Lamda Development S A : Παρουσίαση Οικονομικών Αποτελεσμάτων Α Τριμήνου

Q1 2024 RESULTS PRESENTATION

Results Conference Call / Live Webcast

13 June 2024

Disclaimer

This presentation has been prepared by LAMDA Development S.A. (the "Company") for the purposes of the Company's Q1 2024 Results Conference Call/Live Webcast (13.06.2024).

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-lookingstatements 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

Group Results Highlights	page	4
Group Q1 2024 Financial Information	page	25
Appendix	page	30
Group Income Statement	page	31
Detailed Analysis: Investment Assets (Malls & Marinas)	page	33
Detailed Analysis: Development Assets (The Ellinikon)	page	47
Macroeconomic Fundamentals	page	58

O1

Group Results Highlights

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Group Q1 2024 Highlights

Group

Malls

Marinas

Ellinikon

Group

Cash

Group EBITDA after assets valuations at €40m (5x increase vs. Q1 2023) on the back of an exceptional performance of the Ellinikon, Malls and Marinas

All-time high Retail EBITDA of €22.5m with growth across all assets

New record EBITDA of €4.6m or 13% increase vs. Q1 2023

€15m EBITDA mainly driven by strong Residential sales and the Mixed-

Use Tower JV agreement

Very healthy Group Cash position €0.6bn

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Q1 2024 Performance at a glance

Group Consolidated

EBITDA	EBITDA
€35m	€40m
Before Assets	After Assets
Valuation & Other	Valuation & Other
adjustments	adjustments

Investment Assets

Malls, Marinas & Other

Retail1	Marinas
EBITDA	EBITDA
€23m	€5m
New Record (Q1)	New Record (Q1)
+13% vs. Q1 2023
Malls1	Other2
NAV	NAV
€0.9bn	€0.1bn

1. Details on LAMDA MALLS Group EBITDA (slide #18) and NAV(slide#13)
2. Represents the NAV for Land plots, Flisvos Marina, Offices and other assets. Does not include HoldCo Debt/Cash, Minorities and other adjustments.

Net Profit	NAV
€0.6m	€1.4bn
After Taxes &	€8.04/share
Minorities

Development Assets

The Ellinikon

EBITDA	Cash
Proceeds3
€15m
€672m
before Assets Valuation	cumulative since
project start until
€12m loss Q1 2023
27.05.2024
NAV	CAPEX4
€0.4bn	€361m

cumulative since project start until 31.03.2024

3. Cash proceeds from (i) signed contracts/agreements with counterparties (excl. intragroup) and

(ii) pre-agreement deposits. Aggregate cash proceeds from project start until 27.05.2024	| 6
4. Buildings & Infrastructure. Aggregate CAPEX from project start until 31.03.2024

Group Income Statement Highlights

Q1 2024

EBITDA

Retail

(4 Malls)

Ellinikon

€22.5m 8% y-o-y

€15.5m	Q1 2023
€12m loss

• New Record (Q1 basis)

• Key drivers: net base rents (+7% vs. 2023) and continued strong growth in KPIs

• New LAMDA MALLS Group EBITDA (before valuations): €21m (+3% vs. 2023)

• Revenue: €93m (c6x vs. 2023)

• Gross Profit: €34m (c6x vs. 2023)

Group

Before Assets

Valuation

€35.3m

4x y-o-y

•	Ellinikon: 2nd consecutive quarter of positive EBITDA
•	Malls: +3% y-o-y (following a record-breaking performance in 2023)
•	Marinas: +13% y-o-y (following a record-breaking performance in 2023)

Group

After Assets

Valuation

€40.2m

5x y-o-y

• One-off capital gain from asset disposal (Cecil office building): +c€4m

Net Result (after taxes and minorities)

Group	€0.6m profit
Ellinikon	€1.4m profit

Q1 2023

€21m loss

Q1 2023

€21m loss

• Net cash finance costs (-€19m)
• Net non-cash finance costs (-€11m)
• Taxes (-€6m), depreciation (-€3m)
• Non-cashaccounting recognition of Ellinikon obligations for land purchase and Infra Works (-€11m)

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Group Income Statement Snapshot

Q1 2024 vs 2023

EBITDA before Assets Valuation	(in €m)	EBITDA after Assets Valuation

4x
35,3
	8,3
Q1 2024	Q1 2023

5x	40,2
		8,0
	Q1 2024	Q1 2023

Net Result after taxes and minorities

0,6

Ellinikon

1.4

Ellinikon

-21-21,4

Q1 2024

Q1 2023

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Group EBITDA Before Assets Valuation

Q1 2024 vs 2023

(in €m)

New Record

Q1 2024

Q1 2023

3%

13%

(Q1)

New Record

New Record

2nd

35,3

consecutive

(Q1)

(Q1)

quarter of

positive EBITDA

20,9

20,3

19,9

19,8

15,5

8,3

4,6

4,1

-0,6-0,8

-3,7

-5,1

-11,6

MALLS

MARINAS

OTHER BUSINESS UNITS

OVERHEADS

EBITDA

ELLINIKON

EBITDA

(before valuations &

(before valuations)

Ellinikon)

LAMDA MALLS Group	MARINAS	OTHER BUSINESS UNITS	ELLINIKON
Detailed analysis slide #18	Detailed analysis slide #46	Office, Land Plots & Other	Detailed analysis slide #48
		investments

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Group EBITDA After Assets Valuation

Q1 2024 vs 2023

(in €m)							5x
		Q1 2024		Q1 2023
New Record
						40,2
	(Q1)
	35,3

8,3					8,0
				4,1
			1,1
	-0,3	-0,3
EBITDA	VALUATIONS - INVESTMENT	VALUATIONS - ELLINIKON	ASSET DISPOSALS	EBITDA
(before valuations)	ASSETS

VALUATIONS - INVESTMENT ASSETS (Malls, Ellinikon Malls & Other Assets)

• No independent valuation as of 31.03.2024 (next scheduled valuation on 30.06.2024)
• Non-cashfair value change due to accounting treatment of the Med. Cosmos land lease

VALUATIONS - ELLINIKON INVESTMENT PROPERTY

• No independent valuation as of 31.03.2024 (next scheduled valuation on 30.06.2024)
• Non-cashfair value gain attributed to time-value of IRC land lease

ASSET DISPOSALS

Q1 2024 includes c€4m gain from the disposal of Cecil office building

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