LAMDA Development SA (LAMDA) Q2 2025 earnings summary

Executive summary

• Consolidated revenue for H1 2025 reached €311m, up 26% year-over-year, driven by strong performance in shopping malls, marinas, and the Ellinikon project.

• Group EBITDA (including revaluations) rose 4.4x year-over-year to €237m, with net profit attributable to equity holders at €128m, reversing a loss in H1 2024.

• Net Asset Value (NAV) as of 30.06.2025 was €1.59bn (€9.22/share), up €139m from year-end 2024, with NAV per share rising over 10%.

• Strategic €450m partnership announced for a Global R&D and Innovation Campus at The Ellinikon.

Financial highlights

• Shopping malls achieved record Retail EBITDA of €45.5m (+4%), with base rents up 6% and parking revenue up 9%.

• Marinas EBITDA reached €10m (+2%), with revenue at €16.6m (+8%) and Flisvos Marina EBITDA up 8%.

• Ellinikon project EBITDA before valuations was €39.6m (+5.7x), with revenue from property sales/leasing at €235.7m (+1.5x), and EBITDA up 7.5x to €53.1m.

• Group EBITDA before valuations and adjustments rose to €82m, nearly doubling from €42m in H1 2024.

• Operating cash flow increased 12% to €142m; cash and equivalents rose to €706m.

Outlook and guidance

• Strong pre-sales and leasing at Ellinikon, with €1.4bn in cumulative cash proceeds and 93% of Little Athens apartments sold/reserved.

• ION Group partnership for a €450m R&D campus at Ellinikon, expected to exceed €1.5bn in investment by 2030.

• Construction progress accelerating at The Ellinikon, with new partnerships expected to enhance its status as a global investment hub.

• Retail and marina segments expected to continue growth, supported by robust demand and new developments.

• Management expects continued compliance with loan covenants and sufficient liquidity for commitments.