The consolidated operating results of the Lamda Development Group jumped 69% in the financial year 2023, thanks to the new historical record set by the group's shopping centres and marinas.

More specifically, the consolidated operating result (EBITDA) showed a profit of €206 million compared to a profit of €122 million in 2022. These results include the positive impact of a total amount of €68 million (against a positive impact of €134 million in 2022), based on an independent appraisal of the value of the Group's Investment Properties and inventories as of December 31, 2023.

The Group's total consolidated operating profit (EBITDA), before investment portfolio valuations and other adjustments, for 2023 showed a profit of €132 million compared to a loss of €13 million in 2022.

- Shopping Centres (4 in operation): operating profit before depreciation and other adjustments (Retail EBITDA) of €81 million is a new all-time record (up 18% vs. 2026 ). The increase in total rental income (24% vs. 2022) and parking income are the main drivers of operating EBITDA's ongoing strong growth.

- Marinas: total operating profit (EBITDA) before depreciation and amortization and other adjustments increased 5% vs. 2022 to €18 million, setting a new historical record. Operating profit at Flisvos Marina increased 5% vs. 2022 to €14 million, while operating profit at Ag. Kosmas (Hellenic) Marina increased 11% to €5 million.This improvement is mainly due to the increase in annual (permanent) berthing contracts, based on the new pricing policy, which still amount to 100% of total capacity.

- Elliniko project: the significant increase in revenues from sales and leases of real estate, due to the progress of construction works and the accounting recognition of revenues based on the fulfilment of related obligations, is the main factor in achieving significant operating profitability in 2023, just 2.5 years after the signing of the acquisition of the shares of HELLINIKO M.A.E. (25.06.2021). EBITDA operating results before depreciation and other adjustments amounted to a profit of €65 million compared to a loss of €67 million in 2022.

Consolidated net profit after tax and minority interests for 2023 was a profit of €27 million compared to a loss of €31 million in 2022. It should be noted that these results include the charge related to financial expenses that have no impact on cash and relate to the accounting recognition of future liabilities related to the Elliniko project (a negative impact of €44 million in 2023 versus €38 million in 2022).

ATHANASIOU HAILS PERFOMANCE

Commenting on the FY 2023 financial results, Lamda Development's CEO, Mr. Odysseas Athanasiou said, "All of the Group's individual business activities have demonstrated exceptional performance. The Shopping Centres recorded another new all-time record in operating profitability (Retail EBITDA) at €81 million, up 18% compared to 2022. The Group's Marinas also set a new all-time record for operating profitability. Impressive developments were made in the development of the Elliniko project. Total proceeds from property sales, since the start of the project, reached €641 million, due to the significant demand for the project's residential developments. We note that 2023 was the first profitable year on an operational level for the project, just 2.5 years after the signing of the acquisition of the shares by Lamda on June 25, 2021. Elliniko is progressing at a very fast pace and the residential projects are now visible from Ave. Poseidonos."