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FY results 2024 13 March 2025 These written materials or the information contained therein is not being issued and may not be distributed in the United States of America, Canada, Australia or Japan or any other jurisdiction in which the distribution or release would be unlawful or require registration or any other measure and does not constitute an offer of securities for sale in such countries
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| Walter Hess CEO Daniel Wüest CFO Today’s presenters 2FY 2024 results
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| Agenda 3 1. Business update 2. Financial update 3. Outlook 4. Q&A FY 2024 results
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| FY 2024 results Highlights 2024 Business update 4 7% revenue growth contribution from all businesses EBITDA profitability achieved in non-Rx business 5x new Rx customers yoy with significantly improved KPIs TeleClinic doubled revenues with strong EBITDA CHF 95m cash prudent cash management
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| Targeted CHF 200m capital raise to support Rx growth & safeguarding refinancing CB26 1 TeleClinic to advance strong growth and scale profitability New marketing campaign “Mach´s dir Doc einfach” Business update 5FY 2024 results Driving DocMorris forward in 2025 Profitable growth in non-Rx Accelerating Rx growth Very attractive cohorts and unit economics 1 Convertible bond due in September 2026
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| 0 5 10 15 20 25 30 35 40 45 50 55 60 Q1 2024A Q2 Q3 Q4 Q1 2025E PKV pRx revenue GKV pRx revenue eRx revenue Further accelerated Rx revenue growth 6 Business update EURm FY 2024 results 2.5x 2.5x Strong growth of GKV eRx revenues ~50% Rx growth in Q1 25 expected 1 PKV = private Krankenversicherung (private health insurance in Germany) | 2 GKV = gesetzliche Kranken- und Pflegekassen (public health and care insurance in Germany) 1 2
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| Business update Continuous, strong new Rx customer growth 7FY 2024 results Q1 2023A Q2 Q3 Q4 Q1 2024A Q2 Q3 Q4 New Rx customers 5x Indicative app displays State-of-the-art apps with CardLink access
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| 1.00 2.00 May-23 Jun-23 Jul-23 Aug-23 Sep-23 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Business update eRx customer loyalty and order frequency vastly improved since CardLink | 110 EUR AOV2 eRx cohort reorder rate1 ~2.5x higher than pRx eRx CardLink cohorts pRx cohorts eRx insights FY 2024 results 95% Next day delivery 57 Average age CardLink users 85% App / CardLink ~2.5x 1 Indicative; 2024 cohorts include all Rx orders but mostly contained eRx in 2024 and pRx in 2023 | 2 AOV = average order value equals average revenue per order with at least one Rx item 8
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| Business update Non-Rx business DE reached profitability 9FY 2024 results 1 Indicative; not according to scale, before corporate costs Value drivers · OTC/BPC margin improvement · Teleclinic, retail media and marketplace Cost optimisation · Overhead and indirect costs · Closing of locations and integration of brands Performance improvements · Operational performance · Marketing performance FY22 FY23 FY24 FY25E EBITDA non-Rx DE1 Profitable growth Profitable non-Rx DE business
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| Business update FY 2024 results Mach‘s dir Doc einfach! campaign to boost eRx orders · Being top of mind and strengthen awareness of brand and CardLink solution · Leverage campaign with DocMorris “Mach´s dir Doc einfach”- song and TV · Increase consideration and conversion by aligning with performance initiatives · Create synergies and maximise advertising effect 10 | FY 2024 results FY 2024 results
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| · Large untapped ~EUR 55bn1 ambulatory medical care market with <1% online penetration · Technological drivers2: eAU, eRx and ePA · Telemedicine platform with take rate model provides highly attractive margins · 2024: Revenue doubled to CHF 11m with EBITDA exceeding CHF 3m · 2025 and beyond: Strong revenue and even stronger EBITDA growth expected due to additional demand of patients, doctors and partners TeleClinic is uniquely positioned and has just started to scale Business update 11 1 Statutory insurance payments for ambulatory care in 2023: EUR 47bn (source: GKV Spitzenverband) and private insurance payments of EUR 7bn in 2022 (source: Wissenschaftliches Institut der PKV) | 2 eAU = electronic sick note, eRx = electronic prescription, ePA = electronic patient record | FY 2024 results | >2.5m App downloads 4.8 Average for 57k ratings
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| Business update Strongest value proposition in Germany for patients, doctors and partners Source: Market research, competitor’s websites, DocMorris internal research | 1 Charts indicative 12 Healthcare platforms for fully reimbursed treatments1 Treatments FY24 (in million) #2 #3 >1.3 Doctors (in thousands) #2 #3 >4.0 Extensive network effects FY 2024 results 20m members Continuously winning strong partners 6m members >50 more health partners >20m members …many more in the pipeline New: >10k doctors New: >10m members | 0 500 1,000 1,500 2,000 2,500 3,000 >3m 110k Treatments (k) Exponential growth since 2021
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| Business update Sustainability targets 2024 reached with big leap towards net zero 13FY 2024 result Healthier people · Five additional health journeys & new ingredient dictionary · New clinical pharmacy services Sustainable planet · Switch to renewable energy saved 67% of scope 1 & 2 emissions Caring company · Slight increase of gender pay gap to ~4% · Alignment on cultural principles: >95% culture targets Reliable partnerships ~30% signed Supplier Code of Conduct, above 25% target | 1 ESRS = European Sustainability Reporting Standards First time ESRS1 reporting
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| Business update FY 2024 results DocMorris: Your health companion... eRx Partner- ships OTC/BPC Market- place Tele- medicine Health content ...more than a pharmacy · Changing user behavior: from searching products to seeking health solutions · Digitalization in healthcare: eRx, ePA, eAU etc. enable seamless digital health journeys leading to better adherence, experience and convenience · One platform addressing all health needs: combining online pharmacy products and services, telemedicine, marketplace, health content and partner services | 14
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| Agenda 15 1. Business update 2. Financial update 3. Outlook 4. Q&A FY 2024 results
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| 560 bps (120 bps) FY22 FY23 FY24 (120 bps) · External revenue grew 6.7% in LC2 and 4.6% in CHF regardless of negative Rx growth in H1 · Increase of gross margin by 50bps · Adjusted EBITDA declined by CHF 14m due to increased Rx marketing spend · Non-Rx business DE reached operational profitability on EBITDA level 6 Solid top-line growth, ongoing improvement of gross margin, while EBITDA mirroring increased marketing spend in Rx Financial update 16 (4.8%)(9.2%) (3.6%) CHF m Group 1,0851,160 1,038 21.3%17.3% 20.8% (48.6)(85.5) (34.9) External revenue1 Adj. gross margin5 Adj. EBITDA & margin5 FY 2024 results 4 50 bps350 bps 3 1 External revenue consists of the consolidated revenue of DocMorris plus mail order revenues of pharmacies supplied by DocMorr is, less the consolidated revenue from supplying them | 2 R evenue change in % in local currency | 3 Restated for continuing business | 4 Due to positive court ruling, DocMorris received manufacturer rebates that led to a CHF 3m one-off revenue adjustment in the German segment | 5 Based on consolidated revenue in CHF | 6 Consists of OTC business, Services and TeleClinic. 6.7%2(7.4%)2
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| (3.5%) (47.2)(73.6) (31.8) (16.4%) (4.9%)(8.6%) · Turnaround achieved with 3.6% revenue growth in LC · Gross margin consolidation at high level · Ongoing improvement of adj. EBITDA margin by 270 bps in FY24 and 1,420 bps since FY22 – on path to break-even Both segments, Germany and Europe, returned to sales growth Financial update 17 Germany Europe 6.9%2 (4.9%) (2.2%) FY22 FY23 FY24 4 1,0221,087 975 20.8%16.5% 20.2% 6372 62 29.3%26.4% 29.7% External revenue1 Adj. gross margin5 Adj. EBITDA & margin5 · Revenue grew 6.9% in LC2 (4.8% in CHF) while non-Rx grew 7.9% in LC and Rx 2.1% in LC despite negative H1 growth · Ongoing expansion of gross margin by 60 bps in FY24 and 430 bps since FY22 · Adj. EBITDA reflects higher Rx marketing spend 1 External revenue consists of the consolidated revenue of DocMorris plus mail order revenues of pharmacies supplied by DocMorr is, less the consolidated revenue from supplying them | 2 Revenue change in % in local currency | 3 Restated for continuing business | 4 Due to positive court ruling, DocMorris received manufacturer rebates that led to a CHF 3m one-off revenue adjustment in the German segment | 5 Based on consolidated revenue in CHF CHF m FY 2024 results (11.9) (3.0) (1.4) (7.1%)2 3.6%2(11.5%)2 60 bps370 bps (40 bps)330 bps (140 bps)510 bps 270 bps1,150 bps 3
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| Return to customer growth with typical pattern of initially lower KPIs Financial update 1 All mail order customers who have placed an order with DocMorris or a pharmacy supplied by DocMorris in the last 12 months | 2 Basket size equals average value of the purchase per order | 3 Number of orders per active customer in 12 months period | 4 Share of orders from existing customers in relation to total number of orders | All figures reflect the B2C & marketplace business regardless of integration and consolidation progress of the acquired businesses in Germany 18FY 2024 results 9.1 10.0 10.3 Dec 2023 Jun 2024 Dec 2024 185 195 195 Dec 2023 Jun 2024 Dec 2024 Site visits last 12 months (million) 4.2 4.1 3.9 2.0 2.0 2.0 H2 2023 H1 2024 H2 2024 Order frequency3 Rx OTC 103 102 98 40 38 38 H2 2023 H1 2024 H2 2024 Basket size2 in EUR 77 75 76 H2 2023 H1 2024 H2 2024 Repeat order rate4 in % Active customers1 last 12 months (million) Rx OTC
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| · External revenue grew by 6.7% in LC (4.6% in CHF) while consolidated revenue grew 5.2% or 7.3% in LC · Gross margin further expanded by 50 bps to 21.3% · Substantial reduction of personnel expenses · Increased marketing expenses mainly for ramp-up Rx business · Reported EBITDA CHF 4.7m better due to gain on disposal of real estate more than offsetting restructuring costs (closure of Zur Rose Germany) in CHF m FY 2024 Margin in % FY 20231 Margin in % FY yoy in % External revenue 2 1,085.0 1,037.5 4.6 External revenue 2, in local currency 1,106.6 1,037.5 6.7 Consolidated revenue 1,017.0 966.9 5.2 Gross profit adj. 216.6 21.3 200.8 20.8 7.9 Personnel expenses adj. (93.0) (9.1) (102.1) (10.6) (8.9) Marketing expenses (79.7) (7.8) (48.8) (5.0) 63.4 Distribution expenses (54.7) (5.4) (47.8) (4.9) 14.5 Other operating income & expenses adj. (37.7) (3.7) (37.0) (3.8) 1.9 Adj. EBITDA (48.6) (4.8) (34.9) (3.6) (39.3) Adjustments 4.7 (3.5) M&A 13.5 (0.2) Restructuring, Integration (5.6) (4.8) Other (3.1) 1.6 EBITDA (43.9) (4.3) (38.4) (4.0) (14.3) EBIT (89.8) (8.8) (83.2) (8.6) (7.8) Net income from cont. operations (97.3) (9.6) (117.6) (12.2) 17.3 Net income from disc. operations 0.0 199.8 Financial update Due to positive court ruling, DocMorris received manufacturer rebates that led to a CHF 3m one-off adjustment in the German segment | 2 External revenue consists of the consolidated revenue of DocMorris plus mail order revenues of pharmacies supplied by DocMorris, less the consolidated revenue from supplying them FY 2024: Operational expenses improved noticeably 19FY 2024 results
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| · Asset-light balance sheet with a strong equity ratio of 44% · Solid cash position of CHF 95m to support ongoing operational business for 2025 and beyond · Reduction in PP&E reflects sale of logistics and administration building, incl. land, of the Swiss business · Net debt of CHF 228m (PY: CHF 194m) Solid, asset-light balance sheet backed with CHF 95m of cash Financial update 20 in CHF m 31 Dec 2024 % 31 Dec 2023 % Cash and cash equivalents 95.4 54.0 Current financial assets 0.0 97.0 Receivables 78.4 79.2 Inventories 37.1 51.8 Property, plant & equipment 28.0 45.5 Right-of-use assets 25.3 28.2 Intangible assets 494.6 495.1 Other non-current assets 19.4 15.6 Total assets 778.1 866.4 Financial liabilities 37.5 42.8 Payables & accrued expenses 109.0 82.4 Bonds 285.8 302.1 Other liabilities 5.8 8.5 Equity 340.1 43.7 430.5 49.7 Total equity and liabilities 778.1 866.4 FY 2024 results
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| FY 2024 results Continuous reduction of indirect costs and focus on NWC management Financial update 1 Restated for continuing business | 2 Due to positive court ruling, DocMorris received manufacturer rebates that led to a CHF 3m one-off revenue adjustment in the German segment | 3 NWC = net working capital | 4 AP = accounts payable | 5 AR = accounts receivable 21 · Focus on active NWC3 management throughout the year · Implementing further measures such as more frequent order cycles, AP 4 and AR5 management, operational set-up with suppliers · Substantial reduction of indirect cost base in absolute and relative terms · Ambition to further substantially reduce cost ratio by implementing further efficiency measures · Increasing sales volume will lead to fix cost degression FY22 FY23 FY24 4.7%4.7% 4.4% 30 bps(30 bps) Average net working capital margin (% of consolidated revenue) FY22 FY23 FY24 (7.7%)(9.3%) (8.8%) Indirect cost margin (% of external revenue) (50 bps) (110 bps) (83.2)(107.5) (91.5) 47.944.1 42.7CHFm CHFm 21 21
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| Agenda 22 1. Business update 2. Financial update 3. Outlook 4. Q&A FY 2024 results
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| FY 2024 results Trading indication: Continuous growth across all businesses Outlook 23 • Specified outlook to be provided in the context of the planned capital increase • Banks have been mandated for targeted capital increase of around CHF 200m, to • invest in new Rx customers over the next years; and • secure potential refinancing of Convertible Bond 2026 • Continuous growth across all business units, Rx business expected to accelerate to ~50% growth in Q1
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| Agenda 24 1. Business update 2. Financial update 3. Outlook 4. Q&A FY 2024 results
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Q&A
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Backup
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| Sep 2026 May 2029 Coupon 6.875 % Coupon 3.0 % 1 Including fixed deposit investments and other current financial assets | 2 CB = convertible bond in CHF m H2 2023 H1 2024 H2 2024 Cash start of period 199.7 54.0 105.1 Operating cash flow (50.2) (11.1) (13.4) Financing cash flow (3.2) 191.9 (3.8) Investing cash flow (31.9) (6.7) 100.6 Sale CH segment net proceeds (7.0) 0.0 0.0 Repurchase bonds (51.8) (124.0) (92.3) Foreign currency differences (1.6) 1.0 (0.9) = Free Cash Flow (144.0) 50.1 (8.8) Cash end of period 54.0 105.1 95.4 Cash position 1 151.1 195.1 95.4 FY 2024 results Financial maturity and cash flow overview Back-up 27 in CHF m 31 Dec 2023 30 June 2024 31 Dec 2024 Public Bonds 302.1 374.9 285.8 + Lease liabilities 28.7 27.7 26.4 + Other financial liabilities 14.1 12.9 11.1 = Financial debt 344.9 415.6 323.3 - Cash and cash equivalents 54.0 105.1 95.4 - Current financial assets 97.0 90.0 0 = Net financial debt 193.9 220.5 227.9 Maturity profile as of 31 December 2024 Conversion price CHF 49.7 CB2 2024-2029CB2 2022-2026 Conversion price CHF 114.75 CHF 200m CHF 95m
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| Back-up 1 DocMorris Finance B.V. holds 3,018,579 treasury shares, which serve as a share lending facility to support the convertible bonds issued in 2022 and 2024. Shareholder structure 28 As of 31 December 2024 Shares 14,835,093 Thereof own shares 3,018,581 Thereof share lending facility1 3,018,579 Shares outstanding 11,816,512 Convertible Bond 22-26 (outstanding/nominal CHF 95m, conversion price CHF 49.7) 1,908,541 Convertible Bond 24-29 (outstanding/nominal CHF 200m, conversion price CHF 114.75) 1,742,902 Shares outstanding (diluted) 15,467,955 As of 12 March 2025 100% free float UBS Fund Management 5.61% Swisscanto Fondsleitung 3.06% Lemanik Holding 3.03% Management as per December 31, 2024 0.66% Board of Directors as per December 31, 2024 1.66% Other shareholders 85.99% FY 2024 results
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| 29 Financial calendar Back-up Date Event/Publication 13 March 2025 2024 FY Results and Outlook 2025 (incl. conference call) 10 April 2025 Q1 2025 Trading Update & invitation to AGM with details for targeted capital increase 8 May 2025 Annual General Meeting 2025 19 August 2025 H1 2025 Results (incl. conference call) 16 October 2025 Q3 2025 Trading Update FY 2024 results
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Thank you
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| Disclaimer 31 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 given by or on behalf of any of DocMorris. DocMorris reserves the right to amend or replace the Presentation at any time and undertakes no obligation to provide the recipients with access to any additional information. DocMorris shall not be obligated to update or correct the information set forth in the Presentation or to provide any additional information. Nothing in this Presentation is, or should be relied upon as, a promise or representation as to the future. Certain statements in this Presentation are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions, intense competition in the markets in which DocMorris operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting DocMorris’ markets, and other factors beyond the control of DocMorris). Neither DocMorris nor any of its respective directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the date of this Presentation. Statements contained in this Presentation regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. This publication constitutes neither an offer to sell nor a solicitation to buy securities of the Company and it does not constitute a prospectus or a similar notice within the meaning of articles 35 et seqq. or 69 of the Swiss Financial Services Act. Copies of this publication may not be sent to jurisdictions, or distributed in or sent from or otherwise made publicly available in jurisdictions, in which this is barred or prohibited by law. Any offer and listing will be made solely by means of, and on the basis of, a prospectus which is to be published. An investment decision regarding the securities of the Company should only be made on the basis of such prospectus. The prospectus, if and when published, will be available free of charge on the Company's website. This communication is being distributed only to, and is directed only at (i) persons outside the United Kingdom, (ii) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "Relevant Persons"). Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Any person who is not a Relevant Person must not act or rely on this communication or any of its contents. This communication does not constitute an "offer of securities to the public" within the meaning of Regulation 2017/1129 of the European Union (the "Prospectus Regulation") of the securities referred to in it (the "Securities") in any member state of the European Economic Area (the "EEA") or, in the United Kingdom ("UK"), the Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended (the "UK Prospectus Regulation"). Any offers of the Securities to persons in the EEA or the UK will be made pursuant to an exemption under the Prospectus Regulation or the UK Prospectus Regulation (as applicable), as implemented in member states of the EEA or the UK, from the requirement to produce a prospectus for offers of the Securities. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to US persons (as such term is defined in Regulation S under the Securities Act) unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. The issuer of the securities has not registered, and does not intend to register, any portion of the offering in the United States, and does not intend to conduct a public offering of securities in the United States. The securities are being offered and sold outside the United States in reliance on Regulation S and within the United States to "Qualified Institutional Buyers" (as defined in Rule 144A under the Securities Act ("Rule 144A")) in reliance on Rule 144A. Prospective purchasers are hereby notified that sellers of the Securities may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. This communication is not for distribution in the United States, Canada, Australia, Japan or any other jurisdiction in which the distribution or release would be unlawful or require registration or any other measure. This communication does not constitute an offer to sell, or the solicitation of an offer to buy, securities in any jurisdiction in which is unlawful to do so. FY 2024 results