Redcare Pharmacy (RDC) Q4 2025 earnings summary

Executive summary

• Rx revenues in Germany nearly doubled to EUR 503 million, securing a 67% market share and reinforcing market leadership in e-Rx among online pharmacies.

• Group Rx revenues surpassed EUR 1 billion for the first time, now over 33% of total sales, supported by a landmark court ruling confirming Rx bonus legality for EU online pharmacies.

• Major logistics expansions in Pilsen and automation in Sevenum increased capacity by up to 15 million parcels annually and reduced costs.

• Customer base grew by 1.4 million, with Rx customers up by 0.6 million in 2025 and active customers reaching 13.9 million.

• Digital health advancements, including PoPP, eGK, and Rx bonus model, improved Rx redemption and customer experience.

Financial highlights

• Full-year revenues rose 24% to EUR 2.9 billion, with double-digit growth in both DACH and international regions.

• Rx revenues increased 43% to EUR 1.1 billion, now 36% of total revenues; non-Rx revenues up 15.5% to EUR 1.9 billion.

• Adjusted EBITDA grew 72% to EUR 57.4 million, with margin improving by 0.6 percentage points to 2.0%.

• Orders processed increased by 19% year-over-year, reaching 43 million.

• Cash position improved by EUR 26 million, with EUR 50 million from operating results and operating cash flow up to EUR 31 million.

Outlook and guidance

• 2026 guidance: total/group sales growth of 13%-15%, Rx Germany revenues above EUR 670 million, non-Rx growth of 8%-10%, and adjusted EBITDA margin of at least 2.5%.

• Midterm (3 years) EBITDA margin target of 5%; long-term (5+ years) target above 8%.

• No EBITDA guidance will be provided beyond the next financial year; focus will shift to EPS.

• CapEx expected to fall below 2% of revenues after 2026; peak investment years in 2025 and 2026.