Readcrest Capital AG (DE000A0LE3J1; WKN A0LE3J) published its guidance for the 2026 financial year on June 8, 2026, announcing expectations for 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 Grosvenor Health and Social Care remaining as the core operating revenue and cash flow base, contributing approximately EUR 12 million in EBITDA.
The Management Board's forecast includes an offset of EUR 3-4 million from German project developments, which represent the company's deliberate expansion into a second growth pillar: value-oriented real estate investments focused on residential construction projects in high-growth regions of Germany. These projects are expected to form the core of future value creation, complementing the stable cash flows from healthcare with sustainable growth potential.
CEO Rolf Elgeti 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."
By the end of 2026, the company also targets an annualised EBITDA run-rate 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 Riebecks Gärten, featuring a gross floor area of 36,335 square meters across 399 residential units. More details on these business units can be found at https://www.readcrest.com/en/business-units.
The adjusted EBITDA metric is an unaudited measure 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, while excluding the divested care homes. These adjustments aim to isolate the underlying operating earnings power of the ongoing business.
This guidance is significant for investors and the market as it provides clarity on Readcrest Capital's strategic shift towards German residential development after exiting the UK care home sector. The company's ability to generate stable cash flows from healthcare while pursuing growth in a challenging real estate environment underscores its dual-focus approach. For the industry, this highlights a trend of real estate firms diversifying into healthcare-adjacent assets for resilience.
Readcrest Capital AG is a listed company focused on real estate and special situations investments. It leverages stable cash flows from systemically relevant healthcare services in the UK through Grosvenor Health and Social Care, while developing residential projects in high-growth German regions. The company's financial calendar for 2026 includes the publication of audited consolidated financial statements on June 24, the Ordinary General Meeting in Berlin in August, and the half-yearly financial report in September.
