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LAMDA Development SA (LAMDA) investor relations material
LAMDA Development SA Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Group revenue reached €265.4m in H1 2026, with record performance in retail malls (EBITDA €50m, +5% y-o-y) and marinas (Flisvos Marina EBITDA €9.3m, +10% y-o-y), but overall EBITDA fell to €22m due to lower revaluation gains and Ellinikon project losses.
The Ellinikon project generated over €1.8bn in cumulative cash proceeds since inception, with strong residential sales but a sharp drop in land sales and a net loss of €111.9m after taxes.
Net Asset Value (NAV) as of June 2026 was €1.5bn (€8.81/share), down from year-end 2025.
Total cash and equivalents rose to €1.07bn, supported by a €350m bond issuance in June 2026.
The Ellinikon Sports Park officially opened, with major project deliveries (Riviera Galleria, Agios Kosmas Marina, residential) scheduled for 2027.
Financial highlights
Group consolidated EBITDA was €22m, down sharply year-over-year due to lower revaluation gains and Ellinikon project losses.
Shopping malls set new records in EBITDA (€50m, +5% y-o-y), tenant sales (€409m, +5-6% y-o-y), and footfall (12.5m, +5%).
Flisvos Marina revenue was €13.9m (+8% y-o-y), EBITDA €9.3m (+10% y-o-y); Agios Kosmas Marina EBITDA declined due to redevelopment.
Revenue from residential sales in The Ellinikon rose 30% to €164m, while land and JV revenue fell 78%.
Revaluation gains on investment properties totaled €23.3m, sharply lower than €151.1m in H1 2025.
Outlook and guidance
Construction at The Ellinikon is accelerating, with strong cash proceeds from property sales supporting activity.
Management expects to achieve full-year CapEx of approximately €1.6bn and cash collections of €2bn by year-end 2026.
Additional land plot sales of €41.5m expected to be recognized by year-end or early 2027.
Major project deliveries in 2027 include Riviera Galleria, Agios Kosmas Marina, and multiple residential developments.
Remaining €0.7bn of cash proceeds from launched Ellinikon units expected to be collected by 2028-29.
- Revenue up 35% to €143m, with record mall and marina EBITDA but net loss on higher costs.LAMDA
Q1 2026 - Revenue up 48% to €665m, net profit up 71%, and NAV at €1.44bn, driven by Ellinikon sales.LAMDA
Q4 2024 - EBITDA up 57% y-o-y; Ellinikon revenue doubled; NAV at €1.40bn; net loss €18.7m.LAMDA
Q2 2024 - Revenue and EBITDA surged, net profit turned positive, and leverage ratios improved.LAMDA
Q1 2024 - Revenue surged on Ellinikon project growth, but group posted a €13.4 million net loss.LAMDA
Q3 2024 - Net loss of €11 million on lower revenue, with record retail and marina EBITDA and NAV at €8.22.LAMDA
Q1 2025 - Revenue up 26%, EBITDA 4.4x higher, net profit €128m, and NAV per share up 10%+.LAMDA
Q2 2025 - Revenue, EBITDA, and net profit surged, driven by The Ellinikon and property revaluations.LAMDA
Q3 2025 - EBITDA up 29%, net results nearly doubled, and NAV per share rose to €9.06.LAMDA
Q4 2025
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