LAMDA Development S.A. (ATHEX:LAMDA.AT) (“LAMDA” or the “Company”), Greece’s largest real estate development company, has announced its results for the nine months of 2026.Commenting on the financial results, LAMDA Development Chief Executive Odysseas Athanasiou said:
“Our retail destinations continued their strong performance, setting new records, while Flisvos Marina also posted record highs in total revenue and EBITDA. Construction at Ellinikon continues to make strong progress, and the first milestones have already been reached, including the recent opening of The Ellinikon Sports Park.
Strong cash collections from property sales continue to support our solid liquidity position. Our priority is to deliver residential units at Little Athens in 2027, with improved profit margins, and complete the coastal zone by the summer, transforming the face of the Athens Riviera.”
| SUMMARY CONSOLIDATED FINANCIAL RESULTS |
| (€m) | 9M 2026 | 9M 2025 | Change % |
| Sales/revenue | 420.3 | 443.7 | (5%) |
| Operating Malls Adjusted EBITDA (4 shopping centres)1 | 75.0 | 71.8 | 4% |
| Operating Malls EBITDA (4 shopping centres) | 70.0 | 68.7 | 2% |
| Holding company, Malls Management, Xplore & Olympic Museum | (0.5) | (1.5) | -- |
| Ellinikon malls (under construction) | (4.8) | (4.3) | (12%) |
| LAMDA MALLS Group EBITDA2 before valuations and other adjustments | 64.7 | 62.8 | 3% |
| Flisvos Marina | 15.5 | 14.4 | 8% |
| Agios Kosmas Marina | (0.1) | 3.2 | -- |
| Holding companies & Corfu Marina | (0.6) | (0.4) | -- |
| Marinas EBITDA | 14.8 | 17.2 | (14%) |
| General expenses & other business units3 | (7.9) | (13.8) | 43% |
| EBITDA (excluding Ellinikon project) before valuations and other adjustments | 71.6 | 66.2 | 8% |
| Revenue from residential sales | 272.2 | 215.1 | 27% |
| Revenue from land sales, associates and other | 29.3 | 114.5 | (74%) |
| Ellinikon EBITDA before valuations and other adjustments | (59.6) | 32.2 | -- |
| Group EBITDA before valuations and other adjustments | 12.0 | 98.4 | -- |
| Gains/(losses) from sales of assets and investments | (0.2) | 3.4 | -- |
| Valuations4 | 23.0 | 150.9 | -- |
| Group consolidated operating results (EBITDA) | 34.8 | 252.7 | -- |
Consolidated net results
(after interest, tax and non-controlling interests) | (60.2) | 116.2 | -- |
1 Operating Malls Adjusted EBITDA adjusted for recharges of €5.0m in head-office support costs and other support functions
2 Operating results before valuations and other adjustments. Consolidated results for the LAMDA MALLS Group
3 Relates to the operating segments ‘Property management’, ‘Other buildings and land (Greece and the Balkans)’, ‘Administrative and other activities’ and ‘Inter-segment eliminations’
4 Includes provisions for inventory impairment and reversals of impairment provisions
5 Net Asset Value (NAV): Equity attributable to the Company’s shareholders, adjusted for the deferred tax liability and asset attributable to the Company’s shareholders
6 Total number of shares adjusted for treasury shares: 6.40m treasury shares (3.62%) as at 30 September 2026, compared with 5.81m treasury shares (3.29%) as at 31 December 2025
| SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
| (€m) | 30 September 2026 | 31 December 2025 |
| Total cash and cash equivalents | 726 | 804 |
| Loans | 1,568 | 1,463 |
| Net debt | 842 | 659 |
| Total investment portfolio | 3,955 | 3,787 |
| Net Asset Value (NAV)5 | 1,483 | 1,548 |
| Net Asset Value (NAV) (€ per share)6 | 8.70 | 9.06 |
| SHOPPING CENTRES |
| SUMMARY OF OPERATING EBITDA |
| (€m) | 9M 2026 | 9M 2025 | Change % |
| The Mall Athens | 26.0 | 25.3 | 3% |
| Golden Hall | 19.0 | 18.0 | 6% |
| Mediterranean Cosmos | 17.1 | 17.8 | (4%) |
| Designer Outlet Athens | 7.9 | 7.6 | 3% |
| Operating Malls EBITDA | 70.0 | 68.7 | 2% |
| Operating Malls Adjusted EBITDA1 (adjusted for recharges of head-office support costs and other support functions) | 75.0 | 71.8 | 4% |
| Ellinikon Malls (The Ellinikon Mall & Riviera Galleria) | (4.8) | (4.3) | (9%) |
| Malls Property Management & Parent Company & Other leisure activities | (0.5) | (1.5) | -- |
| EBITDA before valuations and other adjustments | 64.7 | 62.8 | 3% |
| Valuation gain/(loss) | 83.2 | 136.9 | -- |
| EBITDA | 147.9 | 199.7 | (26%) |
The four (4) operating shopping centres recorded Operating EBITDA of €70.0m in the nine months of 2026. Operating Malls EBITDA, adjusted for recharges of €5.0m in head-office support costs and other support functions, came to €75.0m, up 4% year on year.
This performance was driven mainly by a 5% increase in base rents compared with the nine months of 2025, as well as a 13% rise in parking revenue over the same period. Results were supported by continued growth in footfall, up 7% compared with the nine months of 2025, and a new record for total tenant sales, which reached €662m over the same period.
Gains from the revaluation of the shopping centres amounted to €83.2m in the nine months of 2026, compared with €136.9m in the same period a year earlier. The value of our shopping centres continues to rise, with significant valuation gains recorded in the nine months of 2026.
However, valuation gains were lower year on year, mainly because of the high comparative base in the nine months of 2025, which benefited from significant yield compression amid a favourable macroeconomic environment.
As for commercial leasing at the two retail and leisure destinations under development at Ellinikon, Heads of Terms (HoT) have so far been agreed with tenants for 75% of the total gross leasable area (GLA) at The Ellinikon Mall and 76% of the GLA at Riviera Galleria, highlighting the market’s potential and the strong interest of leading international brands in taking part in these landmark projects.
Construction work at Riviera Galleria is continuing, including the installation of mechanical and electrical systems, work on the façades and canopies, the construction of internal partitions on all levels, and work on the external areas.
The first retail unit has already been handed over to a tenant. The project is expected to be completed in the first quarter of 2027. Work at The Ellinikon Mall began in the second quarter of 2026, with foundation work under way.
The LAMDA MALLS Group’s gross asset value (GAV) reached a new record high as at 30 September 2026, exceeding €1.9bn, with the value of the four (4) operating shopping centres topping €1.4bn.
| MARINAS |
| SUMMARY OF FINANCIAL RESULTS |
| (€m) | 9M 2026 | 9M 2025 | Change % |
| Flisvos Marina | 22.5 | 20.4 | 10% |
| Agios Kosmas Marina | 2.2 | 5.6 | -- |
| Total revenue | 24.7 | 26.0 | (5%) |
| Flisvos Marina | 15.5 | 14.4 | 8% |
| Agios Kosmas Marina | (0.1) | 3.2 | -- |
| Operating Marinas EBITDA | 15.4 | 17.6 | (13%) |
| Corfu Marina | (0.7) | (0.5) | (26%) |
| Marina holding companies | 0.1 | 0.1 | -- |
| Marinas EBITDA | 14.8 | 17.2 | (14%) |
Flisvos Marina continued its strong growth trajectory, setting a new record in the nine months of 2026. Total revenue rose 10% year on year to €22.5m, while EBITDA increased by 8% to €15.5m. This strong performance was driven mainly by consistently high demand for Flisvos Marina, which is recording full occupancy at its permanent berths, higher revenue from visiting vessels, annual contractual increases in berthing fees, and lower lease costs, reflecting the favourable structure of the Marina’s lease agreement.
While Flisvos Marina continues to deliver strong operating performance, the Group is investing in its next phase of growth through the comprehensive redevelopment of Agios Kosmas Marina. Available berths have now fallen to about one-third of the Marina’s original capacity, owing to the temporary removal of boats to allow renovation work to proceed and the Marina’s reconfiguration to accommodate larger vessels.
Once the work is complete, Agios Kosmas Marina, together with the adjacent Riviera Galleria complex, is expected to become a significant driver of growth in the Group’s revenue and EBITDA.
| ELLINIKON PROJECT |
| SUMMARY OF FINANCIAL RESULTS |
| (€m) | 9M 2026 | 9M 2025 | Change % |
| Revenue from residential sales | 272.2 | 215.1 | 27% |
| Revenue from land sales, associates and other | 29.3 | 114.5 | (74%) |
| Total revenue | 301.5 | 329.5 | (9%) |
Total gross profit
(after cost of properties sold and construction contracts) | 10.8 | 84.1 | (87%) |
| Total operating expenses | (69.3) | (51.0) | (35%) |
| Share of results of associates | (1.1) | (0.9) | (22%) |
EBITDA
before valuations and other adjustments | (59.6) | 32.2 | -- |
| Property valuation gain/(loss)7 | (60.1) | 13.3 | -- |
| EBITDA | (119.7) | 45.5 | -- |
| Net profit/(loss) (after tax) | (137.9) | (2.3) | -- |
7 Includes provisions for inventory impairment
Apartments available for sale in the Little Athens neighbourhood continue to achieve significant commercial success. By 30 September 2026, 615 of the 750 apartments had been sold or reserved, representing 82% of the total. In addition, revenue from residential developments in the nine months of 2026 reached €272m, up 27% compared with the same period in 2025, highlighting the continued momentum in sales and the growing contribution of residential developments to our results.
At the same time, revenue of €15m was recognised from property sales, mainly office space, during the period, compared with €105m in the nine months of 2025, mainly owing to the timing of land sales.
As a result of the continued commercial success of our residential developments, total cash collections from property sales and leases since the project began exceeded €1.85bn as at 30 September 2026.
Cash attributable to the Ellinikon Project stood at €455m as at 30 September 2026, compared with €567m as at 31 December 2025. No bank loans were drawn down for the Ellinikon Project during the period, once again, despite an approved credit line of €232m from the lending banks.
In July 2026, the Company signed final sale and purchase agreements for the sale of two plots in the “A-P2” area designated for urban development within the Ellinikon project, for total consideration of about €41.5m, equivalent to an average price of €2,650 per sq m of buildable area. The Company expects to recognise an accounting profit before tax of about €31m, including transaction costs.
Regarding the transaction with ION, the two sides are working systematically to align their positions on the key commercial issues that remain unresolved, with the shared intention of reaching an agreement that creates value and benefits for both parties.
The parties aim to conclude negotiations on the outstanding commercial issues by the end of 2026, with a view to reaching a definitive agreement on the transaction, subject to successful completion of the negotiations.
During the nine months of 2026, capital expenditure (CAPEX) on buildings and infrastructure projects amounted to €415m, bringing the cumulative total since the project began to €1,405m as at 30 September 2026.