Redcare Pharmacy (RDC) Q1 2025 earnings summary

Executive summary

• Group sales grew 28% year-over-year in Q1 2025 to €717 million, driven by strong RX growth in Germany and solid non-RX performance.

• RX sales in Germany surged 191% year-over-year, with market share rising to 0.87%.

• Active customer base increased to 13.1 million, with repeat order share reaching 89%.

• Order volume reached 11.5 million, and average basket size grew to €62.44.

• Adjusted EBITDA margin was 1.3% in Q1, with positive adjusted EBITDA of €9 million.

Financial highlights

• Q1 sales of €717 million, up 28% year-over-year and 6% sequentially from Q4 2024.

• Gross profit margin stable at 23.3% year-over-year, improved 1 percentage point quarter-over-quarter.

• Adjusted EBITDA was €9 million, down from €11.7 million in Q1 2024 due to margin compression.

• Cash and short-term assets increased to €185 million, with positive operating cash flow.

• Equity ratio at 48.3%, down from 50.8% at year-end 2024.

Outlook and guidance

• Full-year 2025 guidance reiterated: sales growth above 25%, RX Germany sales above €0.5 billion, and adjusted EBITDA margin between 2% and 2.5%.

• Non-RX expected to grow over 18% for the year.

• Q1 margin below full-year guidance, with stronger profitability expected in subsequent quarters due to seasonality and efficiency gains.