LAMDA Development’s shopping malls achieved a historic revenue milestone in 2025. According to the Group’s 2025 financial results, its four operational malls — The Mall Athens, Golden Hall, Designer Outlet Athens, and Mediterranean Cosmos in Thessaloniki — posted another year of record-high Operating EBITDA. Total mall revenues reached €89.7 million, while adjusted Operating Malls EBITDA — excluding €6.2 million in allocated administrative and support costs — stood at €95.9 million, up 4% year-on-year.
Key Drivers of Growth
This performance was driven primarily by a 6% increase in base rental income compared to 2024 and a 10% rise in parking-related revenues over the same period. Visitor numbers rose by 2%, supporting stronger tenant sales — which hit a new all-time high of €910 million in 2025.
Development Pipeline Progress
At the two major retail and entertainment destinations under development at Ellinikon — The Ellinikon Mall and Riviera Galleria — Heads of Terms (HoT) have already been signed with tenants covering 70% of the gross leasable area (GLA) at The Ellinikon Mall and 77% at Riviera Galleria. This reflects strong market momentum and significant interest from international brands in these landmark projects.
Construction is advancing steadily: at Riviera Galleria, concrete works are nearing completion, while mechanical, electrical, and plumbing (MEP) installations and interior fit-outs are underway. At The Ellinikon Mall, excavation has been completed, and the contract for structural construction has been awarded to Terna Group.
Portfolio Value and Overall Performance
As of 31 December 2025, the total gross asset value (GAV) of the LAMDA MALLS portfolio stood at €1.8 billion, with the four operational malls valued at €1.4 billion. Consolidated EBITDA for the Group reached €254 million in 2025 — a 29% increase over 2024.