The LAMDA Development S.A. (ATHEX:LAMDA.AT) (“LAMDA” or “Company”), the largest real estate development company in Greece, announced results for the first half of 2026.
Commenting on the financial results, the CEO of LAMDA Development, Odysseas Athanasiou stated:
“Our Commercial destinations continued their strong performance, recording new records. At the same time, at The Ellinikon, progress in construction works continues on all fronts and significant milestones are being achieved, the most recent being the official inauguration of the The Ellinikon Sports Park, which was delivered to society this month.
Strong cash inflows from property sales continue to support the acceleration of construction activity. The successful issuance of a common bond loan of €350 million in June further strengthened our financial position and confirmed the market’s “vote of confidence”.
With strong liquidity and low leverage, our priority is consistent execution, the continuous effort to improve costs, and the delivery of projects with the highest quality standards, creating long-term value for our shareholders.”
As can also be seen in the above table, the group’s Consolidated Operating Results (EBITDA) amounted to 22.4 million euros versus 236.6 million euros in the first half of 2025.
The four (4) operating Shopping Centers recorded Operating EBITDA of 46.6m in the first half of 2026. Operating Malls EBITDA adjusted for recharges of administrative support expenses and other support functions amounting to €3.4m came to €50m, increased by 5% year-on-year.
This performance is mainly due to the increase in base rents by 6% compared with the first half of 2025, as well as the increase in parking revenues by 9% for the same period. The results were supported by the continued strengthening of footfall (+5% versus the first half of 2025), as well as by the achievement of a new all-time high in the total turnover of the stores, which amounted to €409m for the same period.
Profits from the revaluation of the value of the shopping centers amounted to €83.2m in the first half of 2026, compared with €136.9m in the corresponding period of the previous year. The value of our shopping centers continues its upward course, recording significant valuation gains this year as well. However, valuation gains compared with the previous year declined, as 2025 had benefited from significant yield compression due to the positive macroeconomic climate.
Regarding commercial leases in the two under-development retail and entertainment destinations at The Ellinikon, to date Heads of Terms (HoT) have been agreed with tenants for 73% of the Total Gross Leasable Area (GLA) at The Ellinikon Mall and 76% of GLA at Riviera Galleria, highlighting the market’s momentum and the strong interest of leading international brands in participating in these landmark projects.
Concrete works at Riviera Galleria have been completed, while electromechanical installations, works on the facades and canopies, construction of internal partitions on all levels, as well as external works and roof insulation works are in progress, with completion expected within the first quarter of 2027.
At The Ellinikon Mall, the contract for the construction of the building frame has been awarded to the construction company TERNA S.A., while works started in the second quarter of 2026, with foundation works in progress.
The total portfolio value (GAV) of the LAMDA MALLS group on 30.06.2026 amounted to €1.9 billion, with the value of the 4 operating Shopping Centers exceeding €1.4bn.
Flisvos Marina continued its strong growth trajectory, achieving a new all-time record in the first half of 2026. Total revenues amounted to €13.9m, while EBITDA profits increased by 10% year-on-year, reaching €9.3m.
This strong performance is mainly due to the consistently high demand for Flisvos Marina, which records maximum occupancy in permanent berthing positions, increased revenues from transient vessel fees, annual contractual adjustments of berthing fees, as well as lower lease expenses, which reflect the favorable structure of the Marina’s lease agreement.
While Flisvos Marina continues to record strong operating performance, the Group is investing in the next phase of development through the comprehensive redevelopment of Agios Kosmas Marina. The available berthing positions have now been reduced to approximately one third of the Marina’s initial capacity, due to the temporary removal of vessels for the execution of renovation works and the reconfiguration of the Marina so that it can accommodate larger vessels.
Upon completion of the works, Agios Kosmas Marina, in combination with the adjacent Riviera Galleria complex, is expected to become a significant driver of strengthening the Group’s revenues.
The apartments available for sale in the Little Athens neighborhood continue to record significant commercial success. By 31.08.2026, 750 apartments had been placed on the market for sale.
Of these, sales and reservations from interested buyers amount to 610 apartments, that is 81% of the total as of 31.08.2026. The lower percentage of the total compared with the first quarter of 2026 reflects the release of 79 additional residential units in July 2026.
In addition, revenues from residential developments amounted to 164m in the first half of 2026, marking an increase of 30% compared with the corresponding period of 2025, highlighting the continued momentum of sales and the increasing contribution of residential developments to our results.
At the same time, for the same period revenues of €15m were recognized from property sales (mainly from office space sales) versus €104m in the first half of 2025, mainly due to the timing of land plot sales.
In July 2026, the Company signed final sale and purchase agreements for the sale of two land plots in the Urban Planning Area “A-P2” within the project at The Ellinikon, for a total consideration of approximately €41.5m, corresponding to an average price of €2,650 per sq.m. of buildable area.
The Company expects to recognize an accounting profit before tax of approximately €31 million (including transaction costs).
As a result of the continued commercial success of our residential developments, total cash receipts from property sales/leases from the start of the project until 31.08.2026 exceeded €1.8 billion. The cash reserves attributable to The Ellinikon Project amounted to €512m on 30.06.2026 (versus €567m on 31.12.2025), while for yet another period no bank loans were disbursed for The Ellinikon Project, despite the existence of an approved credit line from the lending banks in the amount of €232m.
Regarding the transaction with ION, the two sides are working systematically to converge their positions on the key commercial issues that remain open, with the common intention of reaching an agreement that will create value and benefits for both sides.
Within the next month, the parties are expected to have completed negotiations on the key commercial issues and there to be a clear picture regarding the finalization of the transaction. In the event of a positive outcome of the negotiations, completion of the transaction is expected within the last quarter of 2026.
During the first half of 2026, capital expenditures (CAPEX) for buildings and infrastructure projects amounting to €276m were carried out, with the amount from the start of the project until 30.06.2026 now standing at €1,265m.
The Ellinikon Sports Park is entering full operation this month, marking the delivery of the first major project of The Ellinikon that will be open to the public and an important milestone in the transition of the development to the project delivery phase.
*The detailed half-year results of Lamda Development are published in the right-hand column "Accompanying Material".