9M 2025 RESULTS PRESENTATION

Results Conference Call / Live Webcast 19 December 2025

Disclaimer

This presentation has been prepared by LAMDA Development S.A. (the "Company") for the purposes of the Company's 9M 2025 Results Conference Call/Live Webcast (19.12.2025).

The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company, shareholders or any of their respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

This document is not intended to be relied upon as legal, accounting, regulatory, tax or other advice, does not take into consideration the goals, or the legal, accounting, regulatory, tax or financial situation or the needs of a potential investor and do not form the basis for an informed investment decision.

On this basis, the Company does not and will not undertake any liability whatsoever from the information included herein. Furthermore, none of the Company nor any of its respective shareholders, affiliates, directors, advisers, officers, managers, representatives or agents, accepts any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss or damage arising from any use of this document or its contents or otherwise arising in connection with this document and explicitly disclaim any and all liability whatsoever arising from this document and any error contained therein and/or omissions arising from it or from any use of this document or its contents or otherwise in connection with it.

All financials contained herein are based on Company's management accounts.

This presentation does not constitute an offer or invitation to purchase or subscribe for any shares and neither it or any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This presentation does not constitute a recommendation regarding the securities of the Company.

The information included in this presentation may be subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in the presentation and any opinions expressed in relation thereof are subject to change without notices.

This presentation is subject to any future announcements of material information made by the Company in accordance with the law.

The information in this presentation must not be used in any way which would constitute "market abuse".

The document contains several renderings related to The Ellinikon project developments. The completed project may differ significantly from the mock-ups that the Company has currently developed with its partners.

FORWARD LOOKING STATEMENTS

This document contains certain forward-looking statements pertaining to the Company and its Group. All projections are rounded figures, except for historical information. Forward-looking statements are based on current expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. You can identify these forward-looking statements by the use of words such as "outlook," "believe," "think," "expect," "potential," "fair", "continue," "may," "should," "seek," "approximately," "predict," "forecast", "project", "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters, but any such words are not the exclusive means of identifying these statements.

These forward-looking statements are based on the Company's beliefs, assumptions and expectations, but these beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or within its control. These include, among other factors, the uncertainty of the national and global economy; economic conditions generally and the Company's sector specifically; competition from other Companies, changing business or other market conditions, changing political conditions and the prospects for growth anticipated by the Company's management, fluctuations in market conditions affecting the Company's income and the exposure to risks associated with borrowings as a result of the Company's leverage. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein and could cause the actual results of operations, financial condition, liquidity, performance, prospects and opportunities of the Company and its Group to differ materially.

Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. Therefore, there can be no assurance that developments will transpire as forecasted. Past performance is no guarantee of future results.

All forward-looking statements speak only as of the date of the document. The Company does not undertake any obligation to update or revise any forward-looking statements to reflect circumstances, the receipt of new information, or events that occur after the date of this document. As such, you should not place undue reliance on forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions and that it has used all reasonable assumptions for the targets, estimates or expectations expressed or reflected in the forward-looking statements included herein, it can give no assurance that such targets, estimates or expectations will be attained.

This document also includes certain non-IFRS and other operating and performance measures, which have not been subject to any financial audit for any period. These non-IFRS measures are in addition to, and not a substitute for, measures of financial performance prepared in accordance with IFRS and may not include all items that are significant to an investor's analysis of the Company's financial results.

Group Results Highlights
Highlights for Malls, Marinas & The Ellinikon	page	13
Appendix
Group Balance Sheet & Key Ratios	page	29
The Ellinikon: Progress of Works Visuals	page	33

1 Group Results Highlights

9M 2025 Financial Performance at a glance

Group Consolidated

Revenue €444m

EBITDA

€253m

After Assets Valuation & Other adjustments

Net Result

€116m

After Taxes & Minorities

NAV

€1.6bn

€9.20/share

Malls, Marinas & Other The Ellinikon

Operating Malls¹ EBITDA

€69m

New Record +5% vs. 9M 2024

Malls¹ NAV €1.2bn

Marinas EBITDA

€17m

New Record +9% vs. 9M 2024

Other² NAV €0.1bn

EBITDA

€32^m

Before Asset Valuation

NAV € 0.4bn

Cash Proceeds³

€1.4bn

cumulative from project start

CAPEX⁴

€849m

cumulative from project start

Note: all amounts are rounded figures

^1. Details on LAMDA MALLS Group EBITDA (slide #16) and NAV (slide #12)

^2. Land plots, Flisvos Marina, Offices and other assets. Excludes HoldCo Debt/Cash, Minorities and other adjustments. Details on NAV (slide #13)

^3. Cash proceeds from (i) signed contracts (SPAs) (excl. intragroup) and (ii) pre-agreement deposits. Aggregate cash proceeds from project start and until 30.09.2025

^4. Buildings & Infrastructure CAPEX from project start and until 30.09.2025

Group 9M 2025 Highlights

Group

Consolidated EBITDA before valuations of €98m, or 15% higher y-o-y

Consolidated Net Profit of €116m

NAV per share increase to €9.20

Malls Record Operating Malls EBITDA before valuations at €69m, or 5% increase y-o-y

Marinas Record EBITDA of €17m, or 9% increase y-o-y

€450 million Strategic Partnership with ION Group for R&D and Innovation Campus €1.5bn total Cash Proceeds from property sales until 30 November 2025 Residential projects undertaken by CBU are ahead of schedule

Ellinikon

Group Balance Sheet Snapshot 30.09.2025 vs 31.12.2024

^1. NAV per share adjusted for own shares: 5.94m shares as of 30.09.2025 vs. 2.18m shares as of 31.12.2024 2. (i) Outstanding loan balance plus (+) accrued interest minus (-) capitalized loan expenses, (ii) €500m common bond loan successfully issued in November 2025

As of 30.09.2025: (i) €6m next coupon payment (ATHEX Bonds), (ii) €19m HRADF-related debt security for HELLINIKON shares deferred consideration, (iii) €5m Malls' debt service next payment, (iv) €26m RRF LG security for Marina Ag. Kosmas and LG for Liabilities and Tax Authorities.

Group EBITDA Before Assets Valuation 9M 2025 vs 9M 2024

Group EBITDA After Assets Valuation 9M 2025 vs 9M 2024

Group Profitability evolution 9M 2025 vs 9M 2024

TAXES

The increase in asset valuations led to improved deferred tax income, contributing to a lower overall tax burden.

Group Borrowings & Interest Rate Sensitivity 53% of Group Borrowings are fixed/hedged (IRS)

^1. ATHEX-listed Corporate Bond Loans (i) (CBL): €320m, 2027 maturity (issued in July 2020), 3.4% coupon. (ii) (CBL): €500m, 2032 maturity (issued in November 2025), 3.8% coupon 2. Group Borrowings shown on Balance Sheet as of 30.09.2025 = Outstanding loan balance (€962m) plus accrued interest (+€2m) minus capitalized loan expenses (-€8m)

Company NAV above €1.5bn and MALLS NAV above €1.2bn mark

Note: all amounts are rounded figures

1. Assets (GAV) €1,650m and Liabilities (net of cash) €1,284m (including €182m LAMDA Bonds allocated to Ellinikon).
1. Assets (GAV) €1,714m and Liabilities (net of cash) -€506m. GAV derived from 3rd party independent valuer (Savills and Cushman & Wakefield) as of 30.06.2025
1. Other Properties: Flisvos Marina, Land plots and Other income-generating assets
1. Parent Company Debt -€139m (€321m less €182m LAMDA Bonds allocated to Ellinikon) & Cash +€42m, Other Group Cash +€30m, Minorities -€15m (Flisvos Marina), Other +€10m
1. NAV per share as of 30.09.2025 adjusted for 5.94m own shares (3.36% of total)

Highlights for Malls, 2 Marinas & The Ellinikon

4 MALLS

Another record-breaking performance

Tenants Sales

★ 5% y-o-y

• New Record of €620m (9M basis)

Footfall

1 2% y-o-y

• 18.6m visitors in Jan-Sep 2025

Net Base Rents

★ 5% y-o-y

New Record of €73.5 for 9M
70% of growth from Inflation Indexation
30% of growth from Renewals/Re-lettings

Operating Malls EBITDA

★ 5% y-o-y

New Record of €68.7m for 9M
Rental Income: +5% / Parking Revenue: +10%

ELLINIKON MALLS

Commercial Leasing

HoT with Tenants (% of GLA)

The Ellinikon Mall: 66%Riviera Galleria: 76%

Riviera Galleria

Project Financing

• Riviera Galleria Syndicated bond loan was signed in February 2025 (incl. €39m VAT financing) & RRF financing participation was signed in September 2025

LAMDA MALLS Group Key Financials

EBITDA
(in €m)	9M-25	9M-24
The Malls Athens	25.3	24.1
Golden Hall	18.0	17.2
Med. Cosmos	17.8	16.2
Designer Outlet Athens	7.6	8.2
Operating Malls EBITDA	68.7	65.7
Ellinikon Malls	(4.3)	(5.0)
Malls Property Management1 & HoldCo	(1.5)	(1.1)
LAMDA MALLS Group (before assets valuation & other adjustments)	62.8	59.6
Assets Revaluation Gain/(Loss)	136.9	7.2
LAMDA MALLS Group (after assets valuation & other adjustments)	199.7	66.8

Net Debt / (Cash)
(in €m)	30.09.2025	31.12.2024
4 Operating Malls	478	488
Ellinikon Malls	(5)	(65)
Malls Property Management1 & HoldCo	39 6	41 6
LAMDA MALLS Group	512	464
Net LTV2	30%	30%

^1. Property Management Companies MMS and Other Recreational Activities

^2. Net LTV = Net Debt / GAV

Operating Malls Tenants' Sales Reaching new record high levels

Sustained solid growth in 9M 2025 across all assets

LAMDA MALLS Group

Assets Valuation (GAV) − Maintaining solid growth trends

| 18 Note: all amounts are rounded figures

Marinas

Breaking new records (9M basis) for both Revenue (+5% vs 2024) and EBITDA (+9% vs 2024)

Key performance drivers in 9M 2025:

- Flisvos yacht berthing fees: contracts adjusted for inflation
- Both Marinas registered higher revenues from yacht transits
Agios Kosmas: gradual decline in number of available berths, due to the commencement of renovation works
1. EBITDA including IFRS 16 (Flisvos land lease payments are transferred from OPEX to financial expenses, hence are added back to Operating EBITDA)
1. Corfu Mega Yacht Marina and HoldCos (LAMDA Marinas Investments and LAMDA Flisvos Holding)

The Ellinikon 9M 2025 Results Highlights

Ellinikon

Liquidity at healthy levels

Cash Collections to date¹ €1.5bn

• Residential: €1.1bn

• Land Plot Sales/Leases: €0.4bn (excluding Ellinikon Malls intragroup sale of €0.24bn)

Strong Absorption Rate of Residential units

• Coastal Front: Sold out

• Little Athens: 84% sold or reserved (of the 671 units launched to date)*

* Includes 112 additional units at Sunset Groves launched in November 2025

Total Cash balance

€0.2bn • €371m of deferred revenue not yet recognized as P&L Revenue (as of 30.09.2025)

+ Accelerated construction progress for Little Athens developments expected to contribute positively to profitability going forward

o CBU residential projects ahead of schedule and on budget
- Riviera Galleria progressing on schedule and budget
- Significant progress in Sports Park construction. Sports facilities opening to public scheduled for Summer 2026.
− Weak construction market and overall labor shortages continue to be the main obstacles.
− Riviera Tower reached new agreement on the main terms and schedule revision with BBI (completion at Q2 2027).
− Infrastructure remains challenging but working on resolution of outstanding issues towards acceleration going forward

Construction Progress/Challenges

Note: all amounts are rounded figures

The Ellinikon Cash Inflows Progress

Cumulative Cash Proceeds in €bn	31.12.2024	30.09.2025	30.11.2025
Residential1	0.73	0.98	1.07
Land Plot Sales/Leases1	0.34	0.40	0.40
Sub-TOTAL	1.07	1.38	1.47
Ellinikon Malls (intragroup land plot sales)	0.24	0.24
TOTAL	1.31	1.63	1.72

€0.8bn of remaining² proceeds from units launched to date, expected to be collected until 2027-28

Note: all amounts are rounded figures

1.90

Total Contract Value Phase I

^1. Cash proceeds from (i) signed SPAs and (ii) pre-agreement customer deposits & MoUs

^2. Total Value of the 986 units that have been placed in the market for sale to date, of which €0.6bn relate to SPAs and €0.2bn relate to reservations including the latest launch of 112 units at Sunset Groves as of 30.11.2025

Little Athens Sales Progress (6 projects) 84% of the units placed in the market have been sold or reserved

	Park Rise	Mainstream Posidonos		Mainstrec	ım Alimos
	(50m)	Pavilion Terraces	Promenade Heights	Atrium Gardens	Trinity Gardens	Sunset Groves ¹
Renderings
Project Location	LITTLE ATHENS LITTLE ATHENS PARK RISE	LITTLE ATHENS LITTLE ATHENS A-PAVILON TERRORS	PROMENADE - LITTLE ATHENS	LITTLE ATHENS LITTLE ATHENS ATRIUM GARDENS	LITTLE ATHENS LITTLE ATHENS TRINUITY GARDENS	← SUNSET GROVES ↓ LUTTLE ATHENS
Architect	Bjarke Ingels Group (BIG)	314 Architecture Studio	314 Architecture Studio	Deda & Architects	Tsolakis Architects	A&M Architects
Buildings	1 (12 floors)	7 (6 floors)	9 (4-5 floors)	4 (5 floors)	3 (5 floors)	10 (5 floors)
Project Units	89	156	79	56	80	211
Units Launched to date 671 SPAs & Reservations 566 SPAs & Reservations absorption rate

Includes the launch of an additional 112 units at Sunset Groves

The Ellinikon Infrastructure Works & Buildings CAPEX

Total CAPEX	564	285	849
in €m	Project start until end-2024	9M 2025	Aggregate Total
Infrastructure Works	184	39	223	Mainly related to: –demolitions –enabling works –construction works (e.g. Posidonos underpass)
Buildings1	379	246	625	Completed projects: –The Experience Park –The Experience Center (Hangar C) –AMEA Building Complex Main projects in progress : –Riviera Tower –The Cove Residences –Little Athens –Sports Complex –Metropolitan Park

Note: all amounts are rounded figures

^1. including construction costs, design fees, technical & project management fees. Excluding CAPEX for Ellinikon Malls

The Ellinikon Income Statement Snapshot 9M 2025 vs 9M 2024

Cash Inflow History & Anticipated Collections in 2025 €0.5bn anticipated cash collections in 2025

in €bn

^1. Cumulative Total Cash proceeds from (i) signed SPAs and (ii) pre-agreement customer deposits & MoUs 2. Including €0.3bn of 9M 2025 Collections

<-- PDF CHUNK SEPARATOR -->

Buildings & Infrastructure CAPEX History & Anticipated CAPEX for 2025 €0.5bn estimated CAPEX in 2025

Note: all amounts are rounded figures

1. Investment Obligations for Infra Works. As of 31.12.2024, the nominal value of the remaining Investment Obligations for Infra Works amounted to €794m
1. Including construction costs, design fees, technical & project management fees. Excluding CAPEX for Ellinikon Malls
1. Including €0.3bn of 9M 2025 CAPEX

Residential Developments Gross Profit of Phase I developments

Note: all amounts are rounded figures

^*Estimated average price of all Little Athens Developments including 73.4K GSA already launched and 57.7K GSA to be launched for Phase I
**Gross Profit before allocated Land and Infrastructure cost per project. Total Phase I Residential projects allocated Land and Infrastructure: €237m

The Ellinikon Phase I Projects

Appendix

Group Balance Sheet 3.1& Key Ratios

Portfolio of Assets

Key growth drivers: Malls and Ellinikon revaluation

in €m	30.09.2025	31.12.2024	Notes
The Ellinikon
IRC, Retail, Sports & Leisure (Investment Property)	684	627	Measured at Fair Value (independent appraisal by Savills)
Residential & Other (Inventory)	916	950	Booked at cost, incl. land, infrastructure and construction costs, as incurred. Reduction vs. 31.12.2024 due to the transfer of Inventory to COGS (Sales acceleration)
1 Properties for own use (PP&E)	49	46	cost. Assets for own-use; purchased for long-term use, owner-occupied and not likely Booked at to be converted quickly into cash (e.g. land, buildings and equipment)
Total – The Ellinikon	1,650	1,623
LAMDA MALLS Group			Assets measured at Fair Value (independent appraisal by Savills, Cushman & Wakefield)
The Mall Athens	570	508
Golden Hall	356	322
Med. Cosmos	248	223
Designer Outlet Athens	167	151	Acquired on 05.08.2022 (transaction GAV: €109m)
Ellinikon Malls	373	345
Total – LAMDA MALLS Group	1,714	1,548
Other income generating assets	52	56	Mainly Flisvos Marina
Other (incl. fixed assets)	16	15
Land	8	10	Mainly Aegina (Alkyonides Hills)
Total2 (excluding Ellinikon)	1,790	1,628
Total	3,440	3,251

^1. Including Intangibles (30.09.2025: €5.3m vs. 31.12.2024: €4.7m)

^2. Represents 100% of each investment/asset. Under IFRS, assets consolidated under the equity method are presented on the Balance Sheet under "Investments in Associates"

Consolidated Balance Sheet Summary

in €m	30.09.2025	31.12.2024	Notes: 30.09.2025
Investment Property	2,400	2,179	Ellinikon €684m, Mall (incl. Ellinikon Malls) & other properties €1,057m
Fixed & Intangible Assets	116	110	Ellinikon €916m	Total Ellinikon €1,650m
Inventory	923	957	Ellinikon €49m, Flisvos Marina €52m	(excl. Ellinikon Malls)
Investments in associates	43	45	Ellinikon JVs: €43m (Hospitality, MUT, AURA Residential)
Investment Portfolio	3,482	3,291
Cash	333	642	Excludes restricted cash (see below)
Restricted Cash	56	37	(a) ATHEX Bonds next coupon payment (c)Malls' debt service next payment (€5m), (d) Marina Ag. Kosmas RRF LG security (€8m)	(€6m), (b) HRADF-related debt security for land payment (€19m),
Right-of-use assets	193	190	Represents mainly Med. Cosmos land lease and Flisvos Marina concession agreement
Other Receivables & accruals	377	275	Includes mainly Ellinikon supplier prepayments and VAT receivables
Assets classified as held for sale	1		Lamda Prime Properties (apartments)
Total Assets	4,442	4,435
Share Capital & Share Premium	1,025	1,025
Reserves	5	17	General reserve €47m minus treasury shares cost c€41m (5.94m own shares as of 30.09.2025)
Retained earnings	297	191
Minority Interests	15	14
Total Equity	1,343	1,246
Borrowings	957	1,174	LD Parent: €320m (accounting); LAMDA MALLS Group €637m (accounting)
Lease Liability	204	201	Represents mainly the Med. Cosmos land lease and Flisvos Marina concession agreement
Ellinikon Transaction Consideration	389	380	Present Value (PV) of €448m outstanding Transaction Consideration (cost of debt discount factor: 3.4%)
Ellinikon Infrastructure liability	660	678	Present Value (PV) of €755m remaining Investment Obligations for Infra Works (cost of debt discount factor: 4.7%)
Deferred Tax Liability	248	219	LAMDA MALLS Group €174m; Ellinikon €37m
Payables	641	538	Includes €371m deferred revenue not yet recognized as P&L revenue (cash proceeds from SPAs) (The Ellinikon)
Liabilities classified as held for sale
Total Liabilities	3,099	3,189
Total Equity & Liabilities	4,442	4,435

Key Financial Metrics (Group)

in €m	30.09.2025	31.12.2024	Alternative Performance Measures (APM) definitions
Free Cash	333	642
Restricted Cash (Short & Long Term)	56	37
Total Cash	389	679
Total Debt	1,550	1,754	= Borrowings + Lease Liability + PV Transaction Consideration
Adj. Total Debt	2,211	2,432	= Total Debt + PV Infrastructure liability
Total Investment Portfolio	3,675	3,481	= Investment Portfolio + Right-of-use assets
Total Equity (incl. minorities)	1,343	1,246
Net Asset Value (incl. minorities)	1,588	1,460	= Total Equity + Net Deferred Tax Liabilities
Adj. Net Debt / Total Investment Portfolio	49.6%	50.4%	Adj. Net Debt = Adj. Total Debt - Total Cash
Gearing Ratio	53.6%	58.5%	Gearing Ratio = Total Debt / (Total Debt + Total Equity)
Average borrowing cost (end-of-period)	3.8%	4.3%