Lamda Development — Valuation upside potential is emerging

LAMDA Development delivered a strong H125 operational and financial performance across all segments of the business. The operational malls and marinas reached new high levels of EBITDA and the Ellinikon project delivered a significant increase in revenues and earnings. Adjusted net assets per share increased by 11% versus end-FY24, to €9.22, driven by the external revaluation of the operational malls. The subsequently agreed land sale to, and partnership with, ION Group is a major landmark in the long-term development of the Ellinikon project.