlights

Note: all amounts are rounded figures | 6

Group Balance Sheet Snapshot

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

359

346

1.046

40

1.056

22

8.28

80

80

8.22

NAV per share1 (€)

Other Malls Ellinikon

31.03.2025 31.12.2024

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

Other

Malls

561

556

HoldCo

613

613

37

Restricted3

642

Free

606

46

31.03.2025 31.12.2024

1. NAV per share adjusted for own shares: 3.63m shares as of 31.03.2025 vs. 2.18m shares as of 31.12.2024

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

   31.03.2025 31.12.2024

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3. As of 31.03.2025: (i) €12m next coupon payment (ATHEX Bonds), (ii) €19m HRADF-related debt

security for HELLINIKON shares deferred consideration, (iii) €6m Malls' debt service next payment, 7

(iv) €9m RRF LG security for Marina Ag. Kosmas

Group EBITDA Before Assets Valuation

Retail EBITDA 1%

New Record

in €m

35,3

8%

19,2

20,9

3%

New Record

46%

1%

19,8

15,5

4,7

4,6

-1,1

-0,6

-2,7

-5,1

ELLINIKON

-7,5

LAMDA MALLS GROUP

Detailed analysis slide #16

MALLS

MARINAS OTHER BUSINESS UNITS OVERHEADS

EBITDA

(before valuations

Ellinikon)

EBITDA

&

(before valuations)

MARINAS

Detailed analysis slide #20

OTHER BUSINESS UNITS

Non-core other investments

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ELLINIKON

Detailed analysis slide #25

Group EBITDA After Assets Valuation

ASSET DISPOSALS

Q1-25: Athens Metropolitan Expo (11.7% stake €3.2m) Q1-24: Cecil office building (€4.1m)

in €m

40,2

35,3

1,6

0,8

3,2

4,1

EBITDA

(before valuations)

ASSETS VALUATIONS

ASSET DISPOSALS

EBITDA

LAMDA MALLS GROUP, ELLINIKON INVESTMENT PROPERTY, OTHER ASSETS

Latest independent valuation as of 31.12.2024

Ellinikon Investment Property: Q1-25 €1.8m vs. Q1-24 €1.1m

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Group Profitability evolution

in €m

40,2

-13,6 -11,5

-19,1

-11,1

-3,2

0,2

-3,0

-6,3

-0,3

-0,2

-11,0

0,6

EBITDA

CASH FINANCE

COSTS

NON-CASH FINANCE

COSTS

DEPRECIATION TAXES MINORITIES

NET RESULT

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) Q1-25 €10.7m vs. Q1-24 €10.7m

• non-cash IRS valuation: Q1-25 €0.2m loss vs. Q1-24 €0.4m gain

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Group Total Cash1

in €m

€27m reduction vs. 31.12.2024 due to CAPEX2 (€97m)

Net Operating Cash Flow

(Q1 2025)

€31m

Net Operating Cash Flow (FY2024)

€358m

31.03.2025

1. Including Restricted Cash (€46m as of 31.03.2025 vs. €37m as of 31.12.2024)

2. CAPEX recognized on the Cash Flow Statement: (a) Inventory (€63m), (b) Investment Property/PP&E (€34m)

31.12.2024

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Group Borrowings & Interest Rate Sensitivity

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

in €m

4.1%

1.177

1.174

Euribor

+ spread

336

330

Euribor Cap

98

4.3%

193

100

193

Euribor IRS

3.9%

550

fixed/ hedged (IRS)

550

fixed/ hedged (IRS)

Floating Rate - Unhedged

Floating Rate - Hedged

Group Borrowings2

31.03.2025

Financing Cost Sensitivity

Fixed Rate1

Floating Rate - Hedged

31.03.2025 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 31.03.2025 = Outstanding loan balance (€1,177m) plus accrued interest (+€5m) minus capitalized loan expenses (-€12m)

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NAV Pillars

1,056

651

Does not include c€30m EBITDA from land plot sales to 3rd parties expected to be recognized in Q2 2025

6.10

3.76

Note: all amounts are rounded figures

1. Assets (GAV) €1,633m and Liabilities (net of cash) €1,288m (including €289m LAMDA Bonds allocated to Ellinikon).

2. Assets (GAV) €1,559m and Liabilities (net of cash) €502m. GAV derived from 3rd party independent valuer (Savills and Cushman & Wakefield) as of 31.12.2024.

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

4. Parent Company Debt -€272m (€556m less €289m LAMDA Bonds allocated to Ellinikon) & Cash +€190m, Other Group Cash +€30m, Minorities -€14m (Flisvos Marina), Other +€18m

5. NAV per share as of 31.03.2025 adjusted for 3.63m own shares (2.1% of total)

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   O2

   ‌Highlights for Malls, Marinas & The Ellinikon

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   Malls

   Q1 2025 Results Highlights
   
   
   

   4 MALLS Another record-breaking performance

   Tenants Sales 3% y-o-y

   • New Record of €175m (Q1 basis)

     Footfall 1% y-o-y

   • Following 2% increase in FY2024 (26m visitors in FY2024)

     Net Base Rents 5% y-o-y

     Retail EBITDA 1% y-o-y

     ELLINIKON MALLS

   • New Record of €24.5m for Q1

   • 70% of growth from inflation indexation

   • 30% of growth from Renewals/Re-lettings

   • New Record of €22.7m for Q1

   • Rental Income: +5% / Parking Revenue: +7%

     Commercial Leasing Riviera Galleria

     HoT with Tenants (% of GLA)

     Project Financing

   • The Ellinikon Mall: 63%

   • Riviera Galleria: 77%

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

financing)

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Net Debt / (Cash)

(in €m)

31.03.2025 31.12.2024

LAMDA MALLS Group Key Financials

Net LTV3

32%

30%

1. Incl. The Ellinikon Mall, Riviera Galleria, Ellinikon Malls HoldCo. Q1-25 EBITDA adversely impacted by the earlier payment of €2.9m property taxes vs. 2024 (paid in Q2-24).

2. Property Management Companies MMS and MCPM

3. Net LTV = Net Debt / GAV

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Operating Malls Tenants' Sales

in €m

New Record

23

47

vs. 2024

3%

7%

21

1%

46

49 3% 48

56 2% 55

Note: all amounts are rounded figures

Q1-25

Q1-24

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Operating Malls

8%

26,5

7%

5%

10%

7%

9,8

6,9

6,8

3,0

THE MALL GOLDEN HALL MED. ATHENS COSMOS

DESIGNER OUTLET

TOTAL RETAIL

Retail Revenue in €m Retail EBITDA

Q1 2025

Q1 2024

Key performance drivers in 2025:

+ Solid growth in base rents (inflation-adjusted plus margin): +5% y-o-y

+ Strong growth in parking income: +7% y-o-y (on account of continued footfall growth)

- Earlier payment of property taxes compared to 2024 (payment occurred in Q2 2024).

EBITDA Margin

80% 85%

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LAMDA MALLS Group

in €m

New Record

COVID

279

336

345

354

1.033

1.123

1.203

1.205

855

872

892

2019 2020 2021 2022 2023 2024

Designer Outlet Athens 1st consolidation

€109m purchase GAV vs. €116m GAV 31.12.2022

Note: all amounts are rounded figures

Mar-25

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Marinas

Revenue in €m EBITDA1

New Record

11%

5%

17%

Q1 2024

Q1 2025

5,4

6,3

1,8

1,7

58%

63%

EBITDA

Margin

New Record

3%

5%

11%

3,6

-0,2

Q1 2024

Q1 2025

4,0

1,1

1,1

Total

Agios

Kosmas

Flisvos

Other2

Key performance drivers in 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 and

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

LAMDA Flisvos Holding)

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The Ellinikon

Ellinikon

Cash Collections to date1

€1.18bn

Strong Absorption Rate of Residential units

Total Cash balance

€0.3bn

Construction Progress/Challenges

Liquidity at healthy levels

• Residential: €0.79bn

• Land Plot Sales/Leases: €0.39bn (excluding Ellinikon Malls intragroup sale of €0.24bn)

• Coastal Front: Sold out

• Little Athens: 84% sold or reserved (472 of the 559 units launched to date) (as of 15.05.2025)

• €291m of deferred Revenue not yet recognized as P&L Revenue (as of 31.03.2025)

• c€30m EBITDA from land plot sales to 3rd parties expected to be recognized in Q2 2025

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

  • 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 Jun-25 and Dec-25 respectively

• Weak construction market and overall labor shortages

• 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 15.05.2025

2. Cumulative total from project start and until 31.03.2025

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