Q1 2026 Lamda Development SA Earnings Call Transcript
Key Points
- Lamda Development SA (FRA:LDQ) reported a strong start to 2026 with record performances in shopping destinations and Flisvos Marina.
- The Ellinikon project is progressing well, with the first projects, including the Ellinikon Sports Park, set to open this year.
- The company successfully issued EUR500 million and EUR350 million worth of bonds, extending bond expirations by seven years at favorable terms.
- The Mall segment delivered record performance with increased profitability driven by higher rental income and parking revenues.
- Flisvos Marina achieved record performance, supported by strong demand in the premium yachting market and growth in revenue streams.
- Infrastructure-related expenditures have increased operating expenses in the near term, impacting financial performance.
- The acceleration of construction activity has led to a significant increase in nonrecoverable VAT, affecting operating results.
- The Ellinikon project's EBITDA is negatively impacted by the acceleration of infrastructure works.
- The company faces challenges in optimizing the pace of residential sales versus construction progress.
- The Agios Kosmas Marina is currently at a low point in capacity utilization, affecting its contribution to overall results.
Ladies and gentlemen, thank you for standing by. I am Geli, your Chorus Call operator. Welcome, and thank you for joining the Lamda Development conference call and live webcast to present and discuss the first quarter 2026 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.
Thank you. Good evening, ladies and gentlemen, and thank you for joining us today as we discuss our financial results for the first quarter of 2026.
The first quarter marked a strong start to the year, reflecting solid momentum across all core business segments. Our shopping destinations and Flisvos Marina delivered record performance, while construction at the Ellinikon continued to advance at pace with major developments progressing well into their execution phase. As a matter of fact, the delivery of the first projects will be kickstarted this year with the Ellinikon Sports
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