Thank you. Good evening, ladies and gentlemen, and thank you for joining us today as we discuss the financial results for the first half of 2026.

The first half reflected strong momentum across our operating assets. The retail destinations continued their strong performance, setting new records, while Flisvos Marina recorded growth of 10%.

At the same time, construction works at The Ellinikon continue to progress across all fronts, with significant milestones being achieved as the development moves to its delivery phase. Results for The Ellinikon were negatively impacted primarily as a result of timing, including the timing of land plot sales and expenses related to the infrastructure works, whose progress has accelerated.

Speaking of milestones, today is the official opening of The Ellinikon Sports Park, marking the delivery of another major project at The Ellinikon to the community and kicking off the project's delivery phase in bringing the development to life. The sports park had already successfully hosted the super special stage of the 2026 Acropolis Rally earlier this year, offering a first glimpse of the role it will play within the wider development.

Looking ahead, the major development scheduled to open their doors to the public in 2027 are the Riviera Galleria, one of our two shopping destinations in The Ellinikon, the renovated Agios Kosmas Marina, and at the same time, several residential developments, both along the coastal front and in the Little Athens neighborhood, continue to progress towards delivery, with estimated completion dates starting in the first quarter of 2027 and continuing through the end of the year. The acceleration of construction activity across The Ellinikon is supported by strong cash proceeds from property sales, which continue to fund the advancement of works across the development.

As construction progresses simultaneously across residential neighborhoods, infrastructure, sports facilities, the park, and other key components, our focus remains firmly on disciplined execution, the pursuit of continuous improvement in cost efficiencies, and the delivery of projects to the highest quality standards, which will create long-term value for our shareholders. Regarding the transaction with ION, discussions continue to progress, with both parties working closely to align the remaining key commercial matters with the shared objective of reaching an agreement that creates value and benefits for both parties.

Within the next month, the parties are expected to complete negotiations on the key commercial market and have a clear view as to the finalization of the transaction. Subject to the successful outcome of these negotiations, we target completion during the fourth quarter of this year.

During the first half, we also strengthened our capital structure and financial position. Following the successful €500 million bond issuance in November of last year, we also completed a further €350 million bond issuance in June, which attracted strong investor demand and further demonstrated the market's confidence in Lamda and The Ellinikon.

These transactions have extended our debt maturity profile while allowing us to maintain a competitive cost of funding during a time of volatility and potentially a higher interest rate environment. With strong liquidity and low leverage, we have a solid financial foundation to support the next phase of the development.

Our priority remains the consistent execution of our plans, the pursuit of cost efficiencies, and the delivery of our projects to the highest standards. In the malls segment, getting a little specifically into each of the segments, we continue to deliver record performance during the first half of the year.

Profitability improved further on a year-over-year basis, again driven by higher rental income and higher parking revenues. All of these are supported by very strong KPIs, including increased footfall and a new all-time high in tenant sales.

The value of the retail destinations in total has also continued its upward trajectory, generating significant revaluation gains, albeit lower as compared to the prior-year period, which had benefited from significant yield compression supported by the then-favorable macroeconomic environment. Overall, the results once again demonstrate the strength and resilience of our retail destinations and their ability to generate sustainable earnings and strong recurring cash flows.

On the marina front, Flisvos Marina continued its strong growth trajectory, delivering another record performance in the first half of the year, profitability growing ahead of revenues, and performance being supported by the sustained strong demand, but also higher revenues from yacht transits and contractual fee uplifts. At the same time, we continue to invest in the next phase of growth with the comprehensive redevelopment of the Agios Kosmas Marina, which is being designed to improve the marina's commercial offering and accommodate larger vessels.

Upon completion, together with the adjacent Riviera Galleria, it is expected to become a significant driver of the incremental revenue growth for the group. Now, at The Ellinikon, the first half marked another strong period of execution.

Residential revenues continue to grow strongly year on year, reflecting sustained demand and the continued progress of development as construction advanced. Revenues from property sales were lower year on year.

That was mainly reflecting, as I mentioned before, the timing of land plot transactions, which will be partially reversed with the completion of the sale of two residential land plots in the urban development area AU2 for a total consideration of €41.5 million, corresponding to an average price of about €2,700 per square meter. We expect to recognize an accounting profit before tax of €31 million in regards to this transaction.

The development and construction activity generally across the project continue to accelerate on both the residential and infrastructure works. Commercial momentum remained exceptionally strong.

As of the end of the August of 2026, cumulative cash proceeds from property sales and long-term lease agreements have surpassed €1.8 billion. Momentum continued into August, with almost 81% of the 750 units launched in Little Athens sold or reserved.

I mentioned that the percentage is slightly lower than last time as it reflects the inclusion of an additional 80, 79 residential units in July of 2026. With this, I will hand it over to Harris Goritsas, our Group CFO, who will walk you through the key highlights of the financial results in more detail.

Thank you, Apostolos, and good evening to everyone from my side as well. As standard practice, I will take you through our financial results for the first half of 2026, referring to the selected slides on the presentation that you can find in our website.

I will begin with an overview of the group's key highlights, and then I will provide a more detailed review of the performance for our three core business segments, namely malls, marinas, and I will close with The Ellinikon. Starting at group level, total revenues reached €265 million in the first half of 2026, primarily reflecting the growing contribution from residential developments at The Ellinikon, as well as the continued strong operating performance of our recurring income-generating malls and marinas assets.

Fundamentals behind our revenue growth remain strong, since the 20% drop, or €48 million less revenues compared to same period last year, is fully attributed to the timing of The Ellinikon land plot sales. We remind that last year we had €104 million worth of plot sales, while this year, only €15 million.

Group consolidated EBITDA reached €22 million, also reflecting the impact from the acceleration of construction and infrastructure works at The Ellinikon, as The Ellinikon transitions to its delivery phase. This increased level of investment affects our current results, but is fundamental to advancing the development and delivery the significant pipeline of projects currently under construction.

Details of EBITDA and net results breakdown are shown on slides 8 to 10. The value of group's total investment portfolio reached €3.9 billion as of 30th of June 2026, driven by all asset categories in our portfolio, reflecting continued value creation.

Furthermore, total group cash remained at a particularly strong level, exceeding €1 billion as of the end of June 2026. The reported cash position includes the proceeds from the recently successful €350 million bond issuance, while the subsequent early repayment of the group's bond is not reflected in the half one results due to the timing of the transaction.

Just to remind that we repaid this bond in July. The successful refinancing further optimizes our funding profile, extends our bond maturities, and, importantly, reaffirms our strong and continuous access to the capital markets.

Also, it is worth pointing out that in the current turbulent macroeconomic environment, our sensible hedging strategy protects us from potential further interest increase, since 75% of our group borrowings, if we adjust for the €320 million early bond repayment in July, as I mentioned, are under hedged or fixed terms. Analyzing each of the business segments now, and starting with Lamda Malls, our four operating malls reported EBITDA reaching €46.6 million in half one 2026.

Operating malls EBITDA, adjusted for €3.4 million worth of intragroup recharges, was €50 million, or 5% higher year on year. This is the true underlying performance that one should consider.

This strong result was primarily driven by a 6% year-on-year increase in base rents and 9% increase in parking revenues for the same period. Performance was supported by a 5% increase in footfall versus half one 2025, and a new all-time high in tenant sales, which reached €409 million in half one 2026.

Revaluation gains for our malls amounted to €83.2 million in half one 2026, compared with €136.9 million in the same period last year. The underlying value of our retail destinations continued its upward trajectory, generating significant valuation gains also in 2026.

However, revaluation gains were lower year on year, as half one 2025 had benefited from significant yield compression supported by the favorable macroeconomic environment at that time. With respect to the commercial leasing progress of our two retail and entertainment destinations currently under development within The Ellinikon, heads of terms have been agreed with tenants representing 73% of the GLA at The Ellinikon Mall and 76% at the Riviera Galleria.

This strong momentum highlights the solid fundamentals of the Greek retail market and the continued interest from leading international brands in these landmark developments. Concrete works at Riviera Galleria have been completed, with electromechanical installations, facade, canopy works, internal partitioning, as well as external works and roof insulation currently under progress.

Total completion is expected within the first quarter of 2027. At The Ellinikon Mall, following the award of the structural framework construction contract to TERNA, works commenced in Q2 2026, with foundation works currently progressing well.

As of June 30th, 2026, the total gross asset value of Lamda Malls group reached a new record high of €1.9 billion, with the value of the four operating malls surpassing €1.4 billion. For a detailed analysis of Lamda Malls' financial results, please refer to slides 14 to 18 of the results presentation.

Moving now to our marinas business unit, Flisvos Marina continued its strong growth trajectory, achieving a new record performance in the first half of 2026. Total revenue for this marina reached €13.9 million, while EBITDA grew by 10% year on year to €9.3 million, outpacing revenue growth.

Performance was supported by sustained high demand for Flisvos Marina, higher revenue from yacht transits, and annual contractual fee uplifts, as well as lease expenses. While Flisvos Marina continues to deliver strong operating performance, the group is investing in the next phase of growth through the comprehensive redevelopment of Agios Kosmas Marina.

Available berths have now been reduced to approximately one-third for this marina, reflecting the temporary removal of vessels to allow for the renovation works and the reconfiguration of Agios Kosmas Marina to accommodate larger vessels. We expect renovation works to finish by Q2 2027.

Details on marina performance are available on slide 19. Let me now turn to the landmark Ellinikon project and highlight some of its key achievements during the period.

Commercial demand for the Little Athens neighborhood remains strong. As of the end of August 2026, 610 out of the 750 units launched have been sold or reserved, representing an absorption rate of 81% that also Apostolos mentioned.

Revenue from residential developments in half one 2026 reached €164 million, or a 30% increase versus half one 2025, showcasing the sustained strength of residential sales and the growing contribution of these residential developments in our results. In addition, during the first half of 2026, we recognized a further €15 million worth of revenue from property sales, mainly office spaces, compared with €104 million in half one 2025, with a year-on-year decrease reflecting the timing of land plot sales that I mentioned at the opening of my speech.

As a result, cumulative cash proceeds from residential sales and long-term lease agreements have exceeded the €1.8 billion milestone from the launch of The Ellinikon back in mid-2021 and until the end of 2026. Details on The Ellinikon cash collections are available on slide 21.

Construction progress has accelerated, registering an increase of €276 million during half one 2026, 52% higher versus same period last year, bringing the total CapEx for buildings and infrastructure works from the start of the project and until June 2026 to €1.3 billion. Finally, total CapEx deployment remains on track.

Based on our current construction schedule, we remain confident in achieving our full-year 2026 CapEx target of approximately €1.6 billion. Further details on the CapEx absorption are shown on slides 23 and 26.

With that, we conclude the key highlights of our first half 2026 financial results, and we will be happy to answer any of your questions.

Yes, good afternoon. Thank you for taking my questions.

I was

Hi. I was wondering, you said you're confident on your CapEx or that was the last thing you just mentioned for for the full year.

What about your cash cash target, the 2 the €2 billion we are anticipated in cash collections by year-end? We're already at 1.8.

Is this something feasible to expect by year-end? With residential sales, do you have any other land plots considering to sell?

That is one question. I was wondering also if you could give us some roll- roll-out plan for 2027 on other units.

What What remind us what what we are expecting, or actually update us on what we are expecting in The Ellinikon for in 2027. I see some projects are noted in the presentation post-2028 completion, just a few of them.

What we're expecting in 207 2027, I think, is is important to know. Thank you.

Sure. I think your first question was in regards to CapEx.

CapEx and cash collections. Yes.

Sorry, yeah. CapEx and cash collections.

Look, on both of them, we feel confident that we're going to hit our targets through the end of the year. On cash collections, specifically, I think we've done 200, on cash collections, I think we've done €350 million year-to-date, and we expect about €600 million for the full year.

As I mentioned on the call, in regards to land plot sales, we've already signed and announced one additional, well, two additional land plot sales for the total value of €41.5 million. The recognition of that will be towards the end of the year, beginning of next.

Your second question I think related to units launched to date and an update of what's coming next.

We've

launched a total of 1,065 units to date. That includes the 315 units of coastal front and the 710 units of Little Athens.

The expectation going forward is the launch of an additional circa 50 units fairly close by, and then the balance is about 200 units that basically come to round out phase 1, if you wish. That should get you to about 1,300 units.

I forgot the last question. [laughter] [laughter] Well,

what else are we expecting roll-outs in 2027, actually, in The Ellinikon? The Sports Park is opening now.

The Riviera Galleria will be delivered in 2027, correct?

I think yeah, that's right. The Sports Park opening now, Riviera Galleria and the marina are scheduled to sort of be at about the same time, and call it construction completion, probably Q1, Q2 of 2027, and then opening for the Riviera Galleria is going to be second half of 2027.

At the same time, you're going to have construction completion for a number of the residential developments, starting in the beginning of 2027 and going through the year. I think that deliveries are going to start rolling through the second half of 2027 onwards with a number of the Little Athens projects as well.

Okay. Great.

This gives us a view on The Ellinikon. Can I have one one one more question?

If you have a broader view, actually. What would you say the key risks you're facing at this moment in the current setting, geopolitics and financing and everything taking into considerations?

What do you feel that is more challenging at this time?

Look, I think that, obviously, we are in a very volatile macroeconomic environment, it's a little bit hard to predict those things. On the cost side, I would say that the biggest risk is what could the side effects be of higher energy prices, which are a portion of the construction cost.

On the positive side, I would say that the labor issue, which was a very big issue last year, has gotten a bit better. That may offset some of any potential additional costs from energy.

Look, then more macro level, I think that interest rates obviously play a big factor in valuations and/or on costs. Thankfully, as Harris mentioned during the call, we did two big bonds in end of 2025 and into 2026, raising €850 million at 4%, a very favorable rate, fixed.

Generally speaking, about 80% of our debt outstanding is either fixed or hedged with interest rate swaps or caps. Provides quite a bit of protection on that front.

Okay. Great.

Yes, I think that answers my question. And 8 8% hedging is good at this period, so.

Thank you very much. I'll let anybody else make a question maybe.

Thank you, Natalia.

Hi. This is Jakub from Wood.

Thanks for the presentation. Good afternoon, everyone.

I wanted to ask two questions. One on the ION land sale.

If I understood correctly, we should have better visibility whether the deal is there or not within the next month. If there is no deal, are there any financial repercussions?

Is there any fee attached that Lamda may receive? My second question on the margins in The Ellinikon.

In the second quarter, the absence of land sales allows to have a closer look on the gross profit margins generated by the projects which are currently in progress. On Little Athens and Cove Residences, could you remind us where are we in terms of percentage of completion?

Far, based on the sales which have been done and based on the way the budgets are shaping up, what kind of all-in gross profit margin, including the land, including the associated infra, do you expect these two projects could generate? Thank you.

Sure. Let me start with the question about the ION transaction.

Look, basically, as I said, yeah, we are still negotiating through key commercial issues, and we are going to have you said it right, a view as to the finalization of the transaction within the next month or so. I think you asked about a fee.

There hasn't been any fees paid, there is no direct financial fee that needs to be returned or anything like that, if that was your question. In regards to the margin, I guess Harris could Yeah.

No, Jakub,

this is Harris. Let me take the margin.

I'm thinking half one results is a good proxy of what The Ellinikon delivers without the land plot sales, as you rightfully said so. If one can see a little bit the margins, it's not something that we feel strong about that.

Why is that? One should dig a little bit more into the detail of that and understand a little bit the contribution of the resi products currently in the results.

What I can say is that Riviera Tower, which we have spoken in the past that its margin are not where it should be, has quite a big contribution on half one results. Percent of completion, it's around 70% completed the Riviera Tower.

The big part of this negative impact is behind us, but it drags a little bit the margins down for the moment. What one should expect once the Riviera Tower is out of the scene is we can confirm pretty much what we have said in the past, around 30% before land and infra as a margin for the current Little Athens residences that are developing well.

Of course, you have the new residentials, which, based on business plan currently, the margins are even more stronger than this 30%. Again, this is to be proven in the future.

All in all, Jakub, to say, yes, we acknowledge that margins for our residentials for The Ellinikon is not where it should be. We explain the reasons, and we believe that in the future, this will be significantly improved.

Thank you. Thank you.

A follow-up, if I may. On the ION, what I meant rather is if ION decides to walk away, will it need to pay some sort of penalty?

No, no. No.

No. Currently, if we don't have a deal, as Apostolos mentioned, in the next month, there's no any financial implication from that.

Understood.

Understood. Thanks very much.

Second, on the margins question, so, I think that the Riviera Tower is something which has been, of course, well publicized. This is why I was rather asking about the Little Athens and the Cove Residences and the following projects.

Those would be running on a positive margin, which would be around let's say 30% before the land and infra cost, currently?

Correct. This is what we said, yes.

Understood. Thank you very much.

Thank you. Good afternoon.

Can I just pick up on a couple of those earlier questions and whether they're linked at all. One is on construction costs.

Presumably, you're seeing some upward pressure in current market conditions, well, question mark, but I guess you might be. Secondly, on the margin question, there's quite a move first quarter, second quarter.

I'm just wondering if there's an impact there. For example, if there was a little bit of a pick up in the costs on the Riviera Tower, say, closer to construction, there would be a bit of a one-off impact in the quarter.

Is there any of that going on there?

Yes, Martyn, let me start from the last question. Indeed, as we said, Riviera Tower does not have the appropriate margins, and as it accelerates to come to an end, it will have a short-period impact in the results of The Ellinikon and, thus, on the group.

This is a correct assumption. Now, on the construction cost, there are two accelerations which hits, and we project that this will continue.

The first one is the buildings, as we said. The CapEx of the buildings, we don't see any cost increases currently versus the Q1 to Q2.

We don't see any of this geopolitical unrest currently add to the prices that we pay for the buildings. Importantly is to a little bit amplify the fact that we are very much accelerating the infrastructure works, which again is a big CapEx hit that also hits a little bit also the P&L, and I will explain why.

The infrastructure works have increased 52% in terms of absolute numbers now versus prior year, same period. You understand the acceleration, and as we shift to delivery phase, infrastructure work will accelerate to make sure that the new owners will have the correct infrastructure to operate their houses.

Then also there is the VAT portion, since infrastructure VAT based on IFRS rules is expensed, not capitalized. Once we accelerate infra, we have to register this VAT infra into our P&L, into our EBITDA.

This also impacts the results. Sorry, in a lot of details to tell you that due to infrastructure works and due to acceleration of construction for the Riviera Tower that does not have a meaningful margin, you see this hit into the Q2 results in half one, of course.

Thanks very much. Just finally on the Riviera Tower effect.

Whatever margin is there in the latest half, that is the margin you'd expect to delivery. That's the margin, and then the higher margin developments come through and improve the overall result.

It's not that the Riviera Tower margin will change between now and delivery. It won't change very much.

We cannot confirm that, to be very honest with you. Why?

Because if an unforeseen macroeconomic negatively event happens and costs go very high up, Riviera Tower has a project to go that will be impacted as well. We don't consider this as a big impact, why?

Because as I said, 70% of the cost is already done. Whatever happens would not affect so significant the Riviera Tower per se, but we cannot say no to this assumption that you just put into

it. No.

That's understood. I was thinking in accounting terms, with everything else as expected, there's no accounting reason for why the reported margin will change.

No.

This is a fair assumption, Martyn. This is a fair assumption.

Actually, Martyn, I'm going to flip your question just a little bit, in the sense that part of the way that the accounting works is it's based on the percent of completion of the construction, but it's also based on the percent of completion of sales. In the case of the Riviera Tower, the percent of completion of sales is known.

It's 100, basically. In the case of the new developments that are coming behind it, in Little Athens and thereafter, those numbers are not at 100, which means that we're not recognizing the full revenue and, therefore, the full profitability of those projects yet, so that's not showing up in the P&L.

That would be a positive impact going forward.

Thank you.

Sorry, me. I won't ask again about the margin.

It was just on the Sports Park. It's obviously a very good thing for the area and the people around.

Could you just say something about the nature of the revenues that over time might come off that?

Yes, Martyn. Just to mention that what we inaugurating today is phase one of the Sports Park.

It's not the total Sports Park, but it's a very significant part, and we are very proud of having the inauguration today. Apart from the social, let's say, aspect of this Sports Park, there will be open areas that people can enjoy The Ellinikon and the park and do quite sort of athletic activities in there, there is, indeed, a business plan that generates revenue out of the usage of its facilities, football, basketball, Aquatics.

aquatics, Track and field, throwing. There are some dorms.

Further down the line, there's going to be tennis. All of these things are going to be contributing with either an operator agreement, on lease, or direct sort of running.

I'd say the majority would be lease payments from operator agreements and/or JVs. Correct.

Correct. All these, Martyn, of course, are not, as you can understand, in our results yet.

It's a revenue stream that we expect to contribute among other revenue streams from The Ellinikon to future results, positively.

Okay. Thank you.