Corestate Capital (CCAP) Q4 2025 earnings summary

Executive summary

• Achieved significant financial and structural stabilization, focusing on transformation into a pure holding company with Hannover Leasing as the core subsidiary.

• Strategic focus on value-maximizing disposal of non-core assets and supporting Hannover Leasing's growth.

• Asset disposal proceeds in 2025 were below initial expectations due to market challenges, but key deleveraging milestones were met.

Financial highlights

• Aggregated revenue and gains rose to €65.0m in 2025 from €29.7m in 2024.

• EBITDA improved to €16.1m in 2025 from €-33.9m in 2024, aided by €22.4m positive valuation effects.

• Net profit was €-17.7m (2024: €-59.5m); adjusted net profit was €-14.0m (2024: €-26.2m).

• Earnings per share improved to €-0.1 from €-0.4 year-over-year.

• Cash and cash equivalents at year-end were €18.9m, down from €32.5m in 2024.

Outlook and guidance

• Deleveraging strategy to continue in 2026, supported by extended Senior Notes maturities.

• Focus remains on asset disposals and strengthening Hannover Leasing.

• Monetization of remaining non-core assets (~€130m) targeted by end of 2027.