Corestate Capital (CCAP) Q4 2024 earnings summary

Executive summary

• Completed major financial and operational restructuring, shifting to a holding structure with focus on asset divestment and core real estate management.

• Strategic objectives: maximize value from non-core asset sales to service debt and grow Hannover Leasing and STAM France as independent platforms.

• Nearly all planned restructuring measures implemented by year-end 2024, with only minor costs expected in 2025.

Financial highlights

• Aggregated revenue and gains for FY 2024 were €37.3 million, down from €287.7 million in FY 2023 (adjusted).

• EBITDA for FY 2024 was €-26.5 million; adjusted EBITDA was €-7.0 million, reflecting restructuring and valuation effects.

• Net profit for FY 2024 was €-57.7 million, including asset write-downs, D&A, bond interest, and an extraordinary tax payment.

• Adjusted net profit stood at €-31.9 million; EPS at €-0.3; equity ratio declined to 12.0%.

• Cash and cash equivalents at year-end were €30.6 million; net debt increased to €187.2 million.

Outlook and guidance

• From 2025, all net proceeds from asset sales will be used for interest and principal payments on outstanding notes.

• Asset sales in 2025 expected to generate €72 million, enabling full repayment of Super Senior Note and PIK interest by year-end 2025.

• First repayments of Senior Notes anticipated in 2025; focus remains on deleveraging and profitable growth in core business.