LAMDA Development Holding and Real Estate Development S.A.

Latest Results (06.03.2026):

LAMDA Development – Holding and Real Estate Development S.A. — results for the period 01.01.2025–30.06.2025 (first half / H1 2025, covering Q2 2025): the Group reported strong operating recovery and revaluation gains. Consolidated revenue rose to €310.7m (+26% y/y), EBITDA before valuations and other adjustments was €82.1m (vs €42.4m H1 2024) and consolidated EBITDA including valuation gains reached €236.6m. Profit attributable to equity holders was €127.9m (vs a €18.7m loss in H1 2024). NAV was €1.585bn (€9.22/share) on 30.06.2025 and cash balances were €706m (total cash & equivalents €661.3m after restricted cash adjustment).

Top-line and profit

Revenue: €310.7m (+26% y/y). EBITDA before valuations/other adjustments: €82.1m (≈+1.9x). Consolidated EBITDA including fair-value gains: €236.6m. Net profit to shareholders: €127.9m (flip from loss in H1 2024).

Ellinikon project (H1 2025)

Ellinikon revenue €235.7m (H1 2025) with Ellinikon EBITDA before valuations €39.6m (≈5.7x H1 2024). Cash receipts from project sales/leasing since start to 25 Aug 2025 ~€1.4bn; unearned income from sales/leases €402m at 30.06.2025. CAPEX + infrastructure provisioning in H1 2025 ~€181m (cumulative since start €744m).

Shopping malls (LAMDA MALLS)

Retail EBITDA (4 operating malls) €45.5m (+4% y/y), record tenant sales €389m and footfall 11.9m (+3%). Independent appraisals lifted LAMDA MALLS GAV to €1.702bn (30.06.2025) and revaluation gains of shopping malls/developments were €136.9m in H1 2025. Heads of Terms cover 64% GLA at The Ellinikon Mall and 78% at Riviera Galleria; Riviera construction financing €185m signed in Feb 2025.

Marinas

Marinas revenue €16.6m (+8% y/y) and EBITDA €10.0m (+2% y/y), with Flisvos Marina EBITDA up ~8% to €8.5m. Strong demand for mega-yacht berths; Aghios Kosmas undergoing upgrades that will temporarily reduce berths but aim to lift future yields.

Balance sheet, NAV and leverage

NAV €1.585bn (€9.22/share) on 30.06.2025 (+9.6% vs 31.12.2024). Total assets €4.732bn. Total debt €1.771bn; adjusted total debt (incl. infrastructure provisions) €2.437bn. Adjusted net total debt / total investment portfolio 47.3% (improved from 50.4%). Total cash & equivalents €705.6m (cash and cash equivalents €661.3m net of restricted cash).

Liquidity and operating cash flow

Operating cash flows for H1 2025 were €142m (+12% y/y). Total cash proceeds from Ellinikon sales/leasing since project start ~€1.4bn (to 25.08.2025).

Corporate actions & post-period events

AGM (26 June 2025) approved a buyback mandate (up to 10% share capital, price €0.30–€14.00) valid to 26 June 2027. Board reconstituted June 2025. After period end the Group fully early-redeemed the Green Bond on 14 July 2025 (premium recognized and issuance costs expensed as of 30.06.2025). In Aug 2025 a binding offer from ION group for an Ellinikon campus (€450m consideration) and a stake purchase were announced (subject to due diligence).

Risks & outlook

Management flags inflation, energy costs, raw-material and interest-rate volatility and geopolitical instability as key risks; rental contracts have CPI-linked clauses (CPI + ~1–2pp) which mitigates some inflation pass-through. Group notes scope to pass cost increases into counterparties where contracts permit and has contingencies in project cost estimates. Guidance: continued project execution at Ellinikon, construction starts for Riviera Galleria and structural works for The Ellinikon Mall (contract awarded to TERNA S.A.).