Lamda recorded a new all-time record retail EBITDA for 4 shopping centers in operation before depreciation and amortization in Q1 at €22.5 million, up 8% compared to Q1 2023. In addition, a new all-time record EBITDA profit was also recorded for the marinas at €4.6 million, up 13% compared to Q1 2023.

Finally, strong EBITDA results for the Ellinikon project (The Ellinikon) were achieved in the same period at €15.5 million, together with almost €0.7 billion of proceeds from property sales to date.

Commenting on the Q1 2024 financial results, Lamda Development CEO, Mr. Odysseas Athanasiou, said: "All of the Group's business segments started 2024 by achieving new historical records of operating profitability. Total cash receipts from property sales in the Hellenic Project continue to grow, with over €670 million of cash receipts to date. Sales in Q1 2024 increased fivefold compared to the same period last year, while construction work is now underway at almost all developments on the coastal front, namely Riviera Tower, Cove Residences, Cove Villas, Park Rise, Sports Complex, and the Poseidonos Avenue underground project. With retail EBITDA results up 8% year over year and visitor numbers exceeding 5 million in Q1 2024, the active shopping centers are continuing to set records. Marines also recorded a 13% increase in EBITDA profitability over the same period last year. All of the above has been achieved while maintaining significant cash reserves of almost €0.6 billion.

Going forward, we expect further acceleration of construction work on the Elliniko Project as well as the commencement of work on the Riviera Galleria and the Ellinikon Mall, which, upon completion, will almost double LAMDA MALLS Group's EBITDA profitability."