Slide 1: H1 results 2026
H1 results 2026 19 August 2026
Slide 2: Today’s presenters
Today’s presenters Walter Hess Daniel Wüest CEO CFO | H1 2026 results 2
Slide 3: Agenda
Agenda 1. Business update 2. Financial update 3. Outlook 4. Q&A | H1 2026 results 3
Slide 4: Highlights H1 2026
Highlights H1 2026 AI 38.3% Rx Active Digital Services “AI-First On track to growth in H1 & customers grew with 71.4% in H1, strategy” EBITDA 45.8% in Q2 by 1.1m yoy to 80% growth in leading to breakeven: with continued 12.9m; thereof Q2 with over- additional cost Ongoing acceleration in 1.5m TeleCl
Slide 5: DocMorris Digital and AI Health Platform
Business update DocMorris Digital and AI Health Platform Trusted and integrated Digital & AI Health AI Health & Shopping Assistant Platform, serving 12.9 million active customers: Online- Marketplace Tele- · Online Pharmacy: High-volume Rx and Pharmacy medicine OTC/BPC distribution · Marketplace: Co
Slide 6: DocMorris AI health and shopping assistant is scaling fast and live in app and web
Business update DocMorris AI health and shopping assistant is scaling fast and live in app and web · AI assistant rollout on DocMorris website (desktop and mobile) completed · Monthly engaged users and sessions are growing rapidly · AI assistant users show stronger platform interactions and increase
Slide 7: Accelerated Rx revenue and active customer growth in Q2 2026
Business update Accelerated Rx revenue and active customer growth in Q2 2026 Rx revenue +17% in EURm Rx growth +45.8% Q2 yoy +38.3% H1 yoy in local currency Active Rx customers +15.6% yoy +7.1% qoq as of 30 June 2026 All financial data in this presentation is unaudited | H1 2026 results 7
Slide 8: Further improved customer loyalty and positive impact from regulatory process
Business update Further improved customer loyalty and positive impact from regulatory process eRx bonus · Increased retention and cohorts 25 order frequency ● ~4.5x against pRx Customer loyalty Coverage of eRx Cardlink co-payment cohorts 24 & 25 cohorts cohorts 26 2x ● ~2.0x against first eRx 4.5x c
Slide 9: Gaining highly attractive Rx customers at strongly reduced acquisition costs
Business update Gaining highly attractive Rx 5y sales per customer customers at strongly reduced >10x acquisition costs · Five-year sales per Rx customer exceed OTC customer sales by more than ten times · Marketing spend and customer acquisition costs (CAC) have been consistently and OTC Rx signific
Slide 10: Regulatory framework and pharmacy reform provide a reliable foundation
Business update Regulatory framework and pharmacy reform provide a reliable foundation · German pharmacy reform completed, providing regulatory and policy clarity · Increase of fixed remuneration per medication: · EUR 8.35 -> EUR 9.00 (1.7.26) / EUR 9.00 -> EUR 9.50 (1.1.27) · Increase of statutory
Slide 11: Increasing impact of Digital Services with OTC business growing as planned
Business update Increasing impact of Digital Services with OTC business Non-Rx growing as planned · Solid, continuous revenue growth with 6.6% in H1 for Non-Rx Revenue +6.6% yoy1 in EURm OTC 486 · 4.0% revenue growth in H1 for OTC/BPC 456 +7 1.4 % · Growth actively managed in OTC: Calibrated towards
Slide 12: TeleClinic scales profitably, well positioned to capture vast market potential
Business update TeleClinic scales profitably, well positioned to capture vast market potential AI appointment service launched · Revenue grew by 48% to EUR 17.6m · Treatments up by 51% yoy (to 1.3m treatments) in H1 26, supported by a growing doctor network with increased utilisation rates · EBITDA d
Slide 13: dmr Advertising is a profitable growth engine
Business update dmr Advertising is a profitable growth engine #1 >10m EUR Healthcare retail media platform in Germany Net sales leading to >100% growth in H1 2026 - measurable value for advertisers with a mid-double-digit EBITDA margin · Successfully and profitably scaling the business · High-impact
Slide 14: Agenda
Agenda 1. Business update 2. Financial update 3. Outlook 4. Q&A | H1 2026 results 14
Slide 15: Strong revenue growth alongside EBITDA improvement
Financial update Strong revenue growth alongside EBITDA improvement Gross Adj. EBITDA & Operating CHF m Revenue margin margin cash flow · External revenue1 grew 12.5% yoy in local currency and 9.8% in CHF 13.4%2 ~(20) bps · Revenue grew 13.4% in local currency and 10.7% in CHF, driven by Rx (38.3%2)
Slide 16: Accelerating customer growth with strong underlying KPIs
Financial update Accelerating customer growth with strong underlying KPIs Active customers (millions)1 AOV in EUR1, 2 Order frequency1 Repeat order rate in %1 12.9 11.8 12.2 78 101 77 76 1.5 97 1.2 95 11.4 4.1 11.0 3.9 4.0 2.0 2.0 2.0 38 38 38 Jun 25 Dec 25 Jun 26 Jun 25 Dec 25 Jun 26 Jun 25 Dec 25
Slide 17: EBITDA improvement driven by growth and cost control
Financial update EBITDA improvement driven by growth and cost control in CHF m H1 2026 Margin H1 2025 Margin yoy · 13.4% revenue growth in local currency and 10.7% in CHF External revenue1 627.8 572.1 9.8% 1 · Majority of direct cost ratios External revenue , constant exchange rate 643.6 572.1 12.5%
Slide 18: Strong liquidity position of CHF 99m
Financial update Strong liquidity position of CHF 99m 30 June 31 December in CHF m 2026 2025 Cash and cash equivalents 69.2 119.9 Current financial assets 30.0 39.6 Receivables 110.9 87.1 · Comfortable buffer of CHF 99m liquidity to achieve Inventories 47.6 48.2 free cash flow breakeven in the cours
Slide 19: Indirect cost ratio further improved – more to come
Financial update Indirect cost ratio further improved – more to come Indirect cost ratio Average net working capital ratio (% of revenue) (% of revenue) · 20 bps yoy improvement of (20) bps indirect cost ratio · Increase of net · Digital Services with working capital as a increase of indirect 40 bps
Slide 20: AI-First strategy on track: >CHF 15m recurring savings by end of 2027
AI-First strategy on track: >CHF 15m recurring savings by end of 2027 ≥ CHF 15m AI-driven optimisation and automation of processes across all areas of the Recurring net savings p.a. company lead to a group-wide reduction of >100 FTEs Fully phased in by end-2027 Positive earnings contribution expecte
Slide 21: Agenda
Agenda 1. Business update 2. Financial update 3. Outlook 4. Q&A | H1 2026 results 21
Slide 22: Well on track towards EBITDA breakeven in the 2nd half of 2026
Outlook Well on track towards EBITDA breakeven in the 2nd half of 2026 Adj. FY25 FY26 EBITDA in CHFm Q1 Q2 Q3 Q4 Q1 Q2 Q3E Q4E · Ongoing adj. EBITDA improvement 10 since Q1 2025 driven by · strong operat. performance · enhanced marketing efficiency 0 · disciplined cost management -4.6m -6.3m · CHF -
Slide 23: Operating cash flow has increased by CHF 33m since H1 2025
Outlook Operating cash flow has increased by CHF 33m since H1 2025 Operating FY25 FY26 cash flow in CHFm H1 H2 H1 H2E 10 · CHF -21.1m operating cash flow 0 in H1 2026 representing an improvement of CHF 34.6m compared to H1 2025 -21.1m · Operating cash flow margin1 -33.0m improved by ~680 bps to -3.5%
Slide 24: Increase of guidance 2026 — mid-term outlook unchanged
Outlook Increase of guidance 2026 — mid-term outlook unchanged Previous Raised Guidance, as of 19 August 2026 External revenue¹ 2026 Mid-single digit to low teens ▲ 9% to 13% in local currency Adj. EBITDA 2026 CHF -10m to -25m ▲ CHF -10m to -17.5m Capital expenditure 2026 CHF ~30m ▲ CHF <30m EBITDA
Slide 25: Q&A
© DocMorris Q&A
Slide 26: Backup
Backup
Slide 27: Net financial debt and maturity profile
Backup Net financial debt and maturity profile Maturity profile as of 30 June 2026 30 June 30 June in CHF m 31 Dec 2025 2025 2026 Coupon Convertible Bonds 286.0 265.0 244.1 3.0% + Lease liabilities 24.6 23.6 21.5 Conversion price CHF 55.96 + Other financial liabilities 9.8 8.4 7.3 = Financial debt 320
Slide 28: Shareholder structure
Backup Shareholder structure Significant shareholdings1 Shares outstanding as of 30 June 2026 Shares 52,400,000 Corporation of European Pharmaceutical Distributors N.V. 15.01% Thereof own shares 4,221,047 UBS Fund Management 5.61% Thereof share lending facility2 4,151,571 Sterling Strategic Value Fu
Slide 29: Financial calendar
Backup Financial calendar Date Event/publication 15 October 2026 Q3 2026 Trading Update 12 November 2026 Capital Markets Day 19 January 2027 FY 2026 Sales Trading Update 18 March 2027 FY 2026 Results and Outlook 2027 15 April 2027 Q1 2027 Trading Update 12 May 2027 Annual General Meeting 18 August 2
Slide 30: Thank you
Thank you
Slide 31: Disclaimer
Disclaimer This presentation (the "Presentation") has been prepared by DocMorris AG ("DocMorris" and together with its subsidiaries, "we", "us" or "DocMorris") solely for informational purposes and has not been independently verified and no representation or warranty, express or implied, is made or