Corestate Capital (CCAP) Q3 2025 earnings summary

Executive summary

• Completed STAM France divestment, transforming into a pure holding company with Hannover Leasing as the core subsidiary.

• Strategic focus on value maximization from non-core asset disposals and supporting Hannover Leasing's growth.

• Operational transparency and financial discipline have increased.

Financial highlights

• Aggregated revenue and gains for 9M 2025 were €21.8 million, down from €23.3 million year-over-year.

• EBITDA for 9M 2025 was €6.1 million, a significant decline from €18.7 million in 9M 2024.

• Net profit for 9M 2025 was €-28.2 million, compared to €45.4 million in 9M 2024.

• Adjusted net profit for 9M 2025 was €-25.5 million, versus €39.1 million in 9M 2024.

• Earnings per share for 9M 2025 was €-0.2, compared to €0.3 in 9M 2024.

• Cash and cash equivalents as of 30 September 2025 were €29.5 million.

• Net debt increased to €196.8 million as of 30 September 2025.

• Equity ratio declined to 7% from 12% at year-end 2024.

Outlook and guidance

• Deleveraging efforts to continue through 2025 and 2026, with a focus on asset disposals.

• Agreement reached with majority noteholders to extend maturities of two Senior Notes by two years, pending formal approval in December 2025.

• Additional flexibility expected for asset disposal program execution.