Readcrest Capital AG (DE000A0LE3J1; WKN A0LE3J) has released its guidance for the 2026 financial year, projecting adjusted EBITDA in the range of EUR 8.0 million to EUR 9.0 million. The forecast reflects the company's realigned business model following the disposal of its UK care home business, with a renewed focus on its remaining healthcare operations and expanding residential construction projects in Germany.
The guidance comprises an EBITDA contribution of approximately EUR 12 million from Grosvenor Health and Social Care, offset by a negative contribution of around EUR 3-4 million from German project developments. Grosvenor Health and Social Care, which remains in the portfolio, continues to serve as the operating revenue and cash flow base. The company is deliberately expanding its second growth pillar: value-oriented real estate investments with a focus on promising residential construction projects in high-growth regions of Germany. These project developments are expected to form the core of future value creation and complement the stable cash flows from the healthcare business with sustainable growth potential.
By the end of 2026, Readcrest Capital also targets an annualised EBITDA run-rate in the range of EUR 11.0 million to EUR 12.0 million. Key operational milestones include the start of construction in Dresden for the Neustädter Bogen project, with a gross floor area of 23,425 square meters, and the sales launch in Halle for the Riebecks Gärten project, which boasts a gross floor area of 36,335 square meters distributed across 399 residential units. More details on these projects can be found at Readcrest's business units page.
Rolf Elgeti, CEO of Readcrest Capital AG, commented: "With forecast adjusted EBITDA of EUR 8.0 to 9.0 million, our realigned business model demonstrates its viability. Following the disposal of the UK care home business, we are fully focusing on our growing residential construction pipeline in Germany - and, particularly in a challenging market environment, are creating sustainable value for our shareholders."
The company notes that adjusted EBITDA is an unaudited metric not defined under IFRS. It is calculated as result from operating activities plus depreciation and amortisation, adjusted for material non-representative items such as impairments of receivables or inventories added back, and income from derecognition of liabilities deducted. This adjustment aims to isolate the underlying operating earnings power of the ongoing business.
Readcrest Capital AG is a listed company focused on real estate and special situations investments. It continues to rely on stable cash flows from systemically relevant healthcare services in the United Kingdom through its investment in Grosvenor Health and Social Care. On this basis, the company is focusing on developing residential construction projects in high-growth German regions. The guidance and strategic shift underscore the company's commitment to creating sustainable value for shareholders amid a challenging market environment.
