LAMDA Development Holding and Real Estate Development S.A.

Latest Results (07.12.2025):

LAMDA Development – Holding and Real Estate Development S.A. — 1st half / Q2 2025 (period ended 30 June 2025): The Group reported strong operating and valuation-driven results for the six months to 30.06.2025. Consolidated revenue rose to €311m (+26% y/y), EBITDA before valuations and other adjustments reached €82m (≈x1.9 y/y) and consolidated EBITDA including fair-value gains amounted to €237m (vs €53m a year earlier). Profit attributable to equity holders was €127.9m (vs a loss of €18.7m in 1H24). Net Asset Value (NAV) rose to €1.585bn (€9.22/share). The results reflect healthy retail and marina operations, a substantial pickup in Ellinikon project sales/recognition and large valuation uplifts in the shopping-malls portfolio.

Headline financials

Revenue €310.7m (+26% y/y). Group EBITDA before valuations/other adjustments €82.1m (up ~1.9x). Consolidated EBITDA including valuation gains €236.6m (up ~4.4x). Net profit attributable to parent €127.9m vs loss €(18.7)m in 1H24.

NAV, cash and liquidity

NAV €1,584.8m (+9.6% vs 31.12.2024) or €9.22 per share. Cash and cash equivalents €661.3m (total cash €705.6m). Operating cash flows for 1H25 €142m (+12% y/y). Total cash proceeds from Ellinikon sales/leasing since project start exceeded €1.4bn (to 25.08.2025).

Debt and leverage

Total debt €1,770.6m; Adjusted total debt (incl. provisions for Ellinikon infrastructure) €2,437.3m. Adjusted net total debt / total investment portfolio improved to 47.3% (from 50.4% at 31.12.2024). Gearing (total debt / (equity + debt)) 56.6%.

Shopping malls performance

LAMDA MALLS Retail EBITDA (4 operating malls) €45.5m (+4% y/y), a record. Mall valuation gains of €136.9m lifted LAMDA MALLS group EBITDA to €177.8m. Key KPIs: shopkeepers’ sales €389m (record), footfall 11.9m (+3% y/y), average occupancy ~100%.

Ellinikon project — sales and profitability pickup

Ellinikon revenue €235.7m (≈1.5x y/y) and Ellinikon EBITDA before valuations €39.6m (≈5.7x y/y). Ellinikon EBITDA including valuations €53.1m. Unearned income from property sales/leases stood at €402m (to 30.06.2025). Residential sales: 522 of 559 released apartments reserved/sold (93%). Cash related to Ellinikon €355m as of 30.06.2025; CAPEX & infrastructure provisioning significant (€181m in 1H25).

Marinas

Marinas revenue €16.6m (+8% y/y) and EBITDA €10.0m (+2% y/y), with Flisvos Marina driving growth (EBITDA €8.46m, +8%). Full demand for mega-yacht berths and contractual fee increases supported results; upgrades planned at Aghios Kosmas.

Valuations and non‑cash items

Significant fair-value uplifts recorded: shopping malls/developments +€136.9m and Ellinikon investment properties +€13.7m. Results include non-cash finance costs of €21m related to accounting recognition of future obligations (consideration payable for HELLINIKON S.M.S.A. and public infrastructure delivery obligations).

Corporate, financing and governance events

AGM (26.06.2025) authorized buyback (up to 10% share capital; price band €0.30–€14.00). Board reconstitution and new Remuneration & Nomination Committee announced. Riviera Galleria construction financing: €185m syndicated loan signed (Feb 2025).

Post‑period significant items (announced after 30.06.2025)

Green Bond early redemption completed (14.07.2025) — full repayment plus 1% premium recognized; related unamortised issuance costs were derecognised. TERNA S.A. awarded Ellinikon Mall structural contract (Aug 2025). ION group submitted a binding offer for an R&D & Innovation Campus at Ellinikon for total consideration €450m (subject to due diligence and agreements). Shareholding movements: Consolidated Lamda Holdings S.A. increased to 44.76% (Aug 2025); Voxcove Holdings reduced to zero by Aug 2025.

Notes on metrics and scope

Results cite Alternative Performance Measures (APMs) used by the Group (e.g., EBITDA before valuations, Adjusted Debt), which the company presents alongside IFRS figures; APM definitions and reconciliations are included in the semi-annual report.