Zur Rose Group AG

Investor Presentation • Apr 10, 2025

2025 Q1 trading update and Outlook 10 April 2025

These written materials or the information contained therein is not being issued and may not be distributed in the United States of America, Canada, Australia or Japan or any other jurisdiction in which the distribution or release would be unlawful or require registration or any other measure and does not constitute an offer of securities for sale in such countries

Today's presenters

• 1. Business update
• 1. Capital increase
• 1. Outlook
• 1. Q&A

Key messages

Accelerating growth in Q1 52.3% Rx, 7.3% non-Rx, and 13.4% overall

TeleClinic strong Q1 Scaling of platform; >100% yoy 2025 outlook >10% growth (Rx >40%), adj. EBITDA CHF -35m to -55m (incl. 15m add. Rx marketing)

Mid-term outlook ~20% revenue CAGR; positive free cashflow in 2027

CHF 200m capital increase fully underwritten Launch expected after AGM (8 May)

Accelerating sequential Rx revenue growth

2.5x Strong growth of eRx revenues Q1 25 yoy 52.3% Rx growth in Q1 25

Q2E to Q4E are indicative; 1 PKV = Private Krankenversicherung (private health insurance in Germany) | 2 GKV = Gesetzliche Kranken- und Pflegekassen (public health and care insurance in Germany)

Non-Rx business continues to achieve profitable growth

TeleClinic increasingly becoming part of standard of care in Germany

• · Telemedicine platform with take rate model provides highly attractive margins
• · Q1 revenue more than doubled with further increased margins
• · TeleClinic to provide telemedicine platform for KVN1 medical on-call service as of summer 2025
  • · KVN represents >14k doctors1 and >8m regional population
  • · Significant step for telemedicine into German standard of care

KVN uses TeleClinic platform in medical on-call service

1 KVN = Kassenärztliche Vereinigung Niedersachsen (representation of medical doctors in ambulatory care in Lower Saxony); source: KVN, data for 2024

DocMorris digital health ecosystem ...

... your 24/7 health companion

• · Enabling everybody to manage their health in one click, anytime and anywhere
• · One platform centred around customer and patient needs
• · Seamless digital health journeys leading to
  • · increased adherence
  • · state-of-the-art customer experience
  • · best-in-class convenience

• 1. Business update
• 2. Capital Increase
• 1. Outlook
• 1. Q&A

Capital increase

Capital increase: CHF 200m fully underwritten

• Raise CHF 200m equity by way of discounted rights issue with tradable subscription rights
• Transaction fully underwritten by banking syndicate
• Proposal (including final terms & transaction details) will be put forward to AGM on 8 May, with transaction expected to launch immediately thereafter

• Use of proceeds

  • to realise the planned medium-term Rx growth including incremental targeted Rx marketing spend and reaching the free cash flow breakeven point in the course of 2027
  • secure potential repayment of CHF 95m Convertible Bond due in 2026
• 1. Business update
• 1. Capital increase
• 3. Outlook
• 1. Q&A

Outlook

Achieving sustainable and profitable growth financed out of free cashflow

External revenue1 2025 in local currency	>10% growth	2024: CHF 1,085m
Adj. EBITDA 2025	CHF -35m to -55m (incl. additional ~CHF 15m Rx marketing)	2024: CHF -49m
Capital expenditure 2025	CHF 35m to 40m	2024: CHF 29m
	EBITDA breakeven in the course of 2026 and positive free cashflow in the course of 2027
External revenue1 mid-term	~20% CAGR (back-end loaded due to cohort dynamics)
EBITDA margin mid-term	~8% (unchanged)
Capital expenditure mid-term	~CHF 35m (p.a.)

1 External revenue consists of the consolidated revenue of DocMorris plus online revenues of pharmacies supplied by DocMorris, less the consolidated revenue from supplying them

Indicative basis for mid-term: Expect highly attractive unit economics & strong contribution margins across all businesses

Unit economics	OTC	Rx	Services	Group	Drivers
Basket size (EUR)	>40	>110	-	-	Mixed baskets, repeat script
Gross margin	27%	20%	100%	-	Scale/procurement, pricing, private label
Fulfilment / operations	14%	7%	10%	-	Efficiency, scale effects
Contribution margin after fulfilment costs	13%	13%	90%	-
Marketing expenses			MSD%	Marketing efficiency
Indirect expenses			MSD%	Scale effects
EBITDA margin		~8%

Indicative illustration | Operational expenses assume additional scale in mid-term | EU segment included in OTC

Outlook

Planning towards positive operating cashflow in 2027 as starting point for strong free cashflow generation

• 1. Business update
• 1. Capital increase
• 1. Outlook
• 4. Q&A

Backup

Backup

Financial maturity and net debt overview

in CHF m	31 Dec 2023	30 June 2024	31 Dec 2024
Public Bonds	302.1	374.9	285.8
+ Lease liabilities	28.7	27.7	26.4
+ Other financial liabilities	14.1	12.9	11.1
= Financial debt	344.9	415.6	323.3
- Cash and cash equivalents	54.0	105.1	95.4
- Current financial assets	97.0	90.0	0
= Net financial debt	193.9	220.5	227.9

1 CB = convertible bond

Shareholder structure

	As of 9 April 2025
100% free float
UBS Fund Management	5.61%
Swisscanto Fondsleitung	3.06%
Management as per December 31, 2024	0.66%
Board of Directors as per December 31, 2024	1.66%
Other shareholders	89.01%

	As of 31 December 2024
Shares	14,835,093
Thereof own shares	3,018,581
Thereof share lending facility1	3,018,579
Shares outstanding	11,816,512
Convertible Bond 22-26 (outstanding/nominal CHF 95m, conversion price CHF 49.7)	1,908,541
Convertible Bond 24-29 (outstanding/nominal CHF 200m, conversion price CHF 114.75)	1,742,902
Shares outstanding (diluted)	15,467,955

1 DocMorris Finance B.V. holds 3,018,579 treasury shares, which serve as a share lending facility to support the convertible bonds issued in 2022 and 2024.

Date	Event/publication
8 May 2025	Annual General Meeting 2025
19 August 2025	H1 2025 Results (incl. conference call)
16 October 2025	Q3 2025 Trading Update

Thank you

Disclaimer

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