Redcare Pharmacy (RDC) Q2 2025 earnings summary

Executive summary

• Group sales grew 27% year-over-year to €1.426 billion in H1 2025, driven by strong organic growth in both Rx and non-Rx segments, with notable market share gains in Germany and active customers rising to 13.5 million.

• Adjusted EBITDA margin doubled from 1.3% in Q1 to 2.6% in Q2, reaching €27.2 million in H1 2025, with net loss narrowing to €2.8 million from €13 million in H1 2024.

• Rx sales in Germany surged 155% year-over-year in H1 2025, reflecting rapid adoption and regulatory tailwinds.

• Strategic investments in logistics, technology, and e-Rx automation, plus a successful €300 million convertible bond issue, enhanced financial flexibility and extended debt maturity to 2030.

• Legal clarity on Rx bonus schemes and e-prescription access in Germany further strengthened the business outlook.

Financial highlights

• H1 2025 revenue: €1,426 million (+27.3% YoY); Q2 revenue: €709.2 million (+26.5% YoY).

• Gross profit: €336 million (+28.3% YoY); gross margin: 23.6% (H1 2024: 23.4%).

• Adjusted EBITDA: €27.2 million (margin 1.9%); net result: €-2.8 million (H1 2024: €-13.0 million).

• Cash and cash equivalents exceeded €300 million at June 30, 2025, supported by successful convertible bond transactions.

• Order volume rose 25% year-over-year to 22 million in H1 2025, with average basket size up 7.8% to €63.92.

Outlook and guidance

• Full-year 2025 sales growth expected to exceed 25%, with Rx sales in Germany projected above €0.5 billion and non-Rx growth for the group above 18%.

• Adjusted EBITDA margin guidance set at 2–2.5% for 2025, with a long-term target above 8%.

• Confident in accelerating Rx growth in H2, supported by effective CAC management and regulatory tailwinds.