DocMorris (DOCM) Q1 2026 TU earnings summary

Executive summary

• Achieved strong revenue growth of 10.7% year-over-year in Q1 2026, reaching CHF 318.1 million, driven by Rx and digital services.

• Rx revenue surged 30.4% year-over-year and 7.6% sequentially, with momentum continuing into April.

• Digital services, including TeleClinic and retail media, expanded by 63.1% year-over-year, contributing to profit and margin improvements.

• Active customer base increased by 1 million year-over-year to 12.6 million, with 0.4 million added in Q1 2026.

• Management reiterates commitment to EBITDA breakeven in 2026 and positive free cash flow in 2027.

Financial highlights

• Adjusted EBITDA improved by CHF 9.8 million year-over-year to CHF -6.3 million in Q1 2026.

• Adjusted EBITDA margin improved by 360 basis points year-over-year to -2.1%.

• Non-Rx business revenue grew 6.5% year-over-year; OTC revenue up 4.4%.

• Revenue in Germany rose 11.1% year-over-year; Europe segment revenue up 2.9%.

• Q1 2026 external revenue: CHF 318.1 million; revenue: CHF 303.8 million.

Outlook and guidance

• Management confirms 2026 guidance: external revenue growth in the mid-single digit to low teens percent, adjusted EBITDA between CHF -10 million and -25 million, and capital expenditure of CHF 30 million.

• Q2 2026 EBITDA expected to be similar to Q1, with breakeven targeted for Q3 and Q4.

• Free cash flow break-even targeted for 2027; medium-term targets unchanged, including ~15% CAGR in external revenue and mid-term EBITDA margin of -8%.

• Guidance is subject to a stable regulatory environment.