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SHOP APOTHEKE EUROPE: 9M Growth of 9.8% and Adjusted EBITDA Margin +0.6%.

SHOP APOTHEKE EUROPE N.V. increased its Group revenues during the first nine months of 2021 by 9.8% year-over-year to EUR 772.3 million. Q3 sales were EUR 237.9 million, almost at last year´s high level (-0.3% vs. sales of EUR 238.7 million in Q3 2020). The number of active customers grew to 7.3 million, an increase of 1.4 million compared to 30 September 2020 and a rise of 1.0 million in 2021 alone.

SHOP APOTHEKE EUROPE CEO Stefan Feltens comments: "Our main news today is the successful processing of the first e-prescriptions for Germany, which we received from patients out of the Berlin-Brandenburg e-Rx pilot region. This is truly a milestone in the history of SHOP APOTHEKE EUROPE since it enables us to provide even better services to prescription drug patients in Germany. Looking at Q3, we have overcome the capacity constraints we had in the middle of the year and have quickly returned to our growth trajectory. We are entering Q4 with our customary high level of customer satisfaction, strongly growing web traffic across all our markets, and our next generation logistics facility is ready to meet our growth ambitions.”

With a growth rate of 24.9%, gross profit at Group level rose significantly faster than sales, from EUR 156.9 million during the first nine months of 2020 to EUR 195.6 million for the period under review. Compared to a year earlier, the consolidated gross margin rose by 3.0 pp to 25.3% for the first nine months of the year. In Q3, the consolidated gross margin was 24.9% compared to 21.9% the previous year. The increased gross margins were driven by different product and country mixes as well as one-offs related to corona-related products last year.

Adjusted selling and distribution (S&D) expenses as percentage of sales were up 4.1 pp year-over-year to 21.7% for the first nine months. The consolidated S&D ratio was at 22.7% in Q3 compared to last year's 17.6%. This is largely due to increased marketing expenses. These were lower in 2020 due to high demand related to Europe's Covid-19 outbreak. This year, SHOP APOTHEKE EUROPE is once again investing in higher growth to further boost sales after overcoming the capacity constraints at the beginning of the quarter.

Administrative costs for the first nine months 2021 were EUR 30.5 million (previous year: EUR 21.6 million) and included one-off expenses and employee stock option expenses amounting to EUR 6.5 million (2020: EUR 3.4 million). The adjusted administrative cost ratio was 3.1%, up 0.5 pp from 2.6% a year earlier.

Adjusted EBITDA was EUR 4.7 million compared to EUR 15.5 million for the first nine months of 2020, translating into an adjusted EBITDA margin of 0.6% after 2.2 % in the corresponding period 2020. Including depreciation of EUR 18.4 million (previous year: EUR 10.9 million), EBIT was EUR -21.9 million (9M 2020: EUR 1.2 million). Depreciation is up due the opening of the new logistics centre, business acquisitions at the start of 2021 and greater investments in IT. After net finance cost and income tax, the net result was EUR -31.7 million compared to EUR -9.5 million a year earlier.

Strong organic growth for everything-but-Rx, in both segments.

During the first nine months of 2021, DACH – SHOP APOTHEKE EUROPE’s largest segment by revenues, covering business activities in Germany, Austria and Switzerland – grew by 4.5% compared to the same period a year earlier. Revenues rose to EUR 618.3 million after EUR 591.7 million for the first nine months of 2020 although Rx revenues decreased by 30.6% to EUR 110.3 million due to the impact of the Rx bonus ban in Germany. During the same period, gross earnings were up more than 19% year-over-year, from EUR 128.7 million to EUR 153.5 million. The gross margin rose by 3.1 pp to 24.8% compared to 21.7% last year. The adjusted EBITDA for the first nine months of 2021 was EUR 17.6 million compared to EUR 25.1 million during the same period last year.

Sales for SHOP APOTHEKE EUROPE’s International segment (Belgium, France, Italy and the Netherlands) grew fast during the first nine months of 2021 – up 37.9% to EUR 154.0 million (previous year: EUR 111.6 million). Segment gross earnings rose by 49.6% – from EUR 28.2 million to EUR 42.1 million with a gross margin at 27.4% (last year: 25.3%). The adjusted EBITDA for the first nine months of 2021 stood at to EUR -13.0 million from EUR -9.6 million a year earlier.

Based on the year’s developments to date, SHOP APOTHEKE EUROPE has narrowed its guidance for 2021. For the full year 2021, the company expects year-over-year sales growth at the lower end of the 10-15% range, i.e. around 10%. The adjusted EBITDA guidance is narrowed down to around -1% for the full year (- EUR 10M). Guidance of capex excluding acquisitions is unchanged at EUR 45 million for the full year.

The full nine-month report can be downloaded here:

https://shop-apotheke-europe.com/en/investorrelations/publikationen/

SHOP APOTHEKE EUROPE is one of Europe's leading and fastest-growing online pharmacies, currently operating in Germany, Austria, France, Belgium, Italy, the Netherlands and Switzerland.

Headquartered in the Dutch logistics hub of Sevenum near Venlo with locations in Cologne, Berlin, Munich, Tongeren, Warsaw, Milan, Paris and Eindhoven, SHOP APOTHEKE EUROPE offers its customers a broad range of more than 100,000 original products at attractive prices: OTC, beauty and personal care products as well as prescription drugs, supplemented by high quality natural food and health products, low carb products and sports nutrition. Currently, more than 7 million active customers trust SHOP APOTHEKE EUROPE.

Since safe and reliable pharmaceutical advice are top priorities at SHOP APOTHEKE EUROPE, the e-pharmacy provides comprehensive pharmaceutical consulting services.

In preparation for the introduction of electronic prescriptions in Germany in summer 2021, the company will further improve the customer experience with focus on disease-specific digital medication management services following the acquisition of SMARTPATIENT in January 2021. This is a key part of SHOP APOTHEKE EUROPE's strategy to transform itself from a pure online retailer into a truly customer-centric e-pharmacy platform.

SHOP APOTHEKE EUROPE N.V. has been listed on the regulated market of the Frankfurt Stock Exchange (Prime Standard) since 2016 and is part of the SDAX stock index.

SHOP APOTHEKE EUROPE: 9M Growth of 9.8% and Adjusted EBITDA Margin +0.6%. 