Corestate Capital (CCAP) Q3 2024 earnings summary

Executive summary

• German real estate market shows gradual recovery, but structural challenges persist.

• Strategic focus on managing/selling non-core assets and growing asset management via subsidiaries.

• Most restructuring measures implemented; no major additional costs expected in 2025.

Financial highlights

• Aggregated revenue and gains for Jan–Sep 2024: €23.3m; EBITDA: €-18.7m.

• Adjusted net profit: €-39.1m; net profit: €-45.4m; EPS: €-0.27.

• Equity ratio declined to 14.9% as of 30 Sep 2024.

• Cash and cash equivalents: €20.6m; net debt: €195.4m.

• Assets under management decreased to €8.7bn after CRM sale.

Outlook and guidance

• Q4 2024 net profit expected to stabilize, with equity ratio remaining at current level.

• No major additional restructuring costs anticipated in 2025.

• Asset monetization program delayed by 6–9 months; full repayment of Super Senior Note and PIK interest targeted by end of 2025.

• From 2025, divestment proceeds earmarked for debt service, prioritizing Super Senior Note.