Slides
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Sevenum, 29 OCTOBER 2025 Earnings call presentation: Q3 2025.
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2 Today’s presenters. Olaf Heinrich and Jasper Eenhorst.
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3 Today’s agenda. Update on Rx Germany. Outlook and guidance 2025. Financial performance.1 2 3
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4 Financial performance. 1
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9M 2025 financial highlights. 5 financial performance • Group sales +27% YoY to € 2.146bn. Continued strong growth, fully organic, both in non-Rx and Rx. • Non-Rx growth 18%. +15% in DACH and +26% in the International segment. Overall, and particularly in Germany, with strong market share gains. • Fast year-over-year growth of Rx sales in Germany. +122% compared to 9M 2024. • Adj. EBITDA 2.1% or € 44M. Already in line with full-year guidance range. • Full-year guidance confirmed. In all its elements.
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Organic growth of more than 25% in both segments. 6 Non-Rx: +17.8% Non-Rx: +14.9% RX: +46.4% key financials | sales €1,695M €2,146M 9M 2024 9M 2025 +26.6% €1,376M €1,744M 9M 2024 9M 2025 +26.7% Total DACH €319M €402M 9M 2024 9M 2025 International Non-Rx: +25.8%
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7 Net Promoter Score Q3 2025 (Q3 2024: 69) Average shopping basket value Q3 2025 (Q3 2024: € 61.86) € 67.12 (+8.5% yOY) More happy customers and larger baskets. Note: due to rounding, total may differ from sum of quarters. Number of customers in millions Definition: average gross value (incl. VAT) of orders received from end-customers and patients (B2C), predominantly via online shops for own-stock business, divided by total related number of orders placed in a given time period. Rx sales for Switzerland and the Netherlands are excluded, as are B2B orders. non-financial kpis 72 Sep 2024 Sep 2025 11.9M 13.7M +0.2M +1.8M +0.3M +0.6M +0.6M
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Orders up 22% YTD and 1.5M vs. Q3 2024. Orders: sales to end-customers / patients (B2C) both own-stock and platform business. Repeat orders exclude platform-only customers. 8 Share of repeat orders in percentage of total 2021 2022 2023 2024 Source: Redcare Pharmacy Number of orders in millions non-financial kpis 5.1 4.7 4.4 5.5 6.2 5.8 5.6 6.4 7.5 7.1 7.0 7.8 8.9 8.7 8.8 10.1 11.5 10.5 10.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 81% 82% 83% 81% 81% 83% 85% 84% 84% 84% 86% 87% 87% 87% 88% 88% 89% 2025 89% 90%
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in millions of euros, adjusted numbers Q3 2024 Q3 2025 Better or (worse) 9M 2024 9M 2025 Better or (worse) Sales 575 719 25.2 % 1,695 2,146 26.6 % Gross profit margin 23.2 % 22.1 % (1.1) pp 23.3 % 23.1 % (0.2) pp Selling & distribution margin (18.3) % (17.0) % 1.3 pp (18.2) % (18.3) % (0.1) pp Administrative cost margin (3.0) % (2.7) % 0.3 pp (2.9)% (2.8) % 0.1 pp Adj. EBITDA margin 2.0 % 2.4 % 0.4 pp 2.3 % 2.1 % (0.2) pp Adj. EBITDA 11 17 6 38 44 6 EBITDA 10 15 5 35 39 4 9 Adj. EBITDA € 17M positive in Q3, up 6M or 50% vs. last year. YTD adj. EBITDA € 44M positive. Driver of operating cash flow. key financials | profit & loss
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DACH International in millions of euros, adjusted numbers 9M 2024* 9M 2025 Better or (worse) 9M 2024 9M 2025 Better or (worse) Sales 1,376 1,744 26.7 % 319 401 25.8 % Gross profit margin 22.9 % 22.4 % (0.5) pp 25.0 % 25.9 % 0.9 pp Selling & distribution margin (16.9)%* (17.4)%* (0.5) pp* (23.5) % (21.9) % 1.6 pp Administrative cost margin (2.4) % (2.2) % 0.2 pp (5.0) % (4.9) % 0.1 pp Adj. EBITDA margin 3.6 % 2.8 % (0.8) pp (3.6) % (0.9) % 2.7 pp Adj. EBITDA 50 48 (2) (11) (4) 7 EBITDA 48 45 (3) (13) (6) 7 10 DACH grows strongly and scales in e-Rx; International improves across the board. key financials | profit & loss, YTD *DACH 2024 includes four and a half months of Rx marketing after CardLink vs. nine months in 2025.
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DACH International in millions of euros, adjusted numbers Q3 2024 Q3 2025 Better or (worse) Q3 2024 Q3 2025 Better or (worse) Sales 469 587 25.1 % 105 132 25.3 % Gross profit margin 22.7 % 21.3 % (1.4) pp 25.4 % 25.7 % 0.3 pp Selling & distribution margin (17.2) % (16.1) % 1.1 pp (23.1) % (21.1) % 2.0 pp Administrative cost margin (2.5) % (2.2) % 0.3 pp (5.2) % (5.0) % 0.2 pp Adj. EBITDA margin 3.1 % 3.0 % (0.1) pp (2.9) % (0.4) % 2.5 pp Adj. EBITDA 14 18 4 (3) (1) 2 EBITDA 14 16 2 (3) (1) 2 11 key financials | profit & loss, q3 DACH grows strongly and scales in e-Rx; International improves across the board.
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Source: Redcare Pharmacy 12 Gross margin: underlying progress continues. Rx with lower margin, more euros. 23.3% Adjusted gross profit margin in percentage of sales Adjusted gross profit margin in percentage of sales 27.5% 23.3% key financials | gross profit margin 9M 2024 Product margin, including mix Country mix, excluding Rx Germany Rx Germany mix Other 9M 2025 23.3% 23.2% 22.1% Q3 2024 Q3 2025 23.1%
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9M 2024 Efficiency & scale Admin Country & platform mix 9M 2025 Source: Redcare Pharmacy 13 Efficiency gains and scale lead to SD&A improvement. Adjusted SD&A costs in percentage of sales Adjusted SD&A costs in percentage of sales 23.3% key financials | selling, distribution and admin ratio (21.0)%(21.1)% Q3 2024 Q3 2025 (21.3)% (19.7)%
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9 13 15 16 12 15 11 -5 9 18 17 -9 33.4 40.2 61.5 38.4 32.6 31 22.1 38.1 43.8 32.8 Operating cash flow Rolling 12 months 14 Operating cash flow rolling 12 months w/o Rx Germany € 100M+. KEY FINANCIALS | CASH GENERATION 2024 2025 Q1 • Strong operating cash flow conversion. Attractive unit economics, focus on cash generation and working capital discipline. • Total Redcare rolling 12 months' operating cash flow continuously in positive territory since 2023. Even with significant e-Rx marketing. • Rolling 12 months' operating cash flow without Rx Germany* is beyond € 100M. And it is on a further increasing trend. * The fully-loaded impact of Rx Germany, including contribution margin, marketing, overhead and working capital. Above € 100 million Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 Total Redcare w/o Rx Germany Strong operating cash conversion. Adjusted EBITDA Per quarter In millions of euros In millions of euros
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Operating result w/o Rx Germany Working capital movements Financing and foreign exchange Cash and short-term financial assets Cash and short-term financial assets Operating cash generation, a driver of value creation. Cash flow year to date in millions of euros 15 key financials | cash flow 178 9 (30) (51) 119 266 31 Dec 2024 30 Sep 2025 Investments Logistics automation and Pilsen Investments On track. Targeted and temporary peak in logistics automation and Pilsen to step-change efficiency and capacity. Refer to next slides. Solid operating cash flow € +50 million. EBITDA and seasonal benefit from working capital. Financing € +119 million. Last 8 April, roll-forward of existing debt maturities. Successful placement of new 2025-2032 convertible bonds and early buy-back of 70% of existing 2021-2028s with put option in 2026. Operating result Rx Germany adjusted for depreciation, taxes and provisions Investments Regular 41 50 20
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16 After peak in 2025/26, investments to return to around 2% of sales. key financials | investments Regular CapEx Automation & PilsenTotal CapEx in % of sales 2023 2024 2025 2026 2027 2028 2029 2030 0 1 2 3 4 5 % Increase in 2025/26 to step-change efficiency, scalability, labour dependency, sustainable margin expansion. • Targeted and temporary investment peak. With logistics automation in Sevenum, and Pilsen. • More than doubling capacity, creating ample headroom well into the next decade and reducing labour dependency. • Redcare continues to operate a capital-light model: even including peak years, investment level averages ~2% of sales over time. 85 35 2025 2026 Investments as percentage of sales Automation and Pilsen in millions of euros
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17 summary • Strong operating cash conversion. • Operating cash flow already sufficient today to finance Rx scaling and regular investments. • Well-funded, including for Pilsen and logistics automation – that will step-change our capacity and efficiency. Our capital-light business model is built to scale.
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18 key financials | investments • First parcel dispatched. • Shorter delivery times, strengthening customer satisfaction and conversion. • Lower cost per order. New Czech site in Pilsen operational. Additional 15 million orders per year.
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19 key financials | investments • Will double order capacity by start of 2027. Facilitating ramp-up of Rx scale. • Will increase competitive advantage. Reducing labour per order by 70%. • Will increase efficiencies. More streamlined order fulfilment, increased productivity, flexibility and speed. Automation: next generation intralogistics for Sevenum on track. Ample capacity well into the next decade, to strengthen position in Rx and non-Rx.
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20 Update on Rx developments. 2
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High online penetration in non-Rx; enormous potential in Rx. 21 Source: ABDA / Insight Health market size data, DatamedIQ. rx market size € 55 billion Online penetration: from below 1% now approaching 2% Addressable Rx market Germany Addressable non-Rx market Germany Online penetration ~23% to 25% € 11 billion
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*Source: calculated by Redcare using ABDA / Insight Health market size data of €55 billion, adjusted for 2024 seasonality, and own data. Redcare's Rx market share, calculated using the total value of the market adjusted for seasonality, is inherently inaccurate over time. Because of this, we also show market share calculated using the number of e-Rx scripts redeemed by Redcare relative to the total number redeemed in Germany. Market share (of estimated value)*Market share (of e-script volume as published by gematik) Rapid increase of Redcare's Rx market share. 22 Redcare’s market share of Rx sales and e-scripts in Germany; numbers shown are for the last month of the quarter. rx market share 2024 2025 € 150M annualised sales € 520M annualised sales 1.19% 0.16% 0.94% 0.27% Q1 Q2 Q3 Q4 Q1 Q2 Q3
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Q0 Q+1 Q+2 Q+3 Q+4 Q+5 Q+6 200 400 600 800 1000 1200 1400 Rx cohorts continue to perform stronger than non-Rx. 23 Main drivers for better cohort performance: active rate (share of returning customers after first order), average order value, order frequency. Metrics driven by high share of patients with chronic conditions. rx strategy Indexed accumulated sales per new customer (total cohort) x 5 x 3.7 Indexed accumulated gross profit per new customer (total cohort) Rx Non-Rx Q0 Q+1 Q+2 Q+3 Q+4 Q+5 Q+6 200 400 600 800 1000 1200 x 2.9 x 2.4 Non-Rx Rx Q1 2024 Q2 2024 Q3 2024 Q1 2024 Q2 2024 Q3 2024 Cohorts with more than 12 months' history shown.
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24 Outlook and guidance 2025. 3
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25 Guidance, full-year 2025. • Total sales growth in excess of 25%. • Rx in Germany in excess of € 0.5 billion. • Non-Rx total company growth in excess of 18%. • Adj. EBITDA margin positive 2% to 2.5%. The market and industry remain dynamic. As always, we will optimise growth and margins, and short and longer-term value creation, and will anticipate on results and developments. Mid- to longer-term guidance of adjusted EBITDA margin in excess of 8% unchanged. outlook and guidance 2025
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Time to ask questions.
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Thank you. Interim Report Q3 2025 can be downloaded on our website: www.ir.redcare-pharmacy.com Sevenum, 29 october 2025