CORESTATE Capital S A : Earnings Report (20251128 CCHSA Q3 2025 final)

About this update from Corestate Capital Holding Sa

PUBLICATION OF QUARTERLY STATEMENT AS OF 30 SEPTEMBER 2025 28 November 2025 UNAUDITED KEY FIGURES 9M 2025 9M 2025 9M 2024 Aggregated revenue and gains 1 € million 21.8 23.3 EBITDA 2 € million - 6.1 - 18.7 Net profit 3 € million - 28.2 - 45.4 Adjusted net profit 4 € million - 25.5 - 39.1 Earnings per share € - 0.2 - 0.3 30.09.2025 31.12.2024 Number of Shares outstanding 5 166,159,451 166,159,451 Equity Ratio % 7.0 12.0 Cash and Cash Equivalents € million 29.5 30.6 Net Debt € million 196.8 187.2 Net Debt / EBITDA 2 n/a n/a Assets under Management at End of Period € billion 6.6 8.7 Number of Employees at End of Period FTE 97 143 1 Thereof € -2.1m due to valuation effects (€ -1.9m in 2024) 2 EBITDA / Net Profit includes Asset value valuations € -2.1m (€ -1.9m in 2024) 3 Net Profit includes € 13.6m interest for bonds 4 Additional adjustments for effects from write down of management contracts and deferred taxes (€ -2.8m) 5 Thereof 131,965,643 shares are not yet listed for trading Q3 2025, FY 2024 Unaudited Results 2 LETTER TO OUR SHAREHOLDERS AND NOTEHOLDERS Dear shareholders and noteholders, ladies and gentlemen, Following the completion of the STAM France divestment in September 2025, Corestate's transformation into a pure holding company with Hannover Leasing as core subsidiary is fully established. The Group is now focused on two strategic pillars: Value maximization from the disposal of all non-core assets to meet interest obligations and repay outstanding notes. Supporting Hannover Leasing's continued development as the Group's core platform for real estate asset and investment management. This clear strategic orientation has increased operational transparency and financial discipline across the organization. Financial Key Figures Q3 2025 For the third quarter of 2025, Corestate reported an EBITDA of € -6.1 million, while aggregated revenues and gains totalling to € 21.8 million. The adjusted net profit stood at € -25.5 million, with earnings per share (EPS) at € -0.2. Additionally, valuation adjustments totalling approximately € -2.1 million negatively impacted earnings. The net profit amounted to € -28.2 million, leading to a decline in equity and a reduction in the equity ratio to 7 %. As of September 30, 2025, cash and cash equivalents stood at € 29.5 million, and net debt reached € 196.8 million. Assets under management (AUM) at the end of the period were € 6.6 billion. Corestate remains committed to using all net proceeds from asset disposals exclusively for interest and principal payments, as stipulated in the note sales documentation. This reflects the Company's achievement of break-even operational cash flow. As of 30 September 2025, Corestate's debt portfolio consists in accordance with IFRS*: Super Senior Note: € 44.9 million Senior Note Reinstated 2022: € 45.5 million Senior Note Reinstated 2023: € 72.5 million Additional financial liabilities primarily relate to the Giessen shopping center and amount to € 34.0 million. Hannover Leasing with positive Developments in Q3 Hannover Leasing confirmed its position as a dynamic investment and asset management platform within the Corestate Group in the third quarter of 2025. With approximately € 6 billion in assets under management, the company offers institutional and semi-professional investors access to customized, long-term real estate strategies. The new special AIF DW-HL Dutch Residential was submitted to BaFin, with distribution approval granted on 12 September 2025. Q3 2025, FY 2024 Unaudited Results * It should be noted that there is a difference in the net debt amount according to local GAAP vs. IFRS. This difference primarily arises from the accounting treatment of transaction costs for the Senior Notes Reinstated 2022 and 2023 only. Under IFRS, these costs are capitalized and then depreciated until maturity. According to local GAAP the value of the notes is: Super Senior Note € 44.9m, Senior Note Reinstated 2022 € 47.8m and Senior Note Reinstated 2023 € 76.2m . 3 LETTER TO OUR SHAREHOLDERS AND NOTEHOLDERS In addition, the public AIF Neustädter Giessen was successfully submitted to BaFin for review as part of the distribution approval process. A key component for the fund launch was the refinancing of the associated property in Giessen: as part of the credit extensions, repayments and new loan agreements totaling more than € 84 million executed in the third quarter of 2025, an existing € 34 million loan was replaced with a new long-term facility from a Landesbank. This refinancing created the essential prerequisites for the launch of the Neustädter Giessen fund product which took place in November. Asset management also developed positively in the third quarter of 2025. In total, approximately 37,000 square meters were newly leased, or existing leases were extended, including around 29,000 square meters of office space. The leasing and extension activities covered a total of ten properties. Particularly noteworthy are two large-scale contract extensions: Stedin Groep Services B.V. extended its lease for 13,318 square meters at Blaak 8 in Rotterdam for another ten years, while Takeaway.com Central Core B.V. also signed a ten-year extension for 14,474 square meters in the Piet Hein Buildings in Amsterdam. Outlook Corestate will continue to drive its deleveraging efforts through the remainder of 2025 and throughout 2026. To support this objective, the company has reached an agreement with a majority of noteholders to extend the maturities of its two Senior Notes by two years. The formal resolution is scheduled to be passed in a vote without meeting in December 2025. The proposed extension provides Corestate with additional flexibility to execute its asset disposal program in a value-maximizing manner without time pressure. At the same time, the company remains focused on meeting its financial obligations and further developing Hannover Leasing as its core operating platform. We thank our shareholders and noteholders for their continued trust and support during this important phase of our transformation. Luxembourg, 28 November 2025 Dr Nedim Cen Chief Executive Officer & Chief Financial Officer 4 4 Q3 2025, FY 2024 Unaudited Results ASSET DISPOSAL PROGRAM 2023 - 2027 (11/2025) 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. 5 Q3 2025, FY 2024 Unaudited Results 12 months liquidity forecast Liquidity FC shows timing shifts in cash events, CC's repayment plans are overall on track Forecast €m/year 2025 2026 Month Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Balance Beginning 17.5 0.0 3.8 26.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ADL (Asset disposal list) Asset Sales Principal Repayment thereof Interest thereof Redemption -17.5 -1.5 -16.0 3.8 25.5 -3.2 -3.2 2.7 -2.7 -0.0 -2.7 19.6 -19.6 -6.2 -13.4 25.9 -25.9 -0.2 -25.7 0.7 -4.4 -4.4 Balance Ending 17.5 0.0 3.8 26.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -3.7 Operating liquidity - CCHSA Group incl. Subsidiaries 6.8 7.4 6.9 12.3 11.4 10.5 13.4 12.5 10.1 12.3 11.4 10.4 13.4 12.4 11.5 14.5 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 (1 st and 2 nd payment: Appr. € 16.6m) . Q3, 2026: From the sale of a warehousing asset (3 rd 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 (4 th payment: Appr. € 0.7m) by end of December 2026. Q3 2025, FY 2024 Unaudited Results 6 DISCLAIMER Any actual financial information not specifically identified herein is not to be considered a forecast or guidance but should be regarded as objectives. 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 may change. Actual results can differ materially from those anticipated in the forward-looking statements of CORESTATE Capital Holding S.A. (the "Company" or "CCHSA") as a result of a variety of factors, including, but not limited to, general economic conditions, impacts from developments in the German and European real estate markets or changes in the Company's investment structure, many of which are beyond the Company's control and include those set forth from time to time in the Company's press releases and reports as well as in its 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 it shall form the basis of or may be relied upon in connection with any offer or commitment whatsoever. It is presented solely for information purposes and is subject to change without notice. Q3 2025, FY 2024 Unaudited Results 7

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