Lamda Development posts higher revenue at Ellinikon

Lamda Development reported a 30% increase in revenue from residential developments to €164 million in the first half, while collections from property sales and leases at the Ellinikon project reached €271 million.

The group, however, recorded a net loss of €41 million, compared with a profit of €127.9 million in the same period last year. Lower valuations and losses from Ellinikon weighed on the bottom line.

Group revenue stood at €265.4 million, down 15% from €310.7 million in the first half of 2025. Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell to €22.4 million from €236.6 million. The positive impact of valuations was €23.2 million, compared with €151.2 million a year earlier.

Excluding Ellinikon, EBITDA before valuations and other adjustments rose 4% to €44.2 million.

Total revenue from Ellinikon stood at €188.2 million, down 20%. Revenue from land sales, associates and other activities fell to €24.2 million from €109.3 million.

The project’s EBITDA before valuations and other adjustments was negative at €44.8 million, compared with a positive result of €39.6 million a year earlier, while net losses reached €111.9 million.

The cost of inventories and construction contracts stood at €188 million, almost matching revenue. As a result, Ellinikon’s gross profit fell to €200,000 from €74 million in the first half of 2025.

Lamda attributed the change to lower land sales, which carry a lower acquisition cost, as well as the acceleration of construction work on residential developments, the costs of which are gradually recognised in the financial statements.

Deferred revenue from property sales and leases stood at €421 million at the end of June and will be recognised progressively in the financial statements. The majority is expected to be recognised over a period of one to three years.

At Little Athens, 750 apartments had been put on the market by August 31, of which 610, or 81%, had been sold or reserved. The lower rate compared with the first quarter was attributed to the release of an additional 79 homes in July.

In July, Lamda completed the sale of two plots in the A-P2 area for a total consideration of €41.5 million, equivalent to €2,650 per square metre of buildable area. The company expects to book a pre-tax accounting gain of approximately €31 million from the transaction.

Since the launch of the development through the end of August, total collections from property sales and leases at Ellinikon had exceeded €1.8 billion.

Cash and cash equivalents held by the project stood at €512 million at the end of June, compared with €567 million at the end of 2025. No bank financing was drawn for Ellinikon during the first half, apart from funding for the shopping centres, despite an approved €232 million credit facility.

Capital expenditure on buildings and infrastructure projects amounted to €276 million in the first half and approximately €1.3 billion cumulatively since the launch of the project.

Outstanding capital commitments for studies, project management and construction contracts stood at €982.5 million. Of this amount, €387 million related to inventories and €594.8 million to investment property.

The figure excludes infrastructure projects, for which a corresponding provision has already been recognised.

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