Corestate Capital (CCAP) Q2 2026 earnings summary

Executive summary

• H1 2026 focused on value-preserving disposals of non-core assets, deleveraging, and developing Hannover Leasing as the real asset investment manager.

• Disposal proceeds planned through end-2027 were revised down €10.7m, or 4.8%, to €212.3m; full repayment of the remaining ~€22.7m Super Senior Notes is planned by end-2026.

Financial highlights

• H1 2026 revenue and gains were €12.6m vs €14.0m in H1 2025; EBITDA was -€11.9m vs -€8.3m.

• H1 net profit was -€21.9m vs -€21.2m; adjusted net profit was -€20.6m vs -€19.4m; EPS was -€0.10 in both periods.

• Cash and cash equivalents were €25.0m at 30 June 2026 vs €24.2m at 31 December 2025; net debt was €158.2m vs €153.6m.

Outlook and guidance

• The planned August 2026 partial redemption will not occur as anticipated following revised disposal timing and lower expected proceeds; full repayment of ~€22.7m remaining Super Senior Notes is planned by end-2026.

• End-2026 repayment depends on the planned sale of a remaining warehousing asset and other financial instruments by December; future disposal proceeds are intended for outstanding note liabilities.

• 2026 disposal proceeds forecast was cut from €61.8m to €46.5m; 2027 proceeds rose €4.6m to €69.3m.