Redcare Pharmacy (RDC) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 18.4% year-over-year to €849.5 million, driven by strong Rx and non-Rx growth, especially in Germany and across DACH and International segments.

• Active customer base reached 14.2 million, up 1.1 million year-over-year, with repeat orders at 90%.

• Adjusted EBITDA increased 58% year-over-year to €14.4 million (1.7% margin), up from €9.1 million (1.3%) in Q1 2025.

• Net loss was €11.0 million, a slight improvement from €11.6 million loss in Q1 2025.

• Non-Rx revenue increased 10% to €533 million; Rx revenue up 36% group-wide, 55% in Germany.

Financial highlights

• Gross profit reached €178.0 million, with gross margin at 21.0% (down from 23.3% in Q1 2025) due to competitive non-Rx environment and higher Rx share.

• Adjusted selling and distribution expenses were €143.1 million (16.8% of revenue), down from 19.4% of sales in Q1 2025.

• Adjusted administrative expenses rose to €20.6 million (2.4% of sales), but the ratio improved from 2.7% year-over-year.

• DACH adjusted EBITDA margin rose 0.8pp year-over-year to 2.6%, offsetting gross margin decrease.

• Operational free cash flow was only slightly negative in Q1, showing significant quarter-over-quarter improvement.

Outlook and guidance

• Full-year 2026 guidance confirmed: total revenue growth of 13–15%, Rx revenue in Germany over €670 million, non-Rx group revenue growth of 8–10%, and adjusted EBITDA margin of at least 2.5%.

• International segment still targets break-even for full year 2026.

• Continued focus on optimizing marketing mix and building foundations for long-term scaling.