Readcrest Capital AG (DE000A0LE3J1; WKN A0LE3J) has released its financial guidance for the 2026 fiscal year, forecasting adjusted EBITDA in the range of EUR 8.0 million to EUR 9.0 million. The guidance reflects the company's realigned business model following the disposal of its UK care home business, with a renewed focus on its German residential construction projects.
According to the announcement, the adjusted EBITDA comprises an EBITDA contribution of approximately EUR 12 million from Grosvenor Health and Social Care, offset by a negative contribution of EUR 3-4 million from German project developments. Grosvenor Health and Social Care, which remains in the portfolio, continues to provide the operating revenue and cash flow base for the group.
The company is deliberately expanding its second growth pillar: value-oriented real estate investments in high-growth German regions. These project developments, such as the Neustädter Bogen in Dresden (gross floor area of 23,425 sqm) and Halle Riebecks Gärten (36,335 sqm, 399 residential units), are expected to form the core of future value creation. More details on these projects are available at Readcrest Business Units.
By the end of 2026, Readcrest Capital is targeting an annualised EBITDA run-rate of EUR 11.0 million to EUR 12.0 million. Operational milestones include the start of construction for the Dresden project and the sales launch in Halle.
“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,” said Rolf Elgeti, CEO of Readcrest Capital AG.
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, further adjusted for material non-representative items such as impairments of receivables or inventories, and excludes the divested care homes. This adjustment aims to isolate the underlying operating earnings power.
Readcrest Capital AG is a listed company focusing on real estate and special situations investments. It continues to rely on stable cash flows from healthcare services in the UK through Grosvenor Health and Social Care, while expanding its residential construction projects in Germany.
