DocMorris (DOCM) Q4 2025 TU earnings summary

Executive summary

• Achieved 11.1% external revenue growth and 12.4% revenue growth in 2025, with strong Q4 momentum.

• All business areas contributed to growth, with digital services and telemedicine showing high-margin expansion.

• Active customer base increased to 11.0 million in 2025, despite the discontinuation of the Zur Rose brand in Germany.

Financial highlights

• External revenue reached CHF 1,185.8 million, up 11.1% year-over-year; revenue at CHF 1,124.5 million, up 12.4%.

• Q4 external revenue rose 15.5% year-over-year; revenue up 16.6% in local currency.

• Germany segment external revenue up 11.7% in local currency; Rx revenue up 33.2% to CHF 234.8 million.

• Non-Rx external revenue up 7.1% to CHF 887.9 million; TeleClinic revenue up 124% to CHF 24.9 million.

• Retail Media and Marketplace revenue up 88% to CHF 13.6 million.

Outlook and guidance

• EBITDA forecast for 2025 specified at minus CHF 48 to minus CHF 52 million.

• EBITDA breakeven expected in 2026; free cash flow breakeven targeted for 2027.