Lamda Development S A : Παρουσίαση Οικονομικών Αποτελεσμάτων Εννεαμήνου 2023

9M 2023 RESULTS PRESENTATION

24 November 2023

Disclaimer

This presentation has been prepared by LAMDA Development S.A. (the "Company") for the purposes of the Company's 9M 2023 Results Conference Call/Live Webcast.

The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company, shareholders or any of their respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

This document is not intended to be relied upon as legal, accounting, regulatory, tax or other advice, does not take into consideration the goals, or the legal, accounting, regulatory, tax or financial situation or the needs of a potential investor and do not form the basis for an informed investment decision.

On this basis, the Company does not and will not undertake any liability whatsoever from the information included herein. Furthermore, none of the Company nor any of its respective shareholders, affiliates, directors, advisers, officers, managers, representatives or agents, accepts any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss or damage arising from any use of this document or its contents or otherwise arising in connection with this document and explicitly disclaim any and all liability whatsoever arising from this document and any error contained therein and/or omissions arising from it or from any use of this document or its contents or otherwise in connection with it.

All financials contained herein are based on Company's management accounts.

This presentation does not constitute an offer or invitation to purchase or subscribe for any shares and neither it or any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This presentation does not constitute a recommendation regarding the securities of the Company.

The information included in this presentation may be subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in the presentation and any opinions expressed in relation thereof are subject to change without notices.

This presentation is subject to any future announcements of material information made by the Company in accordance with the law.

The information in this presentation must not be used in any way which would constitute "market abuse".

The document contains several renderings related to The Ellinikon project developments. The completed project may differ significantly from the mock-ups that the Company has currently developed with its partners.

FORWARD LOOKING STATEMENTS

This document contains certain forward-looking statements pertaining to the Company and its Group. All projections are rounded figures, except for historical information. Forward-looking statements are based on current expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. You can identify these forward-looking statements by the use of words such as "outlook," "believe," "think," "expect," "potential," "fair", "continue," "may," "should," "seek," "approximately," "predict," "forecast", "project", "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters, but any such words are not the exclusive means of identifying these statements.

These forward-looking statements are based on the Company's beliefs, assumptions and expectations, but these beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or within its control. These include, among other factors, the uncertainty of the national and global economy; economic conditions generally and the Company's sector specifically; competition from other Companies, changing business or other market conditions, changing political conditions and the prospects for growth anticipated by the Company's management, fluctuations in market conditions affecting the Company's income and the exposure to risks associated with borrowings as a result of the Company's leverage. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein and could cause the actual results of operations, financial condition, liquidity, performance, prospects and opportunities of the Company and its Group to differ materially.

Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. Therefore, there can be no assurance that developments will transpire as forecasted. Past performance is no guarantee of future results.

All forward-looking statements speak only as of the date of the document. The Company does not undertake any obligation to update or revise any forward-lookingstatements to reflect circumstances, the receipt of new information, or events that occur after the date of this document. As such, you should not place undue reliance on forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions and that it has used all reasonable assumptions for the targets, estimates or expectations expressed or reflected in the forward-looking statements included herein, it can give no assurance that such targets, estimates or expectations will be attained.

This document also includes certain non-IFRS and other operating and performance measures, which have not been subject to any financial audit for any period. These non-IFRS measures are in addition to, and not a substitute for, measures of financial performance prepared in accordance with IFRS and may not include all items that are significant to an investor's analysis of the Company's financial results.

Contents

Group Results Highlights	page	4
Group 9M 2023 Financial Information	page	22
Appendix	page	27
Group Income Statement & Balance Sheet	page	28
Detailed Analysis: Investment Assets (Malls & Marinas)	page	31
Detailed Analysis: Development Assets (The Ellinikon)	page	42
Independent Valuation Sensitivity Analysis	page	57
Macroeconomic Fundamentals	page	61

O1

Group Results Highlights

| 4

9M 2023 Performance at a glance

Group Consolidated

	EBITDA	EBITDA	NAV
	€35m	€77m	€1.32bn
	Before Assets	After Assets
	Valuation	Valuation
Investment Assets				Development Assets
Malls, Marinas & Other Assets				The Ellinikon
Malls	Marinas				Ellinikon	Cash
EBITDA	EBITDA				EBITDA	Proceeds1
€62m	€14m				€22m loss	€241m
New Record	+7%				Gross Profit: €42m	€448m
+28%1 vs. 9M 2022	vs. 9M 2022				since project start1
before Assets Valuation

Malls	Other Assets2
NAV	NAV
€0.6bn	€0.1bn
+8% vs. 2022	+6% vs. 2022

1. 9M 2023 includes Designer Outlet Athens €7.8m contribution (acquired in August 2022). Like- for-like growth (excl. Designer Outlet Athens) 15% vs. 9M 2022
2. Land plots, Flisvos Marina, Offices and other assets

Ellinikon	Infrastructure
& Buildings
NAV
CAPEX
€0.7bn
€122m
+5% vs. 2022	€282m
since project start2
before Assets Valuation

1. Cash proceeds from (i) signed contracts/agreements with counterparties (excl. intragroup)

and (ii) pre-agreement deposits. Data from project start until 06.11.2023| 5 2. Data from project start until 06.11.2023

Group Income Statement Highlights 9M 2023

9M EBITDA

Malls	€62m	28%
y-o-y
Ellinikon	€22m	€36m loss
loss	9M 2022
Group	€35m	11x
Before Assets	y-o-y
Valuation
Group	€77m	121%
After Assets	y-o-y
Valuation

• New record on 9M basis even before Designer Outlet's (c€8m) contribution
• Key drivers: net base rents (+14% like-for-like vs. 2022) and strong KPIs growth
• Gross Profit: €42m
• Total cash proceeds from property sales/leases in 9M 2023: €241m
• Malls: +15% y-o-y(like-for-like excluding Designer Outlet Athens)
• Marinas: +7% y-o-y
• Ellinikon Investment Property: €22m fair value gain
• Malls & Other Assets: €20m fair value gain

9M Net Result (after taxes and minorities)

Group	€6m loss
Ellinikon	€15m loss

€55m loss

9M 2022

€60m loss

9M 2022

• Net cash finance costs (-€53m)
• Net non-cash finance costs (-€30m)
• Taxes (+€8m), depreciation (-€8m)
• Non-cashaccounting recognition of Ellinikon obligations for land purchase and Infra Works (-€33m)

| 6

Group Income Statement Snapshot

EBITDA before Assets Valuation & Ellinikon	(in €m)	EBITDA before Assets Valuation

+47%	57,7
		39,1
	9M 2023	9M 2022

+11x	35,3
		2,9
	9M 2023	9M 2022

EBITDA after Assets Valuation	(in €m)	Net Result after taxes and minorities

+121%	76,9
		34,8
	9M 2023	9M 2022

-6,1	Ellinikon
	-15
	Ellinikon
	-60	-55,2
9M 2023		9M 2022
		| 7

Group EBITDA 9M 2023 vs 2022

Before Assets Valuation

(in €m)
						9M 2023		9M 2022
+28%	+7%								+47%		+11x
61,6											57,7
48,1
											39,1		35,3
	13,9	12,9
													2,9
			-0,3-2,5	-0,5-0,5
								-17,1-19,0		-22,4
												-36,2
MALLS	MARINAS	OTHER BUSINESS	NON-RECURRING		OVERHEADS	EBITDA	ELLINIKON	EBITDA
			UNITS								(before valuations		(before valuations)

& Ellinikon)

MALLS 9M 2023	MARINAS 9M 2023
Designer Outlet Athens €7.8m	tariff increases introduced in
(vs. €1.3m in 9M 2022 for c.2	2022, based on the new pricing
months since 06.08.2022)	policy, c15% on average

ELLINIKON 9M 2023

Please refer to slide #43 for the detailed P&L analysis

| 8

Group EBITDA 9M 2023 vs 2022

After Assets Valuation

(in €m)							+121%
			9M 2023		9M 2022
	+11x
							76,9

35,3				34,8
	19,9	21,3	21,8
			10,5
	2,9
EBITDA	VALUATIONS - INVESTMENT ASSETS	VALUATIONS - ELLINIKON	EBITDA
(before valuations)
	VALUATIONS - INVESTMENT ASSETS (Malls & Other Assets)	VALUATIONS - ELLINIKON INVESTMENT PROPERTY
	Key driver:		Key driver:
	• 4 Malls (€21m fair value gain)		• Ellinikon Malls (€24m fair value gain)

| 9

Group Balance Sheet Snapshot

Assets Valuation (Gross Asset Value - GAV)

(in €m)

NAV (Net Asset Value)

3.226

176

1.053

1.997

3.159

175

1.033

1.952

2.842

177

872

1.793

Other

Malls

Ellinikon

7.61

1.321

31

617

672

7.787.73

1.357		1.362
145	217
574	596
638	549

NAV per

share1 (€)

Other

Malls Ellinikon

30.09.2023	31.12.2022	31.12.2021		30.09.2023	31.12.2022	31.12.2021
				1. NAV per share adjusted for own shares: 3.32m shares as of 30.09.2023 vs. 2.38m shares as of 31.12.2022
Group Borrowings (Bank Loans & Bonds)	(in €m)		Group Total Cash

1.183	1.163	Additions:
• Green Bond €230m (July 2022)
		• Acquisition financing €151m
		• Designer Outlet €69m
		721
30.09.2023	31.12.2022	31.12.2021

	694
523	Payment	539
€167m for the
	Ellinikon land
	(2nd instalment)
30.09.2023	31.12.2022	31.12.2021
		| 10