LAMDA Development SA (LAMDA) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was €105.9 million, down from €141.7 million year-over-year, reflecting lower activity in the Ellinikon project and other segments.

• Group posted a net loss of €11 million, impacted by reduced EBITDA, higher finance costs, and absence of land plot sales profit, compared to a profit in Q1 2024.

• Comprehensive loss for the period was €9.9 million, with negative contributions from both operating and non-operating items.

• Residential sales at The Ellinikon project showed strong momentum, with 84% of Little Athens units sold or reserved.

Financial highlights

• Group consolidated EBITDA before valuations and other adjustments was €12.5 million, sharply lower than €35.3 million in Q1 2024.

• Retail EBITDA from four operating malls reached a record €22.7 million, nearly flat year-over-year.

• Marinas segment EBITDA was €4.7 million, slightly up from €4.6 million in Q1 2024.

• Net Asset Value (NAV) stood at €1.42 billion (€8.22 per share), slightly down from €1.45 billion (€8.28 per share) at year-end 2024.

• Adjusted net loss attributable to equity holders, excluding Ellinikon project, was €6.4 million versus €1.3 million profit in Q1 2024.

Outlook and guidance

• The company continues to focus on the development of the Ellinikon project, which is expected to drive future revenue and EBITDA growth.

• Approx. €30 million pre-tax profit from third-party land plot sales expected to be recognized in Q2 2025.

• Ongoing investments in shopping malls and marinas are anticipated to support long-term value creation.

• Continued progress in residential and infrastructure developments at The Ellinikon, with further cash collections anticipated.