Mandatory announcement: Corestate publishes new financial outlook for the financial year 2020

CORESTATE withdrew its financial outlook for 2020 on 22 April 2020 in light of the impact of the COVID-19 pandemic. The Company has since gained a significantly better overview of the further business trends and has therefore issued a financial outlook for the current financial year that has been adjusted for the effects of the COVID-19 crisis. Accordingly, the Company expects aggregated revenues and gains between € 185m and € 210m, EBITDA between € 55m and € 80m and adjusted net profit between € 25m and € 50m.

• Aggregated revenues between € 185m and € 210m
• EBITDA between € 55m and € 80m
• Adjusted net profit between € 25m and € 50m

Luxembourg, 9 September 2020 - Corestate Capital Holding S.A. withdrew its financial outlook for 2020 on 22 April 2020 in light of the impact of the COVID-19 pandemic. The Company has since gained a significantly better overview of the further business trends and has therefore issued a financial outlook for the current financial year that has been adjusted for the effects of the COVID-19 crisis. Accordingly, the Company expects aggregated revenues and gains between € 185m and € 210m, EBITDA between € 55m and € 80m and adjusted net profit between € 25m and € 50m.

The expectations reflect a reduction in transaction volume and a short-term shift in risk profiles with regard to institutional investors' investment preferences. In terms of revenues, the Company anticipates significantly lower income from transaction fees, success-based compensation elements, warehousing and alignment capital, in comparison to the original targets for the year. A view valuation adjustments on (co-)investments in the retail and serviced apartment sector as well as potential one-off expenses for structural adaptations to the new market conditions will also play a role. The mezzanine business of the private debt subsidiary HFS Helvetic Financial Services AG has so far been affected downstream and to only a very minor extent by the current crisis.

At end of August 2020, the Company had a cash position of around € 63m. The Company once again confirmed its ambition to reduce its net debt on short notice.
The new forecast takes into account the negative impact of the COVID-19 pandemic to the extent foreseeable at the present time. However, the business impact of any potential official measures due to the further development of the pandemic, particularly new supra-regional lockdowns, cannot be fully predicted.

About CORESTATE Capital
CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with approximately Euro 28 billion in assets under management. As a fully integrated real estate platform, CORESTATE offers its clients combined expertise in the areas of investment and Fund Management as well as real estate management services. The company operates as a respected business partner of institutional clients and wealthy private investors internationally. CORESTATE is headquartered in Luxembourg and has 42 offices, e.g. in Frankfurt, London, Madrid, Singapore and Zurich. The company employs around 800 people and is listed in the Prime Standard (SDAX) of the Frankfurt Stock Exchange.

Forward-looking statements
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