The drop in revenues from land plot sales in Hellinikon and the lower valuation gains of the shopping malls weighed on Lamda Development in the first half, when the group’s consolidated operating results (EBITDA) fell by 91%.
According to the group’s financial figures published yesterday, consolidated operating results came to 22.4 million euros from 236.6 million euros in the same period last year.
Indeed, as regards the Consolidated Net Results (after interest, taxes and minority rights), losses of around 41 million euros arise, compared with profits of 127.9 million euros in the first half of 2025.
Mixed picture for the shopping malls
The performance of the group’s four shopping malls presents a mixed picture. On the one hand, the shopping malls in operation recorded Operating EBITDA of 46.6 million in the first half of 2026.
Operating Malls EBITDA adjusted for recharges of administrative support expenses and other support functions amounting to 3.4 million euros, came to 50 million euros, increased by 5% year-on-year.
This performance is mainly due to the 6% increase in base rents compared with the first half of 2025, as well as to the 9% increase in parking revenues for the same period.
The results were supported by the continued strengthening of visitor traffic (+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 came to 409 million euros for the same period.
However, on the other hand, gains from the revaluation of the shopping malls’ value amounted to 83.2 million euros in the first half of 2026, compared with 136.9 million euros in the corresponding period of the previous year.
“The value of our shopping malls 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,” Lamda says in its announcement.
In Hellinikon, revenues from property sales came to 15 million euros, mainly from office space sales, compared with 104 million euros in the first half of 2025, with the significant difference attributed mainly to the timing of land plot sales.
The agreement with ION
Regarding the transaction with ION, Lamda stressed that 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 the 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,” the group adds.