Lamda Development SA (ATH:LAMDA)
€ 6.6 +0.040 (+0.61%) Market Cap: 1.15 Bil Enterprise Value: 1.94 Bil PE Ratio: 33.05 PB Ratio: 0.95 GF Score: 55/100

Q1 2025 Lamda Development SA Earnings Call Transcript

May 29, 2025 / 03:00PM GMT
Release Date Price: €6.47 (-0.77%)

Key Points

Positve
  • Lamda Development SA (STU:LDQ) reported record-breaking results for its malls and marinas, with retail EBITDA for the malls reaching EUR23 million in Q1 2025.
  • Tenant sales at the malls hit a record EUR175 million for the first quarter, with a 2% increase in footfall to 5.6 million visitors.
  • The company is developing two new landmark destinations, Ellinikon Mall and Riviera Galleria, with strong tenant demand already secured for a significant portion of the leasable area.
  • Marinas achieved a new record in both revenues and EBITDA, with a 3% increase in EBITDA to EUR4.7 million, and continued 100% occupancy in mega yacht marinas.
  • Lamda Development SA (STU:LDQ) maintains a strong cash position with over EUR650 million, allowing for self-funding of projects without utilizing bank loans.
Negative
  • Group consolidated EBITDA before valuations in Q1 2025 was adversely impacted, resulting in an EUR11 million loss due to the absence of revenue from property sales.
  • Construction projects face challenges due to high demand in the construction market and a tight labor market, causing delays in some project launches.
  • The timing of land plot sales affected gross profit, with no significant land plot sales recognized in Q1 2025 compared to EUR22 million in Q1 2024.
  • Changes in Greek building regulations necessitated redesigns of certain projects, limiting available units for sale in Little Athens and causing delays.
  • Despite strong performance, the current market share price is believed to underestimate the significant growth and value potential of Lamda Development SA (STU:LDQ)'s projects.
Operator

Ladies and gentlemen, thank you for standing by. I'm Konstantinosoor's call operator. Welcome and thank you for joining the Lambda Development Conference call and live webcast to present and discuss the first quarter 2025 financial results. At this time, I would like to turn the conference over to Mr. Apostolos Zafolias, Chief Strategy and IR. Mr. Zafolias, you may now proceed.

Apostolos Zafolias
Lamda Development SA - Chief Strategy & IR Officer

Thank you. Good evening and thank you for joining us to discuss our first quarter results. The first quarter of 2025 was dominated by record breaking results for our malls as well as the marinas. We also achieved significant commercial and construction progress at the Heinicum, which we will outline below.

At a group level, we reported consolidated EBITDA of EUR17.4 million. Our malls and marinas both registered new records. Retail EBITDA for the malls was EUR23 million for the first quarter, with our operating malls delivering the strongest first quarter in history across almost every performance metric

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