Redcare Pharmacy N.V.

Investor Presentation • May 7, 2025

Earnings call presentation: Q1 2025.

Presenting live from Sevenum.

Today's presenters.

Olaf Heinrich, Chief Executive Officer.

Jasper Eenhorst, Chief Financial Officer. Today's agenda.

Financial performance.

General update.

Outlook and guidance 2025.

performance.

FINANCIAL PERFORMANCE

Q1 2025 financial highlights.

• Successful start with continued fast growth. Group sales up 28% year over year in Q1 2025, fully organic and driven by Rx, reaching EUR 717M.

• Non-Rx growth 20%. +17% in the DACH segment and +26% in the International segment.

• Fast year-over-year increase of Rx sales in Germany. +191% compared to Q1 2024.

Positive adj. EBITDA 1.3%. A

Operational strength maintained while investing in Rx growth.

> Full-year 2025 guidance confirmed.

Growth of total sales, non-Rx and Germany-Rx, and adj. EBITDA margin.

Growth across all regions: total sales up 28%, strong Rx momentum in Germany continues.

NON-FINANCIAL KPIs

Rx drives higher basket value and customer base.

Note: due to rounding, total may differ from sum of quarters.

and patients (B2C), predominantly via online shops for own-stock business, divided by total related number of orders placed in a given time period. Rx sales for Switzerland and the Netherlands are excluded, as are B2B orders.

NON-FINANCIAL KPIs

Orders rising to new highs, up year over year 2.6M to 11.5M.

Orders: sales to end-customers / patients (B2C) both own-stock and platform business. Repeat orders exclude platform-only customers.

Sales up 28% year over year, with positive EBITDA.

Quarter-over-quarter improvement on all levels.

	Quarter over quarter			Year over year
in millions of euro, adjusted numbers	Q4 2024	Q1 2025	Better or (worse)	Q1 2024	Q1 2025	Better or (worse)
Sales	675	717	6.2%	560	717	28.0%
Gross profit margin	22.3%	23.3%	1.0 pp	23.4%	23.3%	(0.1) pp
Selling & distribution margin	(20.2)%	(19.4)%	0.8 pp	(18.4)%	(19.4)%	(1.0) pp
Administrative cost margin	(2.8)%	(2.7)%	0.1 pp	(2.9)%	(2.7)%	0.2 pp
Adj. EBITDA margin	(0.7)%	1.3%	2.0 pp	2.1%	1.3%	(0.8) pp
Adj. EBITDA	(5)	9	14	12	9	(3)
EBITDA	(6)	8	14	ने के	8	(3)

Gross margin stable year over year and improved quarter over quarter.

Source: Redcare Pharmacy

Higher marketing spend in part offset by productivity and scale.

Cash flow EUR +7M in Q1.

Operating result EUR +7 million.

Working capital

EUR +30 million. Mainly from seasonality.

Investments

EUR -19 million. IT and PP&E, including the commencement of e-Rx automation project.

Financing

EUR -10 million.

Regular leasing, debt and financing. In addition, EUR -5.1 million, being the 49% share of the CHF 10M MediService dividend pay-out to Galenica AG, partner in MediService.

General update.

Redcare's Rx market share keeps growing.

Redcare's market share of Rx sales in Germany per monthly average; numbers shown are for the quarter.

Source: calculated by Reccare using ABDA / Insight Heath market size data of €55 billion, adjusted for 2024 seasonality, and own data.

RX MARKET SHARE )

Successful transformation into an app business.

Share of Redcare Rx prescriptions by channel received .

*Comprising of only Rx prescriptions from patients on Statutory Health Insurance (SHI / GKV).

Customers

• One-stop pharmacy on smartphone: a pharmacy at your finger-tip.

• Fully digital journey.
• Convenient personalised 1/1 communication.

Redcare

• Higher customer loyalty. A
• 》 Reduced marketing cost after app installment.
• ➤ Higher agility to build best product.

Rx cohorts already outperform strong non-Rx cohorts in year 1 by a multiple.

Main drivers for better cohort performance: active rate (share of returning customers after first order), average order value, order frequency.

Metrics driven by high share of patients with chronic conditions.

17

Successful placement of new convertible bonds and buy-back of existing on 8 April.

Rationale:

CONVERTIBLE BONDS

• Refinance outstanding 2021 convertible bond, lengthening the maturity profile. Previous 7-year bond included a put option right for investors for repayment in January 2026.

• Pro-active balance sheet management to strengthen capital structure.

• ▶ Enhance long-term financial flexibility.

• New bond: EUR 300M, 7-year put-5, conversion price (rounded) EUR 174 and effective conversion price EUR 194, yearly coupon 1.75%, 110% premium redemption.

Guidance, full-year 2025.

• Total sales growth in excess of 25%. A
• Rx in Germany in excess of EUR 0.5 billion. A

• Non-Rx total company growth in excess of 18%.

• Adj. EBITDA margin positive 2% to 2.5%.

The market and industry remain dynamic. As always, we will optimise growth and margins, and short and longer-term value creation, and will anticipate on results and developments.

Mid- to longer-term guidance of adjusted EBITDA margin in excess of 8% unchanged.

Time to ask questions.

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Thank VOU.

D Interim Report Q1 2025 can be downloaded on our website: www.ir.redcare-pharmacy.com