Key drivers of said results in 9M 2023 are as follows:

• Malls: the sustained strong growth in the operating profitability EBITDA is mainly attributed to the rental income growth (14% vs. 2022 on a comparable basis for the Malls) as well as the parking income growth (21% vs. 2022 on a comparable basis for the 3 Malls). Profit of €61.6m is a new record on a 9-months basis (15% increase vs. €53.8m profit in 9M 2022 on a comparable basis for the 3 Malls).

• Designer Outlet Athens: the positive EBITDA contribution of €7.8m profit in 9M 2023 (€1.3m profit in 9M 2022 for a period of 2 months).

• Marinas Flisvos and Agios Kosmas (Ellinikon): the growth in operating profitability EBITDA (aggregate profit €13.9m, 7% increase vs. 9M 2022), on the back of the increase in the annual (permanent) berth contracts, based on the new pricing policy, which continue to account for 100% of total berth capacity.

• Ellinikon project: the significant revenue increase from property sales/leases, on account of the construction works progress, is the key driver of the substantial improvement in the operating profitability EBITDA before valuations and other adjustments (€22.4m loss vs. €36.2m loss in 9M 2022).

9M 2023 Group consolidated operating result (EBITDA) amounted to €76.9m profit, 121% increase vs. €34.8m profit in 9M 2022. Said results include the positive impact of total €42m fair value gain (vs. positive impact €32m in 9M 2022), based on the independent valuers’ assessment of the Group Investment Property value on 30.06.2022 (Malls and other properties as well as the Investment Property in the Ellinikon).

9M 2023 Group consolidated net results, after taxes and minority interest, amounted to €6.1m loss vs. €55.2m loss in 9M 2022. Note that said results include the negative impact from financial expenses, that do not affect the cash balance, related to the accounting recognition of future obligations7 of the Ellinikon project (negative impact of €32.8m in 9M 2023 vs. €27.7m in 9M 2022).

ELLINIKON PROJECT

With regards to the Ellinikon project 9M 2023 financial results, the key driver of the substantial improvement to the operating profitability is the sizeable increase in revenues from property sales/lease, on account of the accelerated efforts project execution/development, the construction works progress as well as the gradual fulfillment of the relevant performance obligations.

• Total revenue amounted to €106.8m (€0.2m in 9M 2022).

• Total cash proceeds from property sales/leases in 9M 2023 reached €241m. Deferred revenue not yet recognized on P&L, from property sales, which are expected to be gradually recognised, amounted to €253m on 30.09.2023.

• Total gross profit (after accounting for the costs of sold property) reached €42.3m (€0.2m in 9M 2022).

• Total operating expenses (OPEX) reached €64.7m (€36.4m in 9M 2022).

• Operating profitability results (EBITDA) registered significantly contained losses of €22.4m (€36.2m loss in 9M 2022).

• EBITDA after the Investment Property revaluation, based on the independent valuer’s assessment on 30.06.2023 (fair value gain €21.8m in 9M 2023 vs. €10.5m in 9M 2022), amounted to a marginal loss of €0.6m vs. €25.7m loss in 9M 2022.

• Bottom-line net results, after taxes, registered significantly contained losses of €14.9m (€59.9m loss in 9M 2022). Said results include the negative impact from financial expenses, that do not affect the cash balance, related to the accounting recognition of future obligations8, worth €32.8m (vs. €27.7m in 9M 2022).

• The Ellinikon project total portfolio asset value (GAV) amounted to €2.0bn, a €45m increase vs. 31.12.2022, on the back of (a) Investment Property fair value gain (positive impact €22m) and (b) €23m CAPEX increase, after excluding cost of properties sold.

Infrastructure Works and other building construction works

The Company has significantly accelerated its project execution efforts, regarding both buildings construction and infrastructure works in the Ellinikon project. Key examples include:

• Riviera Tower: in October 2023 the foundation works were completed with the largest concreting process, for more than 40 consecutive hours, ever carried out in Greece. According to the schedule, the concreting of the basements and the ground floor slab, which will be visible to everyone from Posidonos Ave, will follow by the end of 2023.

• The Cove Residences (condos): the archaeological works on the plots of the declared archaeological site have been completed, while the works of the 1st phase contract by the contractors ETHNOKAT and AKTOR are currently in progress. Excavations have been completed in 2 out of the 4 plots, while excavations for the remaining 2 plots are currently in progress. The concreting of the ground floor slab on 2 plots is expected to commence near the end of 2023.

• The Cove Villas: building permits have been issued for 3 plots, while for another 10 plots the building permit issuance process is ongoing. Furthermore, almost all required demolitions have been completed.

• Vouliagmenis Mall: in August 2023 the company AKTOR was selected as contractor for the excavations and early works. Excavations commenced at the end of September 2023.

• Riviera Galleria: in June 2023 the building permit was issued. Furthermore, all required demolitions have been completed and the tender for the selection of a contractor is currently in progress.

• AMEA Building Complex: construction was completed and the property was delivered in September 2023 for the use by the 4 associations for People with Disabilities.

• Posidonos Avenue underpass: already completed 70% of the excavations and 35% of concreting works.

• Trachones Stream (flood protection works): already completed 65% of excavations.