Corestate Capital (CCAP) Q1 2025 earnings summary

Executive summary

• Strategic realignment continues, focusing on divesting non-core assets and supporting Hannover Leasing's growth.

• Announced sale of STAM Europe SAS to Atland Group, expected to close by Q2 2025.

• Transitioned to a pure holding structure; leadership changes fully implemented.

Financial highlights

• Aggregated revenue and gains for Q1 2025 were €8.7m, up from €7.8m in Q1 2024.

• EBITDA for Q1 2025 was €2.2m, down from €7.1m in Q1 2024.

• Net profit for Q1 2025 was €8.8m, compared to €14.5m in Q1 2024; adjusted net profit was €7.9m vs. €12.6m.

• Cash and cash equivalents at March 31, 2025, were €21.4m; net debt increased to €200.8m.

• Assets under management at period end were €8.5bn, down from €8.7bn at year-end 2024.

Outlook and guidance

• Plans to realize asset sales of approx. €12.7m by June 2025 to pay €7.5m interest for H1 2025.

• Additional asset sales of up to €72.0m targeted by year-end to repay Super Senior Note and begin repayments of Reinstated Senior Notes.