LAMDA Development Holding and Real Estate Development S.A.

Latest Results (08.07.2026):

This summary covers LAMDA Development Holding and Real Estate Development S.A. (LAMDA Development S.A.) financial results for the period ended 30 June 2025 (Q2 2025 / first half 2025), based on the Company's own semi‑annual report. In H1 2025 the Group delivered materially stronger operating and net results versus H1 2024: consolidated revenue rose to €310.7m (+26%), consolidated EBITDA before valuations and other adjustments reached €82.1m (≈1.9x H1‑2024) and consolidated EBITDA including valuation gains was €236.6m. Profit attributable to equity holders was €127.9m (vs a loss of €18.7m in H1‑2024). NAV (per the report) was €1.585bn or €9.22/share as of 30.06.2025.

Top‑line and profitability

Consolidated revenue: €310.7m (H1‑2025) vs €246.4m (H1‑2024), +26%. Group consolidated EBITDA before valuations/other adjustments: €82.1m (H1‑2025) vs €42.4m (H1‑2024). Including valuation gains and one‑offs, consolidated EBITDA rose to €236.6m. Net result attributable to parent: profit €127.9m (H1‑2025) vs loss €18.7m (H1‑2024). The results include non‑cash finance items of €21m related to recognition of future Ellinikon obligations.

Balance sheet, NAV and liquidity

NAV: €1,585m (€9.22 per share) at 30.06.2025, up ≈€139m vs 31.12.2024. Total assets €4,731.5m; total equity €1,358.2m. Cash and cash equivalents €661.3m (total cash €705.6m), with operating cash inflows of €142m in H1‑2025 (+12% y/y). Total Debt €1,770.6m; Adjusted Total Debt (including Ellinikon infrastructure provisions) €2,437.3m. Adjusted net total debt / total investment portfolio = 47.3%; gearing (total debt / (equity+debt)) = 56.6%.

Shopping malls (LAMDA MALLS)

Retail EBITDA (4 operating malls) reached a record €45.5m (+4% y/y). Tenant (shopkeeper) sales for the 4 malls totaled €389m (new record); footfall 11.9m (+3% y/y); average occupancy ~100%. Gross Asset Value (GAV) of LAMDA MALLS: €1,702m at 30.06.2025 (up vs 31.12.2024). Heads of Terms signed for 64% of GLA at The Ellinikon Mall and 78% at Riviera Galleria.

Ellinikon project

Ellinikon segment revenue €235.7m (H1‑2025) vs €161.7m; EBITDA before valuations/other adjustments €39.6m (≈5.7x H1‑2024) and EBITDA including valuations €53.1m. Cash proceeds from sales/leases since project start to 25.08.2025 ≈ €1.4bn (collections in 2025 to 25.08.2025 ≈ €288m). Unearned income (deferred revenue) at 30.06.2025: €402m. Little Athens residential sales: 559 units launched, 522 sold/reserved (93%). CAPEX and infrastructure provisioning in H1 ≈ €181m; total GAV of Ellinikon ≈ €1.6bn.

Marinas

Marinas revenues €16.6m (+8% y/y) and Marinas EBITDA €10.0m (+2% y/y), driven by strong demand at the mega‑yacht marinas and contractual berth fee increases. Flisvos Marina EBITDA €8.46m (+8% y/y). Aghios Kosmas undergoing upgrade works which reduce available berths short‑term but aim to lift long‑term yield.

Financing and corporate actions

Riviera Galleria construction loan: €185m syndicated facility (includes €39m VAT financing) signed in Feb‑2025. Green Bond: early redemption completed 14 July 2025 (interest, principal and 1.0% premium paid); as of 30.06.2025 the loan was shown as current and a €2.3m premium liability was recognised. AGM (26 June 2025) authorized buyback of up to 10% of shares (price range €0.30–€14.00) through 26 June 2027. Notable share movements and ownership notices were disclosed (Voxcove reduction to 0% by Aug‑2025; Consolidated Lamda Holdings increased to 44.76% after an Aug purchase).

Key risks and outlook

Management flags inflation, energy cost increases, raw‑material price volatility and rising interest rates as principal external risks. Rental contracts are largely CPI‑linked (CPI + ~1–2 pp), helping revenue pass‑through. The Group highlights contingencies in cost estimates for Ellinikon projects and continues energy‑efficiency and green investments to mitigate energy cost exposure. Management expects continued delivery momentum in H2‑2025 but notes construction‑cost and interest‑rate sensitivity.