LAMDA Development SA (LAMDA) Q4 2024 earnings summary

Executive summary

• Revenue increased by 48% year-over-year to €665 million, driven by strong property sales and leasing, especially from the Ellinikon project.

• Group EBITDA before valuations and adjustments rose 30% to €171 million; net profit after tax and minorities surged 71% to €46 million.

• Net Asset Value (NAV) reached €1.44 billion, up 3.8% from the prior year.

• Cash position strengthened to €679 million, with net operating cash flows up 194% to €357 million.

Financial highlights

• Revenue: €665 million (+48% YoY); EBITDA before valuations: €171 million (+30% YoY).

• Shopping Malls EBITDA: €88 million (+9% YoY); Marinas EBITDA: €19.5 million (+8% YoY).

• Ellinikon project EBITDA before valuations: €97.4 million (+50% YoY); net profit for Ellinikon: €17.8 million.

• Group EBITDA after valuations: €197 million (-4% YoY, due to lower revaluation gains).

• Net profit after tax and minorities: €46.3 million (+71% YoY).

• NAV per share: €8.28 (+3.3% YoY).

Outlook and guidance

• Continued strong demand for residential and commercial properties at Ellinikon, with 81% of available apartments in Little Athens sold or reserved as of March 2025.

• Ongoing construction and leasing progress at The Ellinikon Mall and Riviera Galleria, with significant pre-leasing rates and new bank financing secured.

• Management expects to maintain robust liquidity and meet all financial covenants.