CORESTATE Capital S A : Earnings Report (20260413 CCHSA Q4 2025 final)

About this update from Corestate Capital Holding Sa

‌PUBLICATION OF QUARTERLY STATEMENT AS OF‌ 31 DECEMBER 2025 13 April 2026 Y 2025 FY 2025 6 FY 2024 new Aggregated revenue and gains 1 € million 65.0 29.7 EBITDA 2 € million 16.1 - 33.9 Net profit 3 € million - 17.7 - 59.5 Adjusted net profit 4 € million - 14.0 - 26.2 Earnings per share € - 0.1 - 0.4 31.12.2025 31.12.2024 new Number of Shares outstanding 5 166,159,451 166,159,451 Equity Ratio 7 % 5.8 11.7 Cash and Cash Equivalents € million 18.9 32.5 Net Debt € million 193.6 183.9 Net Debt / EBITDA 2 12.0 n/a Assets under Management at End of Period € billion 8.5 8.7 Number of Employees at End of Period FTE 99 143 ‌UNAUDITED KEY FIGURES F 1 Thereof € +22.4m due to valuation effects (€ -13.8m in 2024) 2 EBITDA / Net Profit includes Asset value valuations € +22.4m (€ -13.8m in 2024) 3 Net Profit includes € 18.5m interest for bonds 4 Additional adjustments for effects from write down of management contracts and deferred taxes (€ -3.7m); (in 2024: adjusted for effects from valuation (€ -13.8m), one time investment Giessen (€ -3.4m) and restructuring costs (€ -11.2m). 5 Thereof 131.965.643 shares are not yet listed for trading 6 For a detailed breakdown of the adjustments in FY 24, please refer to the appendix 7 Equity of € 17.7m with total assets of € 306.4m FY 2025, FY 2024 Unaudited Results 2 ‌LETTER TO OUR SHAREHOLDERS AND NOTEHOLDERS Dear shareholders and noteholders, ladies and gentlemen, the fourth quarter and the 2025 financial year as a whole were marked by the continued financial and structural stabilisation of Corestate Capital Holding S.A. ("Corestate") and the consistent execution of its strategic realignment. Following a period of profound restructuring in previous years, Corestate reached several important milestones during 2025 that sustainably underpin its transformation into a pure holding company with Hannover Leasing as its core subsidiary. Corestate is clearly focused on two strategic pillars the value maximising disposal of all non core assets in order to service interest obligations and reduce outstanding notes, and the targeted support of the further development of Hannover Leasing as a resilient and independent real asset investment manager. This clear strategic focus guided Corestate's actions throughout the year and resulted in increased operational transparency and a further strengthening of financial discipline across the Group. Financial Key Figures FY 2025 For the 2025 financial year, Corestate generated revenues and gains of € 65.0 million (2024: € 29.7 million) and a reported EBITDA of € 16.1 million (previous year: € -33.9 million), reflecting a materially improved operating performance. Adjusted net profit amounted to € -14.0 million (previous year: € -26.2 million), corresponding to earnings per share (EPS) of € -0.1 (2024: € -0.4). Valuation effects of € 22.4 million had a positive impact on the annual result and are included in both EBITDA and reported net profit. The net profit amounted to € -17.7 million (previous year: € -59.5 million) and led to a further reduction in equity and a decrease in the equity ratio to 5.8 % (2024: 11.7 %). Interest expenses for bonds amounting to € 18.5 million are also included in net profit. In addition, the adjusted net profit reflects adjustments of € -3.7 million relating to the write-down of management contracts and deferred taxes. As of 31 December 2025, Corestate held cash and cash equivalents of € € 18.9 million (previous year € 32.5 million), while net debt amounted to € 193.6 million compared to € 183.9 million in 2024. Assets under management (AUM) stood at € 8.5 billion at year-end. Corestate reiterates its commitment to using all net proceeds from asset disposals exclusively for interest and principal payments, as stipulated in the notes documentation. Of the total number of 166,159,451 shares outstanding, 131,965,643 shares are not yet listed for trading. As of 31 December 2025, the debt portfolio according to IFRS consisted of a Super Senior Note of € 27.4 million, a Senior Note Reinstated 2022 of € 46.1 million and a Senior Note Reinstated 2023 of € 73.4 million 1 . Additional financial liabilities primarily relate to the Giessen property and amount to € 34.0 million. Asset Monetisation & Strategic Development Corestate successfully monetised assets with a total volume of € 29.3 million in 2023 and € 38.9 million in 2024. The proceeds from these disposals were used to finance operational restructuring and to cover negative operating cash flow. FY 2025, FY 2024 Unaudited Results 1 It should be noted that there is a difference in the net debt amount according to local GAAP vs. IFRS. This difference primar ily arises from the accounting treatment of transaction costs for the Senior Notes Reinstated 2022 and 2023 only. Under IFRS, these costs are capitalized an d then depreciated until maturity. According to local GAAP the value of the notes is: Super Senior Note (€ 27.4m), Senior Note Reinstated 2022 (€ 48.0m) and Sen ior Note Reinstated 2023 (€ 76.3m). 3 ‌LETTER TO OUR SHAREHOLDERS AND NOTEHOLDERS The asset disposal programme developed broadly in line with expectations during 2025, although the timing of certain proceeds shifted due to the continued challenging market environment. Expected disposal proceeds for 2025 were revised from € 71.5 million to € 50.6 million, primarily as a result of the settlement with HansaInvest and market driven adjustments to individual transactions. The 2025 proceeds include the sale of the investment in the Royal Liver Building in Liverpool, the sale of parts of the Giessen and the divestment of STAM. By the end of December 2025, Corestate had realised proceeds of € 28.3 million. Corestate also implemented a significant step in its deleveraging efforts and executed an early repayment of € 17.5 million on the Super Senior Note in the fourth quarter of 2025. The full repayment of this note, including accrued PIK interest, is scheduled for the first half of 2026. This development underlines Corestate's ability to meet its obligations under the agreed debt terms and to consistently pursue its deleveraging strategy. Another key milestone during the year was the successful agreement with noteholders on an extension of the maturities of the outstanding Senior Notes. This step became necessary due to the settlement with HansaInvest and the persistently challenging market environment. Corestate reached a binding agreement with investment firms holding more than 75 % of the two Senior Notes to extend their maturities by two years. Under the agreed amendment, the interest rates on the Senior Notes will be 8 % in 2026, 12 % in 2027 and 15 % in 2028. The corresponding resolutions were adopted in December 2025 in accordance with the German Bond Act by way of a vote without a meeting based on a formal Invitation to vote. With the successful implementation of this measure, the maturities of the Reinstated 2022 Notes and the Reinstated 2023 Notes were adjusted to December 31, 2028. The maturity extension provides Corestate with the necessary flexibility to continue executing the asset disposal programme in a value maximizing manner without sales pressure and to optimise outcomes for all stakeholders. It represents a key building block of the Group's financial stabilisation and its medium to long-term refinancing strategy. Corestate remains firmly committed to the full monetisation of all remaining non core assets with an estimated value of approximately € 130 million by the end of 2027. Future proceeds from asset disposals are to be consistently used for interest payments and the repayment of bond liabilities. Audit and Publication of Financial Statements The audited and certified annual financial statements for the 2022 financial year were published on 16 December 2025. The audited and certified consolidated financial statements for the 2023 financial year were published on 20 February 2026. The Annual General Meeting for the 2022 and 2023 financial years took place on 25 March 2026. The shareholders approved the financial statements of 2022 and 2023 as well as all further agenda items by a large majority. The resolutions reflect the broad support of the shareholders for the course set by the management. 4 4 FY 2025, FY 2024 Unaudited Results ‌LETTER TO OUR SHAREHOLDERS AND NOTEHOLDERS The publication of the audited and certified consolidated financial statements for the 2024 financial year is scheduled for end of June 2026. The audited and certified consolidated financial statements for the 2025 financial year are expected to be published at the end of September. The half year results for 2026 are planned for publication at end of October 2026. The Annual General Meeting to approve the financial statements for the 2024 and 2025 financial years is scheduled for the end of October/ beginning of November 2026. The listing of the new shares is planned to take place a few weeks after this AGM. Hannover Leasing - Development in the 2025 Financial Year In the 2025 financial year, Hannover Leasing reaffirmed its position as a growth oriented real asset investment manager within Corestate. With more than € 6 billion in assets under management, the company provides institutional and semi professional investors with access to tailored, efficient and long term oriented investment solutions across different asset classes. Over the course of 2025, Hannover Leasing demonstrated solid operational resilience and execution strength across asset management, leasing activities, and transactions. Leasing activity remained robust throughout the year, including approximately 10,000 sqm of newly leased space in the first quarter, around 7,000 sqm of lease agreements and extensions in the second quarter, and approximately 37,000 sqm of newly leased or extended space in the third quarter. In the fourth quarter of 2025, further leasing and lease extension activities were concluded, amounting to approximately 38,000 sqm. In total, Hannover Leasing achieved leasing and extension activities of around 92,000 sqm over the full 2025 financial year, reflecting active asset management and stable tenant demand across the portfolio. During the same period, Hannover Leasing successfully executed several value oriented transactions. These included the sale of the office complex at Rheinische Strasse 1 in Dortmund, the marketing and successful closing of the Royal Liver Building transaction in Liverpool in July 2025, as well as the sale of the Bahnhofszeile Freiburg, with economic transfer to the buyer taking place at year end 2025. Taken together, these transactions highlight Hannover Leasing's ability to structure, position and realise complex real asset investments and to generate attractive outcomes for investors even in a challenging market environment. In parallel, Hannover Leasing continued to systematically expand and diversify its investment platform. With the special AIF DW HL Dutch Residential, Hannover Leasing launched a vehicle for professional investors focusing on residential portfolios in the Netherlands in central and growth oriented urban locations. The fund pursues a long term buy and hold strategy combined with a selective partial privatisation approach aimed at realising arbitrage effects. In addition, with the public AIF Neustädter Giessen, Hannover Leasing structured a product for private investors providing access to an urban supply centre in a central German location. Both funds received the required regulatory approvals during 2025 and represent important building blocks in Hannover Leasing's strategy to address diverse investor groups with differentiated real asset investment solutions. 5 5 FY 2025, FY 2024 Unaudited Results ‌LETTER TO OUR SHAREHOLDERS AND NOTEHOLDERS Beyond traditional real estate segments, Hannover Leasing also expanded into digital infrastructure during 2025. In the data centre segment, the company entered into a joint venture with Terrasite GmbH, operating under the name Volt Advisory GmbH. The first projects are already under development and scheduled for realisation in the near term, marking a further step in diversifying the investment offering into a growth sector with strong long term demand drivers. Outlook Corestate will consistently continue its deleveraging strategy in 2026. The successful extension of the Senior Notes provides a key foundation for this and gives it additional flexibility to continue executing the asset disposal programme in a value maximising manner. At the same time, the focus remains on the further strengthening of Hannover Leasing as the Corestate's operational core. Against this background, Corestate believes it is well positioned to take the next steps in its financial stabilisation and strategic development. We thank our shareholders and noteholders for their continued trust and support during this important phase of transformation. Luxembourg, 13 April 2025 Dr Nedim Cen Chief Executive Officer & Chief Financial Officer 6 6 FY 2025, FY 2024 Unaudited Results ‌ASSET DISPOSAL PROGRAM 2023 - 2027 (12/2025) Available asset run-off until 2026 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 € 222.8m / € m. 2023: € 29.3m successfully monetized in 2023. 2024: 38.9m successfully monetized in 2024. This includes the sale of CRM/ Apartments for € 12.1m. Monetization of investments of Corestate Opportunity Fund/ COD I are delayed into 2025, 2026 and 2027. 2025: Sales decline from 58.9m€ to 28.3m€, mainly Stratos II an 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 are expected to increase from 58.9m€ to 61.6m€. 2027: Sales are expected to increase from 44.9m€ to 64.7m€. 7 FY 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 Act Forecast €m/year 2025 2026 2027 Month Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Balance Beginning 0.0 0.0 0.0 15.0 16.1 20.2 0.1 0.1 7.1 7.1 7.1 18.4 0.1 0.1 ADL (Asset disposal list) Asset Sales Principal Repayment thereof Interest thereof Redemption thereof Super Senior Note thereof Senior Note Reinstated (2022 / 2023) 2.5 * 15.0 1.1 20.2 7.0 18.3 -3.2 -16.1 -20.2 -7.0 -18.3 -3.2 -6.4 -0.2 -4.9 -0.2 -9.7 -20.0 -2.1 -18.1 -9.7 -17.6 -2.4 -2.1 -18.1 Balance Ending 0.0 0.0 0.0 15.0 16.1 20.2 0.1 0.1 7.1 7.1 7.1 18.4 0.1 0.1 0.1 Operating liquidity - CCHSA Group incl. Subsidiaries 12.3 6.3 5.6 5.1 10.0 7.2 6.4 6.6 5.4 5.7 14.5 14.7 14.5 15.2 15.0 14.7 * 2025 asset sales; cash-in delayed to first week of January due to public holidays 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 (€ 12.3m) represents operating liquidity for the Group incl. subsidiaries as per 31 December 2025 plus "trapped/restricted" cash from (€ 6.6m) Key Developments (main cash-in events from Asset Disposal) Q4, 2025: sale of other financial instruments (appr. € 2.5m) by end of December 2025. Q2, 2026: sale of warehousing asset (1 st , 2 nd and 3 rd payment: Appr. € 21.9m) and from the sale of other financial instruments (appr. € 14.4m) by end of June 2026. Q3, 2026: From the sale of a warehousing asset (4 th payment: Appr. € 0.7m) and from the sale of other financial instruments (appr. € 6.3m) by end of Sept. 2026 Q4, 2026: sale of other financial instruments (appr. € 18.3m). FY 2025, FY 2024 Unaudited Results 8 ‌APPENDIX ‌DETAILED OVERVIEW OF FY 2024 ADJUSTMENTS FY 2024 3 2 1 4 5 new FY 2024 Dev. 2024 Comments 2024 Aggregated revenue and gains € million 29.7 37.3 - 7.6 Various valuation adjustments resulting from the carry-forward of KPMG audit adjustments for 2022/23 (€ -7.3 m) as well as equity-accounted valuation adjustments (€ -0.3 m). EBITDA € million - 33.9 - 26.5 - 7.4 Mainly driven by higher audit fees (€ -1.0 m), offset by insurance compensation (€ +0.5 m). Net profit € million - 59.5 - 57.7 - 1.8 Impairment at equity (€ -4.8 m), recognized under depreciation (impairment of financial assets), offset by adjustments to current taxes (€ +1.9 m), deferred taxes (€ +7.6 m), and corrections within financial expenses (€ +0.4 m). Adjusted net profit € million - 26.2 - 31.9 5.7 Valuation adjustments and equity-accounted results have been adjusted. Earnings per share € - 0.4 - 0.3 - 0.0 31.12.2024 new 31.12.2024 Dev. 2024 Number of Shares outstanding 166,159,451 166,159,451 0 Equity Ratio % 11.7 12.0 -0.3 Cash and Cash Equivalents € million 32.5 30.6 1.9 Increased cash position due to several entities that were newly fully consolidated in 2024. Net Debt € million 183.9 187.2 -3.4 Net Debt / EBITDA n/a n/a Assets under Management at End of Period € billion 8.7 8.7 0.0 Number of Employees at End of Period FTE 143 143 0 2 FY 2025, FY 2024 Unaudited Results 10 ‌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. FY 2025, FY 2024 Unaudited Results 11

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