Redcare Pharmacy accelerates in Q2: 20% revenue growth, expanding EBITDA margin; International turning profitable.

Group revenue increased 20% year over year to EUR 853 million. Group non-Rx revenue grew 13%, while Rx revenue increased 34%. Rx Germany continued its strong momentum with 58% growth. The active customer base increased by 0.5 million during Q2 to 14.7 million. Adjusted EBITDA increased 63% to EUR 29.6 million; the margin improved to 3.5%. Upgraded full-year 2026 guidance confirmed. Sevenum, the Netherlands, July 29, 2026. Redcare Pharmacy delivered a strong second-quarter performance, combining revenue growth of 20% (vs. 18% in Q1) with an improvement in the adjusted EBITDA margin by 0.9pp to 3.5%. Group revenue increased to EUR 853 million (Q2’25: EUR 709 million), supported by strong growth in both non-Rx and Rx. For the first half of 2026, Group revenue increased by 19% to EUR 1.7 billion, while adjusted EBITDA rose by 62% to EUR 44 million or 2.6% of revenue. The active customer base reached 14.7 million at the end of the quarter, an increase of 1.2 million year over year and 0.5 million during Q2. Customer satisfaction remained high, with an overall Net Promoter Score (NPS) of 74 and an e-Rx NPS of 77. The average shopping basket value increased by 4% year over year to EUR 68. Olaf Heinrich, CEO of Redcare Pharmacy, comments: “Q2 was another strong quarter for Redcare Pharmacy. Growth accelerated, Rx Germany continued its strong momentum and profitability improved significantly. We also welcomed another half million active customers, bringing our active customer base to 14.7 million. Most notably, our International segment delivered positive EBITDA for the first time – an important milestone that reflects the progress we have made in scaling the business sustainably.” Strong growth across non-Rx and Rx. Group non-Rx revenue increased 13% year over year to EUR 515 million. In Germany, non-Rx revenue grew 12% to EUR 269 million, accelerating from 9% in Q1’26. Rx revenue increased 34% to EUR 339 million. Rx revenue in Germany grew 58% to EUR 180 million, reflecting sustained underlying momentum in the high-50% range, while Rx revenue in Switzerland increased 15% to EUR 159 million. Overall, DACH revenue increased 21% to EUR 696 million (Q2’25: EUR 574 million), while International revenue grew 17% to EUR 158 million (Q2’25: EUR 135 million). Adjusted EBITDA margin improves to 3.5%. Gross profit increased to EUR 189 million in Q2’26 (Q2’25: EUR 169 million). Gross profit margin was 22.1%, compared with 23.8% in Q2’25 and 21.0% in Q1’26. The year-over-year decline was driven by the higher share of Rx revenue and also lower non-Rx gross margin. Adjusted selling and distribution expenses amounted to EUR 136 million, corresponding to 16.0% of revenue, compared with EUR 130 million and 18.4% in Q2’25. The lower cost ratio is due to more efficient marketing spending and operating leverage. Adjusted administrative expenses were EUR 23 million, or 2.7% of revenue, compared with EUR 20 million and 2.9% in Q2’25. As a result, adjusted EBITDA increased by 63% to EUR 30 million and adjusted EBITDA margin improved year over year from 2.6% to 3.5% in Q2’26. DACH contributed an adjusted EBITDA of EUR 28 million, up from EUR 20 million, and achieved a margin of 4.0% compared with 3.5% last year. International delivered positive adjusted EBITDA for the first time, reaching EUR 1.4 million versus negative EUR -2 million in Q2’25, while the margin improved to 0.9% from -1.5%. Upgraded full-year guidance confirmed. Redcare Pharmacy confirms its upgraded guidance for the full year 2026: Total revenue growth between 15% and 17%. Total Group non-Rx revenue growth between 10% and 12%. Rx revenue in Germany between EUR 680 million and EUR 720 million, representing growth between 35% and 43%. Adjusted EBITDA margin between 2.5% and 3.0%.   Revenue breakdown.

EUR million	Q2 2025	Q2 2026	Growth	H1 2025	H1 2026	Growth
Consolidated net revenues	709	853	20%	1,426	1,703	19%
DACH
Rx revenues	252	339	34%	486	655	35%
Thereof Germany	114	180	58%	222	348	57%
Thereof Switzerland	138	159	15%	264	308	17%
Non-Rx revenues	322	357	11%	671	734	9%
International
Non-Rx revenues	135	158	17%	270	314	16%

   Profitability.

EUR million	Q2 2025	Q2 2026	H1 2025	H1 2026
Consolidated EBITDA	17	29	24	43
Consolidated adjusted EBITDA	18	30	27	44
Adjusted EBITDA margin	2.6%	3.5%	1.9%	2.6%
DACH EBITDA	19	28	29	45
DACH adjusted EBITDA	20	28	30	46
Adjusted EBITDA margin	3.5%	4.0%	2.6%	3.3%
International EBITDA	(3)	1	(4)	(3)
International adjusted EBITDA	(2)	1	(3)	(2)
Adjusted EBITDA margin	(1.5)%	0.9%	(1.2)%	(0.7)%

  Upcoming publications and events.

Date	Publication / Event
October 29, 2026	Interim Statement Q3 2026

Going forward, Redcare Pharmacy will discontinue the publication of preliminary quarterly trading statements, with the only exception being an annual trading update in January. All financial and operational information will be released together on a single date.