Redcare Pharmacy N.V.

Investor Presentation • May 1, 2023

SEVENUM, 2 MAY 2023

Q1 2023 EARNINGS CALL

JASPER EENHORST, CFO. STEFAN FELTENS, CEO.

LIVE FROM OUR HEADQUARTERS IN SEVENUM.

TODAY'S AGENDA.

BUSINESS PERFORMANCE.

UPDATE ON BUSINESS AND STRATEGY.

BUSINESS PERFORMANCE.

HIGHLIGHTS Q1 2023:

STRONG Q1 WITH 22% SALES GROWTH AND EBITDA MARGIN UP 3.8PP VS. LAST YEAR TO +2.4%.

• DOUBLE-DIGIT SALES GROWTH – IN ALL SEVEN COUNTRIES.

NON-RX SALES GROWTH 23%, TOTAL SALES GROWTH 22%. ACTIVE CUSTOMER BASE UP 0.4M TO 9.7M. CONTINUED HIGH CUSTOMER SATISFACTION; NPS ABOVE 70.

• EFFICIENCY GAINS AND SCALE EFFECTS DRIVE MARGIN. Q1 ADJ. EBITDA MARGIN 2.4%, 3.8 PP BETTER THAN LAST YEAR'S Q1.

• OPERATING CASH FLOW EUR +44M. EBITDA EUR 9M AND FAVOURABLE SEASONAL WORKING CAPITAL MOVEMENTS.

• SUSTAINABILITY: MSCI ESG RATING UPGRADE TO TRIPLE-A.

NOW SHOP APOTHEKE EUROPE IS AMONG LEADING TOP 4% GLOBALLY IN BENCHMARK.

• STRATEGIC PARTNERSHIP WITH GALENICA, CREATING THE LEADING ONLINE PHARMACY IN SWITZERLAND.

CLOSING EXPECTED THIS H1; MEDISERVICE NUMBERS FOR FULL YEAR 2023: SALES OF AROUND CHF 450 MILLION AND EBITDA MARGIN 2 TO 3%. CONSOLIDATED AS OF CLOSING.

KEY FINANCIALS. DOUBLE-DIGIT TOTAL SALES GROWTH.

CONTINUOUSLY STRONG NET PROMOTER SCORE. ACTIVE CUSTOMER BASE CLOSE TO 10 MILLION.

MORE THAN 7 MILLION ORDERS IN ONE QUARTER. SHARE FROM RETURNING CUSTOMERS CONTINUOUSLY HIGH.

KEY FINANCIALS: PROFIT & LOSS. EFFICIENCY GAINS AND SCALE EFFECTS DRIVE EBITDA.

IN MILLIONS OF EUROS. ADJUSTED NUMBERS.	Q1 2022	Q1 2023	Better / (Worse) than Q1 2022	Q4 2022	Q1 2023	Better / (Worse) than Q4 2022
Sales	305	372	22.1%	328	372
Gross profit margin	26.6%	27.7%	1.1 pp	27.8%	27.7%	(0.1) pp
Selling & distribution margin	(25.0)%	(22.5)%	2.5 pp	(23.8)%	(22.5)%	1.3 pp
Administrative costs margin	(2.9)%	(2.9)%	0.0 pp	(3.7)%	(2.9)%	1.2 pp
Adj. EBITDA margin	(1.4)%	2.4%	3.8 pp	0.3%	2.4%	2.1 pp
Adj. EBITDA	(4)	9	13	1	9	8
EBITDA	(10)	5	15	(1)	5	6

Adjustments in Q1 2023 EUR 4.2M (Q1 2022: EUR 6.2M): EUR 2.2M (non-cash) from non applicability of IFRS 3 accounting of the 2022 business acquisitions, remainder are costs of the employee stock options programme (non-cash) and one-off external costs related to projects including acquisitions.

KEY FINANCIALS: GROSS PROFIT MARGIN. INCREASED GROSS MARGINS.

KEY FINANCIALS: SELLING & DISTRIBUTION RATIO. IMPROVED MARKETING AND OPERATIONAL EFFICIENCY.

KEY FINANCIALS: CASH FLOW. CASH BALANCE UP 32M.

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OUR STRONG COMMITMENT TO SUSTAINABILITY PAID OFF.

• RECENTLY AWARDED MSCI AAA RATING.
• AMONG THE TOP 4 PERCENT IN OUR INDUSTRY GLOBALLY.
• UPGRADED FROM AA.

UPDATE ON STRATEGY AND BUSINESS.

UPDATE ON E-RX. READY FOR MORE.

• THE NUMBER OF PRESCRIPTIONS REDEEMED KEEPS RISING - OVER 1.7 MILLION BY THE END OF APRIL 2023.
• ON AVERAGE 7,500 TO 8,000 E-PRESCRIPTIONS ARE REDEEMED DAILY.
• E-RX OBLIGATION PROBABLY BY 2024. AWAITING DETAILS FROM THE MINISTRY.

READY FOR A FUTURE WITH E-PRESCRIPTIONS.

STRATEGIC PARTNERSHIP WITH GALENICA. AIM: CREATION OF THE LEADING ONLINE PHARMACY IN SWITZERLAND.

• COMBINING THE BUSINESS ACTIVITIES OF MEDISERVICE AND SHOP-APOTHEKE.CH IN ONE COMPANY.
• MERGING OF MEDISERVICE'S SPECIALTY PHARMACY EXPERTISE WITH SHOP APOTHEKE'S E-COMMERCE PROFICIENCY.
• RESULTING IN A MORE COMPREHENSIVE RANGE OF PRODUCTS AND SERVICES FOR AN EVEN BETTER CUSTOMER PROPOSITION AND EXPERIENCE.

THE BEST ONLINE B2C PROPOSITION.

STRATEGIC PARTNERSHIP WITH GALENICA. THE TRANSACTION.

• MEDISERVICE TO TAKE OVER THE BUSINESS ACTIVITIES OF SHOP-APOTHEKE.CH.
• SHOP APOTHEKE EUROPE WILL HOLD 51% AND GALENICA 49% OF THE JOINT-VENTURE MEDISERVICE.
• SHOP APOTHEKE EUROPE PAYS WITH A 6% SHARE CAPITAL INCREASE. IN ADDITION, GALENICA ACQUIRES 2% SHARES. AFTER THE CAPITAL INCREASE GALENICA WILL HOLD 8% IN SAE.

STRATEGIC ALLIANCE OF LEADERS IN THEIR FIELD.

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POST TRANSACTION. FINANCIAL REPORTING.

• IN ACCORDANCE WITH IFRS10, FULL CONSOLIDATION OF MEDISERVICE AG FIGURES AS OF DEAL CLOSING DATE.
• CURRENT MEDISERVICE BUSINESS EXPECTED NUMBERS FOR FULL YEAR 2023:

SALES AROUND CHF 450 MILLION AND EBITDA MARGIN 2 TO 3%. ALL SALES ARE PRESCRIPTON MEDICATION (RX) SALES.

• E.G. IF CLOSING OF TRANSACTION IN MAY, IN 2023 SHOP APOTHEKE EUROPE'S SALES WILL INCREASE BY EUR 270 TO 300 MILLION AND EBITDA BY EUR 5 TO 10 MILLION.
• ONE-OFF CASH-IN OF EUR 29 MILLION, FOR 0.4 MILLION SHARES.

Corporate REBRANDING APPROVED.

It is all about our corporate brand and our intention to rename the N.V.

While keeping the names of our successful local hero brands, today.

·》 New corporate brand

One corporate vision: Redcare Pharmacy, positioning us best for future long-term growth and value creation.

We are keeping our local hero brands, today.

No extraordinary costs.

GUIDANCE FOR FY 2023 RECONFIRMED.

Excluding impact from a potential surge in e-prescriptions (E-RX) in Germany.

10% TO 20% GROWTH IN NON-RX SALES.

• NON-RX ACCOUNTED FOR EUR 1.1 BILLION (90%) OF SALES IN 2022.

FREE CASH FLOW ZERO; BETWEEN EUR -20M AND +20M.

• FCF AS PER THE MOST COMMONLY USED DEFINITION, I.E. CASH FLOW FROM OPERATING ACTIVITIES PLUS INVESTING ACTIVITIES.

0.5% TO 2.5% ADJ. EBITDA MARGIN.

• YEAR-OVER-YEAR IMPROVEMENTS IN BOTH EFFICIENCIES AND INCOME.

IN ADDITION, SALES AND EBITDA WILL INCREASE FROM THE TRANSACTION.

TIME TO ASK QUESTIONS.

PRESENTATION & INTERIM REPORT FOR DOWNLOAD ON shop-apotheke-europe.com