LAMDA Development SA (LAMDA) Q2 2026 earnings summary

Executive summary

• Group revenue reached €265.4m in H1 2026, with record performance in retail malls (EBITDA €50m, +5% y-o-y) and marinas (Flisvos Marina EBITDA €9.3m, +10% y-o-y), but overall EBITDA fell to €22m due to lower revaluation gains and Ellinikon project losses.

• The Ellinikon project generated over €1.8bn in cumulative cash proceeds since inception, with strong residential sales but a sharp drop in land sales and a net loss of €111.9m after taxes.

• Net Asset Value (NAV) as of June 2026 was €1.5bn (€8.81/share), down from year-end 2025.

• Total cash and equivalents rose to €1.07bn, supported by a €350m bond issuance in June 2026.

• The Ellinikon Sports Park officially opened, with major project deliveries (Riviera Galleria, Agios Kosmas Marina, residential) scheduled for 2027.

Financial highlights

• Group consolidated EBITDA was €22m, down sharply year-over-year due to lower revaluation gains and Ellinikon project losses.

• Shopping malls set new records in EBITDA (€50m, +5% y-o-y), tenant sales (€409m, +5-6% y-o-y), and footfall (12.5m, +5%).

• Flisvos Marina revenue was €13.9m (+8% y-o-y), EBITDA €9.3m (+10% y-o-y); Agios Kosmas Marina EBITDA declined due to redevelopment.

• Revenue from residential sales in The Ellinikon rose 30% to €164m, while land and JV revenue fell 78%.

• Revaluation gains on investment properties totaled €23.3m, sharply lower than €151.1m in H1 2025.

Outlook and guidance

• Construction at The Ellinikon is accelerating, with strong cash proceeds from property sales supporting activity.

• Management expects to achieve full-year CapEx of approximately €1.6bn and cash collections of €2bn by year-end 2026.

• Additional land plot sales of €41.5m expected to be recognized by year-end or early 2027.

• Major project deliveries in 2027 include Riviera Galleria, Agios Kosmas Marina, and multiple residential developments.

• Remaining €0.7bn of cash proceeds from launched Ellinikon units expected to be collected by 2028-29.