LAMDA Development delivered a strong H125 operational and financial performance across all segments of the business. The operational malls and marinas reached new high levels of EBITDA and the Ellinikon project delivered a significant increase in revenues and earnings. Adjusted net assets per share increased by 11% versus end-FY24, to €9.22, driven by the external revaluation of the operational malls. The subsequently agreed land sale to, and partnership with, ION Group is a major landmark in the long-term development of the Ellinikon project.

LAMDA Development’s agreed disposal of land to ION Group for €450m is a landmark in the long-term development of the Ellinikon project and, if it successfully completes the relevant due diligence process, will underpin the long-term value of the company’s post-Phase 1 (PP1) development plans. We value LAMDA’s existing mall and marina operations plus Phase 1 at around €12.30/share. In addition, investors can take further comfort in the potential value of the PP1 developments, which we originally valued at €9.30/share. LAMDA is due to announce H125 results on 17 September and more detail relating to the ION disposal may be forthcoming at that stage.

LAMDA Development is the largest mall owner and operator in Greece and is currently developing The Ellinikon, Europe’s biggest urban regeneration project. LAMDA’s core mall portfolio will expand to six developments, plus two existing yacht marinas with a third marina expected to be operational in 2028–29. The cash flows from the core operations support the development of the ambitious Ellinikon project, which aims to become a value-creating ‘city within a city’ by 2037 as LAMDA builds out the two development phases. We value the existing mall and marina operations plus Phase 1 at c €12.30 per share. In addition, investors can take further comfort in the potential value of the post-Phase 1 (PP1) developments, which we have valued at €9.30 per share.