Corestate Capital Group – Cashflow Forecast as of 28 November 2025
Reporting Obligation for “Reinstated Notes 2022”, “Reinstated Notes 2023” and “New Super Senior Notes”
Liquidity FC shows timing shifts in cash events, CC’s repayment plans are overall on track
Key assumptions
- Liquidity plan has been derived by management and is based on a direct liquidity forecast for each legal entity/ subgroup prepared by CORESTATE Controlling
- Starting balance (€ 6.8m) represents operating liquidity for the Group incl. subsidiaries as per 30 September 2025 plus “trapped/restricted” cash from (€ 6.1m)
Key Developments (main cash-in events from Asset Disposal)
- Q4, 2025: Main one-time cash events relate to the divestment of co-investments at Corestate level (appr. € 2.1m) and from the sale of other financial instruments (appr. € 1.7m) by end of November 2025. From the sale of other financial instruments (appr. € 21.7m) by end of December 2025.
- Q1, 2026: From the sale of other financial instruments (appr. € 2.7m) by end of January 2026.
- Q2, 2026: From the sale of other financial instruments (appr. € 3.0m) by end of June 2026. From the sale of a warehousing asset (1st and 2nd payment: Appr. € 16.6m) .
- Q3, 2026: From the sale of a warehousing asset (3rd payment: Appr. € 5.3m), from the sale of other financial instruments (appr. € 20.6m) by end of July 2026
- Q4, 2026: Mainly driven by partly sale of warehousing asset (4th payment: Appr. € 0.7m) by end of December 2026.
Available asset run-off until 2026 remains almost unchanged by making use of portfolio measures
Comparison of 12/2024 & current asset disposal plans
The restructuring opinion foresaw total asset disposals in the total amount of € 252.2m / € 222.5m until 2027; based on the actual update, the remaining proceeds until 2027 are expected by € 130.4m.
- 2023: € 29.3m successfully monetized in 2023.
- 2024: € 38.9m successfully monetized in 2024. This includes the sale of CRM/ Upartments for € 12.1m. Monetization of investments of Corestate Opportunity Fund/ COD I are delayed into 2025, 2026 and 2027.
- 2025: Disposal proceeds decline from € 71.5m to € 50.6m mainly Stratos II and IV due to a settlement with HansaInvest. The Sale of investments in Liverpool and partly Giessen as well as STAM are included in 2025. By October 2025, 23.9m€ had been realized.
- 2026: Sales are expected to increase from € 57.7m to € 58.9m.
- 2027: Asset proceeds are expected to decrease from € 50.1m to € 44.9m.
Disclaimer
This presentation contains forward-looking statements that are subject to various risks and uncertainties. Such statements are based on a number of assumptions, estimates, projections or plans that are inherently subject to significant risks, as well as uncertainties and contingencies that are subject to change. Actual results can differ materially from those anticipated in the forward-looking statements of CORESTATE Capital Holding S.A. (the “Company”) as a result of a variety of factors, many of which are beyond the control of the Company, including those set forth from time to time in the Company’s press releases and reports and those set forth from time to time in the Company’s analyst and investor calls and discussions. The company does not assume any obligation to update the forward-looking statements contained in this presentation. This presentation does not constitute an offer to sell or a solicitation or offer to buy any securities of the Company, and no part of this presentation shall form the basis of or may be relied upon in connection with any offer or commitment whatsoever. This presentation is being presented solely for information purposes and is subject to change without notice.
