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Lamda Development S.A. Investor Presentation 2025
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Q1 2025 RESULTS PRESENTATION
Results Conference Call / Live Webcast 29 May 2025
This presentation has been prepared by LAMDA Development S.A. (the "Company") for the purposes of the Company's Q1 2025 Results Conference Call/Live Webcast (29.05.2025).
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 | |||
| Appendix | page | 28 | |
| Group Balance Sheet & Key Ratios | page | 29 | |
| Malls: Detailed Analysis | page | 33 | |
| The Ellinikon: Progress of Works Visuals | page | 39 |
| 4
Q1 2025 Financial Performance at a glance
Note: all amounts are rounded figures
-
Details on LAMDA MALLS Group EBITDA (slide #16) and NAV (slide #13)
-
Land plots, Flisvos Marina, Offices and other assets. Excludes HoldCo Debt/Cash, Minorities and other adjustments. Details on NAV (slide #13)
| 5 3. Cash proceeds from (i) signed contracts (SPAs) (excl. intragroup) and (ii) pre-agreement deposits. Aggregate cash proceeds from project start and until 15.05.2025 4. Buildings & Infrastructure CAPEX from project start and until 31.03.2025
Group Consolidated EBITDA after valuations of €17.4m Consolidated Net Result of €11m loss impacted by timing of land plot sales vs. Q1 '24 Group Total Cash of €652m
Malls Record Retail EBITDA before valuations at €23m, or 1% increase y-o-y
Marinas Record EBITDA of €5m, or 3% increase y-o-y
€1.2bn total Cash Proceeds from property sales through mid-May 2025 Additional c€30m of EBITDA from land plot sales expected to be booked in Q2 2025
Biggest challenges remain Infrastructure and Riviera Tower construction progress However residential projects undertaken by CBU are ahead of schedule
Ellinikon
| 7
-
NAV per share adjusted for own shares: 3.63m shares as of 31.03.2025 vs. 2.18m shares as of 31.12.2024 2. Outstanding loan balance plus (+) accrued interest minus (-) capitalized loan expenses
-
As of 31.03.2025: (i) €12m next coupon payment (ATHEX Bonds), (ii) €19m HRADF-related debt security for HELLINIKON shares deferred consideration, (iii) €6m Malls' debt service next payment, (iv) €9m RRF LG security for Marina Ag. Kosmas
Group EBITDA Before Assets Valuation 2025 vs 2024
- non-cash accounting recognition related to Ellinikon obligations for land payments and Infra Works (impact from the change in Present Value)
- Q1-25 €10.7m vs. Q1-24 €10.7m
- non-cash IRS valuation: Q1-25 €0.2m loss vs. Q1-24 €0.4m gain
in €m
- ATHEX-listed Corporate Bond Loans (CBL): (i) €320m, 2027 maturity (issued in July 2020), 3.4% coupon, and (ii) Green Bond €230m, 2029 maturity (issued in July 2022), 4.7% coupon 2. Group Borrowings shown on Balance Sheet as of 31.03.2025 = Outstanding loan balance (€1,177m) plus accrued interest (+€5m) minus capitalized loan expenses (-€12m)
NAV Pillars Company NAV above €1.4bn and MALLS NAV above €1bn mark
-
Assets (GAV) €1,633m and Liabilities (net of cash) €1,288m (including €289m LAMDA Bonds allocated to Ellinikon).
-
Assets (GAV) €1,559m and Liabilities (net of cash) €502m. GAV derived from 3rd party independent valuer (Savills and Cushman & Wakefield) as of 31.12.2024.
-
Other Properties: Flisvos Marina, Land plots and Other income-generating assets
-
Parent Company Debt -€272m (€556m less €289m LAMDA Bonds allocated to Ellinikon) & Cash +€190m, Other Group Cash +€30m, Minorities -€14m (Flisvos Marina), Other +€18m
-
NAV per share as of 31.03.2025 adjusted for 3.63m own shares (2.1% of total)
Highlights for Malls, O2 Marinas & The Ellinikon
| EBITDA | ||||
|---|---|---|---|---|
| (in €m) | Q1-25 | Q1-24 | ||
| The Malls Athens | 8.4 | 8.4 | ||
| Golden Hall | 5.9 | 6.0 | ||
| Med. Cosmos | 6.0 | 5.5 | ||
| Designer Outlet Athens | 2,4 | 2.7 | ||
| Retail EBITDA | 22.7 | 22.5 | ||
| Ellinikon Malls1 | (3.7) | (1.4) | ||
| Malls Property Management2 & HoldCo |
0.2 | (0.2) | ||
| LAMDA MALLS Group (before assets valuation & other adjustments) |
19.2 | 20.9 | ||
| Assets Revaluation Gain/(Loss) | (0.2) | (0.3) | ||
| LAMDA MALLS Group (after assets valuation & other adjustments) |
19.0 | 20.6 |
| Net Debt / (Cash) | ||||
|---|---|---|---|---|
| (in €m) | 31.03.2025 | 31.12.2024 | ||
| 4 Operating Malls | 480 | 488 | ||
| Ellinikon Malls1 | (31) | (65) | ||
| Malls Property Management2 & HoldCo | 51 6 |
41 6 |
||
| LAMDA MALLS Group | 500 | 464 | ||
| Net LTV3 | 32% | 30% |
-
Incl. The Ellinikon Mall, Riviera Galleria, Ellinikon Malls HoldCo. Q1-25 EBITDA adversely impacted by the earlier payment of €2.9m property taxes vs. 2024 (paid in Q2-24). 2. Property Management Companies MMS and MCPM
-
Net LTV = Net Debt / GAV
Operating Malls Sustained solid growth in Q1 2025 across all assets
Key performance drivers in 2025:
-
- Solid growth in base rents (inflation-adjusted plus margin): +5% y-o-y
-
- Strong growth in parking income: +7% y-o-y (on account of continued footfall growth)
- − Earlier payment of property taxes compared to 2024 (payment occurred in Q2 2024).
Marinas Breaking new records (Q1 basis) for both Revenue (+11% vs 2024) and EBITDA (+3% vs 2024)
Key performance drivers in 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
-
EBITDA including IFRS 16 (Flisvos land lease payments are transferred from OPEX to financial expenses, hence are added back to Operating EBITDA) 2. Corfu Mega Yacht Marina and HoldCos (LAMDA Marinas Investments and LAMDA Flisvos Holding)
The Ellinikon Q1 2025 Results Highlights
| Ellinikon | |||
|---|---|---|---|
| Liquidity at healthy levels | |||
| Cash Collections to date1 €1.18bn |
• Residential: €0.79bn • Land Plot Sales/Leases: €0.39bn (excluding Ellinikon Malls intragroup sale of €0.24bn) |
||
| Strong Absorption Rate of Residential units |
• Coastal Front: Sold out • Little Athens: 84% sold or reserved (472 of the 559 units launched to date) (as of 15.05.2025) |
||
| Total Cash balance €0.3bn |
• €291m of deferred Revenue not yet recognized as P&L Revenue (as of 31.03.2025) • c€30m EBITDA from land plot sales to 3rd parties expected to be recognized in Q2 2025 |
||
| Construction Progress/Challenges |
+ 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 also progressing on schedule and budget + Significant progress in Sports Park construction with track & field and football fields to be delivered in Jun-25 and Dec-25 respectively − Weak construction market and overall labor shortages − Riviera Tower and Infrastructure remain challenging but working on resolution of outstanding issues towards acceleration going forward |
Note: all amounts are rounded figures
-
Cumulative total from project start and until 15.05.2025
-
Cumulative total from project start and until 31.03.2025
| Cumulative Cash Proceeds in €bn |
31.12.2024 | 31.03.2025 15.05.2025 |
|
|---|---|---|---|
| Residential1 | 0.73 | 0.77 0.79 |
|
| Land Plot Sales/Leases1 | 0.34 | 0.36 0.39 |
|
| Sub-TOTAL | 1.07 | 1.13 1.18 |
|
| Ellinikon Malls (intragroup land plot sales) |
0.24 | 0.24 | |
| TOTAL | 1.31 | 1.43 1.38 |
expected to be collected until 2027-28
Note: all amounts are rounded figures
-
Cash proceeds from (i) signed SPAs and (ii) pre-agreement customer deposits & MoUs
-
Total Value of the 874 units that have been placed in the market for sale to date, of which €0.7bn relate to SPAs and €0.2bn to customer reservations as of 15.05.2025
Value Phase I
Little Athens Sales Progress (6 projects) 84% of the units placed in the market have been sold or reserved (mid-May 2025)
| Park Rise | Mainstream Posidonos |
Mainstream Alimos | ||||
|---|---|---|---|---|---|---|
| (50m) | Pavilion Terraces | Promenade Heights |
Atrium Gardens | Trinity Gardens | Sunset Groves (1 of 2 projects)1 |
|
| Renderings | ||||||
| Project Location | ||||||
| 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) |
4 (5 floors) |
| Project Units | 89 | 156 | 79 | 56 | 80 | 99 |
| Units | Launched to date 559 |
SPAs & Reservations 472 |
84% absorption rate |
- Sunset Groves refers to the 1st part (99 units) of the total project
| Total CAPEX | 564 | 81 | 644 | |
|---|---|---|---|---|
| in €m | Project start until end-2024 |
Q1 2025 | Aggregate Total | |
| Infrastructure Works |
184 | 11 | 196 | Mainly related to: –demolitions –enabling works –construction works (e.g. Posidonos underpass) |
| Buildings1 | 379 | 69 | 449 | 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
- Including construction costs, design fees, technical & project management fees. Excluding CAPEX for Ellinikon Malls
Note: all amounts are rounded figures
The Ellinikon Phase I Projects (2021-2027/28)
| 26
- Shares outstanding excluding own shares (2.17m shares or 1.23% of total as of 31.12.2024)
| 28
Group Balance Sheet O3.1 & Key Ratios
Portfolio of Assets Key growth drivers: Malls and Ellinikon revaluation
| in €m | 31.03.2025 | 31.12.2024 | Notes | |
|---|---|---|---|---|
| The Ellinikon | ||||
| IRC, Retail, Sports & Leisure (Investment Property) |
642 | 627 | (independent appraisal by Savills) Measured at Fair Value |
|
| Residential & Other (Inventory) | 944 | 950 | cost, incl. land, infrastructure and construction costs, as incurred. Reduction vs. Booked at 31.12.2024 due to the transfer of Inventory to COGS (Sales acceleration) |
|
| 1 Properties for own use (PP&E) |
47 | 46 | Booked at cost. Assets for own-use; purchased for long-term use, owner-occupied and not likely to be converted quickly into cash (e.g. land, buildings and equipment) |
|
| Total – The Ellinikon |
1,633 | 1,623 | ||
| LAMDA MALLS Group | Assets measured at Fair Value (independent appraisal by Savills, Cushman & Wakefield) | |||
| The Mall Athens | 509 | 508 | ||
| Golden Hall | 322 | 322 | ||
| Med. Cosmos | 223 | 223 | ||
| Designer Outlet Athens | 151 | 151 | Acquired on 05.08.2022 (transaction GAV: €109m) | |
| Ellinikon Malls | 354 | 345 | ||
| Total – LAMDA MALLS Group |
1,559 | 1,548 | ||
| Other income generating assets | 56 | 56 | Mainly Flisvos Marina |
|
| Other (incl. fixed assets) | 16 | 15 | ||
| Land | 8 | 10 | Mainly Aegina (Alkyonides Hills) |
|
| Total2 (excluding Ellinikon) |
1,638 | 1,628 | ||
| Total | 3,272 | 3,251 |
-
Including Intangibles (31.03.2025: €4.8m vs. 31.12.2024: €4.7m)
-
Represents 100% of each investment/asset. Under IFRS, assets consolidated under the equity method are presented on the Balance Sheet under "Investments in Associates"
| in €m | 31.03.2025 | 31.12.2024 | Notes: 31.03.2025 | |
|---|---|---|---|---|
| Investment Property | 2,203 | 2,179 | Ellinikon €642m, Malls (incl. Ellinikon Malls) & other properties €1,561m |
|
| Fixed & Intangible Assets | 113 | 110 | Ellinikon €47m, Flisvos Marina €53m |
Total Ellinikon €1,633m |
| Inventory | 951 | 957 | Ellinikon €944m | (excl. Ellinikon Malls) |
| Investments in associates | 44 | 45 | Ellinikon JVs: €42m (Hospitality, Mixed-Use Tower, AURA Residential) | |
| Investment Portfolio | 3,310 | 3,291 | ||
| Cash | 606 | 642 | Excludes restricted cash (see below) | |
| Restricted Cash | 46 | 37 | (a) ATHEX Bonds next coupon payment (€12m), (b) HRADF-related debt security for land payment (€19m), (c)Malls' debt service next payment (€6m), (d) Marina Ag. Kosmas RRF LG security (€9m) |
|
| Right-of-use assets | 196 | 190 | Represents mainly Med. Cosmos land lease and Flisvos Marina concession agreement |
|
| Other Receivables & accruals | 264 | 275 | Includes mainly Ellinikon supplier prepayments and VAT receivables | |
| Assets classified as held for sale | 2 | -- | Offices in Romania to be sold in June 2025 | |
| Total Assets | 4,424 | 4,435 | ||
| Share Capital & Share Premium | 1,025 | 1,025 | ||
| Reserves | 9 | 17 | General reserve €35m minus treasury shares cost c€26m (3.63m own shares as of 31.03.2025) | |
| Retained earnings | 180 | 191 | ||
| Minority Interests | 14 | 14 | ||
| Total Equity | 1,227 | 1,246 | ||
| Borrowings | 1,170 | 1,174 | LD Parent: €556m (accounting); LAMDA MALLS Group €613m (accounting) | |
| Lease Liability | 206 | 201 | Represents mainly the Med. Cosmos land lease and Flisvos | Marina concession agreement |
| Ellinikon Transaction Consideration | 383 | 380 | Present Value (PV) of €448m outstanding Transaction Consideration (cost of debt discount factor: 3.4%) | |
| Ellinikon Infrastructure liability | 674 | 678 | Present Value (PV) of €782m remaining Investment Obligations for Infra Works (cost of debt discount factor: 4.7%) | |
| Deferred Tax Liability | 214 | 219 | LAMDA MALLS Group €174m; Ellinikon €37m | |
| Payables | 550 | 538 | Includes €291m deferred revenue not yet recognized as P&L revenue (cash proceeds from SPAs) (The Ellinikon) | |
| Liabilities classified as held for sale | 0 | -- | ||
| Total Liabilities | 3,196 | 3,189 | ||
| Total Equity & Liabilities | 4,424 | 4,435 |
| in €m | 31.03.2025 | 31.12.2024 | Alternative Performance Measures (APM) definitions |
|---|---|---|---|
| Free Cash | 606 | 642 | |
| Restricted Cash (Short & Long Term) | 46 | 37 | |
| Total Cash | 652 | 679 | |
| Total Debt | 1,758 | 1,754 | = Borrowings + Lease Liability + PV Transaction Consideration |
| Adj. Total Debt | 2,432 | 2,432 | = Total Debt + PV Infrastructure liability |
| Total Investment Portfolio | 3,506 | 3,481 | = Investment Portfolio + Right-of-use assets |
| Total Equity (incl. minorities) | 1,227 | 1,246 | |
| Net Asset Value (incl. minorities) | 1,438 | 1,460 | = Total Equity + Net Deferred Tax Liabilities |
| Adj. Net Debt / Total Investment Portfolio | 50.8% | 50.4% | Adj. Net Debt = Adj. Total Debt - Total Cash |
| Gearing Ratio | 58.9% | 58.5% | Gearing Ratio = Total Debt / (Total Debt + Total Equity) |
| Average borrowing cost (end-of-period) | 4.1% | 4.3% |
O3.2
Malls Detailed Analysis
Operating Malls An attractive lease duration to support long-term rental income growth
-
Lease expiry schedule as of 31.12.2024
-
Operating Malls FY2024 Rental Income = Net Base Rent + Turnover Rent
-
WAULT to expiry = Weighted Average Unexpired Lease Term. Average figure for the 4 Operating Malls at end-December 2024
O3.3
The Ellinikon Progress of Works Visuals
Ellinikon Masterplan − Active Buildings Construction Sites
| 40
Residential Projects – Coastal Front
Concreting works: 21st level Core Structures & 19th level Slabs
Cove Residences
st & 2nd Plots 5-6: Finishing & electrical works in progress floor slabs in progress
Plots 7-8: 1
Residential Projects – Little Athens
Promenade Heights Park Rise (BIG)
Plot 6.9: Concreting completed / Plot 6.10: 2 nd floor concreting works 1
Ground floor concreting works in progress Foundation concreting works in progress
st floor concreting works in progress
Atrium & Trinity Gardens Sunset Groves (1 of 2 plots)
Other Projects
43% of concreting works for all buildings completed to date Finishing and mechanical works in progress on 2 buildings
89% of excavations & 83% of concrete casting completed to date 100% of excavations and 68% of concreting completed to date
Riviera Galleria The Ellinikon Sports Park
Posidonos Underpass The Ellinikon Mall Underpass
Thank you
LAMDA Development S.A. ● 37Α Kifissias Ave. (Golden Hall) ● 151 23 Maroussi ● Greece Tel: +30.210.74 50 600 ● Fax: +30.210.74 50 645 Website : www.lamdadev.com Investor Relations ● E-mail: [email protected]