Redcare Pharmacy (RDC) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 17.7% YoY to €846.7 million, led by Rx growth; adjusted EBITDA increased 67.7% to €28.7 million, with margin up 1.0pp to 3.4%.

• Net income was positive for a second consecutive quarter, at €0.9 million; active customers reached 15.2 million, up 11% YoY.

• Peter Schmid von Linstow became CEO on October 14, 2026; priorities include e-commerce execution, technology and AI, Rx growth, and profitable growth through operating leverage and cost discipline.

Financial highlights

• Q3 revenue increased to €846.7 million from €719 million; 9M revenue rose 18.8% to €2,549.7 million.

• Q3 gross profit rose 16.2% to €184.6 million; gross margin was 21.8%, down 0.3pp YoY, narrower than the 1.7pp decline in Q2.

• Q3 EBIT improved to €11.9 million from a €2.1 million loss; net income was €0.9 million versus a €7.3 million loss.

• Adjusted selling and distribution expenses were 15.6% of revenue versus 17.0% YoY; marketing costs fell to 4.9% from 5.9% of revenue.

• 9M adjusted EBITDA was €72.7 million versus €44.3 million, at a 2.9% margin; 9M net loss was €6.0 million.

Outlook and guidance

• FY 2026 guidance reaffirmed: revenue growth of 16%–18%, Group non-Rx growth of 10%–12%, and adjusted EBITDA margin of 2.5%–3.0%; revenue and German Rx guidance had been raised earlier in the year.

• German Rx revenue guidance is €730–€760 million; positive free cash flow is targeted for 2027.

• October non-Rx growth was expected below 10% amid a slow cough-and-cold sales ramp; management described guidance as prudent, not indicative of structural deceleration.

• German Rx growth is expected to moderate as prior-year bonus comparisons normalize, while absolute Rx revenue is expected to grow.

• Q4 gross margin improvement is expected to continue through commercial steering; 2026 cash flow is expected to remain negative amid Sevenum investment and working-capital needs.