Slide 1: Redcare Pharmacy Q2 2026
Redcare Pharmacy Q2 2026
Slide 2: What we do and who we are
What we do and who we are. Europe’s leading online pharmacy – We are serving 15M active customers in seven countries with exceptional customer satisfaction (NPS of 76). A pharmacy at its core – We have built proprietary systems and processes to ensure compliance at low cost. In our customer support
Slide 3: In the last 25 years we have grown massively
In the last 25 years we have grown massively and became the undisputed European leader . 15M active customers. H1, 2026 €2.9B • Group revenue. 2025 2024 E- Rx in Germany. €1B • Annual sales crossed. 2021 2023 New name for Shop Apotheke Europe: Redcare Pharmacy . 2018 Webshop in Switzerland | Acquisi
Slide 4: We increased 2026 guidance for revenue growth and profitability
We increased 2026 guidance for revenue growth and profitability. 4
Slide 5: We are a pharmacy at our core
We are a pharmacy at our core – and that is hard to replicate. PHARMA PROCESS PHARMA SERVICE PHARMA COMPLIANCE ❱ Check prescription validity ❱ Inform patients about ❱ Pharmacist checks every pharmaceutical risks prescription ❱ Clarify ambiguities directly with doctors ❱ Medication analysis to catch
Slide 6: Our value proposition: the one-stop pharmacy
Our value proposition: the one - stop pharmacy. What does it mean? Why is it a good idea? Where are we now? • Full pharmacy: OTC + • The perfect mail order • We operate currently only in prescription drugs + health business: small boxes, high Germany as a one - stop related products via the prices,
Slide 7: Germany's growing EUR 70B pharmacy market
Germany’s growing EUR 70B pharmacy market. Large, resilient category Catch up to do versus other categories S tructural drivers of growth EUR 70B Total German pharmacy market +6% YoY Non - discretionary, refill - driven demand Pharmacy Fashion Electronics Aging population: 7.6M EUR 59B Germans above
Slide 8: The regulatory unlock: Rx moves online
The regulatory unlock: Rx moves online. WHY IT MATTERS Structural tailwinds: e - Rx, ePA and EU health data through 2027 and beyond The channel is now open Jan 2024 Germany makes e - Rx mandatory Mail - order can now reach Rx. Apr 2024 CardLink NFC redemption enabled BGH confirms fixed - price exemp
Slide 9: Growing customer base, bigger baskets and increasing loyalty
Growing customer base, bigger baskets and increasing loyalty. Number of customers Average basket size e- Rx - NPS (in millions) (EUR) * Source: Company information (FY2025 and H1 2026). | *Total NPS 9
Slide 10: New Rx customers power the growth flywheel
New Rx customers power the growth flywheel. Number of Rx customers Rx average basket value Rx mixed order rate (in millions) (EUR ) (percentage of orders*) Source: Company information (FY2025 and H1 2026). | * Percentage of e - Rx orders that include non - Rx items. 10
Slide 11: New Rx customer cohorts generate significantly more profit
New Rx customer cohorts in Germany generate significantly more profit than new non - Rx customer cohorts. Indexed accumulated revenue per new customer by cohort Indexed accumulated gross profit per new customer by cohort New Rx Customers 13.5M 4x New Rx Customers 2x New Non - Rx Customers New Non -
Slide 12: We steadily increase the profitability as we scale
We steadily increase the profitability as we scale. Better or Better or in Euro million / percentage of revenue Q2 2025 Q2 2026 H1 2025 H1 2026 (worse) (worse) Revenue 709 853 20% 1.426 1.703 19% Gross profit margin 23.8% 22.1% (1.7) pp 23.6% 21.5% (2.1) pp Marketing (7.2%) (5.1%) 2.1 pp (7.7%) (5.6
Slide 13: Balance sheet: low leverage, net cash >EUR 100M
Balance sheet: low leverage, net cash >EUR 100M, no near - term maturities. 41% EUR 118M EUR 300M 2032 Equity ratio (Jun 2026) Net cash position (Jun 2026) Convertible Bond (2025) Next debt maturity EQUITY & LIABILITIES Dec 2025 vs Jun 2026 · EUR m · Group CONVERTIBLE BOND (2025/32) Total equity Loa
Slide 14: Key drivers of continued EBITDA margin improvement
Key drivers of continued EBITDA margin improvement. Retail Media. Marketplace. Adj. EBITDA margin Automation and AI. 2.5 – 3.0% 2026 guidance Scaling. 5% 2028 ambition Marketing efficiencies. Increasing CLV per customer. Rx as driver of new customer acquisition. 14
Slide 15: Investment highlights
Investment highlights. 01 Europe's #1 online pharmacy - at scale. 15M customers, revenue compounded 17 × since 2016 to EUR 2.9B in 2025 . A regulatory unlock that is just starting. 02 Mandatory e - prescriptions in Germany (2024) moves a EUR 60B offline Rx market online - redeemed digitally via our
Slide 16: Earnings call presentation: Q2/H1 2026
Earnings call presentation: Q2/H1 2026. Sevenum , July 29, 2026
Slide 17: Today's agenda
Today’s agenda. Recap. Business update. Financial update. 17
Slide 18: Recap
Recap. 18
Slide 19: We increased 2026 guidance for revenue growth and profitability
We increased 2026 guidance for revenue growth and profitability. 19
Slide 20: Germany's recent healthcare reforms provide a stronger regulatory framework
Germany's recent healthcare reforms provide a stronger and more predictable regulatory framework for online pharmacies. Dritte Verordnung zur Änderung der Arzneimittelpreisverordnung (regulation on pharmacy pricing) (adopted) The fixed pharmacy dispensing fee ( Fixum ) increased from EUR 8.35 to EUR
Slide 21: Non-Rx revenue growth in Germany accelerated from 9% to 12%
Non - Rx revenue growth in Germany accelerated from 9% to 12%. Non - Rx YoY revenue growth Germany Supported by a broad - based recovery in the German pharmacy market. Unit sales growth increased 1pp between Q1 and Q2. 2pp came from price&mix . Gross Profit margin improved by more than 2pp QoQ. 2025
Slide 22: Business update
Business update . 22
Slide 23: 25 Years of Redcare Pharmacy. One upward curve
25 Years of Redcare Pharmacy. One upward curve. From a local pharmacy Cologne in 2001 to 14.7 million H1, 2026 14.7M active customers. customers across seven European countries in 2026 as Europe’s leading online pharmacy. 2025 €2.9B • Group revenue. 2024 E- Rx in Germany. €1B • Annual sales crossed.
Slide 24: Business highlights Q2 2026
Business highlights Q2 2026. 14.7M active customers in June (9% YoY). Rx active customers in Germany grew by 4% QoQ to 1.7M. Rx revenue in Germany showed a sustained growth in the high 50s. Rx NPS at highest level since launch with 77 (up 19 points YoY). Marketing spend trimmed, prices increased and
Slide 25: Rx Germany sustained growth in the high 50s through H1 2026
Rx Germany sustained growth in the high 50s through H1 2026. Rx revenue development in Germany In Euro Million and YoY growth (%) 2025 2026 25
Slide 26: Rx Germany customers show higher basket values and rising satisfaction
Rx Germany customers show higher basket values and rising satisfaction. Rx average basket value Rx mixed order rate Rx active customers (Rx Revenue only, in Euro, excl. VAT) (percentage of orders*) (in Thousands) NPS** NPS** 58 77 Stable * Percentage of Rx orders that include non - Rx items. ** NPS
Slide 27: New Rx customer cohorts generate significantly more profit
New Rx customer cohorts in Germany generate significantly more profit than new non - Rx customer cohorts. Indexed accumulated revenue per new customer by cohort Indexed accumulated gross profit per new customer by cohort New Rx Customers 13.5M 4x New Rx Customers 2x New Non - Rx Customers New Non -
Slide 28: Peak marketing spend behind us - now optimizing for efficiency
Peak marketing spend behind us - now optimizing for efficiency. Marketing spend (in % of revenues) Both DACH and International reduced marketing spend by ~200bps YoY. We continue to optimize the marketing mix — testing new formats and channels for Rx acquisition. Marketing spend (in EUR Million) Pla
Slide 29: Financial update
Financial update. 29
Slide 30: Financial highlights Q2 2026
Financial highlights Q2 2026. Revenue 20% up YoY to EUR 853M with strong growth in DACH (21%) and International (17%). Non - Rx gross profit margin improved QoQ in Germany. Adj. EBITDA margin increased 0.9pp to 3.5% as operating leverage more than offsets gross profit margin pressure. Highest EBITDA
Slide 31: Strong revenue growth of 20% in Q2 driven by Rx
Strong revenue growth of 20% in Q2 driven by Rx and a continued rebound in non - Rx. Total revenue growth Rx growth Non - Rx growth +15% constant FX: +13% +58% 31
Slide 32: DACH revenue up 21% YoY
DACH revenue up 21% YoY - margin mix shifts with increasing share of Rx. YoY change in revenue YoY change in gross profit margin +34% +11% * ** *** *Rx gross profit Germany ** Platform includes Marketplace and NOW! *** Country and MediService mix effects 32
Slide 33: International revenue up 17% YoY and gross margin stable at 26%
International revenue up 17% YoY and gross margin stable at 26%. YoY change in revenue YoY change in gross profit margin * ** * Platform includes Marketplace and NOW ** Country mix effects 33
Slide 34: Margin expansion on track and International reached break-even
Margin expansion on track and International reached break - even. DACH International YoY change in adj. EBITDA margin YoY change in adj. EBITDA margin 34
Slide 35: Group adj. EBITDA margin up 0.9pp to 3.5% in Q2
Group adj. EBITDA margin up 0.9pp to 3.5% in Q2 as operating leverage offsets Gross Profit margin pressure. Better or Better or in Euro million / percentage of revenue Q2 2025 Q2 2026 H1 2025 H1 2026 (worse) (worse) Revenue 709 853 20% 1.426 1.703 19% Gross profit margin 23.8% 22.1% (1.7) pp 23.6% 2
Slide 36: Free cash flow generation is improving but not yet positive
Free cash flow generation is improving but not yet positive due to partly temporary working capital increase and ongoing spend on automation. EBIT turnaround to EUR 12M Free cashflow incl. operational financing: EUR - 17M vs. −EUR 4M in Q1. Working capital is inflated by about EUR 10M due to one - o
Slide 37: Looking ahead
Looking ahead. Current trading : We expect growth below 20% for July and under 10% for Non - Rx in Germany. Q3: Q3 is seasonally the smallest quarter of the year given the summer season and in September we begin lapping Rx bonus introduction. Guidance: We confirm our full - year 2026 guidance across
Slide 38: Back up
Back up 38
Slide 39: Group gross margin at 22.1%, driven by strong Rx Germany growth
Group gross margin at 22.1%, driven by strong Rx Germany growth. Gross profit margin Gross profit margin in percentage of revenue, pp change in percentage of revenue, pp change Vs. Q1’26 - 0.5% * ** * Platform includes Marketplace and NOW ** Country and MediService mix effects 39
Slide 40: Regulatory roadmap remains supportive despite implementation complexity
Enacted Expected Milestones Regulatory roadmap remains supportive despite implementation complexity. VSDM 1.0* (legacy patient verification system) → phased out CardLink — license extension expires 31 Jan 2027 ( PoPP Phase 2 roll - out starts in Q4 2027) Digital PoPP Phase 2 (new PoPP Phase 2: final
Slide 41: Marketing Expense
Marketing Expense Q2 2025 Q2 2026 H1 25 H1 26 Marketing Expense (51) (44) (110) (96) Thereof: DACH (39) (33) (86) (72) Thereof: International (12) (11) (24) (24) 41