EQS-News: Redcare Pharmacy: scaling Rx and strengthening operating cash generation with adj. EBITDA margin of 2.4% in Q3.

Redcare Pharmacy: scaling Rx and strengthening operating cash generation with adj. EBITDA margin of 2.4% in Q3.

• YTD total sales up 27% to EUR 2.1bn, +25% in Q3 to EUR 719M.
• Non-Rx sales up 18% to EUR 1.4bn YTD and 17% in Q3 to EUR 447M; total Rx sales up 46% to EUR 758M YTD and 42% in Q3 to EUR 272M.
• Rx sales Germany up 122% YTD to EUR 348M, Q3 +82% to EUR 126M, approaching 1% market share and already at 1.2% of total e-script volume.
• Group adj. EBITDA up EUR 6M YTD to EUR 44M, with adj. EBITDA margin of 2.1% YTD and 2.4% in Q3.
• Czech site in Pilsen for European distribution operational, with first parcel sent, adding 15M annual order capacity.

Sevenum, the Netherlands, 29 October 2025. Redcare Pharmacy published final numbers for Q3 2025 today, confirming the achievement of high double-digit organic growth of more than 25% at both reporting segments during the quarter and on a year-to-date basis. Towards the end of Q3, Redcare Pharmacy introduced a revised Rx bonus campaign in Germany. After nine months, the Group’s adjusted EBITDA stands at a positive EUR 44 million and the adjusted EBITDA margin at 2.1%, with a margin of 2.4% achieved in Q3 (Q3 2024: 2%), in euros 17 million or up 50%, and EUR 6 million higher versus last year’s Q3.

CEO of Redcare Pharmacy, Olaf Heinrich, comments: “We are very happy with the development we achieved in Q3. We see again an acceleration in Rx and improved scale effects both in Rx and non-Rx. This brings our year-to-date EBITDA to a positive EUR 44 million after a strong Q3, fueling operating cash generation.”

At the end of September, Redcare Pharmacy’s active customer base was 13.7 million, 1.8 million higher year over year. Over the last nine months, the Group added 1.2 million active customers. Customer satisfaction, measured by the net promoter score, improved to 72 in Q3 (Q3 2024: 69), after averaging 64 in H1 2025.

Sales and earnings by segment.

Sales in the DACH segment (Germany, Austria and Switzerland) grew 26.7% in the first nine months of the year to EUR 1.7 billion (9M 2024 EUR 1.4 billion). Non-Rx sales in the DACH segment were 14.9% higher year over year at EUR 986 million (9M 2024: EUR 858 million), while Rx sales were up 46.4% at EUR 758 million (9M 2024 EUR 518 million). Prescription sales (Rx) in Germany grew 121.6% to EUR 348 million (9M 2024: EUR 157 million); in Q3, they increased 82.1% to EUR 126 million (Q3 2024 EUR 69 million). Adjusted EBITDA was EUR 48.1 million (9M 2024: EUR 50 million), leading to an adjusted EBITDA margin of 2.8% (9M 2024: 3.6%). Redcare continues to invest in the expansion of the e-prescription business in Germany, with positive results. In Q3, adjusted EBITDA was EUR 17.7 million, up 23% or EUR 3.3 million versus the same quarter last year.

Sales in the International segment (Belgium, the Netherlands, France and Italy) grew 25.8% year to date to EUR 402 million (9M 2024: EUR 319 million). Over the same period, the segment reported adjusted EBITDA of EUR -3.8 million (9M 2024: EUR -11 million) with an improved adjusted EBITDA margin of -0.9%, compared to the prior year’s -3.6%. Improvements in gross margin and efficiencies, as well as scale effects, are narrowing the gap to break-even in this segment, while fast growth continues. In Q3, the reported segment EBITDA, thus including all administrative overhead expenses, was EUR -0.5 million, a considerable improvement versus last year´s EUR -3.0 million, reflective of a margin improvement from -2.9% to -0.4%.

Update on financial developments.

The Group’s gross profit grew 19.2% year over year in Q3 to EUR 159 million (Q3 2024: EUR 133 million). In the nine months ending September, gross profit increased by 25.2% to EUR 495 million (9M 2024: EUR 395 million) while the gross profit margin for the period was 23.1% (9M 2024: 23.3%) reflecting the impact of more prescription sales in Germany, which have more than tripled in just two years.

Adjusted selling, distribution and administrative expenses (SD&A) increased to EUR 451 million (9M 2024: EUR 358 million). As a percentage of sales, SD&A expenses were 21% relative to the prior year’s 21.1%. Improved operational efficiencies and scale offset higher marketing and administrative costs.

Year-to-date EBITDA for the Group was EUR 39.4 million, up from EUR 35 million in 9M 2024. Adjustments for the nine months to September were EUR 4.9 million (9M 2024: EUR 3.1 million). With adjusted EBITDA at EUR 44.3 million (9M 2024: EUR 38 million), the Group recorded an adjusted EBITDA margin of 2.1% (9M 2024: 2.3%). In Q3, adjusted EBITDA was EUR 17.1 million (Q3 2024: EUR 11 million) and the margin 2.4% (Q3 2024: 2.0%).  

Depreciation increased only slightly to EUR 51.3 million year to date from EUR 50.5 million in 9M 2024, resulting in EBIT of EUR -11.8 million (9M 2024: EUR -15.4 million). Net finance and tax costs were EUR 1.7 million positive (9M 2024 EUR -4.7 million). The Group’s net result year to date was EUR -10.1 million (9M 2024: EUR -20.1 million).

At the end of the nine-month reporting period, cash and short-term financial assets were EUR 266 million, up from EUR 178 million at the end of December 2024.

Czech Republic site opened.

The new Czech site in Pilsen for European distribution is now operational, with the first parcel dispatched earlier this month. The facility, which increases capacity by 15 million orders per annum and lowers costs per order, represents an important step in Redcare Pharmacy’s capacity expansion to support future growth.  

Guidance unchanged for full year 2025.

• Total sales growth in excess of 25%.
• Rx sales in Germany in excess of EUR 0.5 billion.
• Total Group non-Rx sales growth in excess of 18%.
• Total Redcare adjusted EBITDA margin 2% to 2.5%.

The mid- to longer-term guidance continues to be an adjusted EBITDA margin in excess of 8%.

Summary

 
Investor Relations Contact:

Monica Ambrosi (Associate Director, Investor Relations)

investors@redcare-pharmacy.com

Press Contact:

Sven Schirmer (Director, Corporate Communications)

press@redcare-pharmacy.com  

About Redcare Pharmacy

Originally founded in 2001, Redcare Pharmacy N.V. (formerly known as Shop Apotheke Europe N.V.) today is the leading e-pharmacy in Europe, currently active in seven countries: Germany, Austria, France, Belgium, Italy, the Netherlands and Switzerland.

Headquartered in Sevenum, close to the Dutch city of Venlo and in the heart of Europe, the company has locations in Cologne, Berlin, Munich, Tongeren, Warsaw, Pilsen, Settala (Milan), Lille and Eindhoven.

As the one-stop pharmacy of the future, Redcare Pharmacy offers over 13.5 million active customers a wide range of more than 250,000 products at attractive and fair prices. Besides OTC, nutritional supplements, beauty and personal care products as well as an extensive assortment of health-related products in all markets, the company also provides prescription drugs for customers in Germany, Switzerland and the Netherlands.

Pharmaceutical safety is of top priority. Being a pharmacy at its core, Redcare stands for comprehensive pharmaceutical consultation service. Since care is at the heart of everything Redcare does, the company provides services for all stages of life and health. This ranges from its marketplaces to unique delivery options and medication management.

Redcare Pharmacy N.V. has been listed on the Regulated Market of the Frankfurt Stock Exchange (Prime Standard) since 2016. As of 19 June 2023, the company is a member of the MDAX selection index.