Corestate Capital (CCAP) Q2 2024 earnings summary

Executive summary

• Navigating a challenging real estate market, Corestate continues its strategic realignment and financial restructuring, focusing on asset and investment management through subsidiaries while transitioning to a holding function.

Financial highlights

• Q2 2024 aggregated revenue and gains reached €15.7m, up from €14.2m in Q2 2023.

• EBITDA for Q2 2024 was €-11.6m, including €4.0m in asset value write-downs, compared to €-36.2m in Q2 2023.

• Net profit for Q2 2024 was €-28.0m, with adjusted net profit at €-25.1m, both impacted by financial expenses and one-time effects.

• Earnings per share improved to €-0.17 from €-0.32 year-over-year.

• Assets under management declined to €8.8bn from €12.2bn at year-end 2023, mainly due to the sale of CRM.

Outlook and guidance

• The real estate market is expected to remain challenging for the rest of 2024, with transaction times for asset disposals longer than initially forecasted.

• Completion of financial restructuring, including share admission, is anticipated by mid-2025.