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Redcare Pharmacy’s adjusted EBITDA margin in Q2 at a 12-month high of 2.6%, with continued strong sales growth of 26.5%.

Sevenum, the Netherlands, 29 July 2025. Today Redcare Pharmacy reported final sales and earnings for Q2 and H1 2025. The Group confirmed sales of EUR 1.4 billion for the first half of the year (H1 2024: EUR 1.1 billion), which marks an increase of 27.3% year over year. Non-Rx sales continued to increase unabatedly by double-digits at 18.3% to EUR 941 million in H1 (H1 2024: EUR 795 million). Rx sales grew 49.1% year over year to EUR 486 million in H1 (H1 2024: EUR 326 million), with sales of EUR 222 million generated in Germany (2024: EUR 87 million), a growth of 154.7%. Net income in Q2 was a positive EUR 8.9 million and in H1 2025 EUR -2.8 million, where Q2 benefited from a positive one-off of EUR 14.2 million related to the successful convertible bonds’ transactions of 8 April.

Redcare Pharmacy’s CEO Olaf Heinrich comments: “I am pleased with our performance across all countries and especially with the stronger margin we achieved while continuing to grow fast, including the strong developments in German Rx sales.”

Olaf Heinrich adds: “The recent Supreme Court ruling strengthened our position in terms of being able to continue to offer bonuses on prescription medications.”

Redcare Pharmacy’s active customer base increased 0.4 million in Q2, 1 million in H1 and 1.9 million year over year to 13.5 million, with all seven countries contributing to the increase.

The net promoter score (NPS), an indicator of customer satisfaction, remained at 64 in Q2 relative to the prior quarter. Over H1, the NPS was also 64 (H1 2024: 69). 

CFO Jasper Eenhorst adds, “The numbers reported today again reflect the strength and attractiveness of our online pharmacy business model. While overall maintaining high customer satisfaction, fast growth and continued high marketing levels for e-Rx in Germany, we improved our total Group margin significantly.”  

Sales in the DACH segment comprising Germany, Austria and Switzerland surpassed the one billion euros mark in H1, rising 27.5% to EUR 1,156 million (H1 2024: EUR 907 million). Non-Rx sales in this segment increased 15.5% to EUR 671 million year to date (H1 2024: EUR 581 million) and Rx sales by 49.1% to EUR 486 million (H1 2024: EUR 326 million). In particular, in Germany, Redcare Pharmacy continued to gain significant market share. In Q2, adjusted EBITDA in the DACH segment was EUR 20.1 million and the margin 3.5% (Q2 2024: EUR 19 million, margin 4.2%), while in H1 it was EUR 30.4 million (H1 2024: EUR 35 million), reflecting increased investment in e-Rx in Germany.

Sales in the International segment (Belgium, the Netherlands, France and Italy) increased 26.1% year to date to EUR 270 million (H1 2024: EUR 214 million), with overall continued market share gains. In this segment, adjusted EBITDA was EUR -2 million in Q2 and the margin -1.5% (Q2 2024: EUR -4 million, margin -3.7%), while in H1 it was EUR -3.2 million (H1 2024: EUR -8.4 million), with the margin improving from last year’s -3.9% to -1.2%.

At Group level, gross profit in Q2 was EUR 168.7 million or 23.8% of revenue (Q2 2024: EUR 131 million, 23.4%). Gross profit grew 28.3% to EUR 336 million in H1 (H1 2024: EUR 262 million) and increased from 23.4% of revenue to 23.6%, with the impact of higher Rx sales in Germany on margin offset by pricing and purchasing improvements and positive country mix effect.  

Selling, distribution and administrative adjusted expenses (SD&A) increased from EUR 235 million in H1 last year to EUR 309 million in H1 this year, or from 21% of sales to 21.7%. This reflects a higher net investment in the German Rx market, after offsetting improvements in operating efficiencies.

Adjusted EBITDA in H1 was marginally higher than last year, EUR 27.2 million versus EUR 26.8 million, despite more e-Rx marketing, due to improved underlying results across the Group. After an adjusted EBITDA margin of -0.7% in Q4 2024 and 1.3% in Q1 2025, the margin increased further to 2.6% in Q2. In H1, the margin was 1.9% (H1 2024: 2.4%). Adjustments to EBITDA in H1 this year amounted to EUR 2.8 million (H1 2024: EUR 2.1 million).

Year to date, depreciation was EUR 34 million, up EUR 0.7 million versus the prior year; EBIT was EUR -9.7 million (H1 2024: EUR -8.7 million). Net finance and tax costs were a positive EUR 7 million in H1 versus a cost of EUR 4.3 million last year; this year included a one-off gain related to the 8 April 2025 partial repurchase of 2021 convertible bonds. Group net result improved EUR 10.2 million in H1 to EUR -2.8 million (H1 2024: EUR -13 million) and was EUR 8.9 million positive in Q2, benefiting from a gain of EUR 14.2 million related to the partial repurchase of 2021 convertible bonds.

Cash and short-term financial assets increased by EUR 137 million from the start of the year to EUR 315 million (H1 2024: EUR 231 million). This follows Redcare’s successful placement of new convertible bonds in April (due in 2032) and the simultaneous early buyback of 70% of the convertible bonds due in 2028. In H1, free cashflow was a positive EUR 13 million, amongst others benefiting from seasonality in working capital.

The guidance for full year 2025 is unchanged:

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

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, Milan, Lille and Eindhoven.

As the one-stop pharmacy of the future, Redcare Pharmacy offers over 13 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.

The Group confirmed sales of EUR 1.4 billion for the first half of the year (H1 2024: EUR 1.1 billion), which marks an increase of 27.3% year over year. 