Q3 2025 Lamda Development SA Earnings Call Transcript
Key Points
- Lamda Development SA (FRA:LDQ) reported record results for its malls, with operating EBIT reaching EUR68.7 million, marking three consecutive years of growth.
- The company successfully prepaid a EUR230 million bond and issued a new EUR500 million bond at a lower interest rate, strengthening liquidity and access to capital markets.
- The Ellinikon project showed strong performance with EUR32 million EBIT before valuation, driven by significant residential sales and construction progress.
- The marina segment achieved record EBITDA of EUR17.2 million, supported by sustained demand and higher revenue from yacht transits.
- Lamda Development SA (FRA:LDQ) reported a net profit of EUR116 million for the nine months of 2025, compared to a loss in the same period last year.
- The temporary reduction in available berths at Agios Kosmas Marina due to renovations may negatively impact short-term financials.
- The absorption rate for residential units in the Ellinikon project declined from 94% to 84%, attributed to an increase in available inventory.
- CapEx spending reached EUR285 million in the nine months of 2025, indicating high ongoing investment requirements.
- The company's financial results do not yet reflect the impact of the new EUR500 million bond issued in November 2025.
- The European Central Bank's policy rate reductions have not been fully mirrored in yield compressions, suggesting potential future financial adjustments.
Ladies and gentlemen, thank you for standing by. I'm [Kristantino] your Chorus Call operator. Welcome, and thank you for joining the LAMDA Development Conference Call and Live Webcast to present and discuss the nine months 2025 financial results. (Operator Instructions) And the conference is being recorded. (Operator Instructions)
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.
Thank you and good evening to everybody and thank you for joining us to discuss our results for the nine months of 2025.
During the period, we delivered strong results across all segments. Starting with record results for the malls. Reflecting robust operating performance, record results in the Marinas, despite a temporary reduction in available berths at Agios Kosmas in anticipation of the upcoming renovation. And over EUR32 million will be done before valuations for the Ellinikon
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