Redcare Phamacy Unsp/Adr (SAEYY) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Yes, thank you very much and good morning to everybody and very warm welcome from our side. Let's have a look at the agenda of today. So first of all, we would like to start with a recap, then a business update, afterwards financial updates, and then we have plenty of time for a Q&A session. So if we go to the next slide, let's start with an update on the guidance. As you know, we increased our 2026 guidance for revenue growth and profitability back in June. And I want to start by walking you through what changed and why. Total revenue growth, we moved the range up to 15 to 17% from 13 to 15% back in March. Rx in Germany, we now guide to 680 to 720 million up from more than 617 million previously, mainly driven not so much by new customers but by higher baskets. Non-Rx growth now 10% to 12%, up from 8% to 10%. And adjusted EBITDA margin now 2.5% to 3%, up from more than 2.5%. And the main drivers are broad-based, strong Q2 tradings across all business segments, continued RX adoption, especially on higher baskets, sustained acceleration on non-RX operating leverages, combined with continued efficiency improvements. So this is not a one-off effect in any single area. It's a broad-based approach, and that's why we lifted the guidance for the entire year. Let's have a look into the regulatory framework. Germany's recent health care reforms provide a stronger and more predictable regulatory framework for online pharmacies. And I want to walk you through three specific pieces of the regulation. So first of all, the regulation on pharmacy pricing. And this has already been adopted. The fixed price dispensing fee, you know, the fixum we always call it, will increase from 8 euros 35 to 9 euros already starting 1st of July of this year, and there will be a further increase to ...