Redcare Pharmacy (RDC) Q3 2025 earnings summary

Executive summary

• Group sales grew 27% year-over-year to €2.15 billion for the first nine months of 2025, driven by strong organic growth in both Rx and non-Rx segments, with significant market share gains in Germany.

• Non-Rx sales increased 18% year-over-year, with DACH up 14.9% and International up 25.8%. Rx sales in Germany surged 122% compared to the same period last year.

• Adjusted EBITDA reached €44 million (2.1% margin) year-to-date, already within the full-year guidance range.

• CFO Jasper Eenhorst stepped down, with CEO Olaf Heinrich assuming interim CFO duties and a smooth handover planned.

• Active customers reached 13.7 million, up 1.8 million year-over-year, with repeat orders at 90%.

Financial highlights

• Q3 2025 revenue was €719.2 million (+25.2% YoY); 9M 2025 revenue reached €2.15 billion (+26.6% YoY).

• Adjusted EBITDA for Q3 2025 was €17 million (2.4% margin), up 50% year-over-year.

• Gross profit margin for 9M 2025 was 23.1%; Q3 margin was 22.1%.

• Cash and short-term financial assets at period end: €266 million, up from €178 million at the start of the year.

• Operating cash flow (rolling 12 months, excluding Rx Germany) exceeded €100 million and is on an increasing trend.

Outlook and guidance

• Full-year 2025 guidance: total sales growth above 25%, Rx Germany sales above €0.5 billion, non-Rx growth above 18%, and adjusted EBITDA margin between 2% and 2.5%.

• Mid- to long-term target: adjusted EBITDA margin above 8%.

• Temporary investment peaks in logistics and automation for 2025–2026, but capital-light model maintained.