Lamda Development SA Q2 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Natalia Svyrou-Svyriadi - Eurobank EFG Securities Firm S.A. - Analyst : 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 EUR10 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 three on the Ellinikon, if you could give me your answers, please. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 18, 2025 / 3:00PM, LMDr.AT - Q2 2025 Lamda Development SA Earnings Call

Question: Natalia Svyrou-Svyriadi - Eurobank EFG Securities Firm S.A. - Analyst : Which is more than we were expecting initially?

Question: Natalia Svyrou-Svyriadi - Eurobank EFG Securities Firm S.A. - Analyst : Yes. Yes, exactly. Great.

Question: Natalia Svyrou-Svyriadi - Eurobank EFG Securities Firm S.A. - Analyst : Okay. That's great. I will leave others make some questions also and follow up if I need.

Question: Jakub Caithaml - Wood & Company Financial Services - Analyst : 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 timeline of the key projects and budgets?

Question: Jakub Caithaml - Wood & Company Financial Services - Analyst : That's helpful. On the two 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 two 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?

Question: Jakub Caithaml - Wood & Company Financial Services - Analyst : 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?

Question: Jakub Caithaml - Wood & Company Financial Services - Analyst : 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?

Question: Jakub Caithaml - Wood & Company Financial Services - Analyst : 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?

Question: Jakub Caithaml - Wood & Company Financial Services - Analyst : Yes.

Question: Jakub Caithaml - Wood & Company Financial Services - Analyst : 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?

Question: Jakub Caithaml - Wood & Company Financial Services - Analyst : I see, I see. So this part could be more and more distant. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 18, 2025 / 3:00PM, LMDr.AT - Q2 2025 Lamda Development SA Earnings Call

Question: Jakub Caithaml - Wood & Company Financial Services - Analyst : So it could take some time before the second tranche is paid out.

Question: Andrew Murphy - Edison Investment Research Limited - Analyst : 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?

Question: Natalia Svyrou-Svyriadi - Eurobank EFG Securities Firm S.A. - Analyst : 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? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 18, 2025 / 3:00PM, LMDr.AT - Q2 2025 Lamda Development SA Earnings Call

Question: Natalia Svyrou-Svyriadi - Eurobank EFG Securities Firm S.A. - Analyst : So it looks like it's a bit lower than what it used to be.