Redcare Pharmacy N.V.

Investor Presentation • Jul 30, 2024

Q2 2024 Earnings call presentation.

Presenting live from our headquarters.

Today's presenters.

Olaf Heinrich, Chief Executive Officer. Jasper Eenhorst, Chief Financial Officer.

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Today's agenda.

Financial performance.

Strategy update 2024.

Outlook and guidance.

Financial

performance.

FINANCIAL PERFORMANCE

H1 2024 financial highlights.

> Continued fast growth with record sales.

Total sales up 42% in H1 2024, reaching EUR 1,121M. Excluding last year's acquisition of MediService, growth was 21 %.

Strong Rx growth in Germany.

Quarter average Rx growth already accelerated from 7% in Q1 to 37% in Q2.

Non-Rx growth of 20%. A

+18% in the DACH Segment and +27% in the International Segment.

Adj. EBITDA of 2.7% in Q2 lifts YTD margin to 2.4%. Marqins under control.

Fast growth in both segments continued.

Active customers +1.5M, with high NPS.

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

NON-FINANCIAL KPIs

Over 17M orders in H1, 87% from returning customers.

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

H1 sales up € 329M to € 1.1 billion, adj. EBITDA € 27M.

MediService included since mid-Q2 2023, leading to mix impact on gross profit and selling and distribution margins when comparing year over year.

	Year over Year			Year over Year
in millions of euros, adjusted numbers	02 2023	Q2 2024	Better or (worse)	H1 2023	H1 2024	Better or (worse)
Sales	420	561	33.5%	792	1,121	41.5%
Gross profit margin	25.4%	23.4%	(2) pp	26.5%	23.4%	(3.1) pp
Selling & distribution margin	(19.3)%	(17.8)%	1.5 pp	(20.8)%	(18.1)%	2.7 pp
Administrative cost margin	(2.9)%	(2.9)%	0.0 pp	(2.9)%	(2.9)%	0.0 pp
Adj. EBITDA margin	3.2%	2.7%	(0.5) pp	2.8%	2.4%	(0.4) pp
Adj. EBITDA	13	15	2	22	27	5
EBITDA	ਹੈ ਜ	14	3	15	25	10

Stable underlying gross margin vs. H1 last year.

Source: Redcare Pharmacy

Scale and efficiencies in the cost performance.

Source: Redcare Pharmacy

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KEY FINANCIALS: SUMMARY )

Unabated fast organic growth with margins under control.

Solid cash balances.

14 * For comparison, in this bridge, EUR 7M is re-classified from Working Capital to Investments, where the FRS cash flow statement EUR 7M related to 2021 business acquisitions distorts the visibility on the underlying trend. The re-classfication does not impact total cash flow.

Strategy update 2024.

This is just the beginning of a new digital era.

• Successfully launched: CardLink solution active for patients within the Shop Apotheke app since early May.

• Technologically advanced: stable, fast and easy customer journey to redeem e-scripts.

• Highly accepted: positive feedback from both existing and new customers.

Strong acceleration: e-Rx sales in Germany, from 7% growth in Q1 to 37% in Q2 2024.

Today's redemption options.

How to CardLink: It's as simple as paying by card.

app and click on e-prescription on the menu.

Simply hold the health insurance card to the smartphone; the e-prescriptions will be retrieved.

All prescriptions can be seen at a glance, add them to the shopping cart with one click and complete the order.

REDCARE'S CARDLINK SOLUTION

lt's all about customer centricity.

One-time registration low-threshold access for returning customers.

• Prescriptions can be ordered 24/7 from anywhere.

• Real-time visibility of all prescribed medications and their availability. Preferred medicine choice can be made in the app based on doctors' and payors' framework.

• Orders placed by 18:00 on weekdays or 13:00 on Saturdays are delivered the next business day.

• High data security standards; approved by gematik and regulatory institutions (BSI & BfDI*).

The advantageous solution for all patients in Germany.

Redcare's Rx developments so far and future potential.

Outlook and guidance.

Guidance for full-year 2024.

• Total sales to increase to EUR 2.3-2.5 billion, a growth of 30-40%.

• Non-Rx sales growth 15-25%. A

• MediService to grow by mid-single digits.

• Adj. EBITDA margin 2% to 4%. A
• Rx too dynamic to give guidance. A

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

Time to ask questions.

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Thank you.