Corestate Capital Group – Cash Flow Forecast as of 31 March 2026

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 of € 4.9m represents operating liquidity for the Group incl. subsidiaries as per 31 December 2025 plus “trapped/ restricted” cash of € 1.9m.

Key Developments (main cash-in events from Asset Disposal)

  • Q2, 2026: mainly driven by sale of warehousing asset (1st/ 2nd payment: appr. € 14.8m) by end of June (already received € 11.2m).
  • Q3, 2026: from the sale of a warehousing asset (3rd/ 4th payment: appr. € 6.0m), from the sale of other financial instruments (appr. € 6.3m) by end of September 2026.
  • Q4, 2026: mainly driven by partly sale of warehousing asset (appr. € 2.0 m) by end of November 2026 and sale of other financial instruments (appr. € 14.9m).
  • Q2, 2027: driven by sale of other financial instruments (appr. € 23.8m).

Available asset run-off until 2027 remains almost unchanged by making use of portfolio measures

Comparison of 12/2025 & current asset disposal plans

The restructuring opinion foresaw total asset disposals in the total amount of € 252.2m/ € 202.6m until 2026; based on the actual update, those values decreased to € 223.0m/ € 158.3m.

  • 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: Sales declined to € 28.3m, mainly Stratos II and IV due to legal disputes. The sale of property in Liverpool (€ 15.8m) and STAM (€ 7.8m) are included in 2025. Further step-down is based on the postponement of several projects (mainly mezz-loan CCS and Giessen) until 2026.
  • 2026: Sales have increased slightly from € 61.6m to € 61.8m due to minor COD updates; already received € 11.1m from Giessen.
  • 2027: Sales remain on same level at € 64.7m.

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.