Slides
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H1 results 2025 19 August 2025
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| Walter Hess CEO Daniel Wüest CFO Today’s presenters 2H1 2025 results
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| H1 2025 highlights 3H1 2025 results CHF 200m capital increase successfully completed with 99% take-up Guidance confirmed >10% growth with EBITDA between CHF (35m) to (55m) Teleclinic revenue growth of >150% and non-Rx growth of 4.4% in total Leveraging AI innovation Start roll-out DocMorris Health Companion AI 43.5% Rx revenue growth and Rx bonus reconfirmed
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| Agenda 4 1. Ecosystem highlights 2. Business highlights 3. Financial update 4. Outlook 5. Q&A H1 2025 results
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| Becoming Europe´s trusted Digital Health Companion Ecosystem highlights 5 · Strong core foundation · High-growth, -profit, and -value driver: · TeleClinic platform · dmr Advertising platform · Leveraging AI, ecosystem assets and partnerships · Trusted go-to health brand across Europe · Lifelong health companion for all health aspects · Seamless digital health journeys from consultation to medication to monitoring · Profitable growth at scale Holistic health platform One-stop health platform · Leading online pharmacy in Germany and Europe · Best known brand · Best positioned and fast growing in EUR 58 bn Rx market in DE · Profitable non-Rx business Core foundation Online pharmacy Health ecosystem Health companion Yesterday Today Tomorrow H1 2025 results
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| Leveraging AI to create an exceptional patient and user experience Ecosystem highlights 6H1 2025 results • 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 before full- scale rollout and further development of our agentic DocMorris assistant • DocMorris advantages: • Trusted health brand • Ability to integrate health services end-to-end 1 Indicative graphic; actual features, design and content may differ | 2 RAG = retrieval-augmented generation; LLM = large language model; the RAG allows the large language model to use curated DocMorris content Higher traffic Enhanced engagement Stronger customer loyalty Healthcare service integration Trustworthiness (data privacy & content quality) 1
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| Agenda 7 1. Ecosystem highlights 2. Business highlights 3. Financial update 4. Outlook 5. Q&A H1 2025 results
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| Accelerating sequential Rx revenue growth to 4.6% qoq 8 Business highlights 1.8x Strong growth of eRx revenues Q2 25 yoy 43.5% Rx growth in H1 25 In local currency Q3E and Q4E are indicative; 1 PKV = Private Krankenversicherung (private health insurance in Germany) | 2 GKV = Gesetzliche Kranken- und Pflegekassen (public health and care insurance in Germany) H1 2025 results 0 10 20 30 40 50 60 70 80 90 Q1 2024A Q2A Q3A Q4A Q1 2025A Q2A Q3E Q4E PKV pRx revenue GKV pRx revenue eRx revenue EURm 1 2
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| German Federal Court of Justice reconfirms Rx bonus Business highlights 9H1 2025 results · 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; BGH = Bundesgerichtshof (German Federal Court of Justice)
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| H1 2025 results Business highlights Non-Rx business DE drives value by delivering profitable growth 10 0 250 500 H1 2024 H2 2024 H1 2025 1 External revenue in local currency Non-Rx business DE grows continuously EURm +4.4% yoy1 4.4% Non-Rx growth in H1 25 >120% Services revenue growth in H1 25
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| Continuous strong growth with unique position of TeleClinic Business highlights 11| | H1 2025 results · Accelerated revenue growth of >150% yoy to CHF >11m in H1 with increased profitability based on take rate model · TeleClinic gross profit expected to account for ~10% of total DocMorris gross profit in FY25 · Won 2nd KV2 proof of becoming standard of care2 · Strong revenue growth with even stronger EBITDA growth expected in 2025 and beyond · Expansion of new and existing strategic partnerships · Increase of reimbursed telemedicine treatments for doctors from 30% to 50% Extraordinary competitive position due to network effects and high partner satisfaction Treatments (in million) #2 #3 >3.5 Doctors (in thousands) #2 #3 4.5 60 Partnerships … Healthcare platforms for fully reimbursed treatments1 Source: Market research, competitor’s websites, DocMorris internal research | 1 Charts indicative; numbers cumulative as of 30 June 2025 | 2 Kassenärztliche Vereinigung Westfalen Lippe (English: Physician Association Westfalen Lippe)
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| Fast growing, highly profitable retail media business unit Business highlights H1 2025 results · Our retail media agency, “dmr advertising”1 became a key player in healthcare · Offering advertising and sponsored content with relevant health products on onsite and offsite platforms · Leveraging market know-how to provide high precision ad solutions for (pharma) manufacturers · Rapidly scaling revenue, mid-single digit EURm EBITDA contribution in 2025 Procurement Ad solutions BRANDS Selection of destinations 1 1 Fully owned retail media subsidiary 12
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| Agenda 13 1. Ecosystem highlights 2. Business highlights 3. Financial update 4. Outlook 5. Q&A H1 2025 results
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| 10.2%2 (8.7m) H1 2024 H2 2024 H1 2025 (120 bps)· External revenue grew 10.2% in local currency and 7.9% in CHF, driven by Rx growth >40% · Expansion of gross margin by 70 bps yoy and 130 bps compared to H2 24 · Adj. EBITDA declined by CHF 8.7m yoy due to higher marketing spendings of CHF 13 million yoy (Rx, new TV campaign and low base in Q1 24) · Adj. EBITDA Q2 25 (CHF -12.7m) improved by CHF 3.4m compared to Q1 25 (CHF -16.1m) · Non-Rx business DE well on track to be sustainably EBITDA positive in 2025 Top-line growth in line with FY guidance with gross margin expansion; EBITDA reflects incremental Rx marketing step-up Financial update 14 (5.3%)(4.1%) (5.5%) CHF m Group 572530 555 22.3%21.6% 21.0% (28.8)(20.1) (28.5) External revenue1 Gross margin3 Adj. EBITDA & margin3 70 bps 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 Based on consolidated revenue in CHF H1 2025 results
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| (5.7%) (5.5%)(4.2%) (28.1)(19.5) (27.7) (2.1%) · External revenue growth of 5.7% in local currency · Further improvement of gross margin to reach 30% · Adjusted EBITDA remains close to breakeven Both segments increased sales and gross margin Financial update 15 Germany Europe (2.4%) (2.2%) H1 2024 H2 2024 H1 2025 539498 524 21.8%21.1% 20.4% 3432 31 30.0%29.1% 29.6% External revenue1 Gross margin3 Adj. EBITDA & margin3 · Ext. revenue rose 10.5% in local currency and 8.2% in CHF despite mid-single digit percentage points negative effect due to integration of Zur Rose Germany · 75 bps gross margin expansion yoy due to pricing and higher contribution of services; 140 bps compared to H2 25 · Adjusted EBITDA decrease due to higher Rx marketing spend of CHF 12 million 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 Based on consolidated revenue in CHF CHF m (0.7) (0.7) (0.7) H1 2025 results 10.5%2 (130 bps)75 bps 5.7%2 (10 bps)90 bps
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| Continuous customer growth with typical pattern of initially lower KPIs Financial update All figures reflect the B2C & marketplace business | 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 of customer who ordered at least one Rx item in the last 12 months | 3 Number of orders per active customer in the last 12 months period | 4 Share of orders from existing customers in relation to total number of orders in the last 12 months | 5 Rounded to 50,000 16 9.1 10.0 10.3 10.5 Dec 2023 Jun 2024 Dec 2024 Jun 2025 300 650 1250 1200 H2 2023 H1 2024 H2 2024 H1 2025 4.4 4.2 4.1 3.9 3.9 2.1 2.0 2.0 2.0 2.0 Jun 2023 Dec 2023 Jun 2024 Dec 2024 Jun 2025 Order frequency3 Rx OTC 103 102 98 95 40 38 38 38 Dec 2023 Jun 2024 Dec 2024 Jun 2025 Basket size2 in EUR 77 75 76 78 Dec 2023 Jun 2024 Dec 2024 Jun 2025 Repeat order rate4 in % Active customers1 (millions) Rx OTC H1 2025 results DocMorris app downloads (thousands)5
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| · Reported revenue rose 9.1% in CHF or 11.5% in LC yoy · CHF 14m gross profit increase reflects sales growth and 70 bps margin expansion · 40 bps lower personnel expense ratio · CHF 13m increased marketing expenses due to planned Rx step-up, TV campaign and base effect of Q1 24 · Reported EBITDA CHF 1.7m better than adjusted EBITDA CHF -28.8m mainly due to book gain on real estate disposals in CHF m H1 2025 Margin in % H1 2024 Margin in % yoy in % External revenue 1 572.1 530.1 7.9% External revenue 1, local currency 584.4 530.1 10.2% Consolidated revenue 541.5 496.3 9.1% Gross profit 121.0 22.3% 107.2 21.6% 12.8% Personnel expenses adj. (49.1) (9.1%) (47.3) (9.5%) (3.8%) Marketing expenses (48.4) (8.9%) (35.4) (7.1%) (36.6%) Distribution expenses (29.9) (5.5%) (26.4) (5.3%) (13.3%) Other operating income & expenses adj. (22.4) (4.1%) (18.3) (3.7%) (22.7%) Adj. EBITDA (28.8) (5.3%) (20.1) (4.1%) (43.2%) Adjustments 1.7 (1.5) M&A 2.0 (0.0) Restructuring, Integration 0.9 (1.1) Other (1.2) (0.4) EBITDA (27.1) (5.0%) (21.7) (4.4%) (25.3%) Depreciation, amortisation and impairment (22.9) (4.2%) (22.7) (4.6%) (0.6%) EBIT (50.0) (9.2%) (44.4) (8.9%) (12.6%) Finance result, net (10.6) (2.0%) 6.2 1.3% (270.4%) Net income (61.6) (11.4%) (37.9) (7.6%) (62.3%) Financial update 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 Double-digit growth with concurrent gross margin increase – ongoing reduction of personnel expense ratio and CHF 13m higher marketing invest 17H1 2025 results
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| · Strong liquidity position of CHF 230m following capital increase o to develop operational business towards cashflow breakeven in the course of 2027 o to fund a potential repayment of the convertible bond due in Sept-26 · Asset-light balance sheet. Reduction in PP&E reflects sale of two real estate assets (warehouse Zur Rose DE and property in CH) · Reduction of net debt to CHF 90m (31 Dec 2024: CHF 228m) following capital increase · Strong equity ratio of 53% Strong liquidity position following capital increase Financial update 18 in CHF m 30 June 2025 31 Dec 2024 Cash and cash equivalents 150.3 95.4 Current financial assets 80.0 0.0 Receivables 80.5 78.4 Inventories 43.4 37.1 Property, plant & equipment 22.6 28.0 Right-of-use assets 23.2 25.3 Intangible assets 487.2 494.6 Other non-current assets 20.3 19.4 Total assets 907.4 778.1 Financial liabilities 34.3 37.5 Payables & accrued expenses 101.5 109.0 Bonds 286.0 285.8 Other liabilities 5.3 5.8 Equity 480.4 52.9% 340.1 43.7% Total equity and liabilities 907.4 778.1 H1 2025 results
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| Indirect costs and NWC reduced successfully Financial update 1 NWC = net working capital | 2 AP = accounts payable | 3 AR = accounts receivable 19 · Improvement of NWC1 ratio by -130 bps yoy (-60 bps H2 24 to H1 25) · Continuous focus on active NWC management · Implementing measures such as more frequent order cycles, AP 2 and AR3 management, change in operational set-up with suppliers ongoing · 60 bps yoy reduction of indirect cost ratio · Mid-term target to reduce ratio to mid-single digit by implementing further efficiency measures · AI will further improve performance and reduce costs · Increasing sales volume will lead to ongoing fix cost degression H1 2024 H2 2024 H1 2025 8.5%9.8% 9.1% Average net working capital ratio (% of consolidated revenue) H1 2024 H2 2024 H1 2025 (7.4%)(8.0%) (7.3%) Indirect cost ratio (% of external revenue) (42.5)(42.6) (40.6) 45.848.4 47.5CHFm CHFm H1 2025 results (60 bps) (130 bps)
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| Agenda 20 1. Ecosystem highlights 2. Business highlights 3. Financial update 4. Outlook 5. Q&A H1 2025 results
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| Outlook Outlook confirmed: Achieving sustainable and profitable growth financed out of free cashflow 21 ~CHF 35m (p.a.)Capital expenditure mid-term >10% growthExternal revenue1 2025 in local currency 2024: CHF 1,085m CHF -35m to -55m (incl. additional ~CHF 15m Rx marketing)Adj. EBITDA 2025 2024: CHF -49m CHF 35m to 40mCapital expenditure 2025 2024: CHF 29m 1 External revenue consists of the consolidated revenue of DocMorris plus online revenues of pharmacies supplied by DocMorris, less the consolidated revenue from supplying them ~20% CAGR (back-end loaded due to cohort dynamics) External revenue1 mid-term ~8%EBITDA margin mid-term EBITDA breakeven in the course of 2026 and positive free cashflow in the course of 2027 H1 2025 results
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| Outlook Planning towards positive operating cashflow in 2027 as starting point for strong free cashflow generation 22 Chart indicative 1 Operating cashflow contains change in net working capital, interest expenses and taxes Cash Operating cashflow1 0 FY25E FY26EFY24 FY27E CHF 95m Cap. raise CHF 200m Pot. repay CB26 CHF 95m Cash Bonds H1 2025 results FY28E FY29E CAPEX Inflection point CB29 CHF 200m
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Q&A
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Backup
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| Back-up Indicative illustration | Operational expenses assume additional scale in mid-term | EU segment included in OTC Indicative basis for mid-term: Expect highly attractive unit economics & strong contribution margins across all businesses 25 Unit economics OTC Rx Services Group Drivers Basket size (EUR) >40 >110 - - Mixed baskets, repeat script Gross margin 27% 20% 100% - Scale/procurement, pricing, private label Fulfilment / operations 14% 7% 10% - Efficiency, scale effects Contribution margin after fulfilment costs 13% 13% 90% - Marketing expenses MSD% Marketing efficiency Indirect expenses MSD% Scale effects EBITDA margin ~8% H1 2025 results
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| Sep 2026 May 2029 Coupon 6.875 % Coupon 3.0 % 1 Including investments in short-term deposits | 2 CB = convertible bond in CHF m H1 2024 H2 2024 H1 2025 Cash start of period 54.0 105.1 95.4 Operating cash flow (11.1) (13.4) (55.6) Investing cash flow 33.3 10.6 (8.3) Free Cash Flow 22.2 (2.8) (63.9) Short-term deposits (40.0) 90.0 (80.0) Financing cash flow 191.9 (3.8) 200.4 Repurchase bonds (124.0) (92.3) (1.5) Foreign currency differences 1.0 (0.9) 0.0 Cash end of period 105.1 95.4 150.3 Cash position 1 195.1 95.4 230.3 Financial maturity and cash flow overview Back-up 26 in CHF m 30 June 2024 31 Dec 2024 30 June 2025 Public Bonds 374.9 285.8 286.0 + Lease liabilities 27.7 26.4 24.6 + Other financial liabilities 12.9 11.1 9.8 = Financial debt 415.6 323.3 320.3 - Cash and cash equivalents 105.1 95.4 150.3 - Current financial assets 90.0 0 80.0 = Net financial debt 220.5 227.9 90.0 Maturity profile as of 30 June 2025 Conversion price CHF 24.25 CB2 2024-2029CB2 2022-2026 Conversion price CHF 55.96 CHF 200.0m nominal CHF 93.5m outstanding CHF 95.0m nominal H1 2025 results
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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 27 As of 30 June 2025 Shares 51,117,824 Thereof own shares 3,118,522 Thereof share lending facility1 3,018,579 Shares outstanding 47'999'302 Convertible Bond 22-26 (outstanding/nominal CHF 93.5m/CHF 95.0m, conversion price CHF 24.25) 3,855,464 Convertible Bond 24-29 (outstanding/nominal CHF 200.0m, conversion price CHF 55.96) 3,573,946 Shares outstanding (diluted) 55,428,712 As of 15 August 2025 100% free float Pelion 10.12% Swisscanto Fondsleitung 6.52% UBS Fund Management 5.61% Board of Directors 1.15% Management 0.59% Other shareholders 76.01% H1 2025 results
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| 28 Financial calendar Back-up 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 Results (incl. conference call) 15 October 2026 Q3 2026 Trading Update H1 2025 results
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Thank you
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| Disclaimer 30 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 Presentation does not constitute or form part of, and should not be construed as, an offer or invitation or inducement to subscribe for, underwrite or otherwise acquire, any securities of DocMorris, nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of DocMorris, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This Presentation is not a prospectus and is being made available to you solely for your information and background and is not to be used as a basis for an investment decision in securities of DocMorris. H1 2025 results