Section ECONOMY
TOPIC

LAMDA DEVELOPMENT
LAMDA Development as a pioneer in environmental awareness, social responsibility and strong governance practices.

The objective is to provide a holistic presentation and reporting of the published commitments and the performance of the LAMDA Development Group (“LAMDA”) across the ESG pillars, from 2019 to the present, as well as its positive impacts on the planet and its people, in alignment with the United Nations Sustainable Development Goals (SDGs). LAMDA recognizes that the path towards sustainable development is not merely a corporate obligation, but a commitment to a better future for both the planet and future generations. It aims to build mutual trust by enhancing transparency, collaboration, and open, meaningful dialogue at every level. The goal is to create value benefiting people, the natural environment, the economy, and society as a whole. 

LAMDA is a business organization that systematically communicates and interacts with its stakeholders, who belong either to its internal or external environment. Within this framework, the Group’s stakeholders include all partners and entities that have an impact or influence on its long-term sustainable path and operations, as well as those affected by them. Indicatively, the stakeholders are:

  • Employees
  • Customers, Buyers,Consumers, Visitors & End Users 
  • Suppliers, Partners & Contractors
  • Shareholders, Investors & Capital & Financing Providers 
  • The Wider Society 
  • Local Communities & Authorities
  • Governmental & Regulatory Authorities
  • Business Community 
  • Academic & Scientific Community
  • Media 
  • Non-Governmental Organizations (NGOs)

From the company’s establishment until today — with holistic measurable indicators from 2019 to the present, which are updated and monitored annually. 

Introduction

LAMDA Development ("LAMDA", "the Group"), listed on the main market of the Athens Stock Exchange, has 25 years of leading experience in real estate development, investment, and management, and is one of the five companies in Greece to have issued a Green Bond on the Athens Stock Exchange.

The development of The Ellinikon, with a total area of 6.2 million m², 2.7 million m² of buildable surface, and a 2 million m² Metropolitan Park, is one of the largest urban regeneration projects in the world, which will have positive impacts on the environment, society, and economy.

In 2024, LAMDA Development joined the UN Global Compact and the UN Global Compact Network Greece. Its aim is to support and align its strategies and activitieswith the 10 Universal Principles of the Compact, substantially contributing to the United Nations Sustainable Development Goals (SDGs), enhancing its positive impacts through partnerships, innovation, and transparency.

Since 2019, LAMDA has been presenting holistically its commitments and performance in the pillars of Environment, Social, and Governance (ESG) through annual reports, highlighting its positive impact on the planet and people, in line with the Global Goals (SDGs). Below are the main reports and publications of the Company:

Of particular importance is that 2024 was the first year of implementation of theEuropean Directive on Corporate Sustainability Reporting (CSRD) and simultaneously the second year of the Double Materiality Assessment, based on the European

Sustainability Reporting Standards (ESRS). This analysis prioritized both the impacts the Group causes on the external environment and the risks and opportunities that may affect the Group. The process involved participation, communication, and feedback with key internal and external stakeholders. Through this process, dialogue with stakeholders was enhanced, further aligning our strategy with the expectations and needs of society.

Sustainable Development and Sustainable Finance Commitments

For the Group, sustainable development has been a core part of its business strategy since its inception and a key driver of every activity. Aligning actions and strategic goals with the UN Sustainable Development Goals (SDGs), the Group is committed to contributing positively and long-term to a sustainable future, focusing on people, the environment, society, and the economy.

Since 2021, the Group has a Sustainable Development Policy summarizing its commitment to responsible management of economic, social, and environmental impacts arising from all its activities toward stakeholders and more broadly toward the economy, society, and natural environment.

In 2024, the Group developed a Decarbonization Strategy following the Science Based Targets initiative (SBTi) and the Sectoral Decarbonization Approach (SDA) for the building sector, to set greenhouse gas (GHG) emissions targets. The Strategy sets

decarbonization targets for operational emissions of buildings, embodied emissions,and corporate emissions, aligned with the IPCC’s 1.5°C scenario under the Paris Agreement.

Additionally, since 2021, the Group has developed a Sustainability Strategy for The Ellinikon project, based on three main pillars: 1. Decarbonization, 2. Circularity, and 3. People and Wellbeing. Key performance indicators have been identified to monitor progress and identify challenges and corrective actions.

In 2024, the Group actively worked to expand its Strategy across all its activity sectors, focusing on environmental sustainability, social responsibility, and governance. The aim is to strengthen the integration of sustainable practices across all operational facets. To support this effort, the Group develops targets and Key Performance Indicators (KPIs) for systematic monitoring of implementation progress, allowing early detection of challenges and proactive corrective measures to ensure effective execution. The final Strategy is expected to be completed in 2025, reinforcing the Group’s commitment to sustainability, responsible business practices, and stakeholder value.

Environment, Climate Change, and Circular Economy

The Group has assessed existing and future physical climate risks and qualitatively evaluated their impact on its current and developing properties. The goal was to evaluate potential climate-related risk factors, such as extreme weather conditions, which could affect the Group’s investment properties, people, and local community. At the same time, through integrated Environmental Management Systems applied to the Group’s investment properties, energy and water consumption are continuously monitored and optimized, as well as the proper management of raw materials and waste.

For the third consecutive year, the Group, following the requirements of the National Climate Law aiming to support national targets for addressing the energy crisis and environmental protection, measured its carbon footprint, calculating direct and indirect emissions (Scope 1, 2 C 3), independently verified by external auditors in accordance with ISO 14064-1:2018 for all three years. In 2024, a reduction was achieved in direct and indirect emissions (Scope 1 C 2) compared to 2023.

LAMDA’s strategic choice to develop “green” buildings and outdoor spaces is confirmed by the “Sustainable SITES” certification awarded in 2024 to The Ellinikon Experience Park at the Gold level, the first new construction project to receive this certification in Greece and Europe.

To date, more than 10 buildings have been registered with the U.S. Green Building Council for the LEED sustainable development certification.

The Care Center for Persons with Disabilities, the first building in The Ellinikon

redevelopment, was delivered to the Municipality of Elliniko-Argyroupoli in September 2023. The center houses disability organizations (Amymoni, Hermes, NIKI-Victor Artant, and SamSKP) and was completed with full funding from LAMDA Development. The state-of-the-art building received the LEED BD+C Platinum certification, meeting the criteria and prerequisites of green development.

In 2022, the Riviera Tower was the first residential building in Greece to be pre-certified according to the LEED sustainability standard at the Gold level, fully integrating sustainable development strategies. In 2023, The Ellinikon Mall was also pre-certified at the Gold level under the same standard. The Group is also committed to intensifyingactions for green energy investments to reduce future energy costs by limiting dependence on traditional energy sources.

LAMDA Development and The Ellinikon project received a major international recognition by TIME magazine, ranking the company among the “TIME100 Most Influential Companies” worldwide for 2024.

For the fourth consecutive year, LAMDA Development was included in the “The Most

Sustainable Companies in Greece 2025” list by the QualityNet Foundation for its holistic approach to addressing Sustainable Development and responsible operation.

In 2024, the Group was evaluated by the Athens Stock Exchange regarding its transparency on sustainability (ESG Transparency Score) specifically under the ESG Disclosure Guide of the Athens Stock Exchange 2024, achieving a score of 84%.

LAMDA Development ranked first in Greece for the first time in the GRESB Real Estate Benchmark 2024 sustainability index for ESG performance both in operational properties and projects under development, scoring 71/100 and 93/100 respectively.

Additionally, the Company received the “Green Star” distinction for exceeding the average performance of first-year participants. This top ranking among more than 2,200 global participants confirms the Group’s commitment to sustainability and responsible development.

Under the EU Taxonomy Regulation, the Group implemented a specific alignment plan for eligible economic activities, aiming to fulfill environmental technical criteria and social safeguards. As a result, it achieved a significant increase in taxonomy alignment within one year, practically demonstrating its commitment to sustainable economic activities.

Since 2022, remaining committed to supplying The Ellinikon’s smart, modern city with green energy, the Group has also focused on investments in renewable energy, clean technologies, and energy storage. It also focuses on energy management of investment properties and The Ellinikon using cutting-edge technologies to achieve significant energy savings, reduce CO2 emissions, and contribute to climate change mitigation.

We Stand by People

In 2024, the Group’s workforce grew by 6% compared to 2023, numbering over 769 employees. With responsible business conduct as a fundamental principle, the Group has established a Human Rights Policy to create a framework for respecting andupholding internationally recognized human rights within its activities, value chain, and the communities where it operates.

Under Health and Safety Management Systems, the safety of employees and visitors is a priority, with strict safety measures implemented at all stages of construction and operation, as well as prevention and management of emergencies and health and safety risks.

The Group’s contribution to local communities and society at large continued in 2024, with a major milestone being the completion and operation commencement of the Care Center for Persons with Disabilities within The Ellinikon. At the same time, significant infrastructure projects are progressing to improve daily life for local and wider communities. Similar actions are also carried out outside Ellinikon through renovations of public sports facilities at OAKA, Paiania, and other sports venues in Attica, as well as voluntary and charitable actions in collaboration with NGOs.

In cooperation with stakeholders, the Group communicates and collaborates with local communities, conducts environmental impact assessments, and maintains an official complaints mechanism accessible to all external stakeholders.

The Group maintains long-term partnerships with NGOs and organizations recognized for their work and actively supports them through free provision of spaces for informational events, financial aid, collection of essential goods, and other means of assistance.

We Operate Under Sustainable Governance Principles of Transparency and Ethics The operation of LAMDA Development is closely linked to the implementation of ethical and transparent practices and behaviors at every level of its business activities. Within this framework, the Group revised its Procurement Policy aiming to optimize the

supplier selection process by integrating a specific electronic application during the tender phase, to further support the transparency of procedures as well as theadequacy and management of suppliers of materials, equipment, and services.

Additionally, in 2024, the Sustainable Development Committee was formed to assist the Board in sustainability matters and the Group’s related strategic goals. The Committee monitors the implementation of the Sustainability Strategy and performance regarding the set targets concerning significant issues related to the environment,society, and governance.

The Group has developed a complaints/suggestions/whistleblowing process aiming to build and maintain trust with all external stakeholders, prevent potentially adverse consequences from inadequate handling of these issues, recognize and manage

stakeholder concerns, and consequently ensure effective risk management. This complaints and suggestions process is open and accessible to all, so that comments and complaints can be addressed promptly and effectively in a fair, socially acceptable, and fully transparent manner. The Group collects recorded complaints weekly andproceeds with their appropriate documentation for effective management.

The Group collaborates with a wide range of suppliers and partners across its entire value chain, as well as with organizations such as chambers of commerce,associations, and unions from Greece and abroad. It also works with institutions like CSR Hellas, the U.S. Green Building Council (USGBC), and The European Foundation for Quality Management (EFQM). Finally, LAMDA is a member of the Hellenic Network for Corporate Sustainability (ΕΣΒΕ).

Sustainable Development is deeply embedded in the organization’s operating model. Its assurance would not be possible without the active participation of all Group employees as well as partners. For this reason, relevant training seminars and workshops are conducted for both employees and partners, such as contractors. The Sustainable Development Department works closely with all other departments to guide and monitor the implementation of actions defined by the Sustainable Development Strategy.

Regarding the promotion of volunteerism within the Company, employee volunteer programs continued in 2022 and 2023, aiming to increase contribution through activities such as:

  • Voluntary blood donation
  • Voluntary bone marrow donation
  • Promotion of recycling in the workplace
  • Support for vulnerable social groups and/or populations affected by naturaldisasters (e.g., earthquakes, fires, war, etc.) through the collection of food and essential supplies
  • Christmas and Easter bazaars in collaboration with NGOs
  • Volunteer beach clean-ups
  • Participation in half-marathon and marathon events in cooperation with NGOs
  • Participation in events against breast cancer

The Group operates primarily in Greece, as well as in countries of Southeastern Europe through its subsidiary companies

Environment

Climate Change

Total energy intensity per net revenue ( MWh /Euro million)

- 2024: 82.9

- 2023: 92.1

Performance: 10% reduction

Scope 1 emissions (tCO2eq)

- 2024: 1,782

- 2023: 2,087.3

Performance: 15% reduction

Scope 2 emissions - market-based (tCO2eq)

- 2024: 8,446.8

- 2023: 9,416.5

Performance: 10% reduction

Intensity of total greenhouse gas emissions (Market-based) per net revenue (tCO2eq/ Euro million)

- 2024: 130.5

- 2023: 189.9

Performance : 31 % reduction

2.Circular economy

Secondary reused or recycled components, secondary intermediate products and secondary materials used (%)

- 2024: 10.2

- 2023: 5.5

Performance: 4.7% increase

Percentage of waste to Landfill (%)

- 2024: 0.9%

- 2023: 2.2%

Performance: 1.3% decrease

Waste recovery rate for reuse (%)

- 2024: 96.4%

- 2023: 95.8%

Performance: 0.6% increase

3.Society

Total Group employees (#)

- 2024: 769

- 2023: 725

Performance: 6.1% increase

Subcontractor employees (#)

- 2024: 2,218

- 2023: 1,770

Performance: 25.3% increase

Working women (%)

- 2024: 55.7

- 2023: 54.8

Performance: 1.6% increase

Recorded incidents of discrimination (within the Group) (#)

- 2024: 0

- 2023: 0

Performance: =

Corporate governance

Independent, non-executive members of the Board of Directors (%)

- 2024: 45.5

- 2023: 45.5

Performance: =

Women, members of the Board of Directors (%)

- 2024: 27.3

- 2023: 27.3

Performance: =

Expenditure on supplies from domestic suppliers (%)

- 2024: 97

- 2023: 95

Performance: 2% increase

Violations of business ethics (#)

- 2024: 0

- 2023: 0

Performance: =

Confirmed incidents of corruption/bribery (#)

- 2024: 0

- 2023: 0

Performance: =

Legal actions for anti-competitive behavior, antitrust and monopolistic practices (#)

- 2024: 0

- 2023: 0

Performance: =

As one of Greece’s leading companies, LAMDA Development regards environmental responsibility as a key pillar that can contribute to business growth and competitiveness. Through the initiatives it implements, the Group has improved its operational efficiency indicators while simultaneously reducing potential costs associated with unsustainable practices.

By implementing social responsibility initiatives, LAMDA Development offers strong ethical incentives to its employees and all other stakeholders connected to the company, ensuring increased productivity and strengthening its corporate image. At the same time, strong bonds are created with the State and the social community, which is supported by the company’s actions.

  • Through the corporate governance model it adopts, the company has achieved
  • A more efficient and transparent decision-making process.
  • Enhanced trust from the investment community.
  • Implementation of an effective internal control system.
  • Elimination of irregularities and cases of corruption.
  • Better monitoring and management of risks.
  • Strengthening of the company’s reputation.
  • Improvement in the company’s performance and ultimately shareholder value.