Docmorris Ltd · SIX:DOCM
Docmorris — H1 2025 Earnings Presentation
30 slides from Docmorris's earnings presentation, Aug 19, 2025
Slide 1: H1 results 2025
H1 results 2025 19 August 2025
Slide 2: Today’s presenters
Today’s presenters Walter Hess Daniel Wüest CEO CFO | H1 2025 results 2
Slide 3: H1 2025 highlights
H1 2025 highlights AI 43.5% Rx Teleclinic Leveraging AI CHF 200m Guidance revenue revenue innovation capital confirmed growth and growth of Start roll-out increase >10% growth Rx bonus >150% and DocMorris successfully with EBITDA reconfirmed non-Rx Health completed between growth of Companion with 9
Slide 4: Agenda
Agenda 1. Ecosystem highlights 2. Business highlights 3. Financial update 4. Outlook 5. Q&A | H1 2025 results 4
Slide 5: Becoming Europe´s trusted Digital Health Companion
Ecosystem highlights Becoming Europe´s trusted Digital Health Companion Core foundation Holistic health platform One-stop health platform Online pharmacy Health ecosystem Health companion · Leading online pharmacy in · Strong core foundation · Trusted go-to health brand Germany and Europe · High-gro
Slide 6: Leveraging AI to create an exceptional patient and user experience
Ecosystem highlights Leveraging AI to create an exceptional patient and user experience 1 • Launch of beta version of DocMorris assistant • Leveraging on internally developed LLM-powered multi-agent system with custom RAG for personalised health journeys2 • Beta phase enables learning & iteration be
Slide 7: Agenda
Agenda 1. Ecosystem highlights 2. Business highlights 3. Financial update 4. Outlook 5. Q&A | H1 2025 results 7
Slide 8: Accelerating sequential Rx revenue growth to 4.6% qoq
Business highlights Accelerating sequential Rx revenue growth to 4.6% qoq EURm 43.5% 90 80 70 60 Rx growth in H1 25 In local currency 50 40 30 1.8x 20 10 0 Q1 2024A Q2A Q3A Q4A Q1 2025A Q2A Q3E Q4E Strong growth of eRx PKV pRx revenue 1 GKV pRx revenue 2 eRx revenue revenues Q2 25 yoy Q3E and Q4E ar
Slide 9: German Federal Court of Justice reconfirms Rx bonus
Business highlights German Federal Court of Justice reconfirms Rx bonus · Legal clarity due to ECJ ruling on 27 February and BGH confirmation on 17 July1 · Campaign focus on Rx bonus and convenience · Rx bonus costs will be compensated by reducing marketing expenses 1 ECJ = European Court of Justice
Slide 10: Non-Rx business DE drives value by delivering profitable growth
Business highlights Non-Rx business DE drives value by delivering profitable growth Non-Rx business DE grows continuously EURm 500 +4.4% yoy1 4.4% Non-Rx growth in H1 25 >120% 250 Services revenue 0 growth in H1 25 H1 2024 H2 2024 H1 2025 1 External revenue in local currency | H1 2025 results 10
Slide 11: Continuous strong growth with unique position of TeleClinic
Business highlights Continuous strong growth with unique position of TeleClinic · Accelerated revenue growth of >150% yoy to Extraordinary competitive position due to network CHF >11m in H1 with increased profitability effects and high partner satisfaction based on take rate model Healthcare platfor
Slide 12: Fast growing, highly profitable retail media business unit
Business highlights Fast growing, highly profitable retail media business unit · Our retail media agency, “dmr advertising”1 became Selection of destinations a key player in healthcare · Offering advertising and sponsored content with relevant health products on onsite and offsite platforms · Levera
Slide 13: Agenda
Agenda 1. Ecosystem highlights 2. Business highlights 3. Financial update 4. Outlook 5. Q&A | H1 2025 results 13
Slide 14: Top-line growth in line with FY guidance
Financial update Top-line growth in line with FY guidance with gross margin expansion; EBITDA reflects incremental Rx marketing step-up External revenue1 Gross margin3 Adj. EBITDA & margin3 CHF m · External revenue grew 10.2% in local 10.2%2 70 bps (120 bps) currency and 7.9% in CHF, driven by Rx gr
Slide 15: Both segments increased sales and gross margin
Financial update Both segments increased sales and gross margin External revenue1 Gross margin3 Adj. EBITDA & margin3 · Ext. revenue rose 10.5% in local currency CHF m 10.5%2 75 bps (130 bps) and 8.2% in CHF despite mid-single digit percentage points negative effect due to integration of Zur Rose Ge
Slide 16: Continuous customer growth with typical pattern of initially lower KPIs
Financial update Continuous customer growth with typical pattern of initially lower KPIs Active customers1 (millions) DocMorris app downloads (thousands)5 10.3 10.5 10.0 1250 1200 9.1 650 300 Dec 2023 Jun 2024 Dec 2024 Jun 2025 H2 2023 H1 2024 H2 2024 H1 2025 Basket size2 in EUR Order frequency3 Rep
Slide 17: Double-digit growth with concurrent gross margin increase
Financial update Double-digit growth with concurrent gross margin increase – ongoing reduction of personnel expense ratio and CHF 13m higher marketing invest Margin Margin in CHF m H1 2025 H1 2024 yoy in % in % in % External revenue1 572.1 530.1 7.9% External revenue1, local currency 584.4 530.1 10.
Slide 18: Strong liquidity position following capital increase
Financial update Strong liquidity position following capital increase 30 June 31 Dec in CHF m 2025 2024 Cash and cash equivalents 150.3 95.4 · Strong liquidity position of CHF 230m following capital Current financial assets 80.0 0.0 increase Receivables 80.5 78.4 Inventories 43.4 37.1 o to develop o
Slide 19: Indirect costs and NWC reduced successfully
Financial update Indirect costs and NWC reduced successfully Indirect cost ratio Average net working capital ratio (% of external revenue) (% of consolidated revenue) · 60 bps yoy reduction of · Improvement of NWC1 indirect cost ratio ratio by -130 bps yoy (60 bps) · Mid-term target to reduce (130 b
Slide 20: Agenda
Agenda 1. Ecosystem highlights 2. Business highlights 3. Financial update 4. Outlook 5. Q&A | H1 2025 results 20
Slide 21: Outlook confirmed: Achieving sustainable and profitable growth
Outlook Outlook confirmed: Achieving sustainable and profitable growth financed out of free cashflow External revenue1 2025 2024: >10% growth in local currency CHF 1,085m CHF -35m to -55m 2024: Adj. EBITDA 2025 (incl. additional ~CHF 15m Rx marketing) CHF -49m 2024: Capital expenditure 2025 CHF 35m
Slide 22: Planning towards positive operating cashflow in 2027
Outlook Planning towards positive operating cashflow in 2027 as starting point for strong free cashflow generation FY24 FY25E FY26E FY27E FY28E FY29E Cash Cash Operating cashflow1 CAPEX Cap. raise Bonds CHF 200m Pot. CB29 repay Inflection CHF 200m CB26 point CHF CHF 95m 95m 0 Chart indicative 1 Oper
Slide 23: © DocMorris SA
© DocMorris SA
Slide 24: Backup
Backup
Slide 25: Indicative basis for mid-term: Expect highly attractive unit economics
Back-up Indicative basis for mid-term: Expect highly attractive unit economics & strong contribution margins across all businesses Unit economics OTC Rx Services Group Drivers Basket size (EUR) >40 >110 - - Mixed baskets, repeat script Scale/procurement, pricing, private Gross margin 27% 20% 100% -
Slide 26: Financial maturity and cash flow overview
Back-up Financial maturity and cash flow overview in CHF m H1 2024 H2 2024 H1 2025 Maturity profile as of 30 June 2025 Cash start of period 54.0 105.1 95.4 Operating cash flow (11.1) (13.4) (55.6) Coupon Investing cash flow 33.3 10.6 (8.3) 3.0 % Free Cash Flow 22.2 (2.8) (63.9) Conversion price Shor
Slide 27: Shareholder structure
Back-up Shareholder structure As of 15 August 2025 As of 30 June 2025 100% free float Shares 51,117,824 Pelion 10.12% Thereof own shares 3,118,522 Swisscanto Fondsleitung 6.52% Thereof share lending facility1 3,018,579 UBS Fund Management 5.61% Shares outstanding 47'999'302 Board of Directors 1.15%
Slide 28: Financial calendar
Back-up Financial calendar Date Event/Publication 16 October 2025 Q3 2025 Trading Update 20 January 2026 Q4 2025 Trading Update 19 March 2026 FY 2025 Results and 2026 Outlook (incl. conference call) 16 April 2026 Q1 2026 Trading Update 12 May 2026 Annual General Meeting 2026 19 August 2026 H1 2026 R
Slide 29: Thank you
Thank you
Slide 30: Disclaimer
Disclaimer This presentation (the "Presentation") has been prepared by DocMorris AG ("DocMorris" and conditions affecting DocMorris’ markets, and other factors beyond the control of DocMorris). together with its subsidiaries, "we", "us" or "DocMorris") solely for informational purposes and Neither D