Interim report
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PUBLICATION OF QUARTERLY STATEMENT AS OF 30 JUNE 2026(PART 1)UPDATE ON ASSET DISPOSAL PROGRAM AND SUPER SENIOR NOTES25 August 2026
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Dear shareholders and noteholders, ladies and gentlemen,Corestate Capital Holding S.A. (“Corestate”) is providing an updateon the implementation of its asset disposal program and theresulting repayment schedule for the Super Senior Notes. Comparedwith the planning presented in the Q1 2026 reporting, the timingand expected volume of several asset disposals have changed. As aresult, the further partial redemption of the Super Senior Notesoriginally planned for August 2026 will not take place asanticipated.Asset Disposal ProgramExpected disposal proceeds for 2026 have been revised from € 61.8million to € 46.5 million. This adjustment mainly reflects thepostponement of anticipated proceeds of € 10.1 million fromCorestate Opportunity Deutschland from 2026 to 2027 as well asprice adjustments of € 5.0 million relating to other financialinstruments. Corestate received from Giessen € 11.1 million in Q2and an additional € 2.1 million in Q3. In Q3, Corestate alsogenerated € 6.6 million from other financial instruments. Thesetransactions represent further progress in the implementation ofthe asset disposal program. Expected disposal proceeds for 2027 have increased by € 4.6 millionto € 69.3 million. The timing shift of € 10.1 million relating toCorestate Opportunity Deutschland is partly offset by a negativevaluation effect of € 1.1 million and further negative valuationadjustments of € 4.5 million relating to other financial instruments.Overall, expected proceeds from the asset disposal programthrough the end of 2027 have decreased by € 10.7 million, or 4.8%,from € 223.0 million to € 212.3 million.Repayment of the Super Senior NotesAs part of its Q1 2026 reporting, Corestate had announced partialredemptions of the Super Senior Notes for June and August 2026.Relevant Proceeds of € 11.1 million were available as of 30 June2026. Following interest payments of approximately € 6.3 millionunder the Group’s financing arrangements, the remaining proceedswere used for a partial redemption of approximately € 4.8 million ofthe Super Senior Notes, which was completed on 17 July 2026.Corestate did not elect to make a Minority PIK Interest Payment.Due to the revised timing and lower volume of expected disposalproceeds, the additional partial redemption originally planned forAugust 2026 will not take place as anticipated. LETTER TO OUR SHAREHOLDERS AND NOTEHOLDERS 2 UPDATE ON ASSET DISPOSAL PROGRAM AND SUPER SENIOR NOTES
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LETTER TO OUR SHAREHOLDERS AND NOTEHOLDERS 33 The repayment schedule has therefore been adjusted to reflect theupdated asset disposal planning. Full repayment of theapproximately € 22.7 million remaining on the Super Senior Notes isnow planned for the end of 2026.Corestate remains committed to implementing its asset disposalprogram in a value-preserving manner and to applying futuredisposal proceeds to the repayment of outstanding notes liabilitiesin accordance with the notes documentation.We thank our shareholders and noteholders for their continuedtrust and support.Luxembourg, 25 August 2026Dr. Nedim CenChief Executive Officer and Chief Financial Officer UPDATE ON ASSET DISPOSAL PROGRAM AND SUPER SENIOR NOTES
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4 ASSET DISPOSAL PROGRAM 2023 – 2027 (08/2026)Available asset run-off until 2026 remains almost unchanged by making use of portfolio measuresComparison of 03/2026 & current asset disposal plansThe 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 € 212.3m / € 143.0m.•2023: € 29.3m successfully monetized in 2023.•2024: € 38.9m successfully monetized in 2024. This includes the sale ofCRM/ Apartments for € 12.1m. Monetization of investments of CorestateOpportunity Fund/ COD I are delayed into 2025, 2026 and 2027.•2025: Sales declined to € 28.3m, mainly Stratos II and IV due to legaldisputes. The sale of the property in Liverpool (€ 15.8m) and STAM(€ 7.8m) are included in 2025. Further step-down is based on thepostponement of several projects (mainly Mezz-Loan CCS and Giessen)until 2026.•2026: Sales have decreased from € 61.8m to € 46.5m mainly due totiming shifts from 2026 to 2027 of Corestate Opportunity Deutschland(COD) € 10.1m and price adjustments of other financial instruments of€ -5.0m. € 13.2m from Giessen and € 6.6m from other financialinstruments have already been received.•2027: Sales increased by € 4.6m, mainly driven by COD timing shift€ 10.1m, partly offset by valuation effect € -1.1m and additional valuationeffects of other financial instruments € -4.5m. UPDATE ON ASSET DISPOSAL PROGRAM AND SUPER SENIOR NOTES
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Liquidity FC shows timing shifts in cash events, CC’s repayment plans are overall on track 5Key assumptionsLiquidity plan has been derived by management and is based on adirect liquidity forecast for each legal entity/ subgroup prepared byCORESTATE ControllingThe starting balance € 10.4m represents operating liquidity for theGroup incl. subsidiaries as per end of March 2026 plus“trapped/restricted” cash of € 4.7m.Key Developments (main cash-in events from Asset Disposal)Q2, 2026: Mainly driven by sale of a warehousing asset (1stappr. € 11.5m) by end of June,partly offset by pre-financing fees (appr. € -0.4m).Q3, 2026: From the sale of a warehousing asset (2nd/ 3rdpayment: appr . € 7.4m,€ 2.1m of which has already been received) and the sale of other financial instruments (appr.€ 6.9m, already received € 6.6m) by end of September 2026.Q4, 2026: Mainly driven by the partial sale of warehousing asset (appr. € 4.0m) and sale ofother financial instruments (appr. € 17.1m) by end of December.Q1 / Q2, 2027: Driven by sale of other financial instruments (appr. € 7.8m / appr. € 22.5m)respectively. 12 MONTH LIQUIDITY FORECAST - 2026 / 2027 55UPDATE ON ASSET DISPOSAL PROGRAM AND SUPER SENIOR NOTES €m/yearMonthApr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May JunBalance Beginning 11,1 4,8 4,1 8,9 14,2 14,2 19,8 7,8 7,8 7,8 20,5 20,5ADL (Asset disposal list)Asset Sales11,1 4,1 4,9 5,3 5,6 15,5 7,8 12,6 9,9Principal Repayment -6,3 -4,8 -35,3 -20,5thereof Interest-6,3 -0,0 -6,1 -7,1thereof Redemption -4,8 -29,2 -13,4thereof Super Senior Note-4,8 -22,7thereof Senior Note Reinstated (2022 / 2023) -6,6-13,4Balance Ending 11,1 4,8 4,1 8,9 14,2 14,2 19,8 7,8 7,8 7,8 20,5 20,5 9,9Operating liquidity - CCHSA Group incl. Subsidiaries 10,4 5,8 8,8 7,4 2,8 4,4 9,2 10,4 11,0 9,0 8,4 8,0 7,4 6,4 5,2 5,2Act2026Forecast2027
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Any actual financial information not specifically identified herein is not to be considered a forecast or guidance but shouldbe regarded as objectives.This presentation contains forward-looking statements that are subject to various risks and uncertainties. Such statementsare based on a number of assumptions, estimates, projections or plans that are inherently subject to significant risks, aswell as uncertainties and contingencies that may change.Actual results can differ materially from those anticipated in the forward-looking statements of CORESTATE Capital HoldingS.A. (the “Company” or “CCHSA”) as a result of a variety of factors, including, but not limited to, general economicconditions, impacts from developments in the German and European real estate markets or changes in the Company’sinvestment structure, many of which are beyond the Company’s control and include those set forth from time to time inthe Company’s press releases and reports as well as in its analyst and investor calls and discussions. The Company doesnot 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 nopart of it shall form the basis of or may be relied upon in connection with any offer or commitment whatsoever. It ispresented solely for information purposes and is subject to change without notice.DISCLAIMER 6 UPDATE ON ASSET DISPOSAL PROGRAM AND SUPER SENIOR NOTES