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Strong Q1 performance for Redcare Pharmacy: back to a positive margin while maintaining fast growth.

Sevenum, the Netherlands, 6 May 2025. The final sales numbers for Q1 2025 published by Redcare Pharmacy today confirm the preliminary figures reported in April and reflect a strong start to the year. Redcare continued to execute its strategy, balancing uninterrupted expansion in all its markets and simultaneously improving the  margin substantially relative to the previous quarter. Total sales grew 28% to EUR 717 million (Q1 2024: EUR 560 million); sales in the DACH segment grew 28.5% and in the International segment 26.2%. The Group’s adjusted EBITDA in Q1 was EUR 9.1 million (Q1 2024: EUR 12 million), and the margin 2 pp higher than Q4 at 1.3%.

Redcare Pharmacy’s CEO Olaf Heinrich comments: “We committed to improving our margins this year while continuing to grow strongly in Rx as well as non-Rx, and already made significant progress towards achieving this in Q1.”

The Group’s steadfast expansion is reflected in the growth of its active customer base which, over the past two quarters, has increased at a record rate. By the end of Q1, Redcare Pharmacy had 13.1 million active customers, 1.9 million more than a year earlier and 0.6 million more than at the end of December 2024. The net promoter score (NPS), a measure of customer satisfaction, was still at an elevated level of 64 at the end of the quarter (Q1 2024: 70).

Group CFO Jasper Eenhorst comments: “After the end of the quarter, on 8 April we bolstered our balance sheet by successfully placing new convertible bonds with a seven year maturity and buying-back most of the existing outstanding bonds. By pro-actively managing our debt profile at attractive terms, we further strengthened the Company and can continue to focus on executing our strategy.”

Gross profit increased 27.8% year over year to EUR 167.3 million (Q1 2024: EUR 131 million). As a percentage of revenue, gross profit was 23.3% compared to 23.4% in Q1 2024, due to an increasing share of Rx sales in Germany, as well as a shift in country mix.

Adjusted selling and distribution (S&D) costs increased to EUR 139.3 million (Q1 2024: EUR 103 million) or 1 pp from 18.4% of revenue to 19.4%. One of the drivers of this change was the investment in the fast growth of the Rx business in Germany. 

Adjusted administrative expenses as a percentage of sales were lower at 2.7% (Q1 2024: 2.9%), reflecting scale efficiencies. In absolute terms, adjusted administrative expenses were EUR 19.2 million (Q1 2024: EUR 16 million).

The Group’s adjusted EBITDA was EUR 9.1 million (Q1 2024: EUR 12 million) and the adjusted EBITDA margin 1.3% (Q1 2024: 2.1%). Depreciation increased marginally to EUR 16.8 million (Q1 2024: EUR 16 million), while EBIT was lower at EUR -9.1 million compared to the previous year’s EUR -6 million. The negative net result increased from EUR -8 million to EUR -11.6 million.

Total cash and cash equivalent balances increased from EUR 97 million at 31 December 2024 to EUR 104 million at 31 March 2025. Including short-term financial assets, cash and cash equivalent balances increased from EUR 178 million to EUR 185 million. Cash from operating activities was EUR 37 million (Q1 2024: EUR 21 million), the improvement was driven by working capital.

Total sales in the DACH segment, comprising Germany, Austria and Switzerland grew by 28.5% year over year to EUR 583 million (Q1 2024: EUR 453 million). Non-Rx sales delivered strong double-digit growth, with an average increase of 17.4%. Total Rx sales increased 49.6% to EUR 234 million (Q1 2024: EUR 156 million). In Germany, Rx sales increased to EUR 108 million (Q1 2024: EUR 37 million) or by as much as 191.3%. The shift in the Rx / non-Rx sales mix produced a gross profit margin of 22.7% compared to 23% in Q1 2024. Adjusted EBITDA for the segment was EUR 10.3 million and the adjusted EBITDA margin 1.8% (Q1 2024: EUR 16 million, margin of 3.6%).

Sales in the International segment, which includes Belgium, the Netherlands, France and Italy grew by 26.2% to EUR 135 million (Q1 2024: EUR 107 million). The gross profit margin was higher at 26% (Q1 2024: 25.1%), following improved product margins and mix, in part from purchasing improvements. Adjusted EBITDA improved from EUR -4.4 million to EUR -1.2 million, and the margin improved significantly from -4.2% to -0.9%.

After the end of the quarter, Redcare Pharmacy successfully placed senior unsecured convertible bonds in the market with a seven-year maturity profile, an investor put right after five years, 1.75% coupon, and a 110% premium redemption. With the proceeds of the EUR 300 million placement, the Group redeemed around 70% of EUR 225 million outstanding convertible bonds due in 2028. The transactions were carried out to proactively address refinancing risks and extend the debt maturity profile. The Group increased financial flexibility in support of the Company’s long-term value creating strategy.

Redcare Pharmacy's Annual General Meeting will be held on 15 May 2025. Stephan Weber and Michael Köhler have been nominated for appointment to the Supervisory Board to succeed Frank Köhler and Henriette Peucker, who will be leaving at the end of their current terms. The convocation of the AGM has been published on the Company's website.

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 final sales numbers for Q1 2025 published by Redcare Pharmacy today confirm the preliminary figures reported in April and reflect a strong start to the year.