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LAMDA Development SA (LAMDA) investor relations material
LAMDA Development SA Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
9M 2026 revenue was €420.275m and consolidated EBITDA was €34.804m; reported net loss was €58.308m.
Operating malls and Flisvos Marina set 9M records, while Ellinikon construction ramp-up costs and land-sale timing weighed on results.
Total investment portfolio reached €3.955bn; NAV was €1.499bn, or €8.70 per share.
Financial highlights
Revenue fell 5% YoY from €443.698m; residential sales revenue rose 27% to €272.2m, while land sales, joint ventures and other revenue fell to €29.3m from €114.5m.
EBITDA before valuations and other adjustments was €12.0m versus €98.4m; consolidated EBITDA was €34.804m versus €252.740m.
Net loss was €58.308m versus net profit of €117.351m; excluding Ellinikon, adjusted net profit attributable to equity holders was €77.665m.
Net investment-property valuation gains were €23.107m versus €150.870m; 2026 included €83.183m of mall/development gains and a €60.106m Ellinikon loss.
Outlook and guidance
FY 2026 CapEx target was ~€1.6bn; 9M Ellinikon construction added €415m, bringing project-to-date buildings and infrastructure CapEx to €1.405bn.
Ellinikon 2026 cash collections and buildings and infrastructure CapEx were each anticipated at €0.6bn.
Little Athens residential deliveries are expected to begin in Q1 2027; Riviera Galleria and Agios Kosmas Marina construction completion is expected in early 2027, with openings around Q3.
Around 100 Little Athens units were expected to launch by year-end, with another 100–150 over time to complete the first phase of ~1,300 units.
- Record retail and marina EBITDA, but group posts €41m net loss on €265m revenue.LAMDA
Q2 2026 - 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
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