Lamda Development SA Stock

Ladies and gentlemen, thank you for standing by. I am Gaily, your Chorus 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 Instructions] The conference is being recorded. [Operator Instructions]

Please note that the presentation slides are manual. 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.

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. 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. 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 2 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 the first quarter of 2027 and continuing through the end of the year.

The acceleration of construction activity across the Ellinikon is supported by strong cash proceeds from property sales, which continue to fund the advancement of works across the development. 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 benefits 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 the fourth quarter of this year.

During the first half, we also strengthened our capital structure and financial position. 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 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. 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 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.

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 its ability -- the 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 the first half of the year, 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 Marinas commercial offering and accommodate larger vessels. 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 Ellinikon, during the first half -- the first half 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. 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 2 residential land plots in the Urban Development Area A-U2 for a total consideration of EUR 41.5 million, corresponding to an average price of about EUR 2,700 per square meter.

We expect to recognize an accounting profit before tax of EUR 31 million in regards to this transaction. And development and construction activity generally across the project continued to accelerate on both the residential and infrastructure works. Commercial momentum remained exceptionally strong. As of the end of the August of 2026, cumulative cash proceeds from property sales and long-term lease agreements have surpassed EUR 1.8 billion. 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 80, 79 residential units in July of 2026.

With this, I will hand it over to Ch. Goritsas, our Group CFO, who will walk you through the key highlights of the financial results in more detail.

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 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 3 core business segments, namely Malls, Marina and I will close Ellinikon.

Starting at group level, total revenues reached EUR 265 million in the first half of 2026, primarily reflecting the growing contribution from residential development at the Ellinikon as well as the continued strong operating performance of our recurring income-generating Malls and Marinas assets. Fundamentals behind our revenue growth remains strong since the 20% drop or EUR 48 million less revenues compared to same period last year is fully attributed to the timing of Ellinikon land plot sales. We remind that last year, we had EUR 104 million worth of plot sales, while this year only EUR 15 million.

Group consolidated EBITDA reached EUR 22 million, also reflecting the impact from the acceleration of construction and infrastructure works as the Ellinikon transitions from -- 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 investment portfolio reached EUR 3.9 billion as of 30th of June 2026, driven by all asset categories in our portfolio, reflecting continued value creation. 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 EUR 350 million bond issuance, while the subsequent early repayment of the group's bond is not reflected in the half 1 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.

Analyzing each of the business segments now and starting with the LAMDA Malls, our 4 operating Malls reported EBITDA reaching EUR 46.6 million in half 1 2026. Operating 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 half 1 2025 and a new all-time high in tenant sales, which reached EUR 409 million in half 1 2026.

Revaluation gains for our Malls amounted to EUR 83.2 million in half 1 2026 compared with EUR 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. However, the valuation gains were lower year-on-year as half 1 2025 has benefited from significant yield compression, supported by the favorable macroeconomic environment at that time. With respect to the commercial leasing progress of our 2 retail and entertainment destinations currently under development within the Ellinikon, change of terms have been agreed with tenants representing 73% of the GLA at the Ellinikon Mall and 76% at the 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, facade, canopy works, internal partitioning as well as external works and roof installation currently under progress. Total completion is expected within the first quarter of 2027.

At the Ellinikon Mall, following the award of the structural framework construction contract to TERNA, works commenced in Q2 2026 with foundation works currently progressing well. As of June 30, 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 4 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 first half 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, higher revenue from transits and annual contractual fee uplifts as well as lease expenses.

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 beds have now been reduced to approximately 1/3 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 landmark Ellinikon 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 also Apostolos mentioned. Revenue from residential development in half 1 2026 reached EUR 164 million or a 30% increase versus half 1 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 2025 with a year-on-year decrease reflecting the timing of land 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 Ellinikon back in mid-2021 and until the end of 2026. Details on Ellinikon cash collections are available on Slide 21.

Construction progress has accelerated registering an increase of EUR 276 million during half 1 26 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.

And with that, we conclude the key highlights of our first half 2026 financial results and we'll be happy to answer any of your questions.

The first question is from the line of Natalia Svyriadi with Eurobank Equities.

I was wondering, you said you're 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 anticipated in cash collections by year-end. We're already at EUR 1.8 billion. 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.

And I was wondering also if you could give us some rollout plans for 2027 on other units. What -- remind us what we are expecting or actually update us on what we are expecting in Ellinikon in 2027. I see some projects are noted in the presentation post 2028 completion, just a few of them. But what we're expecting in 2027, I think, is important to know.

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

CapEx and cash collection. Yes.

Sorry, yes. CapEx and cash collections. Look, on both of them, we feel confident that we're going to hit our targets through the end of the year. On cash collections, specifically, I think we've done 200 -- sorry, on cash collections, I think we've 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 landlord sales, we've already signed and announced 1 additional -- well, 2 additional landlord sales for the total value of EUR 41.5 million. And the recognition of that will be towards the end of the year, beginning of next.

The -- sorry, your second question, I think, related to units launched to date and an update of what's coming next. 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. The expectation going forward is the launch of an additional circa 50 units fairly close by. And 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.

What else are we expecting rolled out in 2027 actually in Ellinikon. The Sports Park is opening now. The Riviera Galleria will be delivered in 2027, correct?

Yes. So I think -- yes, that's right. The Sports Park opening now, Riviera Galleria and the Marina are scheduled to sort of be at about the same time in, call it, construction completion, probably Q1, Q2 of 2027 and then opening for the Riviera Galleria is going to be 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 and going through the year. So I think that deliveries are going to start running through the second half of 2027 onwards with a number of the Little Athens projects as well.

Okay. Great. This gives us a view on 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're 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?

Well, look, I think that, obviously, we are in a very turbulent, should I say, volatile macroeconomic environment. So it's 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. And look, then more macro level, I think that interest rates obviously play a big factor on valuations and/or on costs.

Thankfully, as Harris mentioned during the call, we did 2 big bonds in end of 2025 and into 2026, raising EUR 850 million 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. So it provides quite a bit of protection on that front.

Okay. Great. Yes, I think that answers my question. And 80% hedging is good at the end of this period.

[Operator Instructions] The next question is from the line of Jakub Caithaml with Wood & Co.

This is Jakub from Wood. I wanted to ask 2 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 Ellinikon. In the second quarter, the absence of land sales allow us 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? 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, including the associated infra, do you expect these 2 projects could generate?

Sure. Let me start with the question about the ION transaction. Look, basically, as I said, yes, we are still negotiating through key commercial issues, 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. 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 -- in regards to the margin, I guess, Harris, could...

This is Harris. Let me take the margin. I mean if -- I think the half 1 results is a good proxy of what Ellinikon delivers without the land plot sales, as you rightly said so. And if one can see a little bit the margins, it's not something that we feel strong about that. Why is that? One should dig a little bit more into the detail of that and understand the contribution of the resi products currently in the results. And what I can say is that Riviera Tower, which we have spoken in the past that its margin are not where it should be, has quite a big contribution on half 1 results. 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 a little bit the margins down for the moment.

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 LAMDA infra as a margin for the current Little Athens residential that are developing well. And of course, we have the new residentials, which based on our own business plan currently, demands are even more stronger than this 30%. But again, this is to be proven in the future. So all in all, Jakub, to say, yes, we acknowledge that margins for our residentials for Ellinikon is not where it should be. We explained the reasons. And we believe that in the future, this will be significantly improved.

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...

No, no. We don't -- no, currently, if we don't have a deal, as mentioned in the next month, there's no any financial implication from that.

Understood. Understood. And second, on the margins question. So 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 Lift and the Cove 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 infra costs currently?

Correct. This is what we said, yes.

The next question is from the line of Martyn King with Edison.

Can I just pick up on a couple of those earlier questions? Just -- and whether they're linked at all. So one is on construction costs, presumably you're seeing some upward pressure in current market conditions, well, question mark, but I guess you might be.

And secondly, on the margin question, there's quite a move first quarter, second quarter. I'm just wondering if there's an impact there. So 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?

Yes, Martyn, 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 Ellinikon and that's from the group. This is the correct assumption. Now on the construction costs, there are 2 accelerations, which hits and we project that this will continue. 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. So we don't see any of this geopolitical unrest currently at the 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, and I will explain why. But 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.

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 raise this VAT infra into our P&L, into our EBITDA. This also impacts the results. Sorry, in 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 hit into the Q2 results in half one also.

Yes. 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. It's not that -- 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. It won't change from what you just said.

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. We don't consider this as a big impact. Why? Because, as I said, 70% of the cost is already done. So whatever happens would not affect so significantly Riviera Tower per se, but we cannot say no to the assumption that you just put in.

Yes. 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 will change.

That's a fair assumption, Martyn. This is a fair assumption.

Actually, Martyn, I'm going to flip 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, 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. It's 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're not recognizing the full revenue and therefore, the full profitability of those projects yet. So that's not showing up in the P&L. And that will be a positive impact going forward.

[Operator Instructions] This does conclude the Q&A session. We have a follow-up question from Martyn King with Edison.

Sorry, I won't ask again about the margin. It was just on the sports park. I mean it's obviously a very good thing for the area and the people around. Could you just say something about the nature of the revenues over time might come off that?

Yes, Martyn. Just to mention that what we're inaugurating today is Phase 1 of the Sports Park. So it's not the total sports park. That's a very significant part, and we are very proud of having the inauguration today. So apart from the social, let's say, aspect of the Sports Park, so there will be open areas that people can enjoy Ellinikon and the Park and do quite sort of athletic activity in there. There is indeed a business plan that generates revenue out of the usage of its facilities, football, basketball, aquatic, track and field thing. There are some dorms. 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.

I'd say the majority will be lease payments from operator agreements and/or JVs. And all this, Martyn, of course, are not, as you can understand, in our results yet. So it's a revenue stream that we expect to contribute among other revenue streams from Ellinikon to future results positively.

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

Ladies and gentlemen, thank you for standing by. I am Gellie, Chorus Call operator. Welcome, and thank you for joining the LAMDA development conference call and live webcast to present and discuss the first quarter 2026 financial results. [Operator Instructions] The conference is being recorded. [Operator Instructions] 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.

Thank you. Good evening, ladies and gentlemen, and thank you for joining us today as we discuss our financial results for the first quarter of 2026. The first quarter marked a strong start to the year, reflecting solid momentum across all core business segments.

Our shopping destinations and Pesos Marina delivered record performance, while construction on a Ellinikon continue to advance at pace with major developments progressing well into their execution phase. As a matter of fact, the delivery of the first projects will be kickstarted this year with the Ellinikon sports park, which will open its doors to the public gradually beginning in July of this year.

After having already successfully hosted the super special stage of the 2026 [indiscernible] a couple of weeks ago. The next project to open their doors to the public next year are going to be their [indiscernible] the renovated Ausco Mas Marina, while a number of our residential developments, both in the coastal front as well as little assets are progressing towards our delivery stage will estimate a completion date starting in Q1 of 2027 and continuing through the end of the year.

The acceleration of construction activity across the development as reflected in the CapEx recorded during the first quarter has also had an impact on our financial performance. Specifically, infrastructure-related expenditures have increased operating expenses in the near term.

However, the investments are fundamental to advancing the project from the design and sales phases into delivery, supporting the creation of a well-planned integrated development. This applies across all key components of the development, including residential neighborhood, sports facilities and the Metropolitan Park. We remain committed to delivering the diverse portfolio of development within the Ellinikon and creating sustainable long-term value for our shareholders with a renewed focus on execution and cost efficiency.

We're also focusing on the optimization of our capital structure. We already issued EUR 500 million worth of bonds in November and another EUR 350 million worth of bonds in June, having high investor demand and at the favorable terms. By doing so, we pushed the bond expirations by 7 years, maintaining favorable cost, cost of debt in a period of rising rates.

Now going on to the segments more specifically, in the mall segment. We delivered another quarter of record performance. Profitability continued to improve year-over-year, primarily driven by the higher rental income and increased marketing revenues. And all of this is supported by very strong KPIs across the board, resilient footfall and new all-time high in tenant sales.

These results once again demonstrate the strength of our retail platform and its ability to generate sustainable earnings and strong recurring cash flows over time.

On the Marina front, [indiscernible] Marina delivered another quarter of record performance, reflecting sustained strong demand in the premium yarding market and continued growth across its revenue streams. At the same time, we are investing in the next phase of growth, both in [indiscernible] in Corfu in [indiscernible] through a comprehensive redevelopment of the Marina, which together with the adjacent Riviera and Gallaria is expected to become a significant driver of future revenue growth for the group upon completion next year.

At the Ellinikon now, the first quarter marked a strong period of execution. Revenues increased by 55% year-over-year, reflecting the continuous progress of residential development as construction advanced across the whole project. Development and construction has accelerated across both residential as well as infrastructure works, supporting the successful delivery of our long-term master plan.

At the same time, commercial momentum has remained strong. As of the end of May of 2026, cumulative cash proceeds from property sales and leases, have surpassed $1.7 billion and continuing to grow. Momentum continued in June with almost 90% of the 671 units that we've launched within the Little Latin neighborhood, sold to the reserve.

Now on the construction front, River Tower reached the 50th floor a timing in pool 200-meter high. The earlier 44th floor construction milestone, which was concluded in March has resulted in the full collection of a EUR 60 million contractual payment, further supporting cash flow generation. The positive progress on the construction front is also evident in our results and reinforce our expectation of exceeding a EUR 1.6 billion of cumulative CapEx through the end of this year.

I will now hand the call over to Harris Goritsas, our Group CFO, who will talk you through the key highlights of the group's financial results in more detail.

Thank you, Apostolos, and good evening to everyone from my side as well. I will take you through our financial results for the first quarter of 2026, referring to selected slides on the presentation that is available on 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 of our 3 core business segments, namely malls, Marinas and the Ellinikon. Starting at group level, total revenues reached EUR 143 million in the first quarter of '26, up 35% year-on-year driven primarily by higher revenue recognition from residential developments at the Ellinikon, reflecting the increased pace of our construction works as well as the continued strong operating performance of our recurring income generating [indiscernible] Marina assets. Important to note that group EBITDA before income grows by 3%, whereas Ellinikon EBITDA is hit by the acceleration of Infra works. We will talk more in details on the section about Ellinikon model that one. Details of the EBITDA and the net results breakdown can be shown on Slides 8 to 10 of the presentation.

The value of group's total investment portfolio surpassed EUR 3.8 billion as of 31st of March '26, driven by all assets in our portfolio reflecting continuing value creation. Furthermore, total group cash remained at a strong level, accounting to EUR 831 million as of end March '26 and to note, in early June '26, we successfully completed rations and leasing of a EUR 300 million bond combined with the early repayment of the group's bond issued back in 2020, which is planned for execution on the 21st of July of this month, the transaction further optimizes our funding profile extends our debt maturities and reaffirms our continuing access to the capital markets, analyzing each of our business segments now, I will start with the LAMDA malls and our 4 operating more EBITDA, which reached EUR 22.7 million in quarter 1 2026.

Operating malls EBITDA adjusted for the EUR 2.2 million of into group recharges was EUR 24.9 million or 5% higher year-on-year. This strong result was primarily driven by the 5% increase on the base rents and the 8% increase in parking revenues for the same period. This performance was supported by a 5% increase in footfall versus same period last year and a new all-time high in tenant sales, which reached EUR 187 million in quarter 1.

With respect to the commercial leasing progress of our 2 retail endemic destinations of Ellinikon, which are currently under development. Head of terms that have been signed with tenants represent 70% of the GLA at the Ellinikon mall and 76% at Riviera Galeria. With strong momentum highlights the solid fundamentals of the Greek retail market and the continued interest from leading international brands in our landmark developments. Concrete works at Riviera Galeria have been completed with electromechanical installations and partitioning works progressing well. At the Ellinikon Mall, construction works commenced a few weeks ago in June by Terna.

As of March 31, 2026, the total gross asset value of LAMDA Malls Group reached EUR 1.8 billion with the value of the 4 operating malls reaching a new record high of EUR 1.4 billion. For a 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. [indiscernible] Marina continued its strong growth trajectory, achieving a new record performance in the first quarter of 2026. Total revenue reached EUR 6.3 million, while EBITDA grew by 12% year-on-year to EUR 4.5 million. Performance was primarily supported by revenue from York transits as well as annual contractual fees uplift. While [indiscernible] Marina continues to deliver strong operating performance, the group is also investing in its next phase of growth. through the comprehensive redevelopment of IS Cosma Marina. A phased reduction in available PEF is currently taking place as part of an extensive redevelopment program designed to significantly upgrade infrastructure and services while reconfiguring the layout to accommodate larger vessels.

Upon completion, in mid-2027, Cosma Marina is expected to serve as a key driver of incremental revenue growth for the business unit and of course, for the group. Details on Marina's performance are available on Slide 19. Let me now turn to our land bank and [indiscernible] project and highlight some of its key achievements during the period. Commercial demand for the [indiscernible] neighborhood remained strong. As of the end of June '26, 590 out of the 671 units launched have been sold or reserved representing an absorption rate of 88%. This reflects a sustained customer demand and reinforces the attractiveness of the Ellinikon residential offering. Revenue from residential developments reached EUR 87 million in Q1 '26, representing a 33% increase compared with Q1 '25 driven by ongoing construction progress and the relevant recognition of revenue under accounting standards.

In addition, during the first quarter of '26, we recognized a further $14 million of revenue from property sales, primarily relating to office spaces. As a result of projects continuing commercial success, cumulative cash proceeds from reversional sales and long-term lease agreements have exceeded the EUR 1.7 billion milestone from the launch of the Ellinikon back in mid-'21 and until end of May '26. The [indiscernible] and Ellinikon cash collections are available on Slide 21.

Construction progress has accelerated, registering an increase of EUR 126 million during Q1 '26 bringing the total CapEx for buildings and infrastructure works from the start of the project and until March '26, over EUR 1.1 billion. At this point, I want to emphasize a short-term P&L hit from this construction progress. As infrastructure activity ramps up, the associated nonrecovery VAT is registered in our operating results following relevant accounting rules. Consequently, the increase in [indiscernible] operating expenses as depicted on Slide 24 of the presentation is a function of higher investment activity rather than a higher underlying operating costs.

To give you the magnitude, 51% of our reporting operating expenses under Ellinikon quarter 1 '26 represent nonrecoverable VAT. This is more than 3x higher than same period last year, indicating the significant acceleration of construction works we have talked about.

Finally, total CapEx deployment remains on track based on our current construction schedule, we remain confident in achieving our full year '26 CapEx target of approximately $1.6 million. Further details are shown on Slides 23 and 26. And with that, we conclude the key highlights of our first quarter '26 financial results and we will now be happy to answer your questions.

[Operator Instructions] The first question is from the line of [indiscernible] with EuroBank Equities.

[indiscernible]

I'm sorry to interrupt you. This is the operator. Can you we cannot hear you very well. Can you please speak a little closer to your microphone?

You hear any better now -- is this better?

A little better but the sound is not as it should be, so management can hear you. Are you speaking from a speaker phone?

Yes. And speaking from the somewhere time.

Could you use your handset, please.

There is no handset in my laptop.

Okay. I will try to turn your volume up a little bit.

I was wondering if you could give us a [indiscernible] the last thing that we just mentioned on the infrastructure CapEx and how this is coming into our OpEx, when do we think this will be completed when would this be so we can have an understanding on how it will be grown enough cost going ahead?

I think you asked about the impact that we have in OpEx from the ongoing CapEx from interest works.

[Foreign Language]

Let me take and try to clarify what we just previously commented, typically, the infrastructure along with, of course, the residential project CapEx EEE is capitalized. So it does not hit the P&L. What is the specific any for a Ellinikon project in Infra? Infrastructure is not a direct allocated cost. So we treat based as an indirect cost that is allocated to the projects. And because of that IFRS treatment, the follows the pro rata rule. So almost 90% of the VAT of infrastructure cannot be recovered thus has to be expensed. That means it hits the P&L. Last year same quarter, we had EUR 3 million of nonrecoverable VAT.

This year, because of the acceleration, we have EUR 12 million nonrecoverable VAT. This is 3 -- more than 3x that I was referring to my speech. This EUR 8 million incremental keeps the quarter's profitability via the OpEx line. Now this is past. This is current and past performance. What do we project? We project infrastructure to remain on an accelerated basis. It won't have ups and downs. I cannot come it will be EUR 12 million for every quarter, but it will be in the same bulk a little bit more, a little bit less, it depends on the quarter of execution. How long the main infrastructure works are planned to finish by mid of next year to end of next year, where we plan to also deliver the first residential projects to the inhabitants. So one could say that for the next, I would say, 18 to 24 months, this trend will continue.

Okay. Great. That was very good. I also have 1 question on a little bit mall. Have you drawn any lines? Have you signed any launch on the limit CapEx construction has started? Or is this something that we should expect coming ahead?

Okay. No, because the line is very -- it's not good. Let me repeat the question. Your question was about Ellinikon malls and if we have drawn down any of our signed loans, correct?

Correct.

Now, of course, we have -- I mean, first of all, under the incomes have 2 malls that via Galleria and the Ellinikon Mall, which is ontime big one. Regalia, as we said, it's progressing very, very well. We consider we will be finished with the construction end of this year, beginning of next year. So of course, we have drawn down lines. And I would say we are at 50% of the drawdown, and we expect the rest to happen throughout the course of the remaining months.

For the Ellinikon Mall, as I said, construction has started a few weeks ago. we have not drawn down yet any line. We are about to sign the final agreement. Now we have finalized the details with the banks within half 2 of 2026 and currently, all the expenses are happening from our own cash.

Might I asked also if Peter, remind us which there are certain milestones and incompetent important when we should expect another milestone.

I'll take that. Look, I think that the first milestone line is the opening of the sports complex which, as I mentioned already kind of had a preopening, if you wish, by hosting the Rally properties in June and is expected to start to open in stores and start operating starting gradually from July of this year, this month essentially onwards through the end of the year.

Beyond that, I think the next projects coming online or Riviera Galleria and the [indiscernible] the plan is to sort of have them ready at the same time. As Harris mentioned, expectation of completion of construction is towards the end of the year and beginning of next -- and then opening is still sort of in discussion with the retailers, probably second half of next year of 2027 with exact dates obviously to follow. And beyond that, I think on the residential front, you have ever tower along with copresidents and a bunch of developments in the Latin neighborhood that are starting to complete their construction end of this year, beginning of next, and deliveries are going to take place in 2027.

So I think those are the main milestones, if you wish.

Next question is from the line of Jakub Caithaml from Wood & Co.

Three from my side, also one by one, if I may. I hope you can hear me all. First, on the resi sales, I think that over the last 12 months, you sold roughly 100, 110 apartments which brings the little sense to almost 600 apartments sold overall. Then there is the River Tower and the Golf residences, which would bring the total to even higher, I think potentially 800 to 900 sold and I wanted to just confirm, I think originally, we were thinking about like 1,300, 1,400 apartments for the first phase.

I think that now the figure may be a little bit higher, which would mean that we are approaching 2/3 of the apartment sold. Is this broadly the right way to think about this? And also in the context of the coming completions, which are getting closer. Should we expect that this annual pace of sales will be picking up now? And how are you thinking about sort of the share of apartments that you would like to have sold by the time these individual projects are being completed? And how much of these apartments roughly do you think would be optimal to sort of delay and maybe sell hopefully for a higher price only once those projects and individual parts over the first phase are spending.

Okay. Yes, let me -- I'm going to try to remember all of them. But to start with, I think that you were asking about the total number of units that are going to be launched and sold. As of now, 315 units have been launched and sold at 100% in the coastal front, plus another 670 let's round up to 700 for argument's sake of little assets. Of those 670, about 90% of those have been sold and there's another small piece remaining to be sold. So round about numbers, you're talking about 1,000 right there. Through the end of this year, beginning now, actually, we're going to launch another 300 to 350.

So 120, I believe, are being launched last month, and the remaining 200 and something are going to be launched through the end of the year. So that will give you sort of reconcile you to the total 1,300 unit number that you were referring to. Is that clear, and then I'll move to the next.

Got you. And this would be it for the first phase. So the total for the first place, we're looking at something like 1,300, 1,400?

Yes, about 1,300 units, correct. And then as far as the second question goes, I think you were referring about pace of sales. Let me give you 1 brief background, and then I'll talk about the future as well. As far as background goes, the pace of sales was very strong. It has been very strong through the project. I'd say that over the last couple of months, the pace has reduced only because we didn't have enough units as inventory in order to push them out into the market. That is being gradually resolved.

As I mentioned already, we're putting another 100 in the market and then another 200 something through the end of the year. So I do expect to see a bit of a sort of increase back to previous levels through the end of the year. Furthermore, I think you said going forward, how we're going to deal with the pace of sale versus construction is what I think that you're asking and look, I think that although in the first phase, we were forced to really sell some units faster than optimal in sort of real estate 101 lesson that I would say, okay, keep the majority of them were best ones for later stages. I think that as we -- as the project matures, our experience matures, I think you're going to see a little bit more of a shift towards getting the first 30% done to get the project going and then figuring out your options with the remaining as the project matures.

Got you. Got you. Okay. This is very helpful. May I ask a follow-up on this. So given that we are now probably over 60% of the first phase units sold and given that also the construction of some of these projects is getting more advanced. Could you just remind us across the entire first phase residential, I mean, excluding the wells because wells have a different margin profile. What would be roughly the total revenue that we could be thinking about? And on the other hand, the total plant infrastructure associated and construction costs? And what kind of margins all in would we be looking at for the first phase, resin?

Let me pick up some of this. First of all, in terms of guidance on infrastructure and sales. What we have been doing is we've been giving guidance on a year-over-year basis. And we've actually included some slides in the presentation. We are -- for 2026, we're basically talking about EUR 600 million of anticipated cash inflow and then about EUR 600 million of anticipated CapEx and we feel comfortable about those about achieving those through the end of the year.

Look, as far as margins go, I think that we all know that the margin on the coastal front properties were not what we had hoped or anticipated for. You already touched part of the reason in the timing of sales. And again, the timing of sales. We had to do that in certain projects in the beginning of the phasing. In little Latins, the margins have been improving, especially so by the projects that are being done by the CBU and we've been targeting a 40% gross margin rate for those developments. And the last thing I'll say is, yes, over 60% of the sales have been of like cash, if you wish, has been completed, but the rate of completion, which is what allows revenue recognition and therefore, visibility of revenues and margins is not that high yet. I remind you that the cash payments are front-loaded vis-a-vis the execution of milestones that define accounting recognition of [indiscernible]

And Jakub, this is Harris. I mean if I just add more color of what poses just has said, in the balance sheet, if you see a bit our balance sheet, you will see as a liability deferred revenue amount. This is EUR 400 million. What is this? This is a portion of the EUR 1.7 billion that we have collected as cash project to date, and we have announced that, but the percent of completion is below -- so out of this EUR 1.7 billion, which is on the asset side, it's cash, okay? $400 million of that, we resisted as liability as defense revenue. Why? Because percent of completion is lagging to that percent of cash received.

So you can anticipate this is revenue to be recognized in the next 2 quarters, assuming that pace of construction will continue and accelerate as we say.

Yes. Understood. Then another question partly following on this. So we have seen, especially in the last couple of quarters, some encouraging CapEx acceleration, which I think also translates into activity acceleration. Can you just give us a high-level update on -- where do we stand relative to the total for the first phase ideally also including the malls in this bucket. So we see that outside of the malls around 1.1, 1.2 [ bill ] has been spent. What is the total for the first phase that still is yet to be spent, including infrastructure, including the Ellinikon Mall, et cetera. And over how many years do we expect to get there?

So on the -- look, on the CapEx, yes, there's been a significant acceleration. I think that on a percentage basis, on a year-over-year basis, we're over 50% higher, 1.5x of what it was last year. And we basically registered about EUR 125 million of CapEx for the quarter only. We have a target of getting to EUR 1.6 billion of CapEx through the end of the year, and we feel comfortable with reaching that target. That compares to cumulative through the end of last year was cumulatively the end of last year was about $1 billion. So you're talking about time and the cumulative also includes years starting in 2022 onwards. So I think that answers the first part of your question. As far as the malls go...

Yes, yes. On the Malls Jakub, I mean on the CapEx on the construction cost, we are talking about total 2 malls, roughly about EUR 800 million we are currently at around EUR 150 million to close to EUR 200 million already spent primarily for [indiscernible] Galleria, the mall at the costal front. The big one, which has the biggest CapEx, we just started a few weeks ago. The construction works and this is [indiscernible] next, I would say, 3 years to be fully reaching the 800 target.

So from currently almost 200 to 800 in the next, I would say, 3 years.

Got you. And sorry, just a quick follow-up on this. So beyond this 1.6 for the projects in Ellinikon, but outside of the malls, what would be the figure that we would be looking at based on the sort of current up-to-date estimates by the time that everything that is dedicated to the first phase, including the infrastructure, including all the resi projects are completed?

Jakub, I think that especially on the infrastructure front and the residential front, the project sort of roll and on a year-to-year basis. That's why we have elected to give you guidance, specifically for the year, and you can judge us against executing that guidance for that year. So I think we'll stick with that. And obviously, that will become cumulative as projects complete.

Understood. Understood. And the last of the 3 questions. I'm sorry, because they merged into more questions actually on this first. [indiscernible] I promise this is the last one. On the iron land sale, just where are we in the process? And can you indicate what, if any, issues or bottlenecks are there in the negotiations? And how likely do you perceive closing? Or I mean anything you can share on this front?

Yes, sure. I think that, look, the due diligence has essentially been completed to date. And we're in the process of the negotiations for the SBA documentation. Now it's -- the FDA icumentation is a difficult 1 -- and I remind you that it's a big project, right? So it's a large project and it's a complex transaction. In any case, I think we should know where we stand within a couple of months 1 way or another. That's really the color that we can provide right now.

The next question is from the line of Martyn King with Edison.

Just changing tech. You've kept up a strong pre-letting rate on the Ellinikon mall. Is there any change underneath that in terms of -- I mean, is that a stable group of retailers? Or do you get some shift in that? And is there any change in the underlying terms on those sets of terms and what sort of occupancy would you hope to achieve at the point of opening.

Look, in terms of change, I don't think there's any material differences. I mean, just in terms of an update, the Riviera Galeria is -- and I'd say the only material thing there is that the number of hedge of terms that are being converted into final contracts has increased -- and by the way, at a very healthy lease rate of about over EUR 80 per GLA square meter. The Ellinikon Mall is further out but it still has 70% agreed on hedge of terms. And again, at a very healthy rate, over EUR 55 per square meter, which is a good premium versus our existing malls as well.

Yes, I think does that answer your question? Or was there another part to it?

Yes, unless you've got a crystal ball, and you know what sort of occupancy opening, but.

No, look, I don't know what I would expect that the -- especially for the Riveria Galeria, which is the first 1 coming I think that's going to have a very good performance, primarily due to the fact that there's no other organized shopping and F&B destinations in the Southern suburbs, right? The main attraction, if you wish, is the Main Street or the high street [indiscernible]. So I think it's going to be a new and exciting development for the community, and I would expect them to respond very favorably to it.

Okay. And on the -- as Cosmos Marina. Is this a known point in the contribution? And have -- I mean, obviously, a lot of change when it relaunches. But how quickly might then pick up. And I think previously was a short sort of EUR 5 million of EBITDA. What sort of ambition have you got on when it sort of stabilized on its refurbished level?

Yes. I think that it is a low point. I think that's what you asked if it's a low point. I think it's the low point in terms of capacity utilization. Look, the very encouraging thing is that Marina Flisvos is making up for the lower utilization of Ascenas, which is very good for the sort of group results of the Marinas. As far as completion goes, we're probably talking about the end of the year in terms of completion of construction, and I would expect vessels to start coming back gradually in Q4 and into Q1 of 2027. You touched on a very important point, which is that this is a renovated Marina. There's going to be new contracts coming in. And we do believe that those contracts are going to be significantly higher than the ones expiring or the ones that have exited to date. So we do think that there's quite a bit of upside on the AgComasMarina. And just sort of comparatively speaking, although they're not exactly the same sizes fleet [indiscernible] is registering a considerably higher EBITDA, and both Marinas have about the same number of births. That it's not an exact equality, but I'll give you a sort of a bit of an indication to us going forward.

Our next question is from the line of [indiscernible] with Axia Ventures.

I've only got 1 left. Just a clarification on the VAT as operating costs. So trying to understand the infra works CapEx was EUR 22 million in Q1 '26. So how do we think about that? Is it 24% of that, that you have to pay. Therefore, the EUR 12 million of operating costs that related to nonrecoverable VAT relate to previous periods as well. And going forward, I suspect how should we think about that?

Yes, yes. This has, let me take that, and thanks for catching up the exact numbers. Indeed, you should consider it's not only if the man is in fact. But let's say that this is the main driver. You're correct, you should think at about 24% of the '22. If you do the math does not add up to EUR 12 million, if that's up to EUR 25 million, EUR 22 million. Why you have EUR 12 million because the invoice is received in Q1 also refers to accruals of infra for Q4 2025.

So we have invested, of course, these accruals, but the VAT has had to be expensed in Q1. So that's how it adds up to the EUR 12 million. If you normalize it, that means that the EUR 12 million is around EUR 6 million roughly for the '22 and if you consider that these are going to be the levels of Infra and most probably a little bit increased. I would say, EUR 6 million to EUR 8 million quarter-over-quarter should be the VAT related to impact.

I see. But this is already included in the calculation of the gross margin of 40% for the late [indiscernible] project. So whether that CBU does, right?

So we should -- no, sorry, this is -- you said gross margin 40%. So it doesn't apply.

Correct. Correct.

[Operator Instructions] 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 evening.

Ladies and gentlemen, thank you for standing by. I'm Vassilios, your Chorus Call operator. Welcome, and thank you for joining the LAMDA Development conference call and live webcast to present and discuss the full year 2025 financial results. [Operator Instructions] The conference is being recorded. [Operator Instructions] Please note that the presentation slides are in manual format. [Operator Instructions]

At this time, I would like to turn the conference over to Mr. Odisseas Athanasiou, CEO. Mr. Athanasiou, you may now proceed.

Thank you. Good afternoon to all of you, and thank you for your attendance here, and good morning to those of you attending from the United States. I would say, first of all, that overall, this was a very good year in terms of financials and in terms of progress in all fronts. Our bottom line of net result of more than EUR 90 million, was almost double our result of last year.

Our NAV exceeded EUR 1.5 billion. And our portfolio value has approached the mark of EUR 4 billion. EBITDA was also pretty impressive, and we finally got some valuation gains from the good performance of our malls. To be noted over the last years, we hadn't seen the drop in the yields that was supposed to accompany the drop in the European interest rates.

This year, we saw a part of it to be bridged, and we expect further gains unless something extraordinary happens, we expect further gains in the valuation of our malls in '26. Apart from the overall significant results, we saw an even improvement in our results in our investment assets. Our malls improved by 4%, the EBITDA numbers. And most important is the leading indicators in the malls, which are the sales of the tenants and also the occupancies and also the footfall and the parking revenues are all at record highs, which means that we can sustain our pace of contractual rental increases and at the same time, of course, leading to higher EBITDA.

The year has also started well. The first 2 months of the year have a positive result again after 7 consecutive record years. So we remain optimistic about the performance of the 4 operational malls. Regarding the other investment assets, which is the Marinas, we also saw an increase of 6% over last year. And this also has to be noted that this increase came in spite of the Marina Agios Kosmas operating not at full capacity given to the construction works that have started in the Marina, which means that some of the yards had to leave the Marina for the construction works to take place.

So investment assets in total bring us an EBITDA on top of EUR 100 million, EUR 90 million from the malls and close to EUR 20 million from the Marinas, both again, are expected to improve in 2026. And now we can pass to the Ellinikon, starting with the 2 malls we are developing in Ellinikon. The commercial agreements are going well as they've been going over the last 1.5 years. There's a lot of demand. Construction is progressing on the Riviera Galleria. This is a mall on the Marina Flisvos, Kosmas with expecting date end of '26, beginning of '27, and opening sometime around Easter time, spring time of '27.

Regarding the Vouliagmenis Mall, we're expecting the permit to be signed by the [ Communicating ] Ministry for works to start. The lease agreements are also progressing there, and we expect this mall to open sometime end of '28, beginning Q1 of '29. Apart from the malls, progress is seen in the infrastructure front. As you know, the Riviera Tower and infrastructure were the 2 fronts where we had most challenges, either in cost increases or in delays.

In infrastructure, we see more and more progress. AVAX is performing their performance. And we expect all infrastructure works associated with the residentials, we are going to hand over to buyers to be complete, so the buyers can, of course, move to their new apartments throughout 2027 in the coast line and also in Little Athens.

The Riviera Tower is also progressing. The structural work, which means the 50 floors are going to be ready in May, 1 month ahead of the scheduled deadline of June '26. Bouygues is also accelerating works on the remaining main works, which is the fit-outs, the balance dates and the map works. Again, the deadline by Bouygues is May of '27. We hope that by then, by summer of '27 for evidence to start moving in.

All the cost increases in the Riviera Tower have been reflected in our financial statements, incorporating the latest contract signed with Bouygues, the same for AVAX. Apart from infrastructure and the Riviera Tower, the construction works in the -- in all residential developments in the Little Athens that are coordinated by our construction unit, the CPU as we call it, are doing better than scheduled and better than budget.

So after getting some, I would say, lessons learned from the coastal work, the Riviera Tower and other residentials, which didn't give us much profit, didn't have margins, and we also had all the challenges of constructions and delays. It seems that now on the pace, thanks to our internal construction unit that comes in direct communication with subcontractors. And again, in both fronts, meaning budget and schedule, we are doing better in all main works -- sorry, in all early works that have been completed and also in the early works that have started in couple of our developments in Little Athens.

Commercial momentum continues to be strong, although we didn't have many apartments coming to the market due to the change in the NOC after the decision of the Council of State at the beginning of 2025. However, now we're going to have more apartments in half of 2026. Again, demand is strong and remains strong. We also have good news in the sports park development. We expect 4 soccer stadiums, track and field, thing stadium and also 2 tennis and 2 basketball courts to be given to the public in summer of '26.

So it's very likely that people will be able to come and do their sports in Ellinikon. And this is going to be also a social dividend much expected by people in the neighboring areas and in Africa in general. The educational projects are also progressing with [indiscernible] expected to start operations in fall of '27.

Same for the University of Nicosia, they have completed their designs, and they will start work soon, so they can open the university -- the first private university in Greece in fall of '28. In the Riviera Tower, I will also give you a milestone of the 44th floor, which is completed. So we have started invoicing the EUR 60 million installment that would accompany the fulfillment of this milestone, the 44th floor.

And as we said, 50 floors, which are expected to be completed by May. In May. We also had the successful completion of a land plot sales tender for 16,000 square meters GFA at EUR 2,650 per square meter. This is another good news. So all tenders regarding land plots have been completed. Due diligence with Ellinikon is completed, and we have started working on the SPAs, and we hope in the next months, it's also going to be completed.

Costs are under control overall. And I think this covers the picture for how Ellinikon is doing overall. Last but not least, the financial situation of the company is pretty strong. At the end of the year, we had EUR 800 million cash. And also, the LTV ratios are very healthy. The net LTV is close to 20% with borrowings at EUR 1.5 billion and net borrowings, given the cash we have at EUR 660 million.

All these numbers are end of the year numbers and remain strong. We haven't used much of the debt except for the Riviera Galleria development. Other than this, we haven't got any loans used in Ellinikon. And finally, as I said, net asset value has exceeded EUR 1.5 billion, it's EUR 550 million for a net asset value per share of EUR 9.1 per share. I think this covers overall the picture for Ellinikon. Now we'll pass to Harris, our CFO, who is going to give you a more detailed picture of our financials. And then we can have -- after the post, we have a Q&A session. Thank you.

Thank you, Odisseas, and good evening, good morning to all from my side as well. I will provide more color on our full year 2025 results with a deeper look of the financial highlights across the group's 3 main business segments: Malls, Marinas and Ellinikon. And at the end, I will comment the most important figures at group level. Analyzing each of our business segments and starting with LAMDA Malls. Our 4 operating malls delivered another record performance with operating EBITDA reaching EUR 89.7 million. Operating malls EBITDA adjusted for EUR 6.2 million of intra-group charges was EUR 95.9 million or 4% higher year-on-year.

This strong result was primarily driven by a 6% year-on-year increase in base rents and a 10% increase in parking revenues for the same period. Performance was supported by growth in both our key leading business indicators, namely a 2% increase in footfall and a new all-time high in tenant sales, which reached EUR 910 million in 2025. Regarding our new malls under development, concrete works at Riviera Galleria have been completed, while electromechanical installations, partitioning and facade works are progressing well.

At the Ellinikon Mall, excavation works have been completed and the structural works contract has been awarded to TERNA. As of December 2025, the total gross asset value of the LAMDA Malls subgroup reached EUR 1.8 billion with the value of our 4 operating malls reaching a new record high of EUR 1.4 billion. For a detailed analysis of LAMDA Mall's financial results, please refer to Slides 14 to 18 of the results presentation.

Moving now to the Marinas segment. It continued its strong growth trajectory, achieving record results in 2025 with EBITDA growing by 6% year-on-year to EUR 20.6 million. This strong performance was primarily supported by sustained demand for our available BEVs, complemented by higher revenue from [indiscernible] transits and annual contractual fee uplifts. At Agios Kosmas Marinas, as Odisseas has mentioned, a phased reduction of available BEVs is currently taking place as part of an extensive redevelopment program designed to significantly upgrade infrastructure and services while reconfiguring the layouts to accommodate larger vessels. Upon completion, Agios Kosmas Marina, together with the adjacent Riviera Galleria, a landmark destination for premium brands is expected to serve as a key driver of incremental revenue growth for the group. Details on Marinas performance are available on Slide 19.

Let me now turn to the Landmark Link project and highlight its key achievements to date. As of end of February 2026, 571 out of the 671 residential units launched in the Little Athens neighborhood have been sold or reserved. This represents an absorption rate of 85%. Revenue from residential developments in 2025 reached EUR 291 million, a 96% increase versus 2024, underpinning the significant contribution of residential developments in our results as construction progress continues.

Moreover, during 2025, EUR 105 million worth of revenues from property sales have been also recognized. As a result of this overall commercial success, total cash proceeds from sales and leases since project launched back in 2021 and up to February 2026 have surpassed the milestone of EUR 1.5 billion. Details on cash collections are available on Slide 21. Construction projects has accelerated also, registering an increase of over EUR 500 million during 2025, bringing the total CapEx for buildings and infrastructure works from the start of the project and until February 2026 to EUR 1.1 billion.

It is worth mentioning that following a revision of our business plan, projects profitability for Q4 2025 was negatively affected by approximately EUR 30 million because of the revision of infrastructure and residential CapEx cost estimates which based on IFRS take effect retroactively based on each project's percentage of completion to date.

Further details are shown on Slides 23 and 26. Closing my remarks, at group level, consolidated EBITDA after valuations reached EUR 254 million in 2025, 29% growth versus '24, impacted by the positive operating results in all our business segments as we analyzed and the positive impact from valuation gains as explained by the sales in our previous results calls.

Furthermore, consolidated net profit reached EUR 91 million for the group in 2025, almost 2x higher versus prior year. Details on EBITDA and net profit breakdown are shown on Slides 8 to 10. The group's total investment portfolio reached EUR 3.8 billion on December 31, 2025, up from EUR 3.5 billion same period 2024, mainly supported by yield compression in our malls business. Finally, group cash remains at strong levels with EUR 804 million reported as of end of December '25, following the repayment of the EUR 230 million green bond in July '25 and the successful issuance of our new EUR 500 million bond in November '25.

And with that, we conclude the key highlights of our full year '25 results, and we are open the floor to questions. Thank you very much.

[Operator Instructions] The first question comes from the line of Svyriadi Natalia with Eurobank Equities.

I have a couple. I would like to start maybe with the Ellinikon. And I was wondering if you could give us a brief overview of the projects we should be expecting in 2026, the rollout progress. I see you have cash proceeds expectations for EUR 550 million, if I calculate it correct, and CapEx around the same level for 2026. So I was wondering if you give us which projects we should be expecting and what new things are we looking for in 2026 from Ellinikon?

Sure. Natalia, I'll take that first one. In terms of projects coming online, we have recently launched about 110 units in December, and those are going to be sort of selling through 2026. And we expect to put in the market through 2026, an additional approximately 300 to 330 units in the market, again over time. And I think one thing to mention there is that although the velocity of sales for -- since the last reporting period was slow due to the holidays and the availability of apartments, what we are seeing going forward is from 60 units that were placed into the market, approximately 50% of them are getting very close to getting reservation agreements. And therefore, that demand is ongoing, and we remain very positive for the remainder of the year.

Okay. And these units are kind of mainstream units, I assume with a higher level of, I don't know, per case sales probably.

Correct. Correct. Mainstream -- more mainstream than the other ones. And I think that the most interesting thing here is obviously that a lot of them are being done with the CBU. So we do anticipate better margins for them due to the fact that they are being done with the CBU that has had a very good track record, and they are more simple in construction.

Yes. Okay. Yes. My second question had to do with the margins and where would we be expecting them going ahead probably. We have behind us the lower part, and we have a better margin, if I understand correctly, as we're looking ahead from these projects.

That is correct.

Okay. Great. Well, I have 2 more. Just for the performance, a brief overview of the performance of LAMDA Malls, we said for 2026. I think Mr. Athanasiou mentioned, he's optimistic. What does this translate to? Just in terms of a gross figure, what are we looking for 2% or 5% growth and the same for the Marinas performance and when I guess Kosmas will start with the new rent?

Right. On the mall side, I would say that probably something north of 3%, unless something extraordinary happens should be expected on the EBITDA side. And on the Mina side, it's hard to predict exactly because we don't know the time line of the return of the yards that have left the Marina who are following a rotational program on who is leaving and who is coming based on the time line of works. So I would prefer not to give a number for both Marinas. For Clear Marina, which is operating normally, I would say that probably a 3% to 4% increase should be expected.

Very helpful. Will refurbishment in [indiscernible] finish by year-end? Or would we be looking for 2027 also? Do you have a time line for this or...

Yes. We're looking at '27 along with the closure with the opening of the Riviera Galleria.

Galleria, oh yes.

Summer of '27 is going to be a summer where people can shop and many of them can have their yards in the mine Agios Kosmas.

[Operator Instructions] This does conclude the Q&A session. Ladies and gentlemen, the conference has now concluded, and you may disconnect your telephone. Thank you for calling, and have a good evening.

Ladies and gentlemen, thank you for standing by. I'm Constantino, your Chorus Call operator. Welcome, and thank you for joining the LAMDA Development conference call and live webcast to present and discuss the 9 months 2025 financial results. [Operator Instructions] The conference is being recorded. [Operator Instructions] 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.

Thank you, and good evening to everybody, and thank you for joining us to discuss our results for the 9 months of 2025. During the period, we delivered strong results across all segments. Starting with record results for the Malls, reflecting robust operating performance, record results in the Marinas despite a temporary reduction in available berths at Agios Kosmas in anticipation of the upcoming renovation and over EUR 32 million of EBITDA before valuations for the Ellinikon, representing a 5% increase on a year-over-year basis and based on very strong residential sales as well as accelerated construction progress.

These record results were also accompanied by the prepayment of a EUR 230 million bond, which we did in the beginning of July that had a coupon of over 4.7%. Thereafter, the successful issuance of a EUR 500 million bond in November at 3.8%. I note that this is not reflected in our September 30 cash balances yet since it was done after the quarter end. And it strengthened our liquidity and reaffirmed our strong access to capital markets.

Also, we had the beginning of a transformational EUR 450 million transaction with the ION Group to develop a global R&D and innovation campus. And that is a transaction that we believe will have a great benefit not only to the Ellinikon development, but also Athens and Greece as a whole because for the Ellinikon, it launches the business district, the final component of the master plan. It establishes a true innovation hub, which we expect will draw more tech companies in the Ellinikon, and it anchors the Ellinikon as a world-class destination, attracting global partnerships and international demand.

A few words about our results before passing it over to Harris. At the group level, consolidated EBITDA reached EUR 253 million or 2.7x higher on a year-over-year basis, reflecting the strong momentum across all the businesses in the portfolio. The group's net result reached EUR 116 million as compared to losses in the 9-month 2024 period, and that led to an NAV increase to EUR 9.20 per share. I note that this is before the contribution from the ION transaction that I just mentioned.

Our Malls delivered their strongest 9-month period on record with operating EBITDA from the 4 malls reaching EUR 68.7 million, extending 3 consecutive years of steady growth and setting new highs across nearly all KPIs. At the same time, strong commercial performance has been achieved for the malls under development with strong progress on HoTs signed for the Riviera Galleria at 76% and 66% of heads of terms signed for the Ellinikon Mall. The success of our strategy to create unique destinations also carries over to our Marinas, which registered another record EBITDA of EUR 17.2 million.

Lastly, the Ellinikon had an EBITDA before valuations of EUR 32 million, primarily on the back of a significant increase in revenues from the sales of residential developments. Reflected in that is the fact that almost all units that were made available for sale through October had been sold or reserved, reflecting the ongoing commercial success of our residential sales team.

I will now pass it over to Harris Goritsas, our Group CFO, who will walk you through the key highlights of the financial results in more detail.

Thank you, Apostolos, and good evening to all from my side as well. I will provide more color on our 9 months 2025 results with an overview of the key financial highlights across the group's 3 main business segments: Malls, Marinas and Ellinikon, followed by the most important highlights at consolidated group level. So let's start with LAMDA Malls, where our 4 operating malls delivered another record performance with operating EBITDA reaching EUR 68.7 million, up by 5% year-on-year. This was driven by a 5% increase in base rents and a 10% rise in parking revenues, both at the back of a solid operational momentum, mainly higher footfall by 2% and tenant sales hitting an all-time high of EUR 620 million.

Regarding our new malls under development, both are moving into the construction phase. Concrete works at the Riviera Galleria are nearing completion, while excavation works at the Ellinikon Mall are complete. As of September 2025, the total gross asset value of the LAMDA Malls Group exceeded EUR 1.7 billion with a value of the 4 operating malls reaching a new record high, exceeding EUR 1.3 billion. For a detailed analysis of LAMDA Mall's financial results, please refer to Slides 14 to 18 of the results presentation.

Moving now to the Marina segment. It continued its strong growth trajectory, achieving record results in 9 months 2025 with EBITDA growing by 9% year-on-year to EUR 17.2 million. This strong performance is driven by sustained demand at our 2 marinas, supported by annual contractual fee uplifts and higher revenue from yacht transits. Those results were achieved despite the fact that Agios Kosmas Marina berth capacity is being gradually reduced to enable major upgrades and the reconfiguration to host larger yachts. These enhancements will have a negative short-term impact on our financials going forward, but are expected to further boost annual revenues once completed. Details on Marina performance are available on Slide 19.

Let me now turn to our landmark Ellinikon project and highlight its key achievements to date. As of November 30, 566 out of the total 671 units launched in the Little Athens neighborhood have been sold or reserved. This represents an absorption rate of 84%. The decline compared to the half 1 absorption rate, if we all remember, was 94% and is fully attributable to the increase in the available inventory, mainly the release of the 112 units in November 2025. Revenue recognition for residential developments in the 9 months 2025 reached EUR 215 million, an 80% increase versus the respective period in 2024, starting to showcase the significant contribution of residential developments in our results as construction progress continues.

Moreover, during the 9 months results, EUR 105 million worth of revenues from property sales have been also recognized. As a result of this overall commercial success in our Ellinikon project, total cash proceeds from sales and leases since projects launched back in 2021 and up to November 30, 2025, have reached the milestone of EUR 1.5 billion, out of which EUR 400 million collected in 2025. Details on Ellinikon cash collections are available on Slide 21.

Finally, in the 9 months 2025, CapEx spending reached EUR 285 million, bringing the total CapEx for buildings and infrastructure works from the start of the project and until September 30 to EUR 849 million. Further details are shown on Slide 23. At the group level now, key highlights are as follows: Group consolidated EBITDA after valuation reached EUR 253 million in the 9 months 2025 results, 2.7x higher than the 9 months 2024 results, impacted by the positive operating performance in our business segment as analyzed and the positive impact from valuation gains as explained in our half 1 results call.

It is important here to note that the European Central Bank reduced its policy rates by cumulative 175 bps over the period July '24 to June '25, while yields for our operating malls have been reduced by independent valuers by only circa 80 bps over the same period. This lag implies further scope for yield compression that will positively impact our results. Just to mention here that the 9-month results does not incorporate any new valuation appraisals from our third-party valuers. This will be done at the full year results. Group reported a net profit of EUR 116 million in the 9-month results compared to a loss of EUR 14 million same period last year. Details on EBITDA and net profit loss breakdown are shown on Slides 8 to 10 in the presentation.

Group total investment portfolio reached EUR 3.7 billion from EUR 3.5 billion on December 31, 2024, supported by yield compression in our Malls business. Finally, cash remains at healthy levels with EUR 389 million reported as of end of September 2025, following the repayment of the EUR 230 million green bond in July 2025. With the successful issuance of our new EUR 500 million bond in November 2025, today's group cash is at the level of EUR 815 million.

And with that, we conclude the key highlights of our 9 months 2025 results, and we can open the floor for questions.

[Operator Instructions] The first question comes from the line of Svyriadi Natalia with Eurobank Equities.

I hope you can hear me. Well, I will start from the end while we were talking for the interest rates now. And I have a question if you have at all thought how much would be the -- with the new bond that you have actually right now, how this would fix your interest rates going ahead versus what we have now, given that we remain -- the floating ones remain at this level. So what rates would we be guessing to see somewhere there? And then I also have a question on Ellinikon. I don't know if you want me to -- we can take it at any moment.

Yes. Sure, Natalia. Glad to answer the first question about the interest rate. With the new bond that was issued at 3.8% coupon, the average of the group is at 3.8% as well. Just to mention that -- so we have EUR 0.5 billion now plus the EUR 320 million that we have as bonds. And then we have around another, I would say, EUR 600 million in the Malls. So overall, the total cost of the group is 3.8%.

Okay. Yes. That's great. I made some calculations that I wanted to see how this would be. Okay, very nice. I also wanted to ask on the Ellinikon, if you have -- like if you could give us some view on the residential projects that are going to be marketed because I understand that up to October, you had run out of residential projects in the marketing process, so you could put in the market. So do you have -- what are the plans going ahead in this context?

Yes. Thank you, Natalia. That's an accurate observation. Basically, we -- as I mentioned earlier, we had essentially sold out all of the units that were available, and that was primarily due to the fact that there was a change in the building code regulations, which delayed the launch of some projects. So I think something like 98% or something like that were sold before the launches of the new projects that we just did in November. So to put some numbers around it, we launched 112 units in November, and we expect to launch another 330 units starting in Q1 2026, but over time through 2026.

[Operator Instructions] Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Mr. Zafolias for any closing comments.

Thank you all for joining our call today. Wishing everybody happy holidays and look forward to speaking to you in the beginning of the year.

Ladies and gentlemen, the conference has now concluded, and you may disconnect your telephone. Thank you for calling. Have a good evening.

Ladies and gentlemen, thank you for standing by. I am Mina, your Chorus Call operator. Welcome, and thank you for joining the LAMDA Development Conference Call and Live Webcast to present and discuss the first half 2025 financial results. [Operator Instructions] And the conference is being recorded. [Operator Instructions] 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.

Thank you. Good evening, and thank you all for joining us to discuss our results for the first half of 2025. During the period, we delivered strong results across all segments with record results for the malls accompanied by significant and long overdue revaluation gains, record results for the marinas, albeit the fact that vessels are being moved out in preparation of the renovation works. And over EUR 53 million of EBITDA for the Ellinikon, 7x higher year-over-year on the back of strong residential and property sales as well as accelerated construction progress.

I note that these record results were also followed by the following events that are past the June 30 date. First, the repayment of our EUR 230 million green bond in July. And second, the beginning of a transformational EUR 450 million transaction with the ION Group to develop a global R&D and innovation campus, a transaction that we expect to have a great benefit not only to the Ellinikon development, but also Athens and Greece as a whole.

For us, it launches the business district, the final component of the master plan with a significant way. It establishes a true innovation hub, which we expect will draw more high-caliber companies in the future. It anchors the Ellinikon as a world-class destination, attracting global partnerships and international demand. And finally, it reaffirms the value of our residential land plots. If you consider that the valuation for the AU5 area, which is the exclusively residential part of the transaction, was at EUR 2,250 per square meter.

Further to this data point, we note that during the second quarter, we also signed SPAs for the sale of an additional residential land plot at EUR 2,700 per square meter, further improvement on the EUR 2,250. And also, I note that on the EUR 2,250, that is a considerable size transaction. I remind you that the ION transaction was EUR 450 million for 250,000 square meters GFA in total.

So at the Group level, consolidated EBITDA reached EUR 237 million, over 4x higher on a year-over-year basis, reflecting the strong momentum across all of the businesses in our portfolio. The Group's net result reached EUR 128 million as compared to losses in the first half of 2024. All of this led to a substantial increase of our NAV to EUR 9.22 per share. And that I noted before the contribution from the ION transaction and before the significant upside in the market value of our residential land plots as compared to their book value.

I also note that trading volumes on the stock have moved significantly up over the past couple of months to exceed about 500,000 shares on average traded daily. Now I'll go into a few words for each of the segment, which Harris will analyze in more detail. Specifically, our Malls delivered their strongest first half on record. Retail EBITDA from our operating malls reached EUR 45.5 million, extending 3 consecutive years of steady growth and setting new highs across nearly all of the KPIs. The Malls bottom line results were also positively impacted by EUR 130 million increase in the valuation of the 4 operating malls, primarily due to a compression in yields.

Also strong commercial progress of the malls under development was further established. 78% of the heads of terms have been signed for the Riviera Galleria, which is the first mall to be completed and 64% of heads of terms were signed for the Ellinikon Mall, the second moll to be completed. The success of this strategy to create unique destination also carries over to the Marinas. Those registered another record operating EBITDA of EUR 10 million or 5% higher.

This is especially impressive considering that vessels were being moved already out of the Agios Kosmas Marinas for the renovations. The Ellinikon's EBITDA was EUR 53 million, over 7x higher on a year-over-year basis, and that was driven by both a significant increase in revenues of sales from residential developments and land plot sales as well as the construction progress.

While the construction market does remain difficult, as we have highlighted in previous calls, our internal construction business unit continues to expand its capabilities while delivering solid progress on time and on budget. I will now hand over to Harris Goritsas, our Group CFO of the call, who will walk you through the key highlights of the financial results.

Thank you, Apostolos and good evening to all from my side as well. I will begin with an overview of the key financial highlights across the Group's 3 main business segments that are Malls, Marinas and Ellinikon, followed by the most important highlights at the consolidated Group level. So let's start with LAMDA Malls. Our 4 operating malls delivered another record performance in H1 2025 with a retail EBITDA reaching EUR 45.5 million, up by 4% year-on-year. This was driven by a 6% year-on-year increase in base rents, a 9% rise in parking revenues and very important, a solid operational momentum, mainly higher footfall by 3% and tenant sales hitting an all-time high of almost EUR 390 million.

Construction is underway on both new destinations with concrete works in progress across all Riviera Galleria buildings, while excavation for the Ellinikon Mall is complete. The structural works contract for the Ellinikon Mall has been awarded to Terna very recently, and it's set to begin before the end of this year. As of June 2025, the total gross asset value of the LAMDA Malls Group exceeded EUR 1.7 billion with the value of our 4 malls in operation currently reaching a new record high of EUR 1.3 billion.

For a detailed analysis of LAMDA Mall's financial results, please refer to Slides 15 to 19 of the results presentation. Now turning to the Marinas segment. It continued its strong growth trajectory, achieving record results in H1 2025. Total revenue reached EUR 16.6 million, marking an 8% increase compared to the same period in 2024, while EBITDA grew by 2% year-on-year to EUR 10 million now.

This strong performance is driven by sustained demand at our 2 Marinas, supported by higher revenue from yacht transits and an annual contractual fee uplifts. At Agios Kosmas Marina, best capacity, as Apostolos mentioned, is being gradually reduced to enabling major upgrades and reconfiguration to host larger yachts. These enhancements, while will have a negative short-term impact in our financials, but on the other hand, are expected to further boost annual revenues once completed.

Details on Marina's performance are available on Slide 20. Let me now turn to our landmark Ellinikon project and highlight its key achievements to date. As of 25th of August 2025, 522 out of the 559 units launched in the Little Athens neighborhood have been already sold or reserved. This represents astonishing 93% sale rate. Revenue recognition from residential developments in H1 2025 reached EUR 126 million, a 51% increase versus the respective period in 2024, starting to showcase the significant contribution of residential developments in our results as construction progress continues.

Moreover, during H1 2025, EUR 104 million worth of revenues from property sales have been recognized, up 49% versus same period a year ago. As a result of this commercial success, total cash proceeds from sales and leases since the project's launch have reached EUR 1.4 billion as of 25th of August 2025 with cash collections of almost EUR 290 million in 2025. Details on Ellinikon cash collections are available on Slide 22.

Reflecting now to the commercial strength of the Ellinikon, the project's total cash balance stood at EUR 355 million as of June 2025 versus EUR 290 million same period in Q1 and no bank loans have been drawn down yet for another period. In H1 2025, total CapEx reached EUR 181 million, bringing the total CapEx for buildings and infrastructure works from the start of the project and until end of June 2025 to EUR 744 million. Further details are shown on Slides 25 and 26.

Now turning at the group level. The key highlights are as follows: Group consolidated EBITDA after valuations reached EUR 237 million in H1 2025, 4.4x higher than H1 2024, impacted by the positive operating results in all our business segments as we analyzed and by the surge of asset valuation from LAMDA malls, mainly due to yield compression of circa 55 basis points from operating malls at the back of European Central Bank rate reductions and Greece's macroeconomic indicators improvements.

It is important to note that the European Central Bank has reduced its rate by 175 basis points during the period June '24 to June '25. So in the 12 months prior to our results, while yields for our operating malls have been reduced by our independent valuers only by circa 80 basis points during the same period. This implies further room of yield compression with positive, of course, impact into our financials. As a result, the group reported a net profit of EUR 128 million in H1 2025 compared to a loss of EUR 19 million in H1 2024. Details on EBITDA and net profit loss breakdown are shown on Slides 8, 9 and 10 in the presentation.

Net asset value increased over 10% from 31st of December 2024 to EUR 9.22 per share, excluding the contribution from the ION strategic transaction and the hidden value for Ellinikon, as Apostolos mentioned and especially from the remaining residential land plots. Group total investment portfolio reached EUR 3.7 billion from EUR 3.5 billion in December 2024, supported by the yield compression in our Malls business as we elaborated.

Finally, cash remains at healthy levels with EUR 700 million reported at the end of June 2025, and I have to say EUR 400 million as of now following the repayment of the EUR 230 million green bond in July 2025. With that, I want to thank you for your attention, and we will now open the floor for questions.

[Operator Instructions] The first question is from the line of Svyriadi Natalia with Eurobank Equities.

I would like to ask. Well, I have a couple of questions on the Ellinikon, but I will try to make them short. I would like to ask, first of all, about the residential developments on Little Athens. How many units are we thinking to put into the market going ahead based on the very good results we have until now. I would like to get an idea of what we are waiting for on this part.

I also have a question regarding the operating expenses we saw in H1, which were lower by, I think, around EUR 10 million versus last year. And I would like to understand where this came from? And what should we expect going ahead in operating costs for the Ellinikon? And also congratulations on the ION agreement. I would like -- if you could give us a view of what this could trigger for the business district around it that you said that this could be a basis for other business district development? And how many square meters does this mean that we have and whether this could go ahead? So I would like around these 3 on the Ellinikon, if you could give me your answers, please.

Of course. Thank you, Natalia. I'll take 2 of them, and I will leave one for Harry. The first that you mentioned, the first was residential developments on Little Athens. So look, just to recap on what we have done to date. To date, we have launched about 560 units. Of these 522 or 92%, 93% have already been sold or reserved. What is left for Little Athens, we expect probably another 100 to 120 units through the end of the year. And then about 300 to 350 units starting to gradually be rolled out starting the first quarter of 2026. And that essentially rounds out, if you wish, the Phase 1. Important to note that just looking at the numbers, you're way past the mid mark, if you wish. You've sold or reserved more than 800 -- let's say, close to 840 units, and you have something like 350, 400 units left.

Which is more than we were expecting initially?

Well, the pace is accelerating in terms of what we have closed to date, if that's what you're asking.

Yes. Yes, exactly. Great.

Further on your question about the ION transaction. So look, I think the Ion transaction essentially establishes a great start to the business district. The business district is obviously the one that is to the left of the Ellinikon Mall. So the sort of simultaneous development of both districts is very beneficial. The square meters, I suppose, allocated to the ION transaction is about 180,000 square meters. So that leaves over 100,000 of square meters remaining unutilized because there's other square meters that are utilized by education and other developments, but a little bit over 100,000 square meters unutilized in that district that could draw attention from other companies, either for the development and sale of office buildings or leasing of office buildings. And we've already seen some interest to date.

And Natalia, let me take your question about the operating expenses, which is indeed lower this period versus last period for Ellinikon. Actually, this comes with 2 reasons. The first has to do with almost 50% of that is due to the higher base we had in last year because we had a significant amount of relocation expenses related to the sports facilities. We had to move them in order to start the works of the sports park. So it was a higher base by pretty much 50% of the base of the EUR 7 million improvement. And the other 50% comes from better payroll. And this has to do with the fact that as projects mature, it allows us for capitalization of payroll instead of expensing. And of course, we do also -- we are very cautious on continuing that path. And we aim for further rationalization and streamlining of expenses going forward.

Okay. That's great. I will leave others make some questions also and follow up if I need.

The next question is from the line of Caithaml Jakub with Wood & Company.

This is Jakub Caithaml. Congrats, especially to the land sale, which is very material. Also a couple of questions from my side. First, on CapEx, I was glad to see the ramp-up in the second quarter. Could you give us some idea about how it could go in the second half of the year? And maybe more broadly, how do you see the availability of labor? And could you give us some broad update on where we are with regards to time line of the key projects and budgets?

Sure. So in terms of CapEx, we had guided for EUR 500 million worth of CapEx for all of 2025. We have already achieved EUR 200 million, as you very well point out, on an accelerated basis on a year-over-year basis or even quarter-over-quarter, whatever you want to look at it. And we expect to meet our target of EUR 500 million through the end of the year. So that implies another EUR 200 million to EUR 300 million of CapEx for the remaining of 2025.

As far as labor goes, look, I think that the labor market remains tight. I think that the construction market remains difficult. And I think that one of the big mitigants that we have done to date is to start the construction business unit, which as I mentioned before, is doing very well in the project that it has already taken on and delivering on budget and on time.

That's helpful. On the 2 Ellinikon Malls, the Ellinikon Mall and the Riviera Galleria, if you know this number, could you remind us the heads of terms that have been closed so far for each of the 2 malls? What is the rental income that the places which were sort of leased through the heads of terms or pre-agreed so far? What does it translate into? And another question related to this, can you update us when do you plan to start converting the heads of terms into leasing contracts?

Sure. So let's start with the Riviera Galleria, which is the first one coming online. For that, we are up to 78% of heads of terms signed to date at an average rate, which has also improved since the last time that we spoke to over EUR 85 per GLA. So that implies that the latest contracts are obviously done at higher levels in order to pull up the average. And contract signings have already started. And they're going to be happening fairly quickly for the Riviera Galleria because we're talking about completion of works next year. And then for the Ellinikon Mall, we are at 64% in terms of heads of terms. And those, again, at an improved rate of, let's call it, EUR 55 per GLA.

That's super clear. Also, I was meaning to ask a similar question on the resi. If you have this number either altogether or maybe excluding Riviera Tower, what is the average price per apartment in the residential first phase for the apartments that you have sold to date?

So we usually group it on the sort of coastal front and Little Athens. As far as Little Athens goes, the last reported number we gave was EUR 8,600 per square meters for all of those developments. And I will tell you that we haven't updated that yet, but it is improving still higher than the EUR 8,600 per square meter.

Understood. And a final question from my side. Could you share your thinking between the sort of balance of developing the rest of the Ellinikon yourself? Or are you seeing sort of opportunity? Or would you be even willing to sell another material plot or plots to third parties?

Look, I think the intention has always been to develop the Ellinikon ourselves and opportunistically look at land plot sales. Going forward I think that we have, as you mentioned, have done quite a significant transaction. So going forward, I think it will be looked at very specifically on a case-by-case basis, if anything. There is a small -- a very small number of residential land plots, if you wish, that we have thought of potentially selling in the short term. But generally speaking, we're talking about development, not sales.

Got it. And sorry, just a quick follow-up on the sale that you have closed recently. Can you remind us when do you expect to receive the cash? And when we will see the effect going through the P&L affecting the equity and the NAV?

Sorry, for the ION transaction, you mean?

Yes.

So look, we are in the process of completing due diligence. We've seen a very fast-moving pace on that. So we expect that to take a couple of months. Then we will be signing binding agreements. At that stage, we expect to get about 10% of it, so EUR 45 million. And the remainder would come essentially with the issuance of building permits.

I see, I see. And the building permits, is there -- so what is the pre requirements? I mean, does the buyer need to first design what they want to build?

Yes.

I see, I see. So this part could be more and more distant.

Sorry, say that again.

So it could take some time before the second tranche is paid out.

Well, look, we expect that -- first of all, just keep in mind that the experience that the team over here has built in terms of permitting and the process with the dedicated Ellinikon office has been very efficient to date. In terms of sort of expectations of time, we expect something between 12 and 15 months to have it all issued, if you wish.

The next question is from the line of Murphy Andy with Edison Investment Research.

It's Andy Murphy rather than Murphy Andy, but anyway, one question, just thinking about the revaluation on the malls. I think the revaluation was perhaps overdue. So I was just wondering why the valuers have moved now you've got a situation where short-term rates have been moving down, long term have been moving up. So I suppose the question is why now?

Why now? Thanks, Andy. That's a very, very good question. And actually, we were also on your thinking so far. The blunt answer is that our valuators, independent third-party valuators, which we have a long-term relationship and we value a lot are quite conservative. So they wanted to see the ECB progress and stabilizing the ECB progress. Now we know that it's around 2%, the ECB rate from 375. So this is 175 bps. And now it seems that it has been stabilized on that level. And then the other thing that our valuators were waiting was to see the progress of the Greek macroeconomics and economy in general.

We have now the rating improving as Greek state. So this triggered a gradual, let's say, release of this variance between what we have in valuation versus what the true divergence will be through time. So as I said to my opening speech, we have received almost 80 bps. So half of this gap into our results. And we personally as a management team, although we cannot influence the third party valuator, but we strongly believe that there is further room for improvements.

[Operator Instructions] The next question is a follow-up question from the line of Svyriadi Natalia with Eurobank Equities.

Yes. I was wondering if you could give us an indication after the bond repayment, which came in July where we stand in the fixed amount, floating amount of debt and maybe in the rate? And what we are -- you're thinking of as we're going ahead in terms of your structure?

Thank you, Natalia. First of all, our thinking remains the same. We are always open to, let's say, actively balance our debt structure and tap on any opportunity in the market scene to improve the cost of our debt. Now in terms of the structure, currently, the fixed rate, the remaining bond is EUR 320 million with a coupon cost of 3.4%. And the remaining -- and we have roughly around EUR 600 million worth of debt attached to the malls. Overall, the total cost of debt after the repayment for the group is 3.8%.

So it looks like it's a bit lower than what it used to be.

It was -- in the results that we have announced in June, it was 4% with the repayment of the bond -- of the green bond. This has reduced to 3.8%. Just to remind you that the bond that we have repaid had a coupon of 4.7%.

Ladies and gentlemen, that was the last question. The conference has now concluded, and you may disconnect your telephone. Thank you for calling, and have a good afternoon.