Redcare Pharmacy N.v. · XETR:RDC
Redcare Pharmacy — Q3 2025 Earnings Presentation
27 slides from Redcare Pharmacy's earnings presentation, Oct 29, 2025
Slide 1: Earnings call presentation: Q3 2025
Earnings call presentation: Q3 2025. Sevenum, 29 OCTOBER 2025
Slide 2: Today's presenters
Today’s presenters. Olaf Heinrich and Jasper Eenhorst. 2
Slide 3: Today's agenda
Today’s agenda. 1 Financial performance. 2 Update on Rx Germany. 3 Outlook and guidance 2025. 3
Slide 4: Financial performance
1 Financial performance. 4
Slide 5: 9M 2025 financial highlights
financial performance 9M 2025 financial highlights. • Group sales +27% YoY to € 2.146bn. Continued strong growth, fully organic, both in non-Rx and Rx. • Non-Rx growth 18%. +15% in DACH and +26% in the International segment. Overall, and particularly in Germany, with strong market share gains. • Fas
Slide 6: Organic growth of more than 25% in both segments
key financials | sales Organic growth of more than 25% in both segments. Total DACH International +26.6% +26.7% Non-Rx: +25.8% Non-Rx: +17.8% Non-Rx: +14.9% RX: €2,146M €1,744M +46.4% €402M €1,695M €1,376M €319M 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 6
Slide 7: More happy customers and larger baskets
non-financial kpis More happy customers and larger baskets. Number of customers in millions 72 +0.2M Net Promoter Score Q3 2025 (Q3 2024: 69) +0.3M 13.7M +0.6M +0.6M € 67.12 11.9M +1.8M (+8.5% yOY) Average shopping basket value Sep 2024 Sep 2025 Q3 2025 (Q3 2024: € 61.86) Definition: average gross v
Slide 8: Orders up 22% YTD and 1.5M vs. Q3 2024
non-financial kpis Orders up 22% YTD and 1.5M vs. Q3 2024. Number of orders in millions 11.5 Share of repeat orders in percentage of total 10.5 10.3 10.1 8.9 8.7 8.8 7.8 7.5 7.1 7.0 6.2 6.4 5.8 5.6 5.5 5.1 4.7 4.4 81% 82% 83% 81% 81% 83% 85% 84% 84% 84% 86% 87% 87% 87% 88% 88% 89% 89% 90% Source: Re
Slide 9: Adj. EBITDA € 17M positive in Q3
key financials | profit & loss Adj. EBITDA € 17M positive in Q3, up 6M or 50% vs. last year. YTD adj. EBITDA € 44M positive. Driver of operating cash flow. in millions of euros, adjusted numbers Q3 2024 Q3 2025 Better or (worse) 9M 2024 9M 2025 Better or (worse) Sales 575 719 25.2% 1,695 2,146 26.6%
Slide 10: DACH grows strongly and scales in e-Rx; International improves (YTD)
key financials | profit & loss, YTD DACH grows strongly and scales in e-Rx; International improves across the board. DACH International in millions of euros, adjusted numbers 9M 2024* 9M 2025 Better or (worse) 9M 2024 9M 2025 Better or (worse) Sales 1,376 1,744 26.7% 319 401 25.8% Gross profit margi
Slide 11: DACH grows strongly and scales in e-Rx; International improves (Q3)
key financials | profit & loss, q3 DACH grows strongly and scales in e-Rx; International improves across the board. DACH International in millions of euros, adjusted numbers Q3 2024 Q3 2025 Better or (worse) Q3 2024 Q3 2025 Better or (worse) Sales 469 587 25.1% 105 132 25.3% Gross profit margin 22.7
Slide 12: Gross margin: underlying progress continues
key financials | gross profit margin Gross margin: underlying progress continues. Rx with lower margin, more euros. Adjusted gross profit margin Adjusted gross profit margin in percentage of sales in percentage of sales 27.5% 23.3% 23.3% 23.3% 23.1% 23.2% 22.1% Source: Redcare Pharmacy Q3 2024 Q3 20
Slide 13: Efficiency gains and scale lead to SD&A improvement
key financials | selling, distribution and admin ratio Efficiency gains and scale lead to SD&A improvement. Adjusted SD&A costs Adjusted SD&A costs in percentage of sales in percentage of sales 23.3% (21.3)% (19.7)% (21.1)% (21.0)% Source: Redcare Pharmacy Q3 2024 Q3 2025 9M 2024 Efficiency & Admin
Slide 14: Operating cash flow rolling 12 months w/o Rx Germany € 100M+
KEY FINANCIALS | CASH GENERATION Operating cash flow rolling 12 months w/o Rx Germany € 100M+. Operating cash flow Rolling 12 months In millions of euros • Strong operating cash flow conversion. Above € 100 million Attractive unit economics, focus on cash Total Redcare generation and working capital
Slide 15: Operating cash generation, a driver of value creation
key financials | cash flow Operating cash generation, a driver of value creation. Cash flow year to date in millions of euros 20 Solid operating cash flow 50 € +50 million. 41 EBITDA and seasonal benefit from working capital. 9 (30) 119 Investments (51) On track. Targeted and temporary peak in 266 l
Slide 16: After peak in 2025/26, investments to return to around 2% of sales
key financials | investments After peak in 2025/26, investments to return to around 2% of sales. Investments Automation and Pilsen % Increase in 2025/26 to step-change efficiency, as percentage of sales in millions of euros 5 scalability, labour dependency, sustainable margin expansion. 85 4 • Targe
Slide 17: Our capital-light business model is built to scale
summary Our capital-light business model is built to scale. • Strong operating cash conversion. • Operating cash flow already sufficient today to finance Rx scaling and regular investments. • Well-funded, including for Pilsen and logistics automation – that will step-change our capacity and efficien
Slide 18: New Czech site in Pilsen operational
key financials | investments New Czech site in Pilsen operational. • First parcel dispatched. • Shorter delivery times, strengthening customer satisfaction and conversion. • Lower cost per order. Additional 15 million orders per year. 18
Slide 19: Automation: next generation intralogistics for Sevenum on track
key financials | investments Automation: next generation intralogistics for Sevenum on track. • Will double order capacity by start of 2027. Facilitating ramp-up of Rx scale. • Will increase competitive advantage. Reducing labour per order by 70%. • Will increase efficiencies. More streamlined order
Slide 20: Update on Rx developments
2 Update on Rx developments. 20
Slide 21: High online penetration in non-Rx; enormous potential in Rx
rx market size High online penetration in non-Rx; enormous potential in Rx. Addressable non-Rx Addressable Rx market market Germany Germany € 11 billion € 55 billion Online penetration ~23% to 25% Online penetration: from below 1% now approaching 2% Source: ABDA / Insight Health market size data, Da
Slide 22: Rapid increase of Redcare's Rx market share
rx market share Rapid increase of Redcare's Rx market share. Redcare’s market share of Rx sales and e-scripts in Germany; numbers shown are for the last month of the quarter. Market share (of estimated value)* Market share (of e-script volume as published by gematik) € 520M annualised sales 0.94% €
Slide 23: Rx cohorts continue to perform stronger than non-Rx
rx strategy Rx cohorts continue to perform stronger than non-Rx. Cohorts with more than 12 months' history shown. Indexed accumulated sales per new customer (total cohort) Indexed accumulated gross profit per new customer (total cohort) 1400 1200 Q1 2024 Q1 2024 1200 Q2 2024 Q2 2024 1000 Q3 2024 Rx
Slide 24: Outlook and guidance 2025
3 Outlook and guidance 2025. 24
Slide 25: Guidance, full-year 2025
outlook and guidance 2025 Guidance, full-year 2025. • Total sales growth in excess of 25%. • Rx in Germany in excess of € 0.5 billion. • Non-Rx total company growth in excess of 18%. • Adj. EBITDA margin positive 2% to 2.5%. The market and industry remain dynamic. As always, we will optimise growth
Slide 26: Time to ask questions
Time to ask questions. st Redcare
Slide 27: Thank you
Sevenum, 29 october 2025 Thank you. Interim Report Q3 2025 can be downloaded on our website: www.ir.redcare-pharmacy.com