LAMDA Development SA (LAMDA) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was €420.275m and consolidated EBITDA was €34.804m; reported net loss was €58.308m.

• Operating malls and Flisvos Marina set 9M records, while Ellinikon construction ramp-up costs and land-sale timing weighed on results.

• Total investment portfolio reached €3.955bn; NAV was €1.499bn, or €8.70 per share.

Financial highlights

• Revenue fell 5% YoY from €443.698m; residential sales revenue rose 27% to €272.2m, while land sales, joint ventures and other revenue fell to €29.3m from €114.5m.

• EBITDA before valuations and other adjustments was €12.0m versus €98.4m; consolidated EBITDA was €34.804m versus €252.740m.

• Net loss was €58.308m versus net profit of €117.351m; excluding Ellinikon, adjusted net profit attributable to equity holders was €77.665m.

• Net investment-property valuation gains were €23.107m versus €150.870m; 2026 included €83.183m of mall/development gains and a €60.106m Ellinikon loss.

Outlook and guidance

• FY 2026 CapEx target was ~€1.6bn; 9M Ellinikon construction added €415m, bringing project-to-date buildings and infrastructure CapEx to €1.405bn.

• Ellinikon 2026 cash collections and buildings and infrastructure CapEx were each anticipated at €0.6bn.

• Little Athens residential deliveries are expected to begin in Q1 2027; Riviera Galleria and Agios Kosmas Marina construction completion is expected in early 2027, with openings around Q3.

• Around 100 Little Athens units were expected to launch by year-end, with another 100–150 over time to complete the first phase of ~1,300 units.