Lamda Development SA Q4 2024 Earnings Call Transcript

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

Question: Natalia Svyrou Svyriadi - Eurobank Equities Investment Firm S.A - Analyst : I would like to say a bit on the Ellinikon project, and the cash proceeds we should be expecting in 2025. You definitely surpassed your target in 2024. So I was wondering if you could give us an update on what you're thinking for 2025. And if you have any more residential units to add for sale. There are 559 in Little Athens. I guess you have more of them to go for sale. So I would like some color there. And I also have a question on CapEx. I don't know if you want me to say it now or we can take it after that. So we can take it one by one.

Question: Natalia Svyrou Svyriadi - Eurobank Equities Investment Firm S.A - Analyst : Okay. Great. And I would like also some color on the CapEx we should expect in the current year with this sports park also going and the residential units you're planning and Agios Kosmas Marina starting altogether.

Question: Natalia Svyrou Svyriadi - Eurobank Equities Investment Firm S.A - Analyst : Okay, great. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 27, 2025 / 4:00PM, LMDr.AT - Q4 2024 Lamda Development SA Earnings Call

Question: Natalia Svyrou Svyriadi - Eurobank Equities Investment Firm S.A - Analyst : Yes, of course, the infrastructure and buildings. Okay, great.

Question: Natalia Svyrou Svyriadi - Eurobank Equities Investment Firm S.A - Analyst : Yes. Now that you said about the malls, could you update us a bit on the terms? You have secured financing for the malls. Could you remind us a bit what's the theme there?

Question: Jakub Caithaml - WOOD & Company - Analyst : This is Jakub from Wood. I wanted to follow on the discussion of the malls. And first, just to confirm I understood correctly, did you mention earlier that the average rent, which has so far agreed in the heads of terms for both of the retail assets within the Ellinikon is EUR85 per square meter. Do I hear that right?

Question: Jakub Caithaml - WOOD & Company - Analyst : I see. And then on the two malls, again, just to check I understood correctly, you expect both of them could be operational in '26?

Question: Jakub Caithaml - WOOD & Company - Analyst : I see. And for Riviera, what does it then mean for opening?

Question: Jakub Caithaml - WOOD & Company - Analyst : So when it would be open to customers?

Question: Jakub Caithaml - WOOD & Company - Analyst : Right, right. And then another follow-on question on the CapEx discussion. So you went over how much has been spent to date. And you also suggested how much we can expect in '25. Can you remind us for the projects which you group under the Ellinikon umbrella, so the infrastructure and also the residential projects and the various other projects outside of the malls. What is the total spend that is remaining, not only in '25, but sort of until the end of the first phase?

Question: Jakub Caithaml - WOOD & Company - Analyst : I was meaning to ask sort of until the end of the first phase, how much do you expect to spend for all of these Ellinikon projects combined still, not only in 2025 but also in '26 and '27 and potentially '28?

Question: Jakub Caithaml - WOOD & Company - Analyst : Still outstanding or including what you have spent already?

Question: Jakub Caithaml - WOOD & Company - Analyst : Perfect. And then outside of that would be the two retail assets, Riviera Galleria and the Ellinikon Mall, correct?

Question: George Athanasakis - Pantelakis Securities - Analyst : I wanted to ask about the Vouliagmenis Mall. You did say about agreements averaging at EUR86 per square meter for the Riviera Galleria. Is there a similar figure available for the Vouliagmenis Mall?

Question: George Athanasakis - Pantelakis Securities - Analyst : No, no. You can answer this one, and I will follow up with -- REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 27, 2025 / 4:00PM, LMDr.AT - Q4 2024 Lamda Development SA Earnings Call

Question: George Athanasakis - Pantelakis Securities - Analyst : Okay. And I wanted to ask about the profitability of the buildings aside from residencies. This land plot has building allowance of 2.7 million square meters, of which 1.2 million resi, what is the remaining? Can you give us an idea? I understand the malls are included in there, plus the hotels that are going to be built. What is the rest? Can you give us an idea of the profitability of this square meters?

Question: George Athanasakis - Pantelakis Securities - Analyst : I understand, yes, for each one is different. Let's say, for example, the athletic buildings, the sports facilities. How do you think about them? I mean, how would you go about making money on this investment?

Question: George Athanasakis - Pantelakis Securities - Analyst : Okay. Great. And another two, if I may. Any developments with regards to this business of managing buildings there? The maintenance cost and what sort of revenue do you think you can achieve on this sort of business?

Question: George Athanasakis - Pantelakis Securities - Analyst : Okay. Great. And one last one, which is a very long shot, basically. What do you think LAMDA would look like when this project completes in 8, 10 years' time? Will it be a business of shopping malls along with some recurring revenue from the IRC and the maintenance business as well as stakes in joint ventures, hotel joint ventures with TEMES and I don't remember which other one. What do you think LAMDA would look like? What is the end picture here?