Q4 2025 Lamda Development SA Earnings Call Transcript
Key Points
- Lamda Development SA (STU:LDQ) reported a net result of over EUR90 million, nearly doubling the previous year's result.
- The company's NAV exceeded EUR1.5 billion, with a portfolio value approaching EUR4 billion.
- EBITDA showed impressive growth, supported by valuation gains from the strong performance of their malls.
- The company's malls reported record highs in tenant sales, occupancies, footfall, and parking revenues, leading to sustained rental increases.
- The financial situation remains strong with EUR800 million in cash and healthy LTV ratios, with net borrowings at EUR660 million.
- The Marina Agios Kosmas is not operating at full capacity due to ongoing construction works, impacting potential revenue.
- The Riviera Tower and infrastructure projects faced challenges with cost increases and delays.
- The revision of infrastructure and residential CapEx cost estimates negatively affected project profitability by approximately EUR30 million.
- The velocity of apartment sales slowed due to holidays and limited availability, impacting immediate revenue generation.
- The refurbishment of Agios Kosmas Marina is expected to extend into 2027, delaying potential revenue from new rents.
Ladies and gentlemen, thank you for standing by. I'm Vassilios, your Chorus Call operator. Welcome, and thank you for joining the LAMDA Development conference call and live webcast to present and discuss the full year 2025 financial results. (Operator Instructions) The conference is being recorded. (Operator Instructions) Please note that the presentation slides are in manual format.
(Operator Instructions)
At this time, I would like to turn the conference over to Mr. Odisseas Athanasiou, CEO. Mr. Athanasiou, you may now proceed.
Thank you. Good afternoon to all of you, and thank you for your attendance here, and good morning to those of you attending from the United States. I would say, first of all, that overall, this was a very good year in terms of financials and in terms of progress in all fronts. Our bottom line of net result of more than EUR90 million, was almost double our result of last year.
Our NAV exceeded EUR1.5 billion. And our
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