LAMDA Development SA (LAMDA) Q3 2025 earnings summary

Executive summary

• Revenue increased to €443.7 million for the nine months ended September 30, 2025, up 18% year-over-year, driven by strong performance across malls, marinas, and The Ellinikon Project.

• Net profit attributable to equity holders reached €116.2 million, reversing a loss of €14.1 million in the prior year period.

• Consolidated EBITDA surged to €252.7 million, 2.7x higher year-over-year.

• The investment portfolio reached €3.7 billion, with NAV per share up to €9.20 from €8.28 at year-end 2024.

• Strong performance was driven by the Hellinikon project and significant revaluation gains on investment properties.

Financial highlights

• Group consolidated EBITDA before asset valuations was €98.4 million, up 15% year-over-year.

• Revaluation gains on malls and other properties totaled €137.6 million, and €13.3 million for The Ellinikon.

• Operating malls EBITDA reached a record €68.7 million, up 5% year-over-year.

• Marinas EBITDA grew 9% to €17.2 million, with revenue up 5% to €26 million.

• Net Asset Value (NAV) rose to €1.57 billion (€9.20 per share) from €1.45 billion (€8.28 per share) at year-end 2024.

Outlook and guidance

• Construction at The Ellinikon is accelerating, with new phases and commercial leasing progressing strongly.

• Continued focus on the development and commercialization of the Hellinikon project.

• Ongoing investment in shopping malls and marinas expected to support future growth.

• The €500 million bond issuance in November 2025 strengthens liquidity and supports long-term funding.