Redcare Pharmacy (RDC) Q4 2024 earnings summary

Executive summary

• Achieved 32% total sales growth in 2024, with organic growth at 26% excluding media service.

• Gained market leadership in both Rx and non-Rx in Germany and expanded leadership to Italy.

• Active customer base grew to 12.5 million, with 1.7 million added in 2024 and 0.6 million in Q4.

• NPS remained high at 69, reflecting strong customer satisfaction.

• Seamless leadership transition and first year reporting under CSRD.

Financial highlights

• Full-year sales reached nearly EUR 2.4 billion, up from EUR 1.799 billion year-over-year.

• Rx sales grew 64% to EUR 750 million; non-Rx up 21% to EUR 1.6 billion.

• Adjusted EBITDA for the year was EUR 33 million, with a 1.4% margin.

• Cash flow from operations was EUR 32 million, with total investments of EUR 38 million and year-end cash of EUR 178 million.

• Gross profit margin declined to 23.0% (from 24.5% in 2023), mainly due to Rx mix, but absolute gross profit increased.

Outlook and guidance

• 2025 guidance: sales growth in excess of 25%, Rx sales expected to double to above EUR 0.5 billion, non-Rx growth above 18%.

• Adjusted EBITDA margin targeted between 2% and 2.5% for 2025.

• Continued focus on organic growth, with e-Rx expected to double and margin to remain at least 2%.

• Midterm EBITDA margin guidance remains above 8%.