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Lamda Development S.A. Investor Presentation 2026
2660_rns_2026-03-05_cf3d5210-6601-453c-9ce4-851b7e28eafa.pdf
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LAMDA
DEVELOPMENT
05
MOST ADMIRED COMPANIES 2025
© The Fortune Media Group
FY 2025 RESULTS PRESENTATION
Results Conference Call / Live Webcast
5 March 2026
Disclaimer
LAMDA
LABORATORIES
This presentation has been prepared by LAMDA Development S.A. (the "Company") for the purposes of the Company's FY 2025 Results Conference Call/Live Webcast (05.03.2026).
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.
Contents
LAMDA
| Group Results Highlights | page | 4 |
|---|---|---|
| Highlights for Malls, Marinas & The Ellinikon | page | 13 |
| Appendix | ||
| Group Balance Sheet & Key Ratios | page | 29 |
| The Ellinikon: Progress of Works Visuals | page | 33 |
LAMDA
VIA WEB SCHWABEN
1 Group Results Highlights
4
FY 2025 Financial Performance at a glance
LAMDA
Group Consolidated
Revenue €567m
EBITDA €254m
After Assets Valuation & Other adjustments
Net Result €91m
After Taxes & Minorities
NAV €1.6bn
€9.06/share
Malls, Marinas & Other
Operating Malls¹
EBITDA €90m
New Record +2% vs. FY 2024
Malls¹
NAV
€1.2bn
Marinas
EBITDA
€21m
New Record
+6% vs. FY 2024
Other²
NAV
€0.1bn
The Ellinikon
Total Revenues €0.4bn
Cash Proceeds³
€1.5bn
cumulative from project start
NAV €0.3bn
CAPEX⁴
€1bn
cumulative from project start
Note: all amounts are rounded figures
- Details on LAMDA MALLS Group EBITDA (slide #16) and NAV (slide #12)
Operating Malls EBITDA, adjusted for intragroup recharges of €6.2m, reached €95.9m or 4% higher y-o-y -
Land plots, Flavos Marina. Offices and other assets. Excludes HoldCo Debt/Cash, Minorities and other adjustments.
Details on NAV (slide #13) -
Cash proceeds from (i) signed contracts (SPAs) (excl. intragroup) and (ii) pre-agreement deposits.
Aggregate cash proceeds from project start to 28.02.2026 (Feb estimate) - Buildings & Infrastructure CAPEX from project start and until 31.12.2025
Group FY 2025 Highlights
LAMDA
Net Profit
Group
Consolidated EBITDA after valuations of €254m
Consolidated Net Profit of €91m, or 96% higher y-o-y
NAV per share increase to €9.06
Malls
Record Operating Malls EBITDA before valuations at €90m, or 2% increase y-o-y
Effective increase of 4% when adjusting for allocation of intragroup recharges
Marinas
Record EBITDA of €21m, or 6% increase y-o-y
Ellinikon
Over €1.5bn of total Cash Proceeds from property sales through Feb 2026
Riviera Tower reaching 44th floor milestone, triggering a c€60m payment in March
€450 million Strategic Partnership with ION Group for R&D and Innovation Campus
Note: all amounts are rounded figures
Group Balance Sheet Snapshot
31.12.2025 vs 31.12.2024
LAMDA
Assets Valuation (Gross Asset Value – GAV)
in €m
NAV (Net Asset Value)
Group Borrowings² (Bank Loans & Bonds)
in €m
Group Cash
- NAV per share adjusted for own shares: 5.81m shares as of 31.12.2025 vs. 2.18m shares as of 31.12.2024
- Outstanding loan balance plus (+) accrued interest minus (-) capitalized loan expenses
- As of 31.12.2025: (i) €16m next coupon payment (ATHEX Bonds), (ii) €19m HRADF-related debt security for HELLINIKON shares deferred consideration, (iii) €5m Malls’ debt service next payment, (iv) €14m RRF LG security for Marina Ag. Kosmas and LG for Liabilities and Tax Authorities.
Group EBITDA Before Assets Valuation
FY 2025 vs FY 2024
LAMDA
in €m
■ 2025 ■ 2024
Group EBITDA After Assets Valuation
FY 2025 vs FY 2024
LAMDA
in €m
LAMDA MALLS GROUP, ELLINIKON, OTHER ASSETS
Latest independent valuation as of 31.12.2025
Lamda Malls Group & Other : FY-25 €162.4 vs. FY-24 €37.7
Ellinikon: FY-25 €6.3m vs. FY-24 (€16.6m)
ASSET DISPOSALS
FY-25: Athens Metropolitan Expo (11.7% stake €3.2m)
Group Profitability evolution
FY 2025 vs FY 2024
LAMDA
in €m
TAXES
The increase in asset valuations led to increased deferred tax provision.
Group Borrowings & Interest Rate Sensitivity
68%
of Group Borrowings are fixed/hedged (IRS)
LAMDA
in €m
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 31.12.2025 = Outstanding loan balance (€1.474m) plus accrued interest (+€7m) minus capitalized loan expenses (-€18m)
NAV Pillars
Company NAV above €1.5bn and MALLS NAV above €1.2bn mark
LAMDA
Note: all amounts are rounded figures
- Assets (GAV) €1,707m and Liabilities (net of cash) €1,406m (including €656m LAMDA Bonds allocated to Ellinikon),
- Assets (GAV) €1,761m and Liabilities (net of cash) -€518m. GAV derived from 3rd party independent valuer (Savills and Cushman & Wakefield) as of 31.12.2025
- Other Properties: Flisvos Marina, Land plots and Other income-generating assets
- Parent Company Debt -€154m (€810m less €656m LAMDA Bonds allocated to Ellinikon) & Cash +€67m, Other Group Cash +€33m, Minorities -€15m (Flisvos Marina), Other +€5m
- NAV per share as of 31.12.2025 adjusted for 5.81m own shares (3.29% of total)
LAMDA
LAMDA
DEVELOPMENT
2
Highlights for Malls, Marinas & The Ellinikon
13
Malls
FY 2025 Results Highlights
LAMDA
LAMDA
4 MALLS
Tenants Sales
Footfall
Net Base Rents
Operating Malls EBITDA
ELLINIKON MALLS
Commercial Leasing
Riviera Galleria
Another record-breaking performance
| 🏠 5% y-o-y | • New Record of €910m (FY basis) |
|---|---|
| 🏠 2% y-o-y | • 26m visitors in 2025 |
| 🏠 6% y-o-y | • New Record of €104m for FY |
| • 70% of growth from Inflation Indexation | |
| • 30% of growth from Renewals/Re-lettings | |
| 🏠 2% y-o-y | • New Record of €89.7m for FY |
| • Effective increase of 4% y-o-y at €95.9m when adjusted for intragroup recharges of €6.2m that took effect in 2025 | |
| • Rental Income: +6% / Parking Revenue: +10% |
HoT with Tenants (% of GLA)
Project Financing
• The Ellinikon Mall: 70%
• Riviera Galleria: 77%
• Riviera Galleria Syndicated bond loan was signed in Feb 2025 (incl. €39m VAT financing) & RRF financing participation was signed in Sep 2025
LAMDA MALLS Group Key Financials
LAMDA
MALLS GROUP
| EBITDA | ||
|---|---|---|
| (in €m) | FY-25 | FY-24 |
| The Malls Athens | 32.7 | 32.4 |
| Golden Hall | 24.2 | 23.7 |
| Med. Cosmos | 23.0 | 22.1 |
| Designer Outlet Athens | 9.8 | 9.9 |
| Operating Malls EBITDA | 89.7 | 88.2 |
| Ellinikon Malls | (5.9) | (6.5) |
| Malls Property Management¹ & HoldCo | (1.5) | (0.8) |
| LAMDA MALLS Group | ||
| (before assets valuation & other adjustments) | 82.3 | 80.9 |
| Assets Revaluation Gain/(Loss) | 161.6 | 40.2 |
| LAMDA MALLS Group | ||
| (after assets valuation & other adjustments) | 243.9 | 121.1 |
| Net Debt / (Cash) | ||
| --- | --- | --- |
| (in €m) | 31.12.2025 | 31.12.2024 |
| 4 Operating Malls | 474 | 488 |
| Ellinikon Malls | 28 | (65) |
| Malls Property Management¹ & HoldCo | 44 | 41 |
| LAMDA MALLS Group | 546 | 464 |
| Net LTV² | 31% | 30% |
- Property Management Companies MMS and Other Recreational Activities
- Net LTV = Net Debt / GAV
Operating Malls Tenants' Sales
Reaching new record high levels
LAMDA
in €m
☐ Operating Malls
☐ Designer Outlet
☐ Med. Cosmos
☐ Golden Hall
☐ The Mall Athens
Note: all amounts are rounded figures
5% Vs FY-24
865
113
239
237
276
FY-24
16
Operating Malls
Sustained solid growth in FY 2025 across all assets
LAMDA
Operating Malls Revenue
Operating Malls EBITDA
EBITDA Margin 75% 79%
LAMDA MALLS Group
Assets Valuation (GAV) – Maintaining solid growth trends
LAMDA
in €m
Note: all amounts are rounded figures
14% Vs 2024
1.761
390
13%
14%
Marinas
Breaking new records (FY basis) for both Revenue (+2% vs 2024) and EBITDA (+6% vs 2024)
LAMDA
Key performance drivers in FY 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)
- Corfu Mega Yacht Marina and HoldCos (LAMDA Marinas Investments and LAMDA Flisvos Holding)
The Ellinikon
FY 2025 Results Highlights
LAMDA
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: 85% sold or reserved (of the 671 units launched to date)*
-
Includes 112 additional units at Sunset Groves launched in November 2025
-
Total Cash balance €0.6bn
-
€414m of deferred revenue not yet recognized as P&L Revenue (as of 31.12.2025)
-
Construction Progress/Challenges
-
- Accelerated construction progress for Little Athens developments expected to contribute positively to profitability going forward
- CBU residential projects continue to progress on schedule and on budget
-
- Riviera Galleria progressing on schedule and budget
-
- Significant progress in Sports Park construction. Track and field & throwing field already completed
- Weak construction market and overall labor shortages continue to be the main obstacles.
- Riviera Tower reaching 44th floor milestone, triggering a €60m payment in March
- Infrastructure remains challenging but working on resolution of outstanding issues towards acceleration going forward
Note: all amounts are rounded figures
- Cumulative total from project start to 28.02.2026 (Feb estimate)
The Ellinikon Cash Inflows Progress
LAMDA
An LAMDA COMPUTER
| Cumulative Cash Proceeds in €bn | 31.12.2024 | 31.12.2025 | 28.02.2026
Feb Estimate |
| --- | --- | --- | --- |
| Residential¹ | 0.73 | 1.09 | 1.11 |
| Land Plot Sales/Leases¹ | 0.34 | 0.40 | 0.42 |
| Sub-TOTAL | 1.07 | 1.49 | 1.53 |
| Ellinikon Malls
(intragroup land plot sales) | 0.24 | 0.24 | |
| TOTAL | 1.31 | 1.73 | 1.77 |
€0.8bn of remaining² proceeds from units launched to date, expected to be collected until 2028-29
Note: all amounts are rounded figures
- Cash proceeds from (i) signed SPAs and (ii) pre-agreement customer deposits & MoUs
- Out of the €0.8bn remaining proceeds, €0.6bn relate to SPAs and €0.1bn Reservations, including the latest launch of 112 units at Sunset Groves.
1.90
Total Value of 986 Launched Units
LAMDA
LAMDA ADMINISTRATION
Little Athens Sales Progress (6 projects)
85% of the units placed in the market have been sold or reserved
| Park Rise (50m) | Mainstream Posidonos | Mainstream Alimos | ||||
|---|---|---|---|---|---|---|
| Pavilion Terraces | Promenade Heights | Atrium Gardens | Trinity Gardens | Sunset Groves^{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) | 10 (5 floors) |
| Project Units | 89 | 156 | 79 | 56 | 80 | 211 |
- Includes the launch of an additional 112 units at Sunset Groves
The Ellinikon Infrastructure Works & Buildings CAPEX
LAMDA
| Total CAPEX | 564 | + | 426 | = | 990 | |
|---|---|---|---|---|---|---|
| in €m | Project start until end-2024 | FY 2025 | Aggregate Total | |||
| Infrastructure Works | 184 | + | 87 | = | 271 | Mainly related to: -demolitions -enabling works -construction works (e.g. Posidonos underpass) |
| Buildings¹ | 379 | + | 339 | = | 718 | 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 FY 2025 vs FY 2024
LAMDA
in €m
| Revenue | Gross Profit | OPEX | EBITDA before valuations | Asset Valuations | EBITDA | Depreciation | EBIT | Non-Cash Finance Costs | Cash Finance Costs | EBT | Taxes | Net Result |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (€m) | FY-25 | FY-24 | Δ% | |||||||||
| --- | --- | --- | --- | |||||||||
| Residential | 291 | 149 | +96% | |||||||||
| Land Plot Sales | 105 | 300 | -65% |
Note: all amounts are rounded figures
Little Athens growing contribution in FY 2025
Land Plot sales in FY-25: Higher contribution in 2024 with biggest items(Prokopiou & Aura)
Cash Inflow History & Anticipated Collections in 2026
€0.6bn anticipated cash collections for 2026
LAMDA
in €bn
Note: all amounts are rounded figures
- Cumulative Total Cash proceeds from (i) signed SPAs and (ii) pre-agreement customer deposits & MoUs
Buildings & Infrastructure CAPEX History & Anticipated CAPEX for 2026
€0.6bn anticipated CAPEX for 2026
LAMDA
in €bn
Note: all amounts are rounded figures
- Investment Obligations for Infra Works. As of 31.12.2024, the nominal value of the remaining Investment Obligations for Infra Works amounted to €794m
- Including construction costs, design fees, technical & project management fees. Excluding CAPEX for Ellinikon Malls
Residential Developments
Gross Profit Estimate of Phase I developments
LAMDA
Anacromia
Note: all amounts are rounded figures
*Estimated average price of all Little Athens Developments including 87.6K GSA already launched and 43.5K 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
LAMDA
The Ellinikon Projects
LAMDA
LABORATORIUM
3.1 Appendix
Group Balance Sheet & Key Ratios
29
Portfolio of Assets
Key growth drivers: Malls and Ellinikon revaluation
LAMDA
Anacronia
in €m
31.12.2025 31.12.2024
| The Ellinikon | ||
|---|---|---|
| IRC, Retail, Sports & Leisure (Investment Property) | 711 | 627 |
| Residential & Other (Inventory) | 943 | 950 |
| Properties for own use (PP&E)¹ | 54 | 46 |
| Total – The Ellinikon | 1,707 | 1,623 |
| LAMDA MALLS Group | ||
| The Mall Athens | 580 | 508 |
| Golden Hall | 366 | 322 |
| Med. Cosmos | 254 | 223 |
| Designer Outlet Athens | 172 | 151 |
| Ellinikon Malls | 390 | 345 |
| Total – LAMDA MALLS Group | 1,761 | 1,548 |
| Other income generating assets | 55 | 56 |
| Other (incl. fixed assets) | 17 | 15 |
| Land | 8 | 10 |
| Total² (excluding Ellinikon) | 1,841 | 1,628 |
| Total | 3,549 | 3,251 |
- Including Intangibles (31.12.2025: €5.8m 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"
Notes
Measured at Fair Value (independent appraisal by Savills)
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)
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)
Assets measured at Fair Value (independent appraisal by Savills, Cushman & Wakefield)
Acquired on 05.08.2022 (transaction GAV: €109m)
Mainly Flisvos Marina
Mainly Aegina (Alkyonides Hills)
30
Consolidated Balance Sheet Summary
LAMDA
EMPLOYMENT SYSTEMS
in €m
31.12.2025 31.12.2024
Notes: 31.12.2025
| Investment Property | 2,474 | 2,179 | Ellinikon €711m, Mall (incl. Ellinikon Malls) & other properties €1,763m |
|---|---|---|---|
| Fixed & Intangible Assets | 124 | 110 | Ellinikon €54m, Flisvos Marina €55m |
| Inventory | 949 | 957 | Ellinikon €943m |
| Investments in associates | 42 | 45 | Ellinikon JVs: Hospitality, MUT, AURA Residential |
| Investment Portfolio | 3,589 | 3,291 | |
| Cash | 750 | 642 | Excludes restricted cash (see below) |
| Restricted Cash | 54 | 37 | (a) ATHEX Bonds next coupon payment (€16m), (b) HRADF-related debt security for land payment (€19m), (c)Malls' debt service next payment (€5m), (d) Marina Ag. Kosmas RRF LG security (€14m) |
| Right-of-use assets | 197 | 190 | Represents mainly Med. Cosmos land lease and Flisvos Marina concession agreement |
| Other Receivables & accruals | 425 | 275 | Includes mainly Ellinikon supplier prepayments and VAT receivables |
| Assets classified as held for sale | -- | -- | Lamda Prime Properties (apartments) |
| Total Assets | 5,016 | 4,435 | |
| Share Capital & Share Premium | 1,025 | 1,025 | |
| Reserves | 8 | 17 | General reserve €48m minus treasury shares cost c€40m (5.81m own shares as of 31.12.2025) |
| Retained earnings | 272 | 191 | |
| Minority Interests | 15 | 14 | |
| Total Equity | 1,319 | 1,246 | |
| Borrowings | 1,463 | 1,174 | LD Parent: €814m (accounting); LAMDA MALLS Group €648m (accounting) |
| Lease Liability | 210 | 201 | Represents mainly the Med. Cosmos land lease and Flisvos Marina concession agreement |
| Ellinikon Transaction Consideration | 393 | 380 | Present Value (PV) of €448m outstanding Transaction Consideration (cost of debt discount factor: 3.4%) |
| Ellinikon Infrastructure liability | 684 | 678 | Present Value (PV) of €792m remaining Investment Obligations for Infra Works (cost of debt discount factor: 4.7%) |
| Deferred Tax Liability | 247 | 219 | LAMDA MALLS Group €215m; Ellinikon €32m |
| Payables | 700 | 538 | Includes €414m deferred revenue not yet recognized as P&L revenue (cash proceeds from SPAs) (The Ellinikon) |
| Liabilities classified as held for sale | -- | -- | |
| Total Liabilities | 3,697 | 3,189 | |
| Total Equity & Liabilities | 5,016 | 4,435 |
31
Key Financial Metrics (Group)
LAMDA
LABORATORIES
| in €m | 31.12.2025 | 31.12.2024 | Alternative Performance Measures (APM) definitions |
|---|---|---|---|
| Free Cash | 750 | 642 | |
| Restricted Cash (Short & Long Term) | 54 | 37 | |
| Total Cash | 804 | 679 | |
| Total Debt | 2,066 | 1,754 | = Borrowings + Lease Liability + PV Transaction Consideration |
| Adj. Total Debt | 2,749 | 2,432 | = Total Debt + PV Infrastructure liability |
| Total Investment Portfolio | 3,787 | 3,481 | = Investment Portfolio + Right-of-use assets |
| Total Equity (incl. minorities) | 1,319 | 1,246 | |
| Net Asset Value (incl. minorities) | 1,563 | 1,460 | = Total Equity + Net Deferred Tax Liabilities |
| Adj. Net Debt / Total Investment Portfolio | 51.4% | 50.4% | Adj. Net Debt = Adj. Total Debt - Total Cash |
| Gearing Ratio | 61.0% | 58.5% | Gearing Ratio = Total Debt / (Total Debt + Total Equity) |
| Average borrowing cost (end-of-period) | 3.8% | 4.3% |
32
LAMDA BENCHMARK
3.2
The Ellinikon
Progress of Works Visuals
LAMDA
Ellinikon Masterplan – Active Buildings Construction Sites
Contractors
- ELEMKA
- JV METKA INTRAKAT
- ETHNOKAT
- TEKAL / LAMDA CBU
- ERETRO-TERNA
- JV BOUYGUES INTRAKAT
- REDEX
- METKA
- AKTOR (Earthworks)
- LAMDA CBU
- TERNA
Residential Projects – Coastal Front
LAMDA
Riviera Tower
Concreting works: 45th level Core Structures & 43rd level Slabs
Cove Residences
Plots 5-6: Main works in progress
Plots 7-8: Main works in progress
Residential Projects – Little Athens
LAMDA
ELECTRONICS
Promenade Heights
Plots 6.9-6.10: Main works in progress
Atrium & Trinity Gardens
Superstructure concreting works completed. Main works commenced in February
Park Rise (BIG)
$10^{\text{th}}$ floor concreting works in progress. Main works to commence in March
Sunset Groves (1 of 2 plots)
Concreting works in progress in Plot 6.7. Excavations completed at Plot 6.8
Other Projects
LAMDA
SINCE 1904
Riviera Galleria
94% of concreting works for all buildings completed to date
The Ellinikon Sports Park
Track and field & throwing field completed
Posidonos Underpass
95% of excavations & concrete casting completed to date
The Ellinikon Mall Underpass
100% of excavations and 99% of concreting completed to date
Thank you
LAMDA Development S.A. • 37A 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]