LAMDA Development SA (LAMDA) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2024, reached €376.4 million, up from €205.9 million year-over-year.

• Group reported a net loss of €13.4 million, compared to a €6.0 million loss in the same period last year.

• Significant revenue growth was driven by the Ellinikon project, which contributed €254.6 million in revenue.

• Group consolidated EBITDA rose to €94.0 million from €76.9 million year-over-year.

Financial highlights

• Net Asset Value (NAV) stood at €1,387.3 million (€7.93 per share) as of September 30, 2024.

• Total investment portfolio valued at €3,464.7 million.

• Adjusted net profit attributable to equity holders, excluding Ellinikon project, was a loss of €0.9 million versus a profit of €24.8 million last year.

• Group consolidated operating EBITDA before valuations and adjustments was €85.7 million, up from €35.3 million.

• Retail EBITDA from shopping malls increased to €65.7 million from €61.1 million.

Outlook and guidance

• The Ellinikon project continues to be a major revenue driver, with ongoing development and significant operating expenses.

• Management revised Alternative Performance Measures (APMs) to better reflect the group’s structure and project developments.