Slide 1: Earnings call presentation: Q4 and FY 2025
Earnings call presentation: Q4 and FY 2025. Sevenum , March 4, 2026
Slide 2: Presenting live from Sevenum
March 4, 2026. Presenting live from Sevenum . 2
Slide 3: Today's presenters
Today’s presenters. Olaf Heinrich, CEO of Redcare Pharmacy . (right ) Hendrik Krampe, Designated CFO of Redcare Pharmacy . (left ) 3
Slide 4: Today's agenda
Today’s agenda. Highlights of 2025. Financial performance 2025. Update on strategy. Update on guidance. 4
Slide 5: Highlights of 2025
Highlights of 2025. 5
Slide 6: Highlights of 2025
Highlights of 2025. Rx leadership in Germany Rx bonus confirmed by Support for further CX further strengthened. landmark court ruling. improvements expected . Rx revenue in Germany almost Legal clarity : EU online Improvement of seamless doubled to EUR 503 million . pharmacies not bound by the digit
Slide 7: Highlights of 2025
Highlights of 2025. 1 47.93 +8.4% 44.23 69 74 (Q4 2024) (Q4 2025) 2024 2025 One - stop pharmacy Significant Q4 NPS uplift since Ranked again number 1 strategy increasing gross Rx bonus introduction . online pharmacy / para - profit per customer . FY 2025 NPS stable at 68 pharmacy in Germany, (FY 202
Slide 8: Highlights of 2025
Highlights of 2025. Capacity expanded with Automation project launched Balance sheet strengthened Pilsen site going live. to ensure cost leadership. by successful refinancing. Shipping capacity increased On track to double order capacity EUR 300 million 2025 / 2032 by up to 15 million parcels by ear
Slide 9: Financial performance 2025
Financial performance 2025. 9
Slide 10: Financial summary 2025
Financial summary 2025. Full - year revenue up 24% to EUR 2.9bn. Double - digit growth in DACH and International. Non - Rx revenue up 15.5% to EUR 1.9bn. Rx revenue up 43% to EUR 1.1bn. Now comprising 36% of total revenue vs. 32% previously. Rx Germany revenue up 98% to EUR 503M. 72% increase in adj
Slide 11: Both segments, DACH and International, grew by 24%
Both segments, DACH and International, grew by 24%. Total DACH segment International segment (in Euro billion) (in Euro billion) (in Euro million) +24.1% +24.1% Non - Rx : Non - Rx : 2.94 +15.5% +12.5% 2.40 RX: +42.6% 2.37 1.93 +23.7% Non - Rx 540 436 FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 Source
Slide 12: 19% increase in orders processed, lapping a strong 2024
19% increase in orders processed , lapping a strong 2024. Number of orders (in million) 50 +18.9% +24.1% 43 40 37 +22.3% +22.0% 29 30 24 20 10 0 2022 2023 2024 2025 Orders: Sales to end - customers / patients (B2C) both own - stock and platform business. So urce : Redcare Pharmacy. 12
Slide 13: Q4 non-Rx growth reflecting lower marketing spend
Q4 non - Rx growth reflecting lower marketing spend . We see a slowdown in growth in 2025. Non - Rx revenue development (in Euro million and YoY percent growth) In Q4 2025, we lapped a strong marketing Revenue Growth push in Q4 2024. 484 484 We increased our marketing efficiency 500 457 30 443 447 t
Slide 14: EBITDA margin improvement driven by lower S&D rate
EBITDA margin improvement driven by lower S&D rate, partly offset by gross margin due to increased Rx share and bonus. in millions of Euro / % of revenue adjusted figures Q4 2024 Q4 2025 Better or (worse) FY 2024 FY 2025 Better or (worse) Revenue 675 795 17.8% 2,371 2,941 24.1% Gross profit margin 2
Slide 15: Gross profit margin: effect of higher Rx share
Gross profit margin : effect of higher Rx share partly compensated by country - mix and Marketplace. Adjusted gross profit margin Adjusted gross profit margin in percentage of revenue in percentage of revenue 23.0% 22.3% 0.5 22.6% - 0.2 0.3 21.2% - 1.0 Q4 2024 Q4 2025 Country Marketplace FY 2024 Non
Slide 16: SD&A rate: 3.4 pp improvement in Q4 driven by marketing
SD&A rate: 3.4 pp improvement in Q4 driven by marketing. Adjusted SD&A expenses Adjusted SD&A expenses in percentage of revenue in percentage of revenue 23.0% 21.6% 19.6% 0.7 20.6% - 1.2 - 0.3 - 0.2 Q4 2024 Q4 2025 FY2024 Country & FY2025 Marketing Operations Admin platform mix Source: Redcare Pharm
Slide 17: EBITDA margin: Steady improvement driven by scale
EBITDA margin: Steady improvement driven by scale. Adjusted EBITDA margin Adjusted EBITDA margin in percentage of revenue in percentage of revenue 0.2 2.0% 0.8 1.6% 1.4% - 0.4 - 0.7% Q4 2024 Q4 2025 FY 2024 Gross profit S&D Admin FY 2025 margin expenses expenses Source: Redcare Pharmacy. 17
Slide 18: EBITDA margin DACH: a turning point for profitability
EBITDA margin DACH: a turning point for profitability from 2025 onwards . Segment revenue Adjusted EBITDA margin in millions of EUR in percentage of revenue Non-Rx Rx 5.1% 1,069 2.6% 0.2 2.7% 750 0.6 457 - 0.7 1,184 1,332 996 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 Gross profit S&D Admin FY 2025 mar
Slide 19: EBITDA margin International: clear progress towards break-even
EBITDA margin International: clear progress towards break - even . Segment revenue Adjusted EBITDA margin in millions of EUR in percentage of revenue 1.5 0.2 540 - 1.2% 0.8 437 345 - 3.8% - 6.2% FY 2023 FY 2024 Gross profit S&D Admin FY 2025 FY 2023 FY 2024 FY 2025 margin expenses expenses Source: R
Slide 20: Cash increased by 26M; well-funded for expected CapEx
Cash increased by 26M. Well - funded for an expected CapEx of ~30M related to Sevenum automation project in 2026. Cash flow Working capital. (in millions of EUR) Improvements in payment days and inventory turns partly offset 51 by ramp of Pilsen site and one - off 204 effect of introduction of new E
Slide 21: Update on strategy
Update on strategy. 21
Slide 22: The competitive advantage as Europe's leading online pharmacy
The competitive advantage as Europe's leading online pharmacy . Combination of Rx and Non - Rx plus marketplace offering a unique value proposition. Rx pharmacy - focus builds trust and frequency as sustainable competitive advantage relative to pure non - Rx platform models. Non - Rx and marketplace
Slide 23: Unique value proposition as one-stop pharmacy
Unique value proposition as one - stop pharmacy. Most popular and top - rated pharmacy One - stop pharmacy platform ; highly trusted brand. Widest assortment of Rx , OTC, Pharmacy Marketplace BPC, plus additional health - related products via marketplace . Rx & OTC & BPC Additional Enhanced pharmacy
Slide 24: New Rx customers as flywheel for overall growth
New Rx customers as flywheel for overall growth, offering significant upside potential. Number of customers Number of Rx customers (in millions) (in millions) +1.4M 13.9M +0.6M 12.5M 1.6M 1.0M Dec 2024 Dec 2025 Dec 2024 Dec 2025 24
Slide 25: Superior customer lifetime value of Rx customers
Superior customer lifetime value of Rx customers. (All data below for Q1 cohort, i.e. customers purchasing Rx for the first time in Q1 2025.) Indexed accumulated revenue per new c ustomer Indexed accumulated gross profit per new c ustomer (total cohort) (total cohort) 700 700 600 600 500 500 Rx coho
Slide 26: Significant increase in average basket value of e-Rx customers
Significant increase in average basket value of e- Rx customers, driven by cross selling and rising NPS. e- Rx average basket value e- Rx mixed order rate e- Rx Net Promoter Score (EUR ) (percentage of orders*) (maximum = 100) 130,7 73 40.8% 109,3 34.9% 56 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4
Slide 27: One-stop pharmacy strategy starting to be reflected
One - stop pharmacy strategy starting to be finally reflected , with gross profit per customer continuing to increase . KPI 2023 2024 2025 CAGR Average active 10.1 11.7 13.2 14.6% customer base (million) Revenue per active € 148,24 € 160,74 € 179,83 10.1% customer Gross profit per active € 41,74 € 4
Slide 28: Update on guidance
Update on guidance . 28
Slide 29: Key drivers of continued EBITDA margin improvement
Key drivers of continued EBITDA margin improvement. Retail Media. Marketplace. Marketing efficiencies. Scaling. Automation. Increasing CLV per customer. Rx as driver of new customer acquisition. 29
Slide 30: Steady improvement of EBITDA margin
Steady improvement of EBITDA margin . Guidance for 2026: Total sales growth of 13% - 15%. Rx in Germany in excess of EUR 670 million. Non - Rx growth of 8% - 10%. Adj. EBITDA margin of at least 2.5%. Outlook beyond 2026: We expect EBITDA margin of 5% in the mid - term and above 8 % in the long - ter
Slide 31: Q&A
Q&A. Our 2025 Annual Report is available on our website : https://ir.redcare - pharmacy.com/en/event - and - publication 31