Lamda Development has achieved a new historic record in EBITDA before valuation in both retail and marine in the first half of the year, announcing a 72% increase in consolidated EBITDA before valuation to €46.5 million. At the same time, proceeds from the sale of properties in Elliniko reached €776 million.

In particular, Lamda Development achieved a new all-time record retail EBITDA (4 shopping centers in operation) before valuation at €44 million, up 8% compared to 2023, and a new all-time record EBITDA for marinas at €10 million, a 9% jump from last year. It also recorded profitable EBITDA results for the Ellinikon project at €7 million, together with €776 million from real estate sales proceeds from the start of the project until 30.08.2024.

CEO STATEMENT

Commenting on the financial results for H1 2024, LAMDA Development's CEO, Mr. Odysseas Athanasiou, said: "All of the Group's business segments continue their upward trend in the first half of 2024. The total proceeds from property sales in the Hellenikon Project are approaching EUR 800 million from the start of the project until the end of August 2024, and by the end of the year we estimate that total proceeds will exceed €900 million."

"The proceeds from the recent land sales are expected to further strengthen cash and shore up the group's balance sheet. Alongside the rapid progress in residential developments, work continues on infrastructure projects such as the undergrounding of Poseidon Avenue and The Ellinikon Sports Park, and we expect a further intensification of the pace of work on all fronts in the coming quarters. The shopping centers in operation, as well as the marinas, continue to set new records for profitability," he added.