Lamda Development expects a significant acceleration in revenue and profitability during the second half of 2026 after higher construction costs, weaker land-sale income and property revaluations pushed the group to a €41 million first-half loss, compared with a €127.9 million profit a year earlier.
Group revenue fell 15% to €265.4 million, with the Ellinikon development accounting for most of the deterioration. The project generated an after-tax loss of €112 million, compared with a €14.5 million profit in H1 2025, while operating losses before property revaluations reached €44.8 million versus a €39.6 million profit a year earlier.
Ellinikon land sales fall sharply, residential revenue rises 30%
Total revenue from Ellinikon declined 20% to €188.2 million, from €235.7 million. The main difference came from land sales, where revenue dropped 91% to €22.4 million, from €236.6 million in the comparable period. Residential sales moved in the opposite direction, increasing 30% to €164 million.
Revenue recognised from other real-estate sales, mainly offices, reached €15 million in the first half, compared with €104 million a year earlier, largely reflecting the timing of land transactions.
Construction and infrastructure spending meanwhile increased 52.4% to €276 million, from €181 million, as work intensified ahead of the gradual delivery of major buildings and infrastructure between now and the end of 2027.
July land sale brings €31 million accounting profit
In early July, Lamda completed the sale of two plots in the southeastern section of Ellinikon for €41.5 million, equivalent to €2,650 per sqm, to affiliated companies controlled by Ten Brinke Hellas and Intracom Holdings.
The price was substantially above the €2,100 per sqm achieved on comparable residential development plots sold in 2025 and compares with Lamda’s acquisition cost of about €900 per sqm. The transaction is expected to generate an accounting pre-tax profit of approximately €31 million.
Residential demand at Little Athens also remains strong. By the end of August, Lamda had released 750 apartments to the market, with reservations for 610 units, or 81% of the total. Another 79 homes were launched in July.
Since the start of the Ellinikon project, cash proceeds from property sales and leases have exceeded €1.8 billion. Cash attributable to the development stood at €512 million at the end of August, while Lamda had not yet drawn on an available €232 million bank credit line.
Ellinikon Sports Park targets 1 million visitors in 2027
Lamda is also opening the Ellinikon Sports Park, covering 287,000 sqm, including approximately 115,000 sqm of green space. The company expects the venue to attract around 1 million visitors in 2027, potentially rising to as many as 5 million annually after its first five years of operation.
Ellinikon Sports Park first phase covers about two-thirds of the site, with the remaining third planned for a second phase scheduled for development from 2028 onwards.
Elsewhere at Ellinikon, the new East Village residential district is starting to take shape. Its first project, Skyline Havens by Hellenic Estates, includes around 150 apartments priced between €555,000 and €4 million.
Around 30-40 units have already been presold, with an average value of approximately €1.7 million per apartmentand Greek buyers accounting for the majority of demand.
Shopping-centre EBITDA reaches record €50 million
Lamda’s four existing shopping centres continued to provide stronger recurring performance. First-half EBITDA reached a record €50 million, up 5% year-on-year, supported by a 6% increase in base rents and a 9% rise in parking revenue.
Visitor numbers increased 5%, while tenant sales reached a record €409 million during the six-month period.
Leasing is also progressing at the two major retail developments under construction at Ellinikon. Heads of Terms have been agreed for 73% of gross leasable area at The Ellinikon Mall and 76% at Riviera Galleria.
Riviera Galleria is expected to be completed in the first quarter of 2027, while structural construction on The Ellinikon Mall began during Q2 2026 under a contract awarded to TERNA.
