MAROUSSI – LAMDA Development, the largest real estate development company in Greece, has just shared its strong financial results for the first half of 2024 (H1 2024). Highlights include: 72% increase in Group EBITDA [earnings before interest, taxes, depreciation, and amortization] before valuations to €46.5 million; record-breaking performance across its mall portfolio, with retail EBITDA reaching €44 million (an 8% increase compared to H1 2023); a new record for its Marinas, with EBITDA reaching €10 million (a 9% increase over H1 2023); the Ellinikon, Europe’s largest urban regeneration project, generated €7 million in EBITDA, along with significant progress on residential developments and infrastructure projects; and cash proceeds from property sales at the Ellinikon have reached almost €800 million since the project began, with an estimated total of over €900 million by the end of the year.

Commenting on the H1 2024 financial results, LAMDA Development CEO Odisseas Athanasiou stated: “All business sectors of the Group continued their upward trajectory in the first half of 2024. Cash proceeds from property sales at the Ellinikon have reached almost €800m as of the end of August and since the beginning of the project, while we estimate total cash proceeds to surpass €900m by the end of 2024. Cash proceeds from the recent land plot sales are expected to further enhance cash reserves as well as safeguard the Group’s balance sheet. Alongside the significant progress of the residential developments, construction works continue on infrastructure projects, such as the Posidonos Underpass and The Ellinikon Sports Park, while in the coming quarters we anticipate accelerated pace of works across all fronts. In the meantime, our Operating Malls as well as our Marinas continue to break operating profitability records.”

The four (4) Operating Malls continue to break records, achieving Retail EBITDA of €43.6m (8% higher vs. H1 2023), mainly attributed to net base rent growth (+7% vs. H1 2023) as well as parking income increase (+14% vs. H1 2023). The strength of our performance was underpinned by higher footfall, reaching 11.6m visitors (2% increase vs. H1 2023) as well as a new record for tenants’ sales at €375m (6% higher vs. H1 2023.

Moreover, we continue to register significant commercial progress on our two retail and entertainment destinations currently under development in the Ellinikon. Specifically, we have agreed on Heads of Terms (HoT) with tenants for 63% of the GLA4 of The Ellinikon Mall and 69% of the GLA of the Riviera Galleria at higher rental levels as compared to our Malls in operation, which reflects both the strong fundamentals of an undersupplied market in Greece, as well as the high level of interest of retailers for the new developments. We target having completed HoT agreements for 70% of The Ellinikon Mall GLA and 80% of the Riviera Galleria GLA by year-end.

The Marinas are on a steady growth trajectory, with total revenues reaching a new record of €15.4m (13% increase vs. H1 2023), while EBITDA increased 9% vs. H1 2023 to €9.8m. The solid performance is mainly attributable to the customers’ strong preference for the two mega yacht marinas (both Marinas register 100% occupancy in permanent berths), as well as to the annual contractual increases in berthing fees. Higher revenues from yacht transits, on account of the higher tourist arrivals in Athens, also contributed to the improved performance of the Marinas.

With reference to the Ellinikon Project, the most important achievements to date are the following: First, we continue to register operating profits, which was achieved for the first time in December 2023, within just 2.5 years from project commencement.

Second, total cash proceeds from property sales since the beginning of the project and until 30.08.2024 have reached €776m, with cash collections from the beginning of 2024 and until end-August 2024 reaching €297m. Said total cash proceeds include c€32m collections related to the residential land plot sales in July 2024. Note that out of the total c€106m transaction consideration, c€86m will be collected in 2024 and the remaining c€20m within 2025, thus further enhancing the Group’s cash position.

Third, following the commercial success of the coastal front developments, we accelerated the placement in the market of selected residential units within the Little Athens neighborhood, with customer reservations now for 318 units, or approximately 72% of the units placed in the market.

Lastly, we continue to make good progress on the construction of both infrastructure as well as residential projects which are now becoming clearly visible from the Posidonos Avenue (Rivera Tower and Cove Residences). In H1 2024, total CAPEX reached €104m, bringing the total CAPEX for Buildings and Infrastructure Works from the start of the project and until 30.06.2024 to €419m.

The Semi-Annual Financial Report (6-month period ended June 30, 2024) is available on the Company’s website www.lamdadev.com as well as on the Athens Exchange (ATHEX) www.athexgroup.gr.

Further details can be found on the Company’s website: www.lamdadev.com.