Slides
Page 1
2025 Q1 trading update and Outlook 10 April 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
Page 2
| Walter Hess CEO Daniel Wüest CFO Today’s presenters 2Q1 Trading Update and Outlook
Page 3
| Agenda 3 1. Business update 2. Capital increase 3. Outlook 4. Q&A Q1 Trading Update and Outlook
Page 4
| 2025 outlook >10% growth (Rx >40%), adj. EBITDA CHF -35m to -55m (incl. 15m add. Rx marketing) CHF 200m capital increase fully under- written Launch expected after AGM (8 May) TeleClinic strong Q1 Scaling of platform; >100% yoy Business update 4 Key messages Mid-term outlook ~20% revenue CAGR; positive free cashflow in 2027 Accelerating growth in Q1 52.3% Rx, 7.3% non-Rx, and 13.4% overall Q1 Trading Update and Outlook
Page 5
| Accelerating sequential Rx revenue growth 5 Business update 2.5x Strong growth of eRx revenues Q1 25 yoy 52.3% Rx growth in Q1 25 Q2E to 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) Q1 Trading Update and Outlook 0 10 20 30 40 50 60 70 80 90 Q1 2024A Q2A Q3A Q4A Q1 2025A Q2E Q3E Q4E PKV pRx revenue GKV pRx revenue eRx revenue EURm eRx 2.5x 1 2
Page 6
| Q1 Trading Update and Outlook Business update Non-Rx business continues to achieve profitable growth 6 0 50 100 150 200 250 Q1 2024A Q2A Q3A Q4A Q1 2025A Non-Rx revenue on growth trajectory EURm 7.3% Non-Rx growth in Q1 25 >100% Services revenue growth in Q1 25 +7.3%
Page 7
| · Telemedicine platform with take rate model provides highly attractive margins · Q1 revenue more than doubled with further increased margins · TeleClinic to provide telemedicine platform for KVN1 medical on-call service as of summer 2025 · KVN represents >14k doctors1 and >8m regional population · Significant step for telemedicine into German standard of care TeleClinic increasingly becoming part of standard of care in Germany Business update 7 1 KVN = Kassenärztliche Vereinigung Niedersachsen (representation of medical doctors in ambulatory care in Lower Saxony); source: KVN, data for 2024 | | Q1 Trading Update and Outlook KVN uses TeleClinic platform in medical on-call service 116117 Patient 24/7 service Telemedicine in Lower Saxony as one of 17 regions Doctor
Page 8
| Business update DocMorris digital health ecosystem ... eRx Partner- ships OTC/BPC Market- place Tele- medicine Health services & content ... your 24/7 health companion · Enabling everybody to manage their health in one click, anytime and anywhere · One platform centred around customer and patient needs · Seamless digital health journeys leading to · increased adherence · state-of-the-art customer experience · best-in-class convenience 8 | Q1 Trading Update and Outlook
Page 9
| Agenda 9 1. Business update 2. Capital Increase 3. Outlook 4. Q&A Q1 Trading Update and Outlook
Page 10
| Q1 Trading Update and Outlook Capital increase: CHF 200m fully underwritten Capital increase 10 • Raise CHF 200m equity by way of discounted rights issue with tradable subscription rights • Transaction fully underwritten by banking syndicate • Proposal (including final terms & transaction details) will be put forward to AGM on 8 May, with transaction expected to launch immediately thereafter • Use of proceeds • to realise the planned medium-term Rx growth including incremental targeted Rx marketing spend and reaching the free cash flow breakeven point in the course of 2027 • secure potential repayment of CHF 95m Convertible Bond due in 2026 Q1 Trading Update and Outlook
Page 11
| Agenda 11 1. Business update 2. Capital increase 3. Outlook 4. Q&A Q1 Trading Update and Outlook
Page 12
| Outlook Achieving sustainable and profitable growth financed out of free cashflow 12 ~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 Q1 Trading Update and Outlook ~8% (unchanged) EBITDA margin mid-term EBITDA breakeven in the course of 2026 and positive free cashflow in the course of 2027
Page 13
| Outlook 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 13 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%Q1 Trading Update and Outlook
Page 14
| Outlook Planning towards positive operating cashflow in 2027 as starting point for strong free cashflow generation 14 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 Financing Q1 Trading Update and Outlook FY28E FY29E CAPEX Inflection point CB29 CHF 200m
Page 15
| Agenda 15 1. Business update 2. Capital increase 3. Outlook 4. Q&A Q1 Trading Update and Outlook
Page 16
Q&A
Page 17
Backup
Page 18
| Sep 2026 May 2029 Coupon 6.875 % Coupon 3.0 % 1 CB = convertible bond Financial maturity and net debt overview Backup 18 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 CB1 2024-2029CB1 2022-2026 Conversion price CHF 114.75 CHF 200m CHF 95m Q1 Trading Update and Outlook
Page 19
| Backup 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 19 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 9 April 2025 100% free float UBS Fund Management 5.61% Swisscanto Fondsleitung 3.06% Management as per December 31, 2024 0.66% Board of Directors as per December 31, 2024 1.66% Other shareholders 89.01% Q1 Trading Update and Outlook
Page 20
| 20 Financial calendar Backup Date Event/publication 8 May 2025 Annual General Meeting 2025 19 August 2025 H1 2025 Results (incl. conference call) 16 October 2025 Q3 2025 Trading Update Q1 Trading Update and Outlook
Page 21
Thank you
Page 22
| Disclaimer 22 This publication constitutes neither an offer to sell nor a solicitation to buy securities of the DocMorris AG (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 any publicly offered 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 except pursuant to an applicable exemption from, or in a transaction not subject to the registration requirements of the Securities Act. 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. 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. This publication may contain specific forward-looking statements, e.g., statements including terms like "believe", "assume", "expect", "forecast", "project", "may", "could", "might", "will", “should”, “plans” or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development or performance of the Company and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers should not rely on forward-looking statements. The Company assumes no responsibility to up-date forward-looking statements or to adapt them to future events or developments. Q1 Trading Update and Outlook