Readcrest Capital AG (DE000A0LE3J1; WKN A0LE3J) has published its financial guidance for the 2026 fiscal 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 the remaining healthcare subsidiary, Grosvenor Health and Social Care, expected to contribute approximately EUR 12 million in EBITDA, offset by a negative contribution of EUR 3-4 million from German project developments.
The guidance underscores the company's strategic shift toward value-oriented real estate investments, specifically residential construction projects in high-growth regions of Germany. According to the management board, these project developments represent the core of future value creation and are intended to complement the stable cash flows from the healthcare business with sustainable growth potential. By the end of 2026, the company is targeting an annualized EBITDA run-rate between EUR 11.0 million and EUR 12.0 million.
Key operational milestones for the year include the start of construction in Dresden for the Neustädter Bogen project, which features a gross floor area of 23,425 square meters, and the sales launch in Halle for the Riebecks Gärten development, encompassing 36,335 square meters across 399 residential units. Further details on these projects are available on the company's business units page.
CEO Rolf Elgeti commented on the outlook, stating: "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."
Adjusted EBITDA, as defined by the company, is an unaudited metric not recognized under IFRS. It is calculated as result from operating activities plus depreciation and amortization, further adjusted for material non-representative items such as impairments of receivables or inventories added back, and income from derecognition of liabilities deducted. The adjustments are intended to isolate the underlying operating earnings power of the continuing operations.
The announcement provides investors with a clearer picture of Readcrest Capital's earnings trajectory as it transitions from a diversified healthcare and real estate group to a more focused entity centered on German residential development. The guidance implies that the healthcare segment remains a stable cash flow contributor, while the real estate projects are expected to absorb initial costs before generating returns in subsequent years.
Readcrest Capital AG is a listed company specializing in real estate and special situations investments. It continues to rely on stable cash flows from systemically relevant healthcare services in the United Kingdom through Grosvenor Health and Social Care, while actively developing residential projects in Germany's high-growth regions.
