LAMDA Development SA (LAMDA) Q2 2024 earnings summary

Executive summary

• Net loss attributable to equity holders was €18.7m for H1 2024, compared to a profit of €18.4m in H1 2023, mainly due to lower revaluation gains and higher finance costs related to Ellinikon project obligations.

• Group consolidated EBITDA before valuations and other adjustments rose 57% year-over-year to €42.4m, driven by strong performance in shopping malls, marinas, and the Ellinikon project.

• Shopping malls achieved record operating profitability, with retail EBITDA up 8% to €44m, and marinas EBITDA up 9% to €9.8m, both reaching historical highs.

• Ellinikon project revenue more than doubled to €161.7m, with EBITDA turning positive at €6.9m versus a loss of €8.4m in H1 2023.

Financial highlights

• Group revenue increased to €246.4m from €136.3m year-over-year, mainly due to Ellinikon property sales.

• Group consolidated EBITDA before valuations and other adjustments: €42.4m (H1 2024) vs €27.0m (H1 2023).

• Total assets: €4.22bn; Net Asset Value (NAV): €1.40bn (€7.94/share), up €6m from year-end 2023.

• Adjusted net total debt/total investment portfolio: 52.2% (down from 54.1% at year-end 2023).

• Group consolidated EBITDA (including revaluations): €53.4m, down 25% year-over-year due to lower revaluation gains.

Outlook and guidance

• Strong sales momentum in Ellinikon residential and land plots, with €776m total cash proceeds from inception to August 2024.

• Significant capital commitments of €515.5m for Ellinikon development as of June 2024.

• Management expects continued robust performance in shopping malls and marinas, and further value creation from Ellinikon project.