Slides
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9M 2026 RESULTS PRESENTATION Results Conference Call / Live Webcast 5 November 2026
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Disclaimer The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company, shareholders or any of their respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document and explicitly disclaim any and all liability whatsoever arising from this document and any error contained therein and/or omissions arising from it or from any use of this document or its contents or otherwise in connection with it. This document is not intended to be relied upon as legal, accounting, regulatory, tax or other advice, does not take into consideration the objectives, legal, accounting, regulatory, tax or financial situation or needs of any potential investor, and should not be relied upon as the basis for any investment decision. On this basis, the Company does not accept, and shall not assume, any liability in respect of the information contained herein. Unless otherwise indicated, financial information contained herein is derived from the Company’s management accounts, as applicable as at the time of compiling the information and has not been audited or reviewed by the Company’s statutory auditors. This presentation does not constitute an offer or invitation to purchase or subscribe for any shares and neither it nor any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This presentation does not constitute a recommendation regarding the securities of the Company. The information included in this presentation may be subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in the presentation and any opinions expressed in relation thereof are subject to change without notice. This presentation is subject to any future regulated announcements made by the Company and does not purport to form or substitute any such announcement. Nothing contained in this presentation may be used in any manner that would constitute market abuse under applicable laws and regulations. The document contains several renderings related to The Ellinikon project developments. The completed project may differ significantly from the mock-ups that the Company has currently developed with its partners. FORWARD LOOKING STATEMENTS This document contains certain forward-looking statements pertaining to the Company and its Group. All projections are presented unless otherwise indicated. Forward-looking statements are based on current expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. You can identify these forward-looking statements by the use of words such as "outlook," "believe," “think,” "expect," "potential," “fair”, "continue," "may," "should," "seek," "approximately," "predict," “forecast”,“project”, "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters, but any such words are not the exclusive means of identifying these statements. These forward-looking statements are based on the Company’s beliefs, assumptions and expectations, but these beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or within its control. These include, among other factors, the uncertainty in the national and global economy; economic conditions generally and the Company’s sector specifically; competition from other companies, changing business or other market conditions, changing political conditions and the prospects for growth anticipated by the Company’s management, fluctuations in market conditions affecting the Company’s income and the exposure to risks associated with borrowings as a result of theCompany’s leverage. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein and could cause the actual results of operations, financial condition, liquidity, performance, prospects and opportunities of the Company and its Group to differ materially. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. Therefore, there can be no assurance that developments will transpire as forecasted. Past performance is no guarantee of future results. All forward-looking statements speak only as of the date of this document. The Company does not undertake any obligation to update or revise any forward-looking statements to reflect circumstances, the receipt of new information, or events that occur after the date of this document. As such, you should not place undue reliance on forward-looking statements. Although the Company believes that the assumptions underlying such forward-looking statements are reasonable as of the date hereof, it can give no assurance that the targets, estimates, projections or expectations expressed or implied therein will be achieved at the time or as contemplated herein. This document also includes certain non-IFRS and other operating and performance measures, which have not been subject to any financial audit for any period. These non-IFRS measures are in addition to, and not a substitute for, measures of financial performance prepared in accordance with IFRS and may not include all items that are significant to aninvestor’s analysis of theCompany’s financial results.
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Contents Group Results Highlights page 4 Highlights for Malls, Marinas & The Ellinikon page 13 Appendix Group Balance Sheet & Key Ratios page 28 The Ellinikon: Progress of Works Visuals page 32
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Group Results Highlights1 | 4
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9M 2026 Financial Performance at a glance | 5 The EllinikonMalls, Marinas & Other New Record +8% vs. 9M 2025 cumulative from project start cumulative from project start Note: all amounts are rounded figures 1. Operating Malls EBITDA adjusted for intragroup recharges of €5.0m 2. Cash proceeds from (i) signed contracts (SPAs) (excl. intragroup) and (ii) pre-agreement deposits Aggregate cash proceeds from project start to 30.09.2026 3. Buildings & Infrastructure CAPEX from project start and until 30.09.2026 Operating Malls1 EBITDA €75m Flisvos Marina EBITDA €16m Malls NAV €1.4bn Malls GAV €1.9bn Cash Proceeds2 €1.85bn CAPEX3 €1.4bn NAV € 144m Group Consolidated EBITDA €35m NAV €1.5bn After Assets Valuation & Other adjustments Revenue €420m GAV €3.7bn €8.70/share New Record +4% vs. 9M 2025 Total Revenues €302m
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Group 9M 2026 Highlights | 6 Group Consolidated Group EBITDA after valuations of €35m Successfully completed the early repayment of the €320m bond in July 2026, following the €350m bond issuance in June. Malls Record Operating Malls EBITDA before valuations at €75m, or 4% increase y-o-y, adjusted for allocation of intragroup recharges Flisvos Marina Record Operating Revenues of €23m, or 10% increase y-o-y Record EBITDA of €16m, or 8% increase y-o-y Ellinikon Over €1.85bn of total Cash Proceeds from property sales through September 2026 Acceleration of infrastructure activity Completed €41.5m sale of two land plots in July 2026, expected to generate c.€31m accounting profit before tax Note: all amounts are rounded figures
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144 301 1.357 1.244 -18 41.483 1.548 30.09.2026 31.12.2025 8.70NAV per share1(€) 9.06 | 7 Assets Valuation (Gross Asset Value – GAV) in €m NAV (Net Asset Value) Group Borrowings2 (Bank Loans & Bonds) in €m Group Cash 1. NAV per share adjusted for own shares: 6.40m shares as of 30.09.2026 vs. 5.81m shares as of 31.12.2025 2. Outstanding loan balance plus (+) accrued interest minus (-) capitalized loan expenses Group Balance Sheet Snapshot 30.09.2026 vs 31.12.2025 3. As of 30.09.2026: (a) HRADF-related debt security for land payment (€19m), (b) ATHEX Bonds next coupon payment (€17m),(c) Marina Ag. Kosmas RRF LG security (€8m), (d) Malls’ debt service next payment (€5m) Ellinikon Malls Other Free Restricted3 Malls HoldCo 1.708 1.707 1.926 1.761 84 80 3.718 3.549 30.09.2026 31.12.2025 842 814 726 648 1.568 1.463 30.09.2026 31.12.2025 675 750 50 54 726 804 30.09.2026 31.12.2025
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| 8 Group EBITDA Before Assets Valuation 9M 2026 vs 9M 2025 LAMDA MALLS GROUP Detailed analysis slide #15 MARINAS Detailed analysis slide #19 ELLINIKON Detailed analysis slide #24 OTHER BUSINESS UNITS Non-core other investments in €m 64,7 14,8 -1,6 -6,3 71,6 -59,6 12,0 62,8 17,2 -2,8 -11,0 66,2 32,2 98,4 MALLS MARINAS OTHER BUSINESS UNITS OVERHEADS EBITDA (before valuations & Ellinikon) ELLINIKON EBITDA (before valuations) 9M-26 9M-25
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| 9 Group EBITDA After Assets Valuation 9Μ 2026 vs 9Μ 2025 ASSET DISPOSALS 2025: Athens Metropolitan Expo (11.7% stake €3.2m) in €m 12,0 23,0 -0,2 34,8 98,4 150,9 3,4 252,7 EBITDA (before valuations) ASSETS VALUATIONS ASSET DISPOSALS EBITDA 9M-26 9M-25
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| 10 Group Profitability evolution 9Μ 2026 vs 9Μ 2025 in €m 34,8 -48,8 -35,6 -9,1 0,3 -1,9 -60,2 252,7 -42,4 -36,6 -9,4 -47,1 -1,2 116,2 EBITDA CASH FINANCE COSTS NON-CASH FINANCE COSTS DEPRECIATION TAXES MINORITIES NET RESULT 9M-26 9M-25
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850 820 225 210 92 95 413 349 1.581 1.474 30.09.2026 31.12.2025 | 11 Group Borrowings & Interest Rate Sensitivity 74% of Group Borrowings are fixed/hedged in €m 30.09.2026 Financing Cost Sensitivity +1% change in Euribor = -c€5m -1% change in Euribor = +c€5m 4.0% Euribor + spread 4.1% 1. Euronext-listed Corporate Bond Loans (i) (CBL): €500m, 2032 maturity (issued in November 2025), 3.8% coupon, (ii) (CBL): €350m, 2033 maturity (issued in June 2026), 4.2% coupon 2. Group Borrowings shown on Balance Sheet as of 30.09.2026 = Outstanding loan balance (€1.581m) plus accrued interest (+€12m) minus capitalized loan expenses (-€25m) Floating Rate – Unhedged Floating Rate – Hedged Fixed Rate1 Group Borrowings2 Euribor IRSFloating Rate – Hedged 74% fixed/ hedged Euribor Cap 4.2% fixed/ hedged 76%
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| 12 Note: all amounts are rounded figures 1. Assets (GAV) €1,708m and Liabilities (net of cash) -€1,564m (including €656m LAMDA Bonds allocated to Ellinikon). 2. Assets (GAV) €1,926m and Liabilities (net of cash) -€570m. GAV derived from 3rd party independent valuer (Savills and Cushman & Wakefield) as of 30.06.2026 3. Other Properties: Flisvos Marina, Land plots and Other income-generating assets 4. Parent Company Debt -€178m (€835m less €656m LAMDA Bonds allocated to Ellinikon) & Cash +€78m, Other Group Cash +€32m, Minorities -€15m (Flisvos Marina), Other -€3m 5. NAV per share as of 30.09.2026 adjusted for 6.40m own shares (3.62% of total) NAV Pillars Company NAV at €1.5bn and MALLS NAV at €1.4bn The Ellinikon1 Operating Malls Other Properties3 Parent Company Net Debt, Minority, Other4 TOTAL 30.09.2026 Development Assets Investment Assets Other Ellinikon Malls LAMDA MALLS Group2 NAV (€m) 144 914 68 (86) 1,483443 1,357 NAV per share5 (€) 0.85 5.36 0.40 (0.51) 8.702.60 7.96
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Highlights for Malls, Marinas & The Ellinikon2 | 13
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| 14 Malls 9M 2026 Results Highlights 4 MALLS Another record-breaking performance ELLINIKON MALLS Commercial Leasing • The Ellinikon Mall: 75% • Riviera Galleria: 76% HoT with Tenants (% of GLA) • New Record of €662m (Nine-month basis)Tenants Sales 7% y-o-y • New record of 20m visitors for 9M 2026Footfall 7% y-o-y • New Record of €77m for 9M-26 • 80% of growth from Inflation Indexation • 20% of growth from Renewals/Re-lettings Net Base Rents 5% y-o-y • Operating Malls EBITDA of €75m for 9M-26 (adjusted for intragroup recharges of €5.0m) • Rental Income: +5% / Parking Revenue: +13% Operating Malls EBITDA 4% y-o-y Riviera Galleria • Riviera Galleria Syndicated bond loan was signed in Feb 2025 (incl. €39m VAT financing) & RRF financing participation was signed in Sep 2025Project Financing
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| 15 1. Property Management Companies MMS and Other Recreational Activities 2. Net LTV = Net Debt / GAV LAMDA MALLS Group Key Financials Net Debt / (Cash) (in €m) 30.09.2026 31.12.2025 4 Operating Malls 477 474 Ellinikon Malls 49 28 Malls Property Management1 & HoldCo 67 44 6 6 LAMDA MALLS Group 593 546 Net LTV2 31% 31% EBITDA (in €m) 9M-26 9M-25 The Malls Athens 26.0 25.3 Golden Hall 19.0 18.0 Med. Cosmos 17.1 17.8 Designer Outlet Athens 7.8 7.6 Operating Malls EBITDA 70.0 68.7 Ellinikon Malls (4.8) (4.3) Malls Property Management1 & HoldCo (0.5) (1.5) LAMDA MALLS Group (before assets valuation & other adjustments) 64.7 62.8 Assets Revaluation Gain/(Loss) 83.2 136.9 LAMDA MALLS Group (after assets valuation & other adjustments) 147.9 199.7
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209 193 181 167 187 176 86 83 662 620 9M-26 9M-25 3% Operating Malls Tenants’ Sales Reaching new record high levels | 16 in €m Med. Cosmos The Mall Athens Golden Hall Designer Outlet Operating Malls 8% 8% 6% 7% Vs 9Μ-25 Note: all amounts are rounded figures
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26,0 19,0 17,1 7,8 70,0 25,3 18,0 17,8 7,6 68,7 THE MALL ATHENS GOLDEN HALL MED. COSMOS DESIGNER OUTLET TOTAL RETAIL 32,8 23,6 23,7 10,9 91,1 31,0 22,2 23,2 10,0 86,3 THE MALL ATHENS GOLDEN HALL MED. COSMOS DESIGNER OUTLET TOTAL RETAIL Operating Malls Sustained solid growth in 9Μ 2026 | 17 Operating Malls Revenue1 in €m Operating Malls EBITDA 9Μ 2026 9Μ 2025 EBITDA Margin 80% 6% 9% 6% 7% 3% 3%6% 4% 77% 9Μ 2026 effective increase of 4% y-o-y at €75m when adjusted for intragroup recharges of €5,0m 2% 3% 1 9Μ 2026 effective increase of 5% y-o-y at €90.6m when adjusted for IFRS-15 effect of €0,5m
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| 18 LAMDA MALLS Group Assets Valuation (GAV) − Maintaining solid growth trends Operating Malls Ellinikon Malls Group in €m Note: all amounts are rounded figures 1.033 1.123 1.203 1.372 1.437 279 336 345 390 489 1.312 1.459 1.548 1.761 1.926 2022 2023 2024 2025 9Μ 2026
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15,5 14,4 -0,1 3,214,8 17,2 -0,6 -0,4 9M 2026 9M 2025 | 19 Marinas Breaking new record for Flisvos Marina Operating Revenues & EBITDA (+10% & 8% vs 9Μ 2025) Revenue in €m EBITDA1 Key performance drivers in 9Μ 2026: + Flisvos yacht berthing fees: contracts adjusted for inflation − Agios Kosmas: Lower operating revenues and profitability, adversely impacted by the ongoing upgrade works 1. EBITDA including IFRS 16 (Flisvos land lease payments are transferred from OPEX to financial expenses, hence are added back to Operating EBITDA) 2. Corfu Mega Yacht Marina and HoldCos (LAMDA Marinas Investments and LAMDA Flisvos Holding) Total EBITDA Margin 60% 66% Agios Kosmas Flisvos Other 22,5 20,4 2,2 5,6 24,7 26,0 9M 2026 9M 2025
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| 20 The Ellinikon 9M 2026 Results Highlights • Residential: €1.3bn • Land Plot Sales/Leases: €0.5bn (excluding Ellinikon Malls intragroup sale of €0.24bn) Cash Collections to date1 €1.85bn Liquidity at healthy levels Ellinikon + Accelerated construction progress for Little Athens developments expected to contribute positively to profitability going forward o CBU residential projects continue to progress on schedule + Riviera Galleria progressing on budget with expected completion by early 2027 + Significant progress in Sports Park construction. First projects delivered in July 2026. Successful hosting of WRC super special stage. − Infrastructure and Riviera Tower remain challenging but have shown significant progress this year Construction Progress/Challenges • Coastal Front: Sold out • Little Athens: 82% sold or reserved (of the 750 units launched to date). Includes the launch of an additional 79 units at Courtyards East in July 2026. Strong Absorption Rate of Residential units Total Cash balance €0.5bn • €408m of deferred revenue not yet recognized as P&L Revenue (as of 30.09.2026) Note: all amounts are rounded figures 1. Cumulative total from project start to 30.09.2026
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Cumulative Cash Proceeds in €bn 31.12.2025 30.09.2026 Residential1 1.09 1.33 Land Plot Sales/Leases1 0.40 0.52 Sub-TOTAL 1.49 1.85 Ellinikon Malls (intragroup land plot sales) 0.24 0.24 TOTAL 1.73 2.09 The Ellinikon Cash Inflows Progress | 21 Note: all amounts are rounded figures 1. Cash proceeds from (i) signed SPAs and (ii) pre-agreement customer deposits & MoUs 2. Out of the €0.7bn remaining proceeds, €0.5bn relate to SPAs & reservation agreements As of 30.09.2026 2.0 Total Value of 1,065 Launched Units €0.7bn of remaining2 proceeds from units launched to date, expected to be collected until 2028-29
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| 22 Little Athens Sales Progress(7 Projects) 82% of the units placed in the market have been sold or reserved Park Rise (50m) POSIDONOS ALIMOS Pavilion Terraces Promenade Heights Atrium Gardens Trinity Gardens Sunset Groves Courtyards East Bjarke Ingels Group (BIG) 314 Architecture Studio 314 Architecture Studio Deda & Architects Tsolakis Architects A&M Architects AUDO Architects 1 Building / 12 floors 7 Buildings / 6 floors 9 Buildings / 4-5 floors 4 Buildings / 5 floors 3 Buildings / 5 floors 10 Buildings / 5 floors 5 Buildings / 4 floors 89 Units Launched 156 Units Launched 79 Units Launched 56 Units Launched 80 Units Launched 211 Units Launched 79 Units Launched *Includes the launch of an additional 79 units at Courtyards East As of 30.09.2026 Launched to date 750 Units* SPAs & Reservations 615 Units 82% absorption rate
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The Ellinikon Infrastructure Works & Buildings CAPEX | 23 in €m Project start until end-2025 9M-2026 Aggregate Total Infrastructure Works 271 78 349 Mainly related to: –Poseidonos Underpass & other road networks –Power network, Telecoms, etc. –Building Connections & other utilities Buildings1 718 338 1,056 Completed projects: –The Experience Park –The Experience Center (Hangar C) –AMEA Building Complex Main projects in progress : –Riviera Tower –The Cove Residences –Little Athens –Sports Complex –Metropolitan Park Note: all amounts are rounded figures 1. including construction costs, design fees, technical & project management fees. Excluding CAPEX for Ellinikon Malls Total CAPEX 990 415 1,405
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301,5 10,8 -70,4 -59,6 -60,1 -119,7 -3,4 -123,0 -31,8 -16,3 -171,1 33,2 -137,9 329,5 84,1 -51,9 32,2 13,3 45,5 -3,3 42,3 -31,2 -8,9 2,1 -4,4 -2,3 Revenue Gross Profit OPEX EBITDA before valuations Asset Valuations EBITDA Depreciation EBIT Non-Cash Finance Costs Cash Finance Costs EBT Taxes Net Result 9M 2026 9M 2025 | 24 The Ellinikon Income Statement Snapshot 9M 2026 vs 9M 2025 in €m OPEX 9M 2026 • VAT non-recoverable (€28m) • 3rd party & other costs (€25m) • Personnel (€17m) Note: all amounts are rounded figures Revenue (€m) 9M-26 9M-25 Δ Residential 272 215 +27% Land Plot Sales 15 105 (86%) Revenue 9M 2026 • Little Athens €153m • Riviera Tower €119m • Land plot sales, JVs & Rentals €29m Little Athens growing contribution in 9M 2026 Land Plot sales in 9M-26: Lower contribution vs 9M-25 on significant prior-year activity
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| 25 in €bn Residential1 Land Plot Sales1 Total Note: all amounts are rounded figures 1. Cumulative Total Cash proceeds from (i) signed SPAs and (ii) pre -agreement customer deposits & MoUs Cash Inflow History & Anticipated Collections in 2026 €0.6bn anticipated cash collections for 2026 1,09 1,33 0,40 0,521,49 1,85 2,1 Cumulative until 31.12.2025 Cumulative until 30.09.2026 Cumulative until 31.12.2026
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| 26 in €bn Buildings2 Infrastructure1 Total CAPEX Note: all amounts are rounded figures 1. Investment Obligations for Infra Works. As of 31.03.2026, the nominal value of the remaining Investment Obligations for Infra Works amounted to €770m 2. Including construction costs, design fees, technical & project management fees. Excluding CAPEX for Ellinikon Malls Buildings & Infrastructure CAPEX History & Anticipated CAPEX for 2026 €0.6bn anticipated CAPEX for 2026 0,72 1,06 0,27 0,35 0,99 1,41 1,6 Cumulative until 31.12.2025 Cumulative until 30.09.2026 Cumulative until 31.12.2026
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Residential Cove Villas Other DevelopmentsPwD Mixed-Use Tower Education/Offices/Resi Prokopiou Marina Hotel & Branded Residences Marina Ag. Kosmas Beach Posidonos Underpass Medical Venue Marina Club & Residences The Ellinikon Mall Aura Built to Rent Mandarin Oriental Hotel Athens 3rd parties Residentials Riviera Tower Little Athens Cove Residences The Ellinikon Projects | 27 Education ION Resi Campus Experience Park & Experience Centre ION R&D Centre Integrated Resort Complex (IRC) Sports Park Facilities Little Athens Riviera Galleria Post 2028 Completion 3rd parties Residentials
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Appendix Group Balance Sheet & Key Ratios3.1 | 28
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Portfolio of Assets Key growth drivers: Malls and Ellinikon revaluation | 29 in €m 30.09.2026 31.12.2025 Notes The Ellinikon IRC, Retail, Sports & Leisure (Investment Property) 705 711 Measured at Fair Value (independent appraisal by Savills) Residential & Other (Inventory) 936 943 Booked at cost, incl. land, infrastructure and construction costs, as incurred. Reduction vs. 31.12.2025 due to the transfer of Inventory to COGS (Sales acceleration) Properties for own use (PP&E)1 67 54 Booked at cost. Assets for own-use; purchased for long-term use, owner-occupied and not likely to be converted quickly into cash (e.g. land, buildings and equipment) Total – The Ellinikon 1,708 1,707 LAMDA MALLS Group Assets measured at Fair Value (independent appraisal by Savills, Cushman & Wakefield) The Mall Athens 598 580 Golden Hall 396 366 Med. Cosmos 264 254 Designer Outlet Athens 179 172 Acquired on 05.08.2022 (transaction GAV: €109m) Ellinikon Malls 489 390 Total – LAMDA MALLS Group 1,926 1,761 Other income generating assets 57 55 Mainly Flisvos Marina Other (incl. fixed assets) 18 16 Land 8 8 Mainly Aegina (Alkyonides Hills) Total2 (excluding Ellinikon) 2,010 1,841 Total 3,718 3,549 1. Including Intangibles (30.09.2026: €6.8m vs. 31.12.2025: €5.8m) 2. Represents 100% of each investment/asset. Under IFRS, assets consolidated under the equity method are presented on the Balanc e Sheet under “Investments in Associates”
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Consolidated Balance Sheet Summary | 30 in €m 30.09.2026 31.12.2025 Notes: 30.09.2026 Investment Property 2,632 2,474 Ellinikon €705m, Ellinikon Malls €489m Fixed & Intangible Assets 142 124 Ellinikon €67m, Flisvos Marina €57m Inventory 942 949 Ellinikon €936m Investments in associates 41 42 Ellinikon JVs: Hospitality, MUT, AURA Residential Investment Portfolio 3,757 3,589 Cash 675 750 Excludes restricted cash (see below) Restricted Cash 50 54 (a) HRADF-related debt security for land payment (€19m), (b) ATHEX Bonds next coupon payment (€17m), (c) Marina Ag. Kosmas RRF LG security (€8m), (d) Malls’ debt service next payment (€5m) Right-of-use assets 198 197 Represents mainly Med. Cosmos land lease and Flisvos Marina concession agreement Other Receivables & accruals 343 425 Includes mainly Ellinikon supplier prepayments and VAT receivables Assets classified as held for sale 0 0 Lamda Prime Properties (apartments) Total Assets 5,024 5,016 Share Capital & Share Premium 1,025 1,025 Reserves 20 8 General reserve €64m minus treasury shares cost c€44m (6,40m own shares as of 30.09.2026) Retained earnings 203 272 Minority Interests 16 15 Total Equity 1,264 1,319 Borrowings 1,568 1,463 LD Parent: €842m (accounting); LAMDA MALLS Group €726m (accounting) Lease Liability 211 210 Represents mainly the Med. Cosmos land lease and Flisvos Marina concession agreement Ellinikon Transaction Consideration 403 393 Present Value (PV) of €448m outstanding Transaction Consideration (cost of debt discount factor: 3.4%) Ellinikon Infrastructure liability 642 684 Present Value (PV) of €714m remaining Investment Obligations for Infra Works (cost of debt discount factor: 3.9%) Deferred Tax Liability 236 247 LAMDA MALLS Group €236m Payables 701 700 Includes €408m deferred revenue not yet recognized as P&L revenue (cash proceeds from SPAs) (The Ellinikon) Liabilities classified as held for sale -- -- Total Liabilities 3,760 3,697 Total Equity & Liabilities 5,024 5,016 Total Ellinikon €1,708m (excl. Ellinikon Malls)
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Key Financial Metrics (Group) | 31 in €m 30.09.2026 31.12.2025 Alternative Performance Measures (APM) definitions Free Cash 675 750 Restricted Cash (Short & Long Term) 50 54 Total Cash 726 804 Total Debt 2,181 2,066 = Borrowings + Lease Liability + PV Transaction Consideration Adj. Total Debt 2,823 2,749 = Total Debt + PV Infrastructure liability Total Investment Portfolio 3,955 3,787 = Investment Portfolio + Right-of-use assets Total Equity (incl. minorities) 1,264 1,319 Net Asset Value (incl. minorities) 1,499 1,563 = Total Equity + Net Deferred Tax Liabilities Adj. Net Debt / Total Investment Portfolio 53.0% 51.4% Adj. Net Debt = Adj. Total Debt - Total Cash Gearing Ratio 63.3% 61.0% Gearing Ratio = Total Debt / (Total Debt + Total Equity) Average borrowing cost (end-of-period) 4.1% 3.8%
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3.2 | 32 The Ellinikon Progress of Works Visuals
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| 33 Contractors 1. ELEMKA 2. JV METKA - INTRAKAT 3. ETHNOKAT 4. TEKAL 5. TERNA 6. JV BOUYGUES - INTRAKAT 7. ORILINA 8. METKA 9. TERNA 10. LAMDA CBU 11. ΤERNA Cove Villas Little Athens Marina Hotel & Branded Residences Riviera Galleria Marina Ag. Kosmas Beach Posidonos Underpass Integrated Resort Complex (IRC) Marina Club & Residences The Ellinikon Mall Sports Complex Mandarin Oriental Hotel Athens Riviera Tower Little Athens Cove Residences 1 10 10 3 4 4 5 6 7 8 11 9 2 10 Ellinikon Masterplan − Active Buildings Construction Sites
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Residential Projects – Coastal Front | 34 Fit out works ongoing. Cove ResidencesRiviera Tower
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Residential Projects – Little Athens | 35 Main works in progress Promenade Heights Sunset Groves (1 of 2 plots) Plots 6.9-6.10: Main works in progress Atrium & Trinity Gardens Main works in progress Plot 6.7; main works underway. Concreting ongoing in Plot 6.8 Park Rise (BIG)
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Other Projects | 36 The Ellinikon Sports Park Track & field, throwing field, football pitches, admin building, tennis & basketball courts open to the public Riviera Galleria Main works in progress The Ellinikon Mall Main works in progress
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Thank you LAMDA Development S.A. ● 37Α Kifissias Ave. (Golden Hall)● 151 23 Maroussi ● Greece Tel: +30.210.74 50 600 ● Fax: +30.210.74 50 645 Website : www.lamdadev.com Investor Relations ● E-mail: IR@lamdadev.com