LAMDA DEVELOPMENT

LAMDA Development is the first real estate company in Greece with science-based emission reduction targets validated by the Science Based Targets initiative (SBTi), the most widely recognized global standard for aligning business strategies with the 1.5°C pathway.

Following the dedicated SBTi Buildings Standard, the Group is implementing a comprehensive Decarbonization Strategy that covers its entire portfolio and value chain. In a structured and measurable manner, LAMDA is advancing:

• the reduction of Scope 1, 2 and 3 emissions, across operations, construction activities, and the broader value chain,
• the increase in renewable electricity use by 80%, through a combination of on-site generation and green power procurement, with a clear pathway to achieving 100% coverage by 2030,
• and the continuous improvement of energy efficiency across both existing assets and new developments, through advanced technological solutions.

Through this strategy, LAMDA reinforces its position as a pioneer in the Greek real estate sector, leading the transition towards a low‑carbon and resilient business model.

The initiative addresses all stakeholder groups, as it is fully integrated into the Group’s Decarbonisation Strategy and has a horizontal impact on operations, investments and the value chain. In particular:

• Employees: Through the integration of energy efficiency and sustainable practices into daily operations and their active involvement in achieving these targets.
• Investors and Financial Institutions: Who assess the Group’s climate performance and prioritize the existence of a clear strategy and science-based targets (SBTi) aligned with a low-carbon transition.
• Customers and Tenants: Who benefit from energy-efficient buildings and reduced operating costs.
• Society and Local Communities: Which benefit from reduced GHG emissions, sustainable infrastructure development and increased use of renewable energy.
• Suppliers, Contractors and Partners: Through the implementation of the Decarbonisation Strategy across the value chain and the adoption of best practices throughout the project lifecycle.
• Public Authorities and Regulators: In the context of compliance with national and European climate neutrality targets, the Paris Agreement and the EU Taxonomy.

2025–2030

LAMDA Development has developed a science-based Decarbonization Strategy, which has been validated by the Science Based Targets initiative (SBTi), the most widely recognized global body for aligning corporate targets with the 1.5°C pathway. In this context, LAMDA Development is the first real estate company in Greece and one of only 14 companies in the country overall with approved SBTi targets, reinforcing its leadership role in the sector’s decarbonization.

In line with its targets, using 2022 as the base year, the Company is committed to:

• Reducing Scope 1, 2 and 3 emissions intensity by 68.7% by 2030, covering the operation of owned and leased assets, including downstream leased assets,
• Reducing all other Scope 1 and 2 emissions by 46.1% by 2030,
• Reducing all other Scope 3 emissions intensity by 51.6% by 2030.

At the same time, LAMDA is committed to phasing out the installation of any new fossil fuel–based equipment within its building portfolio from 2030 onwards and to increasing the use of renewable electricity to 80%, with a clear pathway to achieving 100% by 2030 and beyond.

To achieve these targets, the strategy is structured around four key pillars: energy efficiency, renewable energy generation, renewable energy procurement, and value chain decarbonization (including circular economy practices, reduction of embodied carbon, and responsible sourcing).

Through the implementation of this strategy, LAMDA has already achieved strong progress as of 2025: renewable energy accounted for 96.3% of total electricity consumption, through a combination of photovoltaic systems and Guarantees of Origin, while a 37.9% reduction in total emissions (Scope 1, 2 – market-based, and 3) was achieved compared to the previous year. This performance demonstrates that the transition to a low-carbon real estate model is not only feasible, but already well underway.

Indicative implementation actions:

• Green Energy Generation: Completion and operation of photovoltaic installations across the four shopping centers, utilizing net metering and directly reducing energy consumption,
• Energy Efficiency: Extensive transition to LED lighting, HVAC upgrades (completed at The Mall Athens), and preparation for the deployment of heat pumps. Design of new developments aligned with nZEB -10% performance targets,
• Electromobility: Deployment of electric vehicle charging infrastructure across shopping centers,
• Green Energy Procurement: Continuous increase in renewable electricity sourcing through Guarantees of Origin (GOs).

The initiative is implemented in collaboration with internationally recognized organizations, most notably the Science Based Targets initiative (SBTi), which validated the Group’s decarbonization targets. In parallel, individual actions are carried out in cooperation with technical consultants, energy providers, certification bodies and grid operators, supporting the development of renewable energy projects and infrastructure.
The contribution of the Group’s suppliers is also critical, as the achievement of these targets would not be possible without close and systematic collaboration across the entire value chain.
 

The Group’s Sustainability Department is responsible for developing the Strategy as well as for monitoring its targets and actions, in collaboration with internal stakeholders (sustainability subject-matter experts/data owners) from various departments and divisions across the Group, including senior management.

Employees actively contribute to the implementation of the Decarbonization Strategy by integrating energy efficiency and sustainability practices into daily operations. The relevant departments and divisions are involved in the design and monitoring of actions, data collection and emissions tracking, as well as in the implementation of policies aimed at reducing the Group’s energy footprint.

Greece – across the Group’s full portfolio, including shopping centers, Flisvos Marina and developments at The Ellinikon

The implementation of the Decarbonization Strategy is already delivering measurable and tangible results, with a direct impact across all stakeholder groups. The Group’s targets were validated by the Science Based Targets initiative (SBTi) in 2025, ensuring alignment with the 1.5°C pathway and strengthening credibility with investors and institutional stakeholders.

From an environmental footprint perspective, the combined implementation of actions led to a 37.9% reduction in total Scope 1, 2 (market-based), and 3 emissions compared to 2024, making a substantial contribution to climate change mitigation and reducing the environmental impact of the Group’s operations.

From an operational standpoint, the transition to clean energy and the enhancement of energy efficiency are delivering tangible results: on-site renewable energy generation from photovoltaics covers approximately 9% of total energy consumption, while renewable energy procurement through Guarantees of Origin (GOs) accounts for 74.9%, resulting in an overall 96.3% share of electricity consumption from renewable sources. At the same time, overall energy consumption is being significantly reduced, generating direct benefits for tenants, including lower operating costs and improved conditions within the assets.

Overall, this progress creates tangible and multi-dimensional value for all stakeholders: it strengthens investor confidence through credible and internationally recognized targets, provides more efficient and sustainable spaces for tenants and visitors, and actively supports the transition towards a low-carbon and environmentally responsible development model. At the same time, it establishes a benchmark and a standard of excellence for the real estate sector in Greece.

The Group’s Decarbonization Strategy and the actions implemented deliver multifaceted benefits to its operations and long-term resilience:

• Full alignment with international standards and regulatory requirements (SBTi, Paris Agreement, EU Taxonomy), strengthening transparency and compliance in an increasingly demanding regulatory landscape.
• Reduced exposure to climate-related and transition risks, safeguarding the business model against future regulatory, energy, and market developments.
• Improved energy efficiency and lower operating costs, generating tangible financial benefits and enhancing long-term investment performance.
• Stronger attractiveness to investors and financial institutions, driven by the adoption of science-based targets and the demonstration of measurable progress.
• Enhanced quality and value of the asset portfolio, through the development of sustainable, energy-efficient, and future-resilient properties.
• Increased competitiveness, positioning the Group as a leader in sustainable development within the real estate sector.

At the same time, the expansion of renewable energy projects and the increasing use of green energy are accelerating the transition toward a low-carbon, energy-efficient, and resilient business model, creating sustained long-term value for the Group