Slide 1: Earnings call presentation: Q1 2026
Earnings call presentation: Q1 2026. Sevenum , MAY 6, 2026
Slide 2: Presenting live from Sevenum
May 6, 2026. Presenting live from Sevenum . 2
Slide 3: Today's presenters
Today’s presenters. Olaf Heinrich, CEO of Redcare Pharmacy . Hendrik Krampe, CFO of Redcare Pharmacy . 3
Slide 4: Today's agenda
Today’s agenda. Financial performance. Rx and regulatory updates. Guidance. 4
Slide 5: Financial performance
Financial performance. 5
Slide 6: Highlights Q1 2026
Highlights Q1 2026. Revenue up 18% YoY to EUR 849M. Strength in both segments with 19% for DACH and 16% for INTL. Active customer base reached 14.2M, up 1.1M YoY. Average basket size up 9% YoY. Non - Rx revenue up 10% to EUR 533M. Growth in Germany accelerated QoQ from 5% to 9%. Group Rx revenue up
Slide 7: Strong revenue growth in Q1 driven by Rx and rebound in non-Rx
Strong revenue growth in Q1 driven by Rx and rebound in non - Rx . Total DACH segment International segment (in Euro million) (in Euro million) (in Euro million) +18.4% RX: +19.1% +35.5% Non - Rx : +10.2% 849 Non - Rx : 693 +8.1% 717 582 +15.7% 156 135 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026
Slide 8: Strong rebound of the non-Rx business in Germany in Q1
Strong rebound of the non - Rx business in Germany in Q1. Non - Rx YoY revenue growth Germany Q4 2025 was an outlier for two reasons: a deliberate marketing push in Q4 2024 that lifted the prior - year base and a soft German non - Rx market environment. 500 20 19% In Q1, non - Rx growth re - acceler
Slide 9: EBITDA margin improved 0.4pp YoY driven by lower S&D rate
EBITDA margin improved 0.4pp YoY driven by lower S&D rate, partly offset by lower gross margin. in Euro million / percentage of revenue , all figures adjusted Q4 2025 Q1 2026 Better or (worse) Q1 2025 Q1 2026 Better or (worse) Revenue 795 849 6.8% 717 849 18.4% Gross profit margin 21.2% 21.0% (0.2)
Slide 10: Gross profit margin in Q1 was 21.0%, 2.3pp down YoY
Gross profit margin in Q1 was 21.0%, 2.3pp down YoY, mainly due to non - Rx competitive pressure in early Q1. Adjusted gross profit margin Adjusted gross profit margin in percentage of revenue, pp change in percentage of revenue, pp change 23.3% 21.2% 21.0 % 0.4 0.1 21.0% - 1.8 - 0.6 - 0.5 Rx revenu
Slide 11: SD&A rate improved 2.8pp YoY driven by more efficient marketing
SD&A rate improved 2.8pp YoY driven by more efficient marketing and operations efficiency. Adjusted SD&A expenses Adjusted SD&A expenses in percentage of revenue in percentage of revenue 22.1% 19.6% 19.3% 0.5 19.3% - 2.3 - 0.8 - 0.3 Q4 2025 Q1 2026 Q1 2025 Marketing Operations Admin Other /mix Q1 20
Slide 12: DACH: Achieved 0.8pp EBITDA margin improvement driven by S&D
DACH: Achieved 0.8pp EBITDA margin improvement driven by S&D. Gross margin decrease was more than offset DACH adjusted EBITDA margin in percentage of revenue by positive cost development. Strong S&D improvement is driven by a significant step - up in marketing efficiency. Admin expenses are scaling.
Slide 13: International: temporary 1.4pp EBITDA margin deterioration YoY
International: temporary 1.4pp EBITDA margin deterioration YoY but still on track for break even in 2026. International gross profit margin suffered from INTL adjusted EBITDA margin in percentage of revenue lapping a period of upward price tests , particularly in Belgium, and a lower Retail Media co
Slide 14: On Group level, marketing efficiency and scale offset lower gross profit
O n Group level , marketing efficiency and scale more than offset lower gross profit . Adjusted EBITDA margin Adjusted EBITDA margin in percentage of revenue in percentage of revenue 0.3 1.7% 1.3% 2.6 1.7% 1.6% - 2.3 Q4 2025 Q1 2026 Q1 2025 Gross profit S&D Admin Q1 2026 margin expenses expenses 14
Slide 15: Q1 free cashflow incl. operational financing close to turning positive
Q1 free cashflow incl. operational financing close to turning positive. Cash flow Working capital: Days of (in Euro million) Free Cashflow including Operational financing = EUR - 3M receivables increased YoY due to strong revenue growth in March. 10 12 203 (19) (6) Investments: Include 135 EUR 10.3M
Slide 16: Rx and regulatory updates
Rx and regulatory updates. 16
Slide 17: Key metrics of our Rx business in Germany continue to improve
Key metrics of our Rx business in Germany continue to improve. e- Rx average basket value e- Rx mixed order rate e- Rx Net Promoter Score (in Euro) (percentage of orders*) (maximum = 100) 135 76 42% 113 36% 58 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 * Percentage of e - Rx orders that include
Slide 18: Rx active customer growth in Germany is steady but not yet accelerating
Rx active customer growth in Germany is steady but not yet accelerating. Number of active Rx customers Market share* remains small with 1.5% in March. (in million) It will take some time for online redemption to become Marketing “mainstream”, but we are making steady progress. boost Digital health I
Slide 19: Regulatory update on the latest developments in Germany
Regulatory update on the latest developments in Germany. Germany is preparing a fundamental healthcare reform package incl. changes for pharmacies. The broader healthcare reform also proposes higher patient co - payments, and higher pharmacy rebates to payers for pharmacies (expected to be introduce
Slide 20: Guidance
Guidance. 20
Slide 21: Guidance for 2026 remains unchanged
Guidance for 2026 remains unchanged . 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%. 21
Slide 22: Q&A
Q&A. The Q1 2026 Interim Statement is available on our website : https://ir.redcare - pharmacy.com/en/event - and - publication 22