Redcare Pharmacy N.v. · XETR:RDC
Redcare Pharmacy — Q2 2025 Earnings Presentation
25 slides from Redcare Pharmacy's earnings presentation, Jul 29, 2025
Slide 1: Earnings call presentation: Q2 2025
Earnings call presentation: Q2 2025. Sevenum, 29 july 2025
Slide 2: Presenting live from Sevenum
Presenting live from Sevenum. 2
Slide 3: Today's presenters
Today’s presenters. Olaf Heinrich, Jasper Eenhorst, Chief Executive Officer. Chief Financial Officer. 3
Slide 4: Today's agenda
Today’s agenda. 1 Financial performance. 2 Update on Rx regulatory landscape. 3 Update on Rx developments. 4 Outlook and guidance 2025. 4
Slide 5: Financial performance
1 Financial performance. 5
Slide 6: H1 2025 financial highlights
financial performance H1 2025 financial highlights. • Group sales +27% YoY to EUR 1.426bn. Continued strong growth, fully organic, both in non-Rx and Rx. • Non-Rx growth 18%. +16% in DACH and +26% in the International segment. Overall, and particularly in Germany, with strong market share gains. • F
Slide 7: Growth across all countries, and in both Rx and non-Rx
key financials | sales Growth across all countries, and in both Rx and non-Rx. Total DACH International +27.3% +27.5% Non-Rx: +26.1% Non-Rx: +18.3% Non-Rx: +15.5% €1,426M RX: €1,156M €270M +49.1% €1,121M €907M €214M H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 7
Slide 8: More customers and larger baskets
non-financial kpis More customers and larger baskets. Number of customers in millions 64 +0.4M Net Promoter Score H1 2025 (H1 2024: 69) +0.6M 13.5M +0.6M +0.4M € 63.92 11.6M +1.9M (+7.8% yOY) Average shopping basket value Jun 2024 Jun 2025 H1 2025 (H1 2024: 59.33) Definition: average gross value (in
Slide 9: 22 million orders in H1 2025, up 1.8 million or 25% vs. prior year
non-financial kpis 22 million orders in H1 2025, up 1.8 million or 25% vs. prior year. Number of orders in millions 11.5 Share of repeat orders in percentage of total 10.5 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%
Slide 10: Adj. EBITDA margin doubled from Q1 to Q2 while sales growth continued
key financials | profit & loss Adj. EBITDA margin doubled from Q1 to Q2 while sales growth continued unabatedly. Year over Year Year over Year in millions of euro, adjusted numbers Q2 2024 Q2 2025 Better or (worse) H1 2024 H1 2025 Better or (worse) Sales 561 709 26.5% 1,121 1,426 27.3% Gross profit
Slide 11: Gross margin improved despite fast growth of Rx
key financials | gross profit margin Gross margin improved despite fast growth of Rx. Adjusted gross profit margin Adjusted gross profit margin in percentage of sales in percentage of sales 27.5% 23.3% 23.3% 23.4% 23.8% 23.4% 23.6% Source: Redcare Pharmacy Q2 2024 Q2 2025 H1 2024 Product Country mix
Slide 12: Before country-mix, company expenses showed improvements from efficiency and scale
key financials | selling, distribution and admin ratio Before country-mix, company expenses showed improvements from efficiency and scale. Adjusted SD&A costs Adjusted SD&A costs in percentage of sales in percentage of sales 23.3% (20.7)% (21.3)% (21.7)% (21.0)% Source: Redcare Pharmacy Q2 2024 Q2 2
Slide 13: Cash and cash equivalent balances above EUR 300 million
key financials | cash flow Cash and cash equivalent balances above EUR 300 million. Cash flow Operating result in millions of euro EUR +25 million. Working capital EUR +45 million. Mainly from seasonality and timing. 124 45 (57) 25 Investments 315 EUR -57 million. EUR 40 million increase vs. H1 2024
Slide 14: Update on Rx regulatory landscape
2 Update on Rx regulatory landscape. 14
Slide 15: Seamless transition to the next generation of e-Rx technology
cardlink status and popp outlook Seamless transition to the next generation of e-Rx technology. • Extension of CardLink license until 31 January 2027. Continued access to the German e-prescription market during infrastructure migration phase. • Planning of next generation PoPP (Proof of Patient Pres
Slide 16: Gematik's seamless migration plan for PoPP
cardlink status and popp outlook Gematik’s seamless migration plan for PoPP. End VSDM++ Current extension of CardLink license in accordance with the German law CardLink license approved. (SGB V §291b). expires. VSDM++ CardLink CardLink license Phased roll-out of PoPP extended PoPP eGK remote case Fi
Slide 17: Rx bonus for EU online pharmacies confirmed by German Supreme Court ruling
rx BONUS ruling Rx bonus for EU online pharmacies confirmed by German Supreme Court ruling. • The Supreme Court (BGH) confirms the ECJ ruling that there is no justification for the Rx fixed-price regime to be applied to EU online pharmacies. • The plaintiffs and the German government were unable to
Slide 18: Update on Rx developments
3 Update on Rx developments. 18
Slide 19: Market share upward trend continues
rx market share Market share upward trend continues. Redcare’s market share of Rx sales in Germany per monthly average; numbers shown are for the last month of the quarter. Assuming a EUR 55 billion 0.87% 0.87% addressable market. 0.82% Because we determine the monthly 2025 market 0.54% sales by usi
Slide 20: Continuing to add strong Rx cohorts quarter after quarter
rx strategy Continuing to add strong Rx cohorts quarter after quarter. Indexed accumulated sales per new customer (total cohort) Indexed accumulated gross profit per new customer (total cohort) 1200 1200 Q1 2024 Q1 2024 Q2 2024 Q2 2024 1000 1000 Q3 2024 Rx Q3 2024 800 800 x 4.8 Rx 600 600 x 2.8 400
Slide 21: And it is all just the beginning
e-Rx in germany And it is all just the beginning. • Adoption of digital pharmacy solutions rising fast. Besides the surge in online pharmacy use, pharmacy platforms and independent brick-and-mortar pharmacies are also embracing remote services, supporting the digital transformation. • However, unaid
Slide 22: Outlook and guidance 2025
4 Outlook and guidance 2025. 22
Slide 23: 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 EUR 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 growt
Slide 24: Time to ask questions
Time to ask questions. st Redcare
Slide 25: Thank you
Sevenum, 29 JULY 2025 Thank you. Interim Report H1 2025 can be downloaded on our website: www.ir.redcare-pharmacy.com