LAMDA Development Holding and Real Estate Development S.A.

Latest Results (18.04.2026):

LAMDA Development – Holding and Real Estate Development S.A. — Q2 2025 / six‑month period ended 30 June 2025: the Group reported strong H1 2025 operating recovery with revenue up c.26% y/y and materially improved profitability driven by higher property sales and mall & marina operating performance, significant valuation gains (mainly shopping malls), a positive net result attributable to shareholders and an increased NAV as of 30.06.2025.

Key consolidated financials (H1 2025)

Revenue €310.7m (+26% vs H1 2024); Group EBITDA before valuations & other adjustments €82.1m (≈1.9x H1 2024); consolidated EBITDA including valuation gains €236.6m (vs €53.4m a year earlier); profit attributable to equity holders €127.9m (vs loss €18.7m H1 2024); NAV €1.585bn or €9.22/share (NAV up ≈€139m vs 31.12.2024).

Balance sheet, cash & debt

Total Investment Portfolio €3,657m; Total Debt €1,770.6m (Adjusted Total Debt €2,437.3m); Cash reported ~€706m total cash (cash & cash equivalents reported €661.3m after restricted cash); Adjusted Net Total Debt / Total Investment Portfolio 47.3%; gearing (Total Debt / (Total Equity + Total Debt)) 56.6%.

Shopping malls (LAMDA MALLS)

Retail EBITDA for the four operating malls €45.5m (+4% y/y), a record; total tenants’ sales €389m (new record) and footfall c.11.9m (+3% y/y); mall portfolio GAV for the 4 operating centers €1,339m and LAMDA MALLS Group GAV €1,702m; revaluation gains on malls €136.9m in H1 2025.

Ellinikon project

Ellinikon revenue €235.7m (≈+1.5x vs H1 2024); Ellinikon EBITDA before valuations €39.6m (≈5.7x H1 2024) and EBITDA including valuations €53.1m; cash proceeds from Ellinikon sales/leases since project start >€1.4bn (to 25.08.2025); unearned income (deferred revenue) €402m as of 30.06.2025; Little Athens residential sales/reservations 522/559 units (~93%).

Marinas

Marinas revenues €16.6m (+8% y/y) and Marinas EBITDA €10.0m (+2% y/y); Flisvos Marina EBITDA €8.46m (+8% y/y). Management reports high demand for mega‑yacht berths and annual contractual increases supporting revenue growth.

Notable corporate & financing events

February 2025: €185m construction loan signed for Riviera Galleria (syndicated). July 14, 2025: early redemption and full repayment of Company Green Bond completed (1% premium recognized). AGM (26.06.2025) authorized share buyback (up to 10%, €0.30–€14 per share); Board reconstitution announced. August 2025: CLH increased stake to 44.76%; binding offer accepted from ION group for Ellinikon land (consideration €450m + ION to acquire 2% of Company); TERNA awarded Ellinikon Mall structural contract (Aug 2025).

Risks & outlook (management view)

Principal risks flagged: inflation/energy cost pressure, raw material price increases, floating interest‑rate exposure and geopolitical uncertainty. Management notes rental income is mostly CPI‑linked (CPI + ~1–2 pp), contingencies are included in construction cost estimates, and continued focus on green/energy investments to mitigate energy cost exposure. The Group expects further project execution and phased revenue recognition in H2 2025.