LAMDA Development Holding and Real Estate Development S.A.

Latest Results (20.01.2026):

LAMDA Development – Holding and Real Estate Development Société Anonyme (LAMDA Development S.A.) — results for Q2 2025 (six‑month period ended 30 June 2025): the Group reported strong H1 2025 operating momentum with consolidated revenue of €310.7m (+26% y/y), EBITDA before valuations and other adjustments of €82.1m (≈1.9x H1 2024) and consolidated EBITDA including fair‑value gains of €236.6m (vs €53.4m). Profit attributable to equity holders was €127.9m (vs a loss of €18.7m in H1 2024). Net Asset Value stood at €1.585bn (€9.22/share) as of 30.06.2025.

Top‑line and profitability

Revenue: €310.7m in H1 2025 (+26% vs H1 2024). Group consolidated EBITDA before valuations/adjustments: €82.1m (up ~1.9x). Including valuation gains and disposals, consolidated EBITDA was €236.6m. Net profit attributable to owners: €127.9m.

Ellinikon project

Ellinikon contributed strongly: revenues €235.7m (H1 2025), EBITDA before valuations €39.6m (≈5.7x H1 2024) and EBITDA including valuations €53.1m. Cash receipts from the project since launch reached ~€1.4bn (to 25 Aug 2025); unearned income from sales/leases was €402m at 30.06.2025. CAPEX and infrastructure provisions in H1 2025 were significant (~€181m), with total Ellinikon cash at €355m on 30.06.2025.

Shopping malls performance

LAMDA MALLS (4 operating malls) recorded retail EBITDA of €45.5m (new record, +4% y/y). Mall KPIs: shopkeepers’ sales €389m (record), footfall 11.9m (+3% y/y), occupancy ~100%. Gross Asset Value (GAV) of LAMDA MALLS: €1.702bn (30.06.2025). Heads of Terms cover ~64% GLA for The Ellinikon Mall and ~78% for Riviera Galleria.

Marinas

Marinas reported revenues €16.6m (+8% y/y) and EBITDA €10.0m (+2% y/y), driven by full permanent‑berth demand at mega‑yacht marinas and higher transit fees; Flisvos Marina EBITDA rose 8% to €8.46m.

Balance sheet, liquidity and leverage

Cash balance shown as €705.6m (cash) and cash & cash equivalents €661.3m at 30.06.2025. Total assets €4.732bn; total equity €1.358bn. Total Debt €1.771bn; Adjusted Total Debt (including infrastructure provisions) €2.437bn. Adjusted Net Total Debt / Total Investment Portfolio: 47.3% (improved vs 31.12.2024).

Notable corporate events

Key items after period: full early redemption of the Green Bond completed 14 July 2025 (premium and accrued interest paid; €2.3m liability for expected premium and €3.6m of issuance costs derecognised in H1 P&L). Riviera Galleria construction financing: €185m syndicated loan signed (Feb 2025). AGM (26 Jun 2025) authorised share buyback up to 10% (price €0.30–€14.00) and Board empowered to execute. Binding offer accepted from ION group for an R&D & Innovation Campus at Ellinikon (consideration €450m, subject to due diligence). Significant shareholder moves: Voxcove reduced stake (to 0% by 1 Aug 2025), Brevan Howard reported 5.092% (24 Feb 2025), and Consolidated Lamda Holdings increased to 44.76% (Aug 2025).

Risks and outlook

Company flags inflation, energy cost pressure, raw‑material/construction cost rises and interest‑rate exposure as key risks; rental income is CPI‑linked (CPI + ~1–2pp). Management highlights contingency provisions in project budgets, continued focus on green energy investments to reduce energy costs, and expects further execution progress at Ellinikon in H2 2025 (construction works advancing; structural works contract for The Ellinikon Mall awarded).