Slide 1: Earnings call presentation: Q2/H1 2026
Earnings call presentation: Q2/H1 2026. Sevenum , July 29, 2026
Slide 2: Today's agenda
Today’s agenda. Recap. Business update. Financial update. 2
Slide 3: Recap
Recap . 3
Slide 4: We increased 2026 guidance for revenue growth and profitability
We increased 2026 guidance for revenue growth and profitability. 4
Slide 5: Germany's recent healthcare reforms provide a stronger 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 6: 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 7: Business update
Business update . 7
Slide 8: 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 crosse
Slide 9: 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 10: 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 10
Slide 11: 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 12: New Rx customer cohorts in Germany 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 R x Customers 13.5M 4x New R x Customers 2x New Non - Rx Customers New Non
Slide 13: 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) Pl
Slide 14: Financial update
Financial update. 14
Slide 15: 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 16: Strong revenue growth of 20% in Q2 driven by Rx
Strong revenue growth of 2 0 % 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% 16
Slide 17: DACH revenue up 21% YoY - margin mix shifts
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 17
Slide 18: 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 r evenue YoY change in gross profit margin * ** * Platform includes Marketplace and NOW ** Country mix effects 18
Slide 19: 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 19
Slide 20: 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 21: Free cash flow generation is improving
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 22: 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 23: Q&A
Q&A. The Q2 2026 Interim Statement is available on our website: https://ir.redcare - pharmacy.com/en/event - and - publication 23
Slide 24: Back up
Back up 24
Slide 25: Upcoming reporting dates and conferences
Upcoming reporting dates and conferences. Date Reporting 29 October, 2026 Q3 Financial Results January , 2027 Trading Update 4 March, 2027 FY 2026 Financial Results Date Conference 2 September, 2026 Deutsche Bank TMT European Conference 2026 - London 16 September, 2026 Deutsche Bank NDR – Zurich 23
Slide 26: 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 26
Slide 27: Regulatory roadmap remains supportive despite implementation complexity
Enacted Expected Milestones Regulatory roadmap remains supportive despite implementation complexity. VSDM 1.0* (legacy patient verification syste m) → 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: fina
Slide 28: 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) 28