LAMDA Development SA (LAMDA) Q1 2026 earnings summary

Executive summary

• Group revenue reached €143 million in Q1 2026, up 35% year-over-year, reflecting strong growth across core business segments, especially from The Ellinikon project and record performance in malls and marinas.

• The Ellinikon project drove cumulative cash proceeds from property sales above €1.7 billion, with 87-88% of Little Athens units sold or reserved.

• Operating Malls EBITDA (adjusted) reached €24.9 million, up 5% year-over-year, while Flisvos Marina EBITDA rose 12% to €4.5 million.

• Group reported a net loss of €17.5 million, widening from €10.7 million in Q1 2025, mainly due to higher finance costs and increased operating expenses.

• Recent bond issuances, including €300-350 million in June 2026, extended debt maturities and strengthened liquidity.

Financial highlights

• Total revenues reached €143 million in Q1 2026, up 35% year-over-year, with The Ellinikon contributing €105.5-106 million.

• Group consolidated EBITDA before asset valuations was €12-12.3 million, down 2% year-over-year.

• Operating Malls EBITDA (adjusted) was €24.9 million (+5% y-o-y); Flisvos Marina EBITDA was €4.5-5 million (+12% y-o-y).

• Group cash stood at €831 million at the end of March 2026.

• Net Asset Value (NAV) per share was €8.97 as of March 31, 2026.

Outlook and guidance

• Full-year 2026 CapEx target of approximately €1.6 billion remains on track, with continued acceleration in construction and infrastructure works at The Ellinikon.

• Infrastructure-related OpEx, mainly non-recoverable VAT, is expected to remain elevated for the next 18-24 months.

• Residential sales momentum is expected to pick up as more inventory is launched, with a focus on optimizing timing for margin improvement.

• Riviera Galleria and Sports Park are expected to complete by end of 2026 or early 2027.

• Management revised segment reporting, introducing a new Real Estate Management segment.