Readcrest Capital AG Forecasts Adjusted EBITDA of EUR 8-9 Million for 2026, Targets Growth in German Residential Construction
Readcrest Capital AG published guidance for fiscal 2026, projecting adjusted EBITDA between EUR 8.0 and 9.0 million, driven by its healthcare business and expanding German residential construction projects.
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 follows the disposal of the company's UK care home business and underscores its strategic pivot toward German residential construction projects while retaining its healthcare investment, Grosvenor Health and Social Care.
The Management Board expects adjusted EBITDA to comprise an EBITDA contribution of approximately EUR 12 million from Grosvenor Health and Social Care, offset by a deduction of around EUR 3-4 million from German project developments. The adjusted EBITDA metric excludes the divested care homes and adjusts for non-representative items to reflect underlying operating earnings power, as detailed in the company's release on NewMediaWire.
Readcrest Capital is deliberately expanding a second growth pillar: value-oriented real estate investments focused on promising residential construction projects in high-growth regions of Germany. These project developments are positioned to complement the stable cash flows from the healthcare business with sustainable growth potential. By the end of 2026, the company 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, which boasts a gross floor area of 23,425 square meters, and the sales launch in Halle for Halle Riebecks Gärten, a project with a gross floor area of 36,335 square meters distributed across 399 residential units. More details are available on the company's business units page at Readcrest Business Units.
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 importance of this announcement lies in the company's ability to maintain profitability while transitioning from a UK-focused care home operator to a dual-focus entity combining healthcare cash flows with German residential development. The guidance reflects confidence in the German real estate market despite headwinds, and the targeted EBITDA run-rate suggests significant growth potential from the project pipeline. Investors will be watching for execution on the Dresden and Halle projects, which are critical to achieving the 2026 run-rate target.
Readcrest Capital AG is a listed company specializing in real estate and special situations investments. It continues to derive stable cash flows from systemically relevant healthcare services in the United Kingdom through Grosvenor Health and Social Care, while expanding its residential construction activities in Germany. The company's financial calendar for 2026 includes the publication of audited consolidated financial statements for 2025 on June 24, the Ordinary General Meeting in August, and the half-yearly financial report in September.