Redcare Pharmacy N.V.

Investor Presentation • Apr 25, 2024

Q1 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.

Update on business and strategy.

Financial

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performance.

FINANCIAL PERFORMANCE )

Q1 2024 highlights.

• ➤ Fast total and organic growth. Total sales up 51% in Q1 2024, excluding MediService 19%.
• Non-Rx growth of 20%. A +17% in the DACH Segment and +29% in the International Segment.

• Adj. EBITDA margin above 2% (2.1%) with increase in Rx marketing spend. Adj. EBITDA in Q1 2024 EUR 11.7M vs. EUR 8.8M last year, up 33%.

Fast growth in both segments continued.

NON-FINANCIAL KPIs

Active customers +1.5M, constantly high NPS.

NON-FINANCIAL KPIs

Fast increase of orders; averaging nearly 100k per day.

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

Adj. EBITDA margin of 2.1% or EUR 12M.

MediService included since mid-Q2 2023.

	Quarter-over-Quarter			Year-over-Year
in millions of euros, adjusted numbers	Q4 2023	Q1 2024	Better or (worse)	Q1 2023	Q1 2024	Better or (worse)
Sales	531	560	5.4%	372	580	50.6%
Gross profit margin	22.8%	23.4%	0.6 pp	27.7%	23.4%	(4.3) pp
Selling & distribution margin	(17.0)%	(18.4)%	(1.4) pp	(22.5)%	(18.4)%	4.1 pp
Administrative cost margin	(2.8)%	(2.9)%	(0.1) pp	(2.9)%	(2.9)%	0.0 pp
Adj. EBITDA margin	3.1%	2.1%	(1.0) pp	2.4%	2.1%	(0.3) pp
Adj. EBITDA	16	12	(4)	9	12	3
EBITDA	13	11	(2)	5	ने के	6

Adjustments in Q1 2024 of EUR 1.1m relate only to the employee stock option plan (non-off external costs for special projects.

Underlying gross margin up 0.3 pp vs. Q1 last year.

Cost inflation and e-Rx marketing largely offset by efficiencies.

Source: Redcare Pharmacy

Cash flow EUR +15M, benefiting from seasonality.

13 * For comparison, in this bridge, EUR 7M is re-classified from Working Capital to Investments, where the IPRS of TM related to 2021 business acquisitions distibility on the underlying trend. The re-classfication does not impact total cash flow.

Update on business and strategy.

BUSINESS AND STRATEGY

Redcare's eHealth-CardLink solution: The best way to redeem e-scripts fully digitally.

• ➤ Redcare's solution approved by gematik on 23 April 2024.

• CardLink solution active for patients within the Shop Apotheke app by early May.

• Patients will benefit from this most convenient redemption method via CardLink, while still having the option to use the gematik app or scan the print-out's QR code as alternative solutions.

Status quo on eHealth-CardLink.

BUSINESS AND STRATEGY

Our fully digital customer journey for e-Rx.

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 expected to grow by mid-single digits.
• Adj. EBITDA margin 2% to 4%. 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.