Readcrest Capital AG (DE000A0LE3J1; WKN A0LE3J) has published its guidance for the financial year 2026, projecting adjusted EBITDA in a range of EUR 8.0 million to EUR 9.0 million. This guidance reflects the Company's realignment following the disposal of its UK care home business, with the remaining healthcare operation, Grosvenor Health and Social Care, contributing an estimated EUR 12 million in EBITDA, offset by a EUR 3-4 million earnings contribution from German project developments.
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, complementing the stable cash flows from the healthcare business with sustainable growth potential. By the end of 2026, Readcrest Capital is targeting an annualised EBITDA run-rate in a range of EUR 11.0 million to EUR 12.0 million.
Operational milestones include the start of construction in Dresden for the Neustädter Bogen, which has a gross floor area of 23,425 sqm, and the sales launch in Halle for the Riebecks Gärten project, featuring a gross floor area of 36,335 sqm distributed across 399 residential units. More details are available at Readcrest Business Units.
"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.
Note: Adjusted EBITDA is an unaudited metric not defined under IFRS, calculated as result from operating activities plus depreciation/amortisation, adjusted for material non-representative items (e.g., impairments of receivables/inventories added back, income from derecognition of liabilities deducted) and excluding the divested care homes. The adjustments are intended to isolate the underlying operating earnings power.
