Lamda Development S.A. — Investor Presentation 2025

Sep 18, 2025

H1 2025 RESULTS PRESENTATION

Results Conference Call / Live Webcast 18 September 2025

This presentation has been prepared by LAMDA Development S.A. (the "Company") for the purposes of the Company's H1 2025 Results Conference Call/Live Webcast (18.09.2025).

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	page	4
Highlights for Malls, Marinas & The Ellinikon	page	14
Appendix
Group Balance Sheet & Key Ratios	page	29
The Ellinikon: Progress of Works Visuals	page	33

1 Group Results Highlights

| 4

H1 2025 Financial Performance at a glance

Note: all amounts are rounded figures

1. Details on LAMDA MALLS Group EBITDA (slide #16) and NAV (slide #13)

2. 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 30.06.2025 4. Buildings & Infrastructure CAPEX from project start and until 30.06.2025

Group Consolidated EBITDA after valuations of €237m Consolidated Net Profit of €128m NAV per share increase to €9.22

Malls Record Retail EBITDA before valuations at €45m, or 4% increase y-o-y Significant valuation gains for both all assets +15% y-o-y

Marinas Record EBITDA of 10m, or 2% increase y-o-y

€450 million Strategic Partnership with ION Group for R&D and Innovation Campus €1.3bn total Cash Proceeds from property sales until 30 June 2025 Residential projects undertaken by CBU are ahead of schedule

Ellinikon

1. Outstanding loan balance plus (+) accrued interest minus (-) capitalized loan expenses

2. As of 30.06.2025: (i) €12m next coupon payment (ATHEX Bonds), (ii) €19m HRADF-related debt security for HELLINIKON shares deferred consideration, (iii) €5m Malls' debt service next payment, (iv) €8m RRF LG security for Marina Ag. Kosmas

LAMDA MALLS GROUP, ELLINIKON, OTHER ASSETS

Latest independent valuation as of 30.06.2025 Lamda Malls Group & Other : H1-25 €137.6 vs. H1-24 €6.7 Ellinikon: H1-25 €14m vs. H1-24 €0.2m

ASSET DISPOSALS

H1-25: Athens Metropolitan Expo (11.7% stake €3.2m)

1. 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 30.06.2025 = Outstanding loan balance (€1,175m) plus accrued interest (+€10m) minus capitalized loan expenses (-€11m)

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

Note: all amounts are rounded figures

1. Assets (GAV) €1,644m and Liabilities (net of cash) €1,258m (including €289m LAMDA Bonds allocated to Ellinikon).

2. Assets (GAV) €1,702m and Liabilities (net of cash) -€500m. GAV derived from 3rd party independent valuer (Savills and Cushman & Wakefield) as of 30.06.2025

3. Other Properties: Flisvos Marina, Land plots and Other income-generating assets

4. Parent Company Debt -€262m (€551m less €289m LAMDA Bonds allocated to Ellinikon) & Cash +€172m, Other Group Cash +€30m, Minorities -€15m (Flisvos Marina), Other +€8m

5. NAV per share as of 30.06.2025 adjusted for 4.93m own shares (2.79% of total)

Land Plots for sale assumed price per GFA sqm	2,250 € /sqm	9.22 NAV per share 1 (30.06.2025) € /share
Cost of Land & Infra	800 € /sqm
Implied "hidden" value	1,450 € /sqm	Implied "hidden" value 7.5 € /share from unsold residential plots
Available GFA sqm for Residential Developments	900K ~ sqm	16.7 Implied NAV per share € /share
Implied "hidden" value (per GFA sqm)	1,450 € /sqm
		Excluding the contribution of the ION strategic
Implied "hidden" value	1.3 ~ € bn	transaction

1. Shares outstanding excluding own shares (4.93m shares or 2.79% of total as of 30.06.2025)

Highlights for Malls, 2 Marinas & The Ellinikon

EBITDA
(in €m)	H1-25	H1-24
The Malls Athens	16.9	16.0
Golden Hall	11.8	11.7
Med. Cosmos	11.8	10.8
Designer Outlet Athens	4.9	5.2
Retail EBITDA	45.5	43.6
Ellinikon Malls	(4.6)	(3.7)
Malls Property Management1 & HoldCo	0.1	(0.6)
LAMDA MALLS Group (before assets valuation & other adjustments)	40.9	39.2
Assets Revaluation Gain/(Loss)	137.6	6.7
LAMDA MALLS Group (after assets valuation & other adjustments)	178.5	45.9

Net Debt / (Cash)
(in €m)	30.06.2025	31.12.2024
4 Operating Malls	468	488
Ellinikon Malls	(21)	(65)
Malls Property Management1 & HoldCo	53 6	41 6
LAMDA MALLS Group	500	464
Net LTV2	29%	30%

Operating Malls Sustained solid growth in H1 2025 across all assets

EBITDA Margin 80%

82%

Marinas

Breaking new records (H1 basis) for both Revenue (+8% vs 2024) and EBITDA (+2% vs 2024)

Key performance drivers in H1 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 H1 2025 Results Highlights

Ellinikon
Liquidity at healthy levels
Cash Collections to date1 €1.31bn	• Residential: €0.91bn • 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: 93% sold or reserved (522 of the 559 units launched to date)
Total Cash balance €0.4bn	€402m of deferred revenue not yet recognized as P&L Revenue (as of 30.06.2025) •
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 Sep-25 & Mar-26 respectively - all sports facilities to be operational summer of '26 − Weak construction market and overall labor shortages continue − Riviera Tower and Infrastructure remain challenging but working on resolution of outstanding issues towards acceleration going forward

Cumulative Cash Proceeds in €bn	31.12.2024	30.06.2025	25.08.2025
Residential1	0.73	0.91	0.95
Land Plot Sales/Leases1	0.34	0.40	0.40
Sub-TOTAL	1.07	1.31	1.36
Ellinikon Malls (intragroup land plot sales)	0.24	0.24
TOTAL	1.31	1.55	1.60
€0.8bn	of remaining2 expected to be collected until 2027-28	proceeds from units launched to date,	1.77 Total Contract Value Phase I

Note: all amounts are rounded figures

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

2. Total Value of the 874 units that have been placed in the market for sale to date, of which €0.6bn relate to SPAs and €0.2bn to customer reservations as of 25.08.2025

Little Athens Sales Progress (6 projects) 93% of the units placed in the market have been sold or reserved

	Park Rise	Mainstream Posidonos			Mainstream Alimos
	(50m)	Pavilion Terraces	Promenade Atrium Gardens Heights		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 522	93% absorption rate

1. Sunset Groves refers to the 1st part (99 units) of the total project

Total CAPEX	564	181	744
in €m	Project start until end-2024	H1 2025	Aggregate Total
Infrastructure Works	184	26	210	Mainly related to: –demolitions –enabling works –construction works (e.g. Posidonos underpass)
Buildings1	379	155	534	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 H1 2025 vs H1 2024

Note: all amounts are rounded figures

in €bn

Note: all amounts are rounded figures

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

2. Including €0.2bn of H1 2025 Collections

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

2. Including construction costs, design fees, technical & project management fees. Excluding CAPEX for Ellinikon Malls

3. Including €0.2bn of H1 2025 CAPEX

The Ellinikon Phase I Projects (2021-2027/28)

| 28

Appendix Group Balance Sheet 3.1& Key Ratios

Portfolio of Assets Key growth drivers: Malls and Ellinikon revaluation

in €m	30.06.2025	31.12.2024	Notes
The Ellinikon
IRC, Retail, Sports & Leisure (Investment Property)	673	627	Measured at Fair Value (independent appraisal by Savills)
Residential & Other (Inventory)	922	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	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	1,664	1,623
LAMDA MALLS Group			Assets measured at Fair Value (independent appraisal by Savills, Cushman & Wakefield)
The Mall Athens	569	508
Golden Hall	356	322
Med. Cosmos	248	223
Designer Outlet Athens	167	151	Acquired on 05.08.2022 (transaction GAV: €109m)
Ellinikon Malls	363	345
Total – LAMDA MALLS Group	1,702	1,548
Other income generating assets	53	56	Mainly Flisvos Marina
Other (incl. fixed assets)	16	15
Land	8	10	Mainly Aegina (Alkyonides Hills)
Total2 (excluding Ellinikon)	1,778	1,628
Total	3,422	3,251

1. Including Intangibles (30.06.2025: €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"

in €m	30.06.2025	31.12.2024	Notes: 30.06.2025
Investment Property	2,377	2,179	Ellinikon €673m, Malls (incl. Ellinikon Malls) & other properties €1,036m
Fixed & Intangible Assets	115	110	Total Ellinikon €1,644m Ellinikon €49m, Flisvos Marina €53m
Inventory	928	957	Ellinikon €922m	(excl. Ellinikon Malls)
Investments in associates	43	45	Ellinikon JVs: €43m (Hospitality, Mixed-Use Tower, AURA Residential)
Investment Portfolio	3,463	3,291
Cash	661	642	Excludes restricted cash (see below)
Restricted Cash	44	37	(a) ATHEX Bonds next coupon payment (€12m), (b) HRADF-related debt security for land payment (€19m), (c)Malls' debt service next payment (€5m), (d) Marina Ag. Kosmas RRF LG security (€8m)
Right-of-use assets	195	190	Represents mainly Med. Cosmos land lease and Flisvos Marina concession agreement
Other Receivables & accruals	368	275	Includes mainly Ellinikon supplier prepayments and VAT receivables
Assets classified as held for sale	1	--	Lamda Prime Properties (apartments)
Total Assets	4,732	4,435
Share Capital & Share Premium	1,025	1,025
Reserves	9	17	General reserve €43m minus treasury shares cost c€34m (4.93m own shares as of 30.06.2025)
Retained earnings	311	191
Minority Interests	15	14
Total Equity	1,358	1,246
Borrowings	1,180	1,174	LD Parent: €556m (accounting); LAMDA MALLS Group €613m (accounting)
Lease Liability	205 201		Represents mainly the Med. Cosmos land lease and Flisvos Marina concession agreement
Ellinikon Transaction Consideration	386	380	Present Value (PV) of €448m outstanding Transaction Consideration (cost of debt discount factor: 3.4%)
Ellinikon Infrastructure liability	667	678	Present Value (PV) of €768m remaining Investment Obligations for Infra Works (cost of debt discount factor: 4.7%)
Deferred Tax Liability	244	219	LAMDA MALLS Group €174m; Ellinikon €37m
Payables	692	538	Includes €402m deferred revenue not yet recognized as P&L revenue (cash proceeds from SPAs) (The Ellinikon)
Liabilities classified as held for sale	--	--
Total Liabilities	3,373	3,189
Total Equity & Liabilities	4,732	4,435

in €m	30.06.2025	31.12.2024	Alternative Performance Measures (APM) definitions
Free Cash	661	642
Restricted Cash (Short & Long Term)	44	37
Total Cash	706	679
Total Debt	1,771	1,754	= Borrowings + Lease Liability + PV Transaction Consideration
Adj. Total Debt	2,437	2,432	= Total Debt + PV Infrastructure liability
Total Investment Portfolio	3,657	3,481	= Investment Portfolio + Right-of-use assets
Total Equity (incl. minorities)	1,358	1,246
Net Asset Value (incl. minorities)	1,600	1,460	= Total Equity + Net Deferred Tax Liabilities
Adj. Net Debt / Total Investment Portfolio	47.3%	50.4%	Adj. Net Debt = Adj. Total Debt - Total Cash
Gearing Ratio	56.6%	58.5%	Gearing Ratio = Total Debt / (Total Debt + Total Equity)
Average borrowing cost (end-of-period)	4.0%	4.3%

The Ellinikon Progress of Works Visuals

Ellinikon Masterplan − Active Buildings Construction Sites

Contractors:

R: 0 G: 87 B: 140

R: 0 G: 203 B: 234

R: 162 G: 105 B: 255

R: 255 G: 129 B: 134

R: 255 G: 66 B: 47

R: 255 G: 125 B: 0

R: 255 G: 190 B: 0

R: 177 G: 182 B: 149

R: 209 G: 191 B: 154

R: 0 G: 151 B: 75

R: 0 G: 160 B: 160

R: 5 G: 116 B: 154

R: 3 G: 60 B: 88

R: 0 G: 31 B: 70

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Residential Projects – Coastal Front

Riviera Tower

Concreting works: 31 st level Core Structures & 28th level Slabs

Cove Residences

Plots 5-6: Early works completed and main works in progress Plots 7-8: Early works and main works in progress

Residential Projects – Little Athens

Promenade Heights Park Rise (BIG)

Plot 6.9: Concreting completed / Plot 6.10: 90% of concreting completed 4

Superstructure concreting works in progress Concreting works in progress

th floor concreting works in progress

Atrium & Trinity Gardens Sunset Groves (1 of 2 plots)

Other Projects

66% of concreting works for all buildings completed to date Track and field facility to be handed over within September

91% of excavations & 83% of concrete casting completed to date 100% of excavations and 80% 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: IR@lamdadev.com