Q2 2026 Lamda Development SA Earnings Call

September 17, 2026

Harris Goritsas: Ladies and gentlemen, thank you for holding. The conference will begin shortly.

Speaker #1: Ladies and gentlemen, thank you for holding. The conference will begin shortly.

Speaker #2: Ladies and gentlemen, thank you for standing by. I am Gelly, your course call operator. Welcome, and thank you for joining the LAMDA DEVELOPMENT conference call and live webcast to present and discuss the first half 2026 financial results.

Operator: Ladies and gentlemen, thank you for standing by. I am Gaily, your conference call operator. Welcome, and thank you for joining the LAMDA Development conference call and live webcast to present and discuss the H1 2026 financial results. All participants will be in listen only mode and the conference is being recorded. The presentation will be followed by a question and answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. Please note that the presentation and slides are in manual format. Each participant can access and view individual slides as they wish. At this time, I would like to turn the conference over to Mr. Apostolos Zafolias, Chief Strategy and IR. Mr. Zafolias, you may now proceed.

Speaker #2: All participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a question-and-answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone.

Speaker #2: Please note that the presentation and slides are in manual format. Each participant can access and view individual slides as they wish. At this time, I would like to turn the conference over to Mr. Apostolos Zafolias, Chief Strategy and IR.

Speaker #2: Mr. Zafolias, you may now proceed.

Speaker #3: Thank you. Good evening, ladies and gentlemen, and thank you for joining us today. As we discuss the financial results for the first half of 2026, the first half reflected strong momentum across our operating assets.

Apostolos Zafolias: Thank you. Good evening, ladies and gentlemen, and thank you for joining us today as we discuss the financial results for the H1 2026. The H1 reflected strong momentum across our operating assets. The retail destinations continued their strong performance, setting new records, while Flisvos Marina recorded growth of 10%. At the same time, construction works at The Ellinikon continue to progress across all fronts, with significant milestones being achieved as the development moves to its delivery phase. Results for The Ellinikon were negatively impacted primarily as a result of timing, including the timing of landlord sales and expenses related to the infrastructure works, whose progress has accelerated. Speaking of milestones, today is the official opening of The Ellinikon Sports Park, marking the delivery of another major project at The Ellinikon to the community and kicking off the project's delivery phase in bringing the development to life.

Speaker #3: The retail destinations continued their strong performance, setting new records, while fleets of our inner city recorded growth of 10%. At the same time, construction works at the Ellinikon continued to progress across all fronts, with significant milestones being achieved as the development moves to its delivery phase.

Speaker #3: Results for the Alincon were negatively impacted primarily as a result of timing, including the timing of landfloat sales, an expenses related to the infrastructure works, whose progress has accelerated.

Speaker #3: Speaking of milestones, today is the official opening of the Alincon Sports Park, marking the delivery of another major project at the Alincon to the community and kicking off the project's delivery phase in bringing the development to life.

Speaker #3: The sports park had already successfully hosted the Super Special Stage of the 2026 Acropolis Rally earlier this year, offering a first glimpse of the role it will play within the wider development.

Apostolos Zafolias: The Sports Park had already successfully hosted the Super Special Stage of the 2026 Acropolis Rally earlier this year, offering a first glimpse of the role it will play within the wider development. Looking ahead, the major developments scheduled to open their doors to the public in 2027 are the Riviera Galleria, one of our two shopping destinations in The Ellinikon, the renovated Agios Kosmas Marina, and at the same time, several residential developments, both along the coastal front and in the Little Athens neighborhood, continue to progress towards delivery, with estimated completion dates starting in Q1 2027 and continuing through the end of the year. The acceleration of construction activity across The Ellinikon is supported by strong cash profits from property sales, which continue to fund the advancement of works across the development.

Speaker #3: Looking ahead, the major developments scheduled to open their doors to the public in 2027 are the Riviera Galleria, one of our two shopping destinations in the Alincon, the renovated Agios Cosmas Marina, and at the same time, several residential developments, both along the coastal front and in the Little Athens neighborhood, continue to progress towards delivery, with estimated completion dates starting in the first quarter of 2027 and continuing through the end of the year.

Speaker #3: The acceleration of construction activity across the Alincon is supported by strong cash proceeds from property sales, which continue to fund the advancement of works across the development.

Speaker #3: As construction progresses simultaneously across residential neighborhoods, infrastructure, sports facilities, the park, and other key components, our focus remains firmly on disciplined execution, the pursuit of continuous improvement in cost efficiencies, and the delivery of which would create long-term value for our shareholders.

Apostolos Zafolias: As construction progresses simultaneously across residential neighborhoods, infrastructure, sports facilities, the park, and other key components, our focus remains firmly on disciplined execution, the pursuit of continuous improvement in cost efficiencies, and the delivery of projects to the highest quality standards, which will create long-term value for our shareholders. Regarding the transaction with ION, discussions continue to progress, with both parties working closely to align the remaining key commercial matters with the shared objective of reaching an agreement that creates value and benefit for both parties. Within the next month, the parties are expected to complete negotiations on the key commercial markets and have a clear view as to the finalization of the transaction. Subject to the successful outcome of these negotiations, we target completion during Q4 of this year. During H1, we also strengthened our capital structure and financial position.

Speaker #3: Regarding the transaction with ION, discussions continue to progress, with both parties working closely together with the shared objective of reaching an agreement that creates value and benefits for both parties.

Speaker #3: Within the next month, the parties are expected to complete negotiations on the key commercial markets and have a clear view as to the finalization of the transaction.

Speaker #3: Subject to the successful outcome of these negotiations, we target completion during the fourth quarter of this year. During the first half, we also strengthened our capital structure and financial position.

Speaker #3: Following the successful $500 million bond issuance in November of last year, we also completed a further $350 million bond issuance in June, which attracted strong investor demand and further demonstrated the market's confidence in LAMDA and the Alincon.

Apostolos Zafolias: Following the successful EUR 500 million bond issuance in November of last year, we also completed a further EUR 350 million bond issuance in June, which attracted strong investor demand and further demonstrated the market's confidence in LAMDA and The Ellinikon. These transactions have extended our net maturity profile while allowing us to maintain a competitive cost of funding during a time of volatility and potentially a higher interest rate environment. With strong liquidity and low leverage, we have a solid financial foundation to support the next phase of the development. Our priority remains the consistent execution of our plans, the pursuit of cost efficiencies, and the delivery of our projects to the highest standards. In the malls segment, getting a little specifically into each of the segments, we continue to deliver record performance during H1 of the year.

Speaker #3: These transactions have extended our debt maturity profile, while allowing us to maintain a competitive cost of funding during a time of volatility, and potentially a higher interest rate environment.

Speaker #3: With strong liquidity and low leverage, we have a solid financial foundation to support the next phase of development. Our priority remains consistent execution of our plans, the pursuit of cost efficiencies, and the delivery of our projects to the highest standards.

Speaker #3: In the malls segments, getting a little specific into each of the segments, we continue to deliver record performance during the first half of the year, profitability improved further on a year-over-year basis, again driven by higher rental income and higher parking revenues, and all of these are supported by very strong KPIs, including increased footfall and a new all-time high in tenant sales.

Apostolos Zafolias: Profitability improved further on a year-over-year basis, again, driven by higher rental income and higher parking revenues, and all of these are supported by very strong KPIs, including increased footfall and a new all-time high in tenant sales. The value of the retail destinations in total has also continued its upward trajectory, generating significant revaluation gains, albeit lower as compared to the prior year period, which had benefited from significant yield compression supported by the then favorable macroeconomic environment. Overall, the results once again demonstrate the strength and resilience of our retail destinations and their ability to generate sustainable earnings and strong recurring cash flows. On the marina front, Flisvos Marina continued its strong growth trajectory, delivering another record performance in H1 of the year.

Speaker #3: The value of the retail destinations in total has also continued its upward trajectory, generating significant revaluation gains, albeit lower as compared to the prior year period, which had benefited from significant yield compression supported by the then favorable macroeconomic environment.

Speaker #3: Overall, the results once again demonstrate the strength and resilience of our retail destinations, and its ability to generate sustainable earnings and strong recurring cash flows.

Speaker #3: On the marina front, Fleets of Marina continued its strong growth trajectory, delivering another record performance in the first half of the year, with profitability growing ahead of revenues. Performance was supported by sustained strong demand, as well as higher revenues from yacht transits and contractual fee uplifts.

Apostolos Zafolias: Profitability growing ahead of revenues, and performance being supported by the sustained strong demand, but also higher revenues from yacht transits and contractual fee uplifts. At the same time, we continue to invest in the next phase of growth with the comprehensive redevelopment of the Agios Kosmas Marina, which is being designed to improve the marina's commercial offering and accommodate larger vessels. Upon completion, together with the adjacent Vlicha Marina, it is expected to become a significant driver of the incremental revenue growth for the group. At The Ellinikon, H1 marked another strong period of execution. Residential revenues continued to grow strongly year on year, reflecting sustained demand and the continued progress of development as construction advanced. Revenues from property sales were lower year on year.

Speaker #3: At the same time, we continue to invest in the next phase of growth, with the comprehensive redevelopment of the Agios Kosmas Marina, which is being designed to improve the marina's commercial offering and accommodate larger vessels.

Speaker #3: Upon completion, together with the adjacent Riviera Galleria, it is expected to become a significant driver of the incremental revenue growth for the group. Now, at the Alincon, during the first half, the first half marked another strong period of execution.

Speaker #3: Residential revenues continued to grow strongly year on year, reflecting sustained demand, and the continued progress of developments as construction advanced. Revenues from property sales were lower year on year.

Speaker #3: That was mainly reflecting, as I mentioned before, the timing of land float transactions, which will be partially reversed with the completion of the sale of two residential landlords in the urban development area AU2, for a total consideration of $41.5 million, corresponding to an average price of about $2,700 per square meter.

Apostolos Zafolias: That was mainly reflecting, as I mentioned before, the timing of land plot transactions, which will be partially reversed with the completion of the sale of two residential land plots in the urban development area, AU2, for a total consideration of €41.5 million, corresponding to an average price of about €2,700 per square meter. We expect to recognize an accounting profit before tax of €31 million in regard to this transaction. Development and construction activity generally across the project continues to accelerate on both the residential and infrastructure works. Commercial momentum remained exceptionally strong. As of the end of August 2026, cumulative cash proceeds from property sales and long-term lease agreements have surpassed €1.8 billion. Momentum continued into August with almost 81% of the 750 units launched in Little Athens sold or reserved.

Speaker #3: We expect to recognize an accounting profit before tax of $31 million in regards to this transaction. And development and construction activity generally across the project continue to accelerate, on both the residential and infrastructure works.

Speaker #3: Commercial momentum remained exceptionally strong. As of the end of August 2026, cumulative cash proceeds from property sales and long-term lease agreements have surpassed $1.8 billion.

Speaker #3: Momentum continued into August, with almost 81% of the 750 units launched in Little Athens sold or reserved. I mentioned that the percentage is slightly lower than last time, as it reflects the inclusion of an additional 79 residential units in July of 2026.

Apostolos Zafolias: I mentioned that the percentage is slightly lower than last time, as it reflects the inclusion of an additional 79 residential units in July 2026. With this, I will hand it over to Chariton Kyriazis, our Group CFO, who will walk you through the key highlights of the financial results in more detail.

Speaker #3: With this, I will hand it over to Haris Goritzas, our group CFO, who will walk you through the key highlights of the financial results in more detail.

Speaker #2: Thank you, Apostolos, and good evening to everyone from my side as well. As standard practice, I will take you through our financial results for the first half of 2026, referring to the selected slides in the presentation that you can find on our website.

Harris Goritsas: Thank you, Apostolos, and good evening to everyone from my side as well. As standard practice, I will take you through our financial results for H1 2026, referring to the selected slides on the presentation that you can find in our website. I will begin with an overview of the group's key highlights, and then I will provide a more detailed review of the performance for our three core business segments, namely malls, marinas, and I will close with The Ellinikon. Starting at group level, total revenues reached €265 million in H1 2026, primarily reflecting the growing contribution from residential developments at The Ellinikon, as well as the continued strong operating performance of our recurring income-generating malls and marina assets.

Speaker #2: I will begin with an overview of the group's key highlights and then I will provide a more detailed review of the performance for our three core business segments, namely malls, marinas, and I will close with the Alincon.

Speaker #2: Starting at group level, total revenues reached $265 million in the first half of 2026, primarily reflecting the growing contribution from residential developments at The Ellinikon, as well as the continued strong operating performance of our recurring income-generating malls and marinas assets.

Speaker #2: The fundamentals behind our revenue growth remain strong, since the 20% drop—or $48 million less in revenues compared to the same period last year—is fully attributed to the timing of Alincon land float sales.

Harris Goritsas: Fundamentals behind our revenue growth remain strong since the 20% drop or €48 million less revenues compared to same period last year is fully attributed to the timing of The Ellinikon land plot sales. We remind that last year we had €104 million worth of plot sales, while this year, only €15 million. Group consolidated EBITDA reached €22 million, also reflecting the impact from the acceleration of construction and infrastructure works as The Ellinikon transitions to its delivery phase. This increased level of investment affects our current results, but is fundamental to advancing the development and delivery the significant pipeline of projects currently under construction. Details of EBITDA and net results breakdown are shown on slides 8 to 10. The value of group's total invested portfolio reached €3.9 billion as of 30 June 2026, driven by all asset categories in our portfolio, reflecting continued valuation.

Speaker #2: We remind that last year we had €104 million worth of plot sales, while this year only €15 million. Group consolidated data reached €22 million, also reflecting the impact from the acceleration of construction and infrastructure works at the Alincon, as it transitions to its delivery phase.

Speaker #2: This increased level of investment affects our current results, but this is fundamental to advancing the development and delivery of the significant pipeline of projects currently under construction.

Speaker #2: Details of EBITDA and net results breakdown are shown on slides 8 to 10. The value of the group's total invested portfolio reached $3.9 billion as of June 30, 2026, driven by all asset categories in our portfolio, reflecting continued value creation.

Speaker #2: Furthermore, total group cash remained at a particularly strong level, exceeding $1 billion as of the end of June 2026. The reported cash position includes the proceeds from the recently successful $350 million bond issuance, while the subsequent early repayment of the group's bonds is not reflected in the half-year results due to the timing of the transaction. Just to remind you, we repaid this bond in July.

Harris Goritsas: Furthermore, total group cash remained at a particularly strong level, exceeding EUR 1 billion as of the end of June 2026. The reported cash position includes the proceeds from the recently successful $750 million bond issuance, while the subsequent early repayment of the group's bonds is not reflected in the H1 results due to the timing of the transaction. Just to remind that we repaid this bond in July. The successful refinancing further optimizes our funding profile, extends our bond maturities, and importantly, reaffirms our strong and convenient access to the capital markets. Also, it is worth pointing out that in the current turbulent macroeconomic environment, our sensible hedging strategy protects us from potential further interest increase, since 75% of our group borrowings, if we adjust for the EUR 320 million early bond repayment in July, as I mentioned, are under hedged or fixed terms.

Speaker #2: The successful refinancing further optimizes our funding profile, extends our bond maturities, and, importantly, reaffirms our strong and continued access to the capital markets. Also, it is worth pointing out that—in the current turbulent macroeconomic environment—our sensible hedging strategy protects us from potential further interest increases, since 75% of our group borrowings, if we adjust for the $320 million early bond repayment in July, as I mentioned, are under hedged or fixed terms.

Speaker #2: Analyzing each of the business segments now, and starting with the Lambda malls, our four operating malls reported EBITDA reaching $46.6 million in the first half of 2026.

Harris Goritsas: Analyzing each of the business segments now and starting with the LAMDA Malls, our four operating malls reported EBITDA reaching EUR 46.6 million in H1 2026. Operating malls EBITDA, adjusted for EUR 3.4 million worth of intragroup recharges, was EUR 50 million or 5% higher year on year. This is the true underlying performance that one should consider. This strong result was primarily driven by a 6% year on year increase in base rents and 9% increase in parking revenues for the same period. Performance was supported by a 5% increase in footfall versus H1 2025, and a new all-time high in tenant sales, which reached EUR 409 million in H1 2026. Revaluation gains for our malls amounted to EUR 83.2 million in H1 2026, compared with EUR 136.9 million in the same period last year.

Speaker #2: Operating malls EBITDA, adjusted for $3.4 million worth of IndraCorp recharges, was $50 million, or 5% higher year-on-year. This is the true underlying performance that one should consider.

Speaker #2: This strong result was primarily driven by a 6% year-on-year increase in base rents and a 9% increase in parking revenues for the same period. Performance was supported by a 5% increase in footfall versus half-round 2025, and a new all-time high in tenant sales, which reached $409 million in half-round 2026.

Speaker #2: Revaluation gains for our malls amounted to 83.2 million in half-round 2026, compared with $136.9 million in the same period last year. The underlying value of our retail destinations continued its upward trajectory, generating significant valuation gains also in 2026.

Harris Goritsas: The underlying value of our retail destinations continued its upward trajectory, generating significant valuation gains also in 2026. However, the valuation gains were lower year on year as H1 2025 had benefited from significant yield compression, supported by the favorable macroeconomic environment at that time. With respect to the commercial leasing progress of our two retail and entertainment destinations currently under development within The Ellinikon, heads of terms have been agreed with tenants representing 73% of the GLA at The Ellinikon Mall and 76% at Riviera Galleria. This strong momentum highlights the solid fundamentals of the Greek retail market and the continued interest from leading international brands in these landmark developments. Concrete works at Riviera Galleria have been completed with electromechanical installations, façade, canopy works, internal partitioning, as well as external works and roof insulation currently under progress. Total completion is expected within the Q1 of 2027.

Speaker #2: However, the valuation gains were lower year on year, as half-round 2025 had benefited from significant yield compression, supported by the favorable macroeconomic environment at that time.

Speaker #2: With respect to the commercial leasing progress of our two retail and entertainment destinations currently under development within the Ellinikon, heads of terms have been agreed with tenants representing 73% of the GLA at the Ellinikon Mall and 76% at Riviera Galleria.

Speaker #2: This strong momentum highlights the solid fundamentals of the Greek retail market and the continued interest from leading international brands in these landmark developments. Concrete works at Riviera Galleria have been completed, with electromechanical installations facade, canopy works, internal partitioning, as well as external works and roof insulation currently under progress.

Speaker #2: Total completion is expected within the first quarter of 2027. At the Alincon Mall, following the award of the structural framework construction contract to Terna, works commenced in Q2 2026, with foundation works currently progressing well.

Harris Goritsas: At The Ellinikon Mall, following the award of the structural framework construction contracts to GEK TERNA, works commenced in Q2 2026, with foundation works currently progressing well. As of 30 June 2026, the total gross asset value of LAMDA Malls Group reached a new record high of EUR 1.9 billion, with the value of the four operating malls surpassing EUR 1.4 billion. For detailed analysis of LAMDA Malls financial results, please refer to slides 14 to 18 of the results presentation. Moving now to our marinas business unit. Flisvos Marina continued its strong growth trajectory, achieving a new record performance in the H1 of 2026. Total revenue for Flisvos Marina reached EUR 13.9 million, while EBITDA grew by 10% year on year to EUR 9.3 million, outpacing revenue growth. Performance was supported by sustained high demand for Flisvos Marina, high revenue from yacht transit, annual contractual fee uplifts, as well as lease expenses.

Speaker #2: As of June 30, 2026, the total gross asset value of Lambda Malls Group reached a new record high of $1.9 billion, with the value of the four operating malls surpassing $1.4 billion.

Speaker #2: For retail analysis of Lambda Malls' financial results, please refer to slides 14 to 18 of the results. Moving now to our marinas business unit, Flisvos Marina continued its strong growth trajectory, achieving a new record performance in the first half of 2026.

Harris Goritsas: Moving now to our marinas business unit. Flisvos Marina continued its strong growth trajectory, achieving a new record performance in the H1 of 2026. Total revenue for Flisvos Marina reached EUR 13.9 million, while EBITDA grew by 10% year on year to EUR 9.3 million, outpacing revenue growth. Performance was supported by sustained high demand for Flisvos Marina, high revenue from yacht transit, annual contractual fee uplifts, as well as lease expenses.

Speaker #2: Total revenue for this marina reached $13.9 million, while EBITDA grew by 10% year-on-year to $9.3 million, outpacing revenue growth. Performance was supported by sustained high demand for Fleetmoss Marina, high revenue from yacht transits, and annual contract fee uplifts, as well as lease expenses.

Speaker #2: While Fleetmoss Marina continues to deliver strong operating performance, the group is investing in the next phase of growth through the comprehensive redevelopment of Agios Kosmas Marina. Available berths have now been reduced to approximately one-third for this marina, reflecting the temporary removal of vessels to allow for the renovation works and the reconfiguration of Agios Kosmas Marina to accommodate larger vessels.

Harris Goritsas: While Flisvos Marina continues to deliver strong operating performance, the group is investing in the next phase of growth through the comprehensive redevelopment of Agios Kosmas Marina. Available berths have now been reduced to approximately one-third for this marina, reflecting the temporary removal of vessels to allow for the renovation works and the reconfiguration of Agios Kosmas Marina to accommodate larger vessels. We expect renovation works to finish by Q2 2027. Details on Marina performance are available on slide 19. Let me now turn to The Ellinikon project and highlight some of its key achievements during the period. Commercial demand for the Little Athens neighborhood remains strong. As of the end of August 2026, 610 out of the 750 units launched have been sold or reserved, representing an absorption rate of 81%, that Apostolos also mentioned.

Speaker #2: We expect renovation works to finish by Q2 2027. Details on marina performance are available on slide 19. Let me now turn to the landmark Alincon project and highlight some of its key achievements during the period.

Speaker #2: Commercial demand for the Little Athens neighborhood remains strong. As of the end of August 2026, 610 out of the 750 units launched have been sold or reserved, representing an absorption rate of 81% that also also was mentioned.

Speaker #2: Revenue from residences and developments in H1 2026 reached $164 million, a 30% increase versus H1 2025, showcasing the sustained strength of residential sales and the growing contribution of these residential developments in our results.

Harris Goritsas: Revenue from residential developments in H1 2026 reached EUR 164 million or a 30% increase versus H1 2025, showcasing the sustained strength of residential sales and the growing contribution of these residential developments in our results. In addition, during the first half of 2026, we recognized a further EUR 15 million worth of revenue from property sales, mainly office spaces, compared with EUR 104 million in H1 2025, with a year-on-year decrease reflecting the timing of land plot sales that I mentioned at the opening of my speech. As a result, cumulative cash proceeds from residential sales and long-term lease agreements have exceeded the EUR 1.8 billion milestone from the launch of The Ellinikon back in mid-2021 and until the end of 2026. Details on The Ellinikon cash collections are available on slide 21.

Speaker #2: In addition, during the first half of 2026, we recognized a further $15 million worth of revenue from property sales, mainly office spaces, compared with $104 million in the first half of 2025, with a year-on-year decrease reflecting the timing of land plot sales that I mentioned at the opening of my speech.

Speaker #2: As a result, cumulative cash proceeds from residential sales and long-term lease agreements have exceeded the $1.8 billion milestone, from the last of from the launch of Alincon back in mid-2021, and until the end of 2026.

Speaker #2: Details on Alincon cash collections are available on slide 21. Construction progress has accelerated, registering an increase of $276 million during half-round 2026, a 52% higher versus same period last year, bringing the total capex for buildings and infrastructure works from the start of the project and until June 2026 to $1.3 billion.

Harris Goritsas: Construction progress has accelerated, registering an increase of EUR 276 million during H1 2026, 52% higher versus same period last year, bringing the total CapEx for buildings and infrastructure works from the start of the project and until June 2026 to EUR 1.3 billion. Finally, total CapEx deployment remains on track. Based on our current construction schedule, we remain confident in achieving our full year 2026 CapEx target of approximately EUR 1.6 billion. Further details on the CapEx absorption are shown on slides 23 and 26. With that, we conclude the key highlights of our H1 2026 financial results, and we will be happy to answer any of your questions.

Speaker #2: Finally, total CAPEX deployment remains on track. Based on our current construction schedule, we remain confident in achieving our full-year 2026 CAPEX target of approximately $1.6 billion.

Speaker #2: First details on the capex absorption are shown on slides 23 and 26. And with that, we conclude the key highlights of our first half 2026 financial results.

Speaker #2: And we'll be happy to answer any of your questions.

Speaker #1: Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask a question may press star, followed by one, on their telephone.

Operator: Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by 1 on their telephone. If you wish to remove yourself from the question queue, then you may press star and 2. Please use your handset when asking your question for better quality. Anyone who has a question may press star and 1 at this time. One moment for the first question, please. The first question is from the line of Natalia Svyridova with Eurobank Equities. Please go ahead.

Speaker #1: If you wish to remove yourself from the question queue, then you may press star and two. Please use your handset when asking your question for better quality.

Speaker #1: Anyone who has a question may press star one at this time. One moment for the first question, please. The first question is from the line of Natalia Zveriani with Eurobank Equities.

Speaker #1: Please go ahead.

Speaker #3: Hi, yes, good afternoon. Thank you for taking my questions. Sorry, I was wondering—you said you're confident on your capex, that was the last thing you just mentioned for the full year.

Natalia Svyridova: Yes, good afternoon. Thank you for taking my questions.

Natalia Svyriadi: Yes, good afternoon. Thank you for taking my questions.

Harris Goritsas: Hi.

Apostolos Zafolias: Hi.

Natalia Svyridova: Hi. I was wondering, you said you are confident on your CapEx, that was the last thing you just mentioned for the full year. What about your cash target? The EUR 2 billion we are anticipating in cash collection by year-end. We are already at EUR 1.8, so is this something feasible to expect by year-end with the residential sales? Do you have any other land plots considering to sell? That is one question. I was wondering also if you could give us some rollout plan for 2027 on other units. Remind us what we are expecting or actually update us on what we are expecting in The Ellinikon in 2027. I see some projects are noted in the presentation post-2028 completion, just a few of them. What we are expecting in 2027, I think is important to know. Thank you.

Natalia Svyriadi: Hi. I was wondering, you said you are confident on your CapEx, that was the last thing you just mentioned for the full year. What about your cash target? The EUR 2 billion we are anticipating in cash collection by year-end. We are already at EUR 1.8, so is this something feasible to expect by year-end with the residential sales? Do you have any other land plots considering to sell? That is one question. I was wondering also if you could give us some rollout plan for 2027 on other units. Remind us what we are expecting or actually update us on what we are expecting in The Ellinikon in 2027. I see some projects are noted in the presentation post-2028 completion, just a few of them. What we are expecting in 2027, I think is important to know. Thank you.

Speaker #3: What about your cash target? The two billion we are anticipated in cash collection by year-end. We're already at $1.8, so is this something feasible to expect by year-end?

Speaker #3: With the residential sales, do you have any other land plots you're considering to sell? That is one question. And I was wondering also if you could give us some rollout plans for 2027 on other units.

Speaker #3: Could you remind us what we are expecting, or actually update us on what we are expecting, in Alincon in 2027? I see some projects are noted in the presentation for post-2028 completion—just a few of them.

Speaker #3: But what we are expecting in 2027, I think, is important to know. Thank you.

Speaker #2: Sure. Let me start with—I think your first question was in regard to CapEx.

Harris Goritsas: Sure. Let me start with, I think your first question was in regards to CapEx, which I-

Apostolos Zafolias: Sure. Let me start with, I think your first question was in regards to CapEx, which I-

Natalia Svyridova: CapEx and cash collection. Yes.

Natalia Svyriadi: CapEx and cash collection. Yes.

Speaker #3: Capex and cash collection. Yes.

Speaker #2: Sorry, yeah. Capex and cash collection. Look, on both of them, we feel confident that we're going to hit our targets through the end of the year.

Harris Goritsas: Sorry, yeah. CapEx and cash collection. Look, on both of them, we feel confident that we are going to hit our targets through the end of the year. On cash collections specifically, I think we have done 200. Sorry. In cash collections, I think we have done EUR 350 million year to date, and we expect about EUR 600 million for the full year. As I mentioned on the call in regards to land plot sales, we have already signed and announced two additional land plot sales for the total value of EUR 41.5 million. The recognition of that will be towards the end of the year, beginning of next. Sorry, your second question, I think related to units launched to date, and an update of what is coming next.

Apostolos Zafolias: Sorry, yeah. CapEx and cash collection. Look, on both of them, we feel confident that we are going to hit our targets through the end of the year. On cash collections specifically, I think we have done 200. Sorry. In cash collections, I think we have done EUR 350 million year to date, and we expect about EUR 600 million for the full year. As I mentioned on the call in regards to land plot sales, we have already signed and announced two additional land plot sales for the total value of EUR 41.5 million. The recognition of that will be towards the end of the year, beginning of next. Sorry, your second question, I think related to units launched to date, and an update of what is coming next.

Speaker #2: On cash collections specifically, I think we've done $200—sorry, on cash collections, I think we've done $350 million year to date, and we expect about $600 million for the full year.

Speaker #2: As I mentioned on the call, in regards to land plot sales, we've already signed and announced one additional well, and two additional land plot sales for a total value of €41.5 million.

Speaker #2: And the recognition of that will be towards the end of the year, beginning of next. Sorry, your second question, I think, related to units launched to date.

Speaker #2: And an update on what's coming next.

Natalia Svyridova: Exactly.

Natalia Svyriadi: Exactly.

Speaker #3: Exactly.

Speaker #2: So, we've launched a total of 1,065 units to date. That includes the 315 units of Coastal Front and the 710 units of Little Athens.

Harris Goritsas: We have launched a total of 1,065 units to date. That includes the 315 units of Cove Residences and the 710 units of Little Athens. The expectation going forward is the launch of an additional circa 50 units, fairly close by. Then the balance is about 200 units that basically come to round out phase 1, if you wish. That should get you to about 1,300 units. I forgot the last question.

Apostolos Zafolias: We have launched a total of 1,065 units to date. That includes the 315 units of Cove Residences and the 710 units of Little Athens. The expectation going forward is the launch of an additional circa 50 units, fairly close by. Then the balance is about 200 units that basically come to round out phase 1, if you wish. That should get you to about 1,300 units. I forgot the last question.

Speaker #2: The expectation going forward is the launch of an additional approximately 50 units fairly close by. And then the balance is about 200 units that basically come to round out phase one, if you wish.

Speaker #2: That should get you to about 1,300 units. I forgot the last question.

Speaker #3: Well, what else are we expecting rollouts in 2027, actually, in Alincon? The sports part is opening now. The Riviera Galleria will be delivered in 2027, correct?

Natalia Svyridova: Well, what else are we expecting rollouts in 2027, actually, in The Ellinikon? The sports park is opening now. The Riviera Galleria will be delivered in 2027, correct?

Natalia Svyriadi: Well, what else are we expecting rollouts in 2027, actually, in The Ellinikon? The sports park is opening now. The Riviera Galleria will be delivered in 2027, correct?

Speaker #2: Yeah, so I think, yes, that's right. The sports faculty opening now, Riviera Galleria, and the marina are scheduled to sort of be at about the same time and, call it construction completion, probably Q1 or Q2 of 2027.

Apostolos Zafolias: Yeah. I think, yes, that is right. The sports park opening now, Riviera Galleria, and the marina are scheduled to be at about the same time, and call it construction completion, probably Q1, Q2 2027. Then opening for the Riviera Galleria is going to be H2 2027. Actually, at the same time, you are going to have construction completion for a number of the residential developments starting in the beginning of 2027 and going through the year. So I think that deliveries are going to start rolling through H2 2027 onwards, with a number of the Little Athens projects as well.

Speaker #2: And then, opening for the Riviera Galleria is going to be in the second half of 2027. Thereafter—well, actually, at the same time—you’re going to have construction completion for a number of the residential developments, starting in the beginning of 2027.

Speaker #2: And going through the year, I think that deliveries are going to start rolling through the second half of 2027 onwards, with a number of the Little Athens projects as well.

Natalia Svyridova: Okay, great. This gives us a view on The Ellinikon. Can I have one more question? I wanted to, if you have a broader view, actually. What would you say the key risks you are facing at this moment in the current setting, geopolitics and financing and everything, taking into consideration? What do you feel that is more challenging at this time?

Natalia Svyriadi: Okay, great. This gives us a view on The Ellinikon. Can I have one more question? I wanted to, if you have a broader view, actually. What would you say the key risks you are facing at this moment in the current setting, geopolitics and financing and everything, taking into consideration? What do you feel that is more challenging at this time?

Speaker #3: Okay. Great. This gives us a view on Alincon. Can I have one more question? I was— I wanted to know if you have a broader view, actually.

Speaker #3: What would you say are the key risks you're facing at this moment, considering the current setting, geopolitics, financing, and everything else? What do you feel is most challenging at this time?

Speaker #2: Well, look, I think that obviously we are in a very turbulent should I say, volatile macroeconomic environment. It's a little bit hard to predict those things.

Apostolos Zafolias: Well, look, I think that, obviously, we are in a very turbulent, should I say, volatile macroeconomic environment, so it is a little bit hard to predict those things. On the cost side, I would say that the biggest risk is what could the side effects be of higher energy prices, which are a portion of the construction cost. On the positive side, I would say that, the labor issue, which was a very big issue last year, has gotten a bit better. So that may offset some of any potential additional costs from energy. Look, then more macro level, I think that interest rates obviously play a big factor in valuations and/or on costs. Thankfully, as Haris mentioned during the call, we did two big bonds in end of 2025 and into 2026, raising EUR 850 million at 4%, so a very favorable rate, fixed.

Speaker #2: On the cost side, I would say that the biggest risk is: what could the side effects be of higher energy prices, which are a portion of the construction cost.

Speaker #2: On the positive side, I would say that the labor issue, which was a very big issue last year, has gotten a bit better. So, that may offset some of any potential additional costs from energy.

Speaker #2: And look, then more macro level, I think that interest rates obviously play a big factor in valuations and/or on costs. Thankfully, as Harris mentioned during the call, we did two big bonds at the end of 2025 and into 2026, raising €850 million.

Speaker #2: At 4%. So a very favorable rate. Fixed. And generally speaking, about 80% of our debt outstanding is either fixed or hedged with interest rate swaps or caps.

Apostolos Zafolias: Generally speaking, about 80% of our debt outstanding is either fixed or hedged with interest rate swaps or caps. So provides quite a bit of protection on that front.

Speaker #2: So, it provides quite a bit of protection on that front.

Speaker #3: Okay, great. Yes, I think that answers my question. And 8% hedging is good at this period, so thank you very much. I'll let anybody else ask a question, maybe.

Natalia Svyridova: Okay, great. Yes. I think that answers my question. 80% hedging is good at this period. So, thank you very much. I will let anybody else make a question, maybe.

Natalia Svyriadi: Okay, great. Yes. I think that answers my question. 80% hedging is good at this period. So, thank you very much. I will let anybody else make a question, maybe.

Speaker #2: Thank you, Natalia.

Apostolos Zafolias: Thank you, Natalia.

Speaker #1: The next question is from the line of Jakub Kietamal with Wood & Co. Please go ahead.

Operator: The next question is from the line of Jakub Caithaml with Wood & Company. Please go ahead.

Jakub Caithaml: Hi, this is Jakub from Wood. Thanks for the presentation. Good afternoon, everyone. I wanted to ask two questions. One, on the ION land sale. If I understood correctly, we should have better visibility whether the deal is there or not, within the next month. If there is no deal, are there any financial repercussions? Is there any fee attached to that LAMDA may receive? My second question, on the margins in The Ellinikon. In Q2, the absence of land sales allows to have a closer look on the gross profit margins generated by the projects which are currently in progress. On Little Athens and Cove Residences, could you remind us, where are we in terms of percentage of completion?

Speaker #4: Hi, this is Jakub from Wood. Thanks for the presentation. Good afternoon, everyone. I wanted to ask two questions. First, on the ION land sale, if I understood correctly, we should have better visibility on whether the deal is there or not within the next month.

Speaker #4: If there is no deal, are there any financial repercussions? Is there any fee attached that Lamda may receive? My second question is on the margins.

Speaker #4: In Alincon, in the second quarter, the absence of land sales allows to have a closer look on the gross profit margins generated by the projects which are currently in progress.

Speaker #4: On Little Athens and Cofresidences, could you remind us where we are in terms of percentage of completion? And so far, based on the sales which have been done and based on the way the budgets are shaping up, what kind of all-in gross profit margin, including the land and the associated infra, do you expect these two projects could generate?

Jakub Caithaml: So far, based on the sales which have been done and based on the way the budgets are shaping up, what kind of all-in gross profit margin, including the land, including the associated infra, do you expect these two projects could generate? Thank you.

Speaker #4: Thank you.

Speaker #2: Sure. Let me start with a question about the ION transaction. Basically, as I said, yes, we are still negotiating key commercial issues.

Apostolos Zafolias: Sure. Let me start with the question about the ION transaction. Look, basically, as I said, we are still negotiating through key commercial issues, and we are going to have, you said it right, a view as to finalization of the transaction within the next month or so. I think you asked about a fee. There hasn't been any fees paid, so there is no direct financial fee that needs to be returned or anything like that, if that was your question. In regards to the margin, I guess, Harris could maybe take that.

Speaker #2: And we are going to have, you said it right, a view as to the finalization of the transaction within the next month or so. I think you asked about a fee.

Speaker #2: There haven't been any fees paid, so there is no direct financial fee that needs to be returned or anything like that—if that was your question.

Speaker #2: In regards to the margin, I guess, Harry could maybe take that up.

Harris Goritsas: This is Harris. Let me take the margin. I think in H1 results, a good enough proxy of what The Ellinikon delivers without the land plot sales, as you rightly said so. If one can see a little bit the margins, it's not something that we're really strong about that. Why is that? One should dig a little more into the detail of that and understand a bit the contribution of the rest products currently in the results. What I can say is that Riviera Tower, which I've spoken in the past that its margins are not where it should be, has quite a big contribution on H1 results. Percent of completion, it's around 70% completed, the Riviera Tower. So the big part of this negative impact is behind us, but it drags a little bit the margins down for the moment.

Speaker #5: This is Harris. Let me take the margin. I mean, if I think a half-month result is a good proxy of what Alincon delivers without the Lambda sales, as you rightfully said so.

Speaker #5: And if one can see a little bit, the margins are not something that we feel strong about. Why is that? One should dig a little bit more into the detail of that and understand a little bit the contribution of the rest of the products currently in the results.

Speaker #5: And what I can say is that Riviera Tower, which I've spoke in the past that each margin are not where it should be, has quite a big contribution on half-month results.

Speaker #5: It is a percent of completion. It's around 70% completed—the Riviera Tower. So, the big part of this negative impact is behind us, but it drags the margins down a little bit for the moment.

Speaker #5: What one should expect once the Riviera Tower is out of the scene is, pretty much, we can confirm pretty much what we have said in the past: around 30% before land and infra as a margin for the current Little Athens residences that are developing well.

Harris Goritsas: What one should expect once the Riviera Tower is out of the scene is pretty much, we can confirm pretty much what we have said in the past, around 30% before land and infra, as in margin for the current little Athens residences that are developing well. Of course, we have the new residentials, which based on our own business plan currently, the margins are even more stronger than this 30%. But again, this is to be proven in the future. So all in all, Jakub, to say is, yes, we acknowledge that margins for our residentials for The Ellinikon is not where it should be. We explain the reasons, and we believe that, in the future, this will be significantly improved.

Speaker #5: And of course, we have the new residentials, which, based on the business plan currently, the margins are even stronger than this 30%. But again, this is to be proven in the future.

Speaker #5: So all in all, Jakub, to say yes, we acknowledge that margins for our residentials for Alincon is not where it should be. We explain the reasons.

Speaker #5: And we believe that, in the future, this will be significantly improved.

Speaker #4: Thank you. Thank you. A follow-up, if I may, on the ION, what I meant rather is if ION decides to walk away, will it need to pay some sort of penalty?

Jakub Caithaml: Thank you. A follow-up, if I may, on the ION. What I meant rather is, if ION decides to walk away, will it need to pay some sort of penalty to LAMDA?

Harris Goritsas: No, no, Jakub. No, no. Currently, if we do not have a deal, as Apostolos mentioned, in the next month, there is not any financial implication from that.

Speaker #5: No, no. We don't know, currently, if we don't have a deal, as a possible mention in the next month, there's no financial implication from that.

Speaker #4: Understood, understood. Thanks very much. And second, on the margins question—so, I think that the Riviera Tower is something which has been, of course, well publicized.

Jakub Caithaml: Understood. Thanks very much. Second on the margins question. I think that the Riviera Tower is something which has been, of course, well publicized, so this is why I was rather asking about the Little Athens and the Cove Residences and the following project. So, those would be running on a positive margin, which would be around, let us say, 30% before the land and infra costs currently?

Speaker #4: So this is why I was rather asking about Little Athens and the co-residences and the following projects. So those would be running on a positive margin, which would be around, let's say, 30% before the land and infrastructure costs currently.

Harris Goritsas: Correct. This is what we said. Yes.

Speaker #5: Correct. This is what we said. Yes.

Jakub Caithaml: Understood. Thank you very much.

Speaker #4: Understood. Thank you very much.

Speaker #1: Once again, to register for a question, please press star and one on your telephone. As a final reminder, to register for a question, please press star and one on your telephone.

Operator: Once again, to register for a question, please press star and 1 on your telephone. As a final reminder, to register for a question, please press star and 1 on your telephone. The next question is from the line of Martyn King with Edison. Please go ahead.

Speaker #1: The next question is from the line of Martin King with Edison. Please go ahead.

Speaker #4: Thank you. Good afternoon. Can I just pick up on a couple of those earlier questions? Just whether they're linked at all. So one is, on construction costs, presumably you're seeing some upward pressure in current market conditions.

Martyn King: Thank you. Good afternoon. Can I just pick up on a couple of those earlier questions, and whether they are linked at all? One is, on construction costs, presumably you are seeing some upward pressure in current market conditions. Well, question mark, but I guess you might be. Secondly, on the margin question, there is quite a move Q1, Q2. I am just wondering if there is an impact there. For example, if there was a little bit of a pickup in the cost on the Riviera Tower, say, closer to construction, there would be a bit of a one-off impact in the quarter. Is there any of that going on there?

Speaker #4: Well, question mark, but I guess you might be. And secondly, on the margin question, there's quite a move first quarter, second quarter. And I'm just wondering if there's an impact there.

Speaker #4: So, for example, if there was a little bit of a pickup in the costs on the Riviera Tower, say, closer to construction, there would be a bit of a one-off impact in the quarter.

Speaker #4: Is there any of that going on there?

Speaker #5: Yes, Martin, let me start with the last question. Indeed, as we said, Riviera Tower does not have the appropriate margins. And as it accelerates to completion, it will have a short-term impact on the results of Alincon.

Harris Goritsas: Yes, Martin, let me start from the last question. Indeed, as we said, Riviera Tower does not have the appropriate margins, and as it accelerates to come to an end, it will have a short period impact in the results of The Ellinikon, and thus on the group. This is the correct assumption. Now, on the construction costs, there are two accelerations which hit, and we project that this will continue. The first one is the buildings, as we said, so the CapEx of the buildings. We do not see any cost increases currently versus the Q1 to Q2. So we do not see any of this geopolitical unrest currently at the price that we pay for the buildings.

Speaker #5: And that's on the group. This is a correct assumption. Now, on the construction costs, there are two accelerations which hit, and we project that this will continue.

Speaker #5: The first one is the buildings, as we said. So the CAPEX of the buildings we don't see any significant no, we don't see any cost increases currently versus the Q1 to Q2.

Speaker #5: So we don't see any of these geopolitical unrest currently at prices that we pay for the buildings. But important is to a little bit amplify the fact that we are very much accelerating the infrastructure works, which, again, is a big CAPEX hit that also hits a little bit also the P&L.

Harris Goritsas: Important is to a little bit amplify the fact that we are very much accelerating the infrastructure works, which again is a big CapEx hit, that also hits a little bit also the P&L, and I will explain why. The infrastructure works have increased 52% in terms of absolute numbers now, versus prior year, same period. So, you understand the acceleration, and as we shift to delivery phase, infrastructure work will accelerate to make sure that the new owners will have the correct infrastructure to operate their houses. Then also there is the VAT portion, since infrastructure VAT, based on IFRS rules, is expensed, not capitalized. Once we accelerate infra, we have to register this VAT infra into our P&L, into our EBITDA. This also, it impacts the results.

Speaker #5: And I will explain why. The infrastructure works have increased by 52% in terms of absolute numbers now, versus prior. You understand the acceleration. As we shift to the delivery phase, infrastructure work will accelerate to make sure that the new owners will have the correct infrastructure to operate their houses.

Speaker #5: And then also, there is the VAT portion. Since infrastructure VAT based on IFRS rules is expensed, not capitalized, once we accelerate infra, we have to register this VAT infra into our P&L, into our EBITDA.

Speaker #5: This also impacts the results. Sorry, in a lot of detail, to tell you that due to infrastructure works and due to acceleration of construction for the Riviera Tower, that does not have a meaningful margin, you see this hit into the Q2 results—and have one, of course.

Harris Goritsas: Sorry, a lot of details to tell you that due to infrastructure works and due to acceleration of construction for the Riviera tower that does not have a meaningful margin, you see this hitting into the Q2 results in H1, of course.

Speaker #4: Yeah. Thanks very much. Just finally, on the Riviera Tower effect. So whatever margin is there in the latest half, that I mean, that is the margin you'd expect to delivery.

Martyn King: Yeah. Thanks very much. Just finally, on the Riviera tower effect. Whatever margin is there in the latest half, that is the margin you would expect to delivery. It is not. So that is the margin, and then the higher margin developments come through and improve the overall result. It is not that the Riviera tower margin will change between now and delivery. It will not change from what you just-

Speaker #4: It's not. So that's the margin, and then the higher-margin developments come through and improve the overall result. It's not that the Riviera Tower margin will change between now and delivery.

Speaker #4: It won't change from what you just said.

Speaker #5: We can only confirm that to be very honest with you. Why? Because if an unforeseen macroeconomic negative event happens, and costs go very high up, Riviera Tower has a project to go that will be impacted as well.

Harris Goritsas: We cannot confirm that, to be very honest with you. Why? Because if an unforeseen macroeconomic negative event happens, and costs go very high up, Riviera tower has a project to go that will be impacted as well. We do not consider this as a big impact. Why? Because, as I said, 70% of the cost is already done. So whatever happens will not affect so significantly Riviera tower per se. But we cannot say no to this assumption that you just put in.

Speaker #5: We don't consider this as a big impact. Why? Because as I said, 70% of the cost is already done. So whatever happens will not affect so significant the Riviera Tower per se.

Speaker #5: But we cannot say no to this assumption that you just put into.

Martyn King: Yeah. No, that is understood. I was thinking in accounting terms, with everything else as expected, there is no accounting reason for why the reported margin would change.

Speaker #4: Yeah. Yeah. No, that's understood. I was thinking in accounting terms, with everything else, as expected, there's no accounting reason for why the reported margin would change.

Harris Goritsas: No.

Martyn King: Okay. Thanks.

Speaker #5: This is a fair assumption, Martin. This is a fair assumption.

Harris Goritsas: This is an assumption, Martin. This is an assumption.

Speaker #3: Actually, Martin, I'm going to flip that your question just a little bit in the sense that part of the way that the accounting works is it's based on the percent of completion of the construction.

Apostolos Zafolias: Actually, Martin, I am going to flip your question just a little bit in the sense that part of the way that the accounting works is it is based on the percent of completion of the construction, but it is also based on the percent of completion of sales. In the case of the Riviera Tower, the percent of completion of sales is known. It is 100%, basically. But in the case of the new developments that are coming behind it in Little Athens and thereafter, those numbers are not at 100%, which means that we are not recognizing the full revenue and therefore the full profitability of those projects yet. So that is not showing up in the P&L. And that will be a positive impact going forward.

Speaker #3: But it's also based on the percent of completion of sales. In the case of the Riviera Tower, the percent of completion of sales is known.

Speaker #3: It's 100, basically. But in the case of the new development that are coming behind it in little Athens and thereafter, those numbers are not at 100, which means that we're not recognizing the full revenue and therefore the full profitability of those projects yet.

Speaker #3: So that's not showing up in the P&L, and that would be a positive impact going forward.

Speaker #4: Thank you.

Martyn King: Thank you.

Speaker #1: As a final reminder, to register for a question, please press star one on your telephone. This does conclude the Q&A session. We have a follow-up question from Martin King with Edison.

Operator: As a final reminder, to register for a question, please press star and one on your telephone. This does conclude the Q&A session. We have a follow-up question from Martyn King with Edison. Please go ahead.

Speaker #1: Please go ahead.

Speaker #4: Sorry, me. I want to ask again about the margin. It was just on the sports part. I mean, it's obviously a very good thing for the area and the people around.

Martyn King: Sorry, Mia. I will not ask again about the margin. It was just on the sports park. It is obviously a very good thing for the area and the people around. Could you just say something about the nature of the revenues that over time might come off that?

Speaker #4: Could you just say something about the nature of the revenues over time, might come off that?

Speaker #5: Yes, Martin. Just to mention that what we inaugurated today is phase one of the sports park. So it's not the total sports park. That's a very significant part.

Harris Goritsas: Yes, Martin. Just to mention that what we are inaugurating today is phase one of the sports park, so it is not the total sports park. That is a very significant part, and we are very proud of having the inauguration today. So apart from the social, let us say, aspect of this sports park, so there will be open areas that people can enjoy The Ellinikon and the park, and do quite sort of athletic activities in there. There is indeed a business plan that generates revenue out of the usage of its facilities, football, basketball.

Speaker #5: And we are very proud of having the inauguration today. So apart from the social, let's say, aspect of this sports park, there will be open areas that people can enjoy, walk in the park, and do quite a lot of athletic activities there.

Speaker #5: There is indeed a business plan that generates revenue out of the usage of its facilities. Football, basketball, aquatic track and field, throwing, there's some dorms.

Apostolos Zafolias: Aquatics

Harris Goritsas: Aquatics, track and field, throwing. There are some dorms. Further down the line, there is going to be tennis. So all of these things are going to be contributing with either an operator agreement on lease or direct sort of running. I would say the majority would be lease payments from operator agreements and/or JVs.

Speaker #5: Further down the line, there's going to be tennis, so all of these things are going to be contributing, with either an operator agreement on lease or direct sort of running.

Speaker #5: I'd say the majority would be lease payments from operator agreements and/or JVs. Correct. And all these, Martin, of course, are not, as you can understand, enough results yet.

Apostolos Zafolias: Correct.

Harris Goritsas: Right. All these, Martin, of course, are not, as you can understand, in our results yet. It is a revenue stream that we expect to contribute, among other revenue streams from The Ellinikon, to future results positively.

Speaker #5: So, it's a revenue stream that we expect to contribute, among other revenue streams from Alincon, to future results—positively.

Speaker #4: Okay. Thank you.

Martyn King: Okay. Thank you.

Speaker #1: Also, we have no more questions. This does conclude the Q&A session. Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone.

Operator: As we have no more questions, this does conclude the Q&A session. Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for calling, and have a good afternoon.

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Q2 2026 Lamda Development SA Earnings Call

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