DocMorris (DOCM) Global Markets Forum Conference summary

Business model and strategy

• Integrated digital health ecosystem served 12.9m customers; Germany generated ~95% of net sales, alongside operations in France and the U.K.

• Core Rx and OTC pharmacy business is complemented by an OTC marketplace, TeleClinic telemedicine and dmr Advertising retail media; an AI health assistant is intended to connect services.

• TeleClinic H1 revenue rose 48% to €17.6m, treatments increased 51% to 1.3m and EBITDA doubled YoY; Retail Media generated >€10m net sales, grew >100% and delivered a mid-double-digit EBITDA margin.

Trading and customer economics

• Rx revenue grew 38.3% in H1 2026 and 45.8% in Q2, with further acceleration in July and Q3; FY Rx growth guidance was at least 40%.

• Rx customers rose 15.6% YoY and 7.1% QoQ, primarily driven by new customers; five-year Rx customer sales exceed OTC customer sales by >10x.

• Non-Rx revenue grew 6.6% in H1; OTC/BPC rose 4%, digital services grew 61.4%, and TeleClinic, Retail Media and Marketplace Digital Services collectively grew 71.4%.

• German prescription co-payment coverage replaced vouchers and upper-funnel advertising; it slightly pressures gross margin but is intended to improve bottom-line profitability.

Financial performance

• H1 revenue increased 13.4% in local currency and 10.7% in CHF; gross margin was 22.1%, down 20 bps, while adjusted EBITDA improved to CHF -10.9m from CHF -28.8m and operating cash flow improved CHF 34.6m.

• Marketing expenses fell CHF 13.8m YoY and the marketing ratio improved 310 bps; lower personnel and distribution expense ratios also supported adjusted EBITDA.

• A new convertible bond maturing in 2031 replaced the bond due 2028; the coupon fell to 1.5% from 3%, securing liquidity without near-term financing needs.