LAMDA Development (ATHEX: LMDR) presented its H1 2026 results on September 17. The shares slipped about 4.1% to €6.33, trading near the lower end of the 52‑week range of €5.85‑€8.00.
Group revenue reached €265 million and EBITDA, after asset‑valuation adjustments, stood at €22 million. Total cash resources exceeded €1 billion, comprising €697 million of free cash and €377 million of restricted cash. The company posted a net loss of €41 million, a swing from a €127.9 million profit a year earlier, and recorded a €46.2 million tax charge versus €0.1 million in H1 2025.
Malls delivered a record €50 million EBITDA, up 5% YoY, with an EBITDA margin of 77% (down from 80%). Tenant sales hit €409 million and footfall rose to 12.5 million visitors, both up 5%. Net base rents grew 6% to €52 million, driven mainly by inflation indexation. Highlights included Golden Hall’s EBITDA rising 7% to €12.7 million and Designer Outlet Athens posting a 13% revenue increase to €7.3 million. The LAMDA Malls Group’s gross asset value climbed to €1.9 billion.
Flisvos Marina’s EBITDA improved 10% to €9.3 million, while Agios Kosmas Marina posted negative EBITDA due to renovation‑related berth reductions.
The Ellinikon project showed a sharp earnings reversal, with EBITDA turning negative to €‑44.8 million from a €39.6 million gain a year earlier. Revenue from the site was €188 million, offset by €20 million of non‑recoverable VAT. CAPEX for buildings and infrastructure surged 52% YoY to €276 million, taking cumulative investment to €1.3 billion (buildings €943 million, infrastructure €322 million). Full‑year CAPEX guidance remains at roughly €1.6 billion.
Cash proceeds reached €1.8 billion by August, driven by €1.3 billion from residential sales and €0.5 billion from land plot sales and leases. In July, two land plots were sold for €41.5 million, generating about €31 million of pre‑tax profit. The Little Athens residential neighbourhood achieved an 81% absorption rate across 750 units, while Courtyards East added 79 units, leaving roughly 200 units to complete phase 1. Riviera Tower and Cove Residences were reported sold out.
The balance sheet saw borrowings rise to €1.832 billion, up from €1.463 billion, after a €350 million, 7‑year bond was issued in June at a 4.2% coupon. Eighty percent of debt is now fixed or hedged, and the average borrowing cost is 3.9%, with financing costs sensitive to Euribor movements.
Guidance for 2026 remains unchanged: total CAPEX of about €1.6 billion and cash collections of €600 million. Pre‑leasing at the Ellinikon Mall stands at 73% of gross leasable area, while Riviera Galleria has heads of terms for 76% of its space. Group NAV fell to €1.5 billion (€8.81 per share) from €9.06 at year‑end 2025, with Ellinikon’s NAV dropping from €301 million to €170 million.
