Redcare Pharmacy: Strong growth in 2025 surpassing EUR 1bn in Rx revenue; adj. EBITDA up 72% yoy.
- Group revenue increased 24% YoY to EUR 2.9bn.
- Share of Rx revenue grew to 36%, exceeding EUR 1bn for the first time.
- Revenue from Rx Germany nearly doubled to EUR 503M.
- Adj. EBITDA increased 72% to EUR 57M as margin improved from 1.4% to 2.0%.
- The number of active customers grew 11% YoY to 13.9M.
- Net Promoter Score in Q4 reached 74 vs. 69 in Q4 2024.
- Guidance for 2026 is 13% to 15% Group revenue growth and an adj. EBITDA margin of at least 2.5%.
Sevenum, the Netherlands, March 4, 2026. Redcare Pharmacy delivered strong double-digit revenue growth in 2025 and achieved a clear step-up in profitability. Group revenue increased by 24.1% to EUR 2.9 billion, driven by continued momentum in the prescription business. Rx revenue exceeded EUR 1 billion for the first time, with revenue in Germany nearly doubling to EUR 503.0 million. Profitability improved in parallel: Adjusted EBITDA rose by 72% to EUR 57.4 million, lifting the adjusted EBITDA margin to 2.0%. The margin improvement reflects operating leverage across both segments and disciplined cost management, alongside continued investment in future growth. Redcare Pharmacy further expanded its customer base and deepened customer engagement in 2025. Active customers increased to 13.9 million (vs. 12.5 million in 2024), representing a net addition of 1.4 million year over year. The average shopping basket value rose to EUR 65.98 (vs. EUR 60.98 in 2024), supported by the higher Rx-mix and continued cross-selling. Customer loyalty remained strong, with the NPS averaging 68 for the year (vs. 69 in 2024) and exceeding 70 at year end.
CEO Olaf Heinrich comments: “Every year we strengthen the foundations for a fast-growing, more profitable business. Our unique value proposition for Rx and non-Rx drives scalable growth and a higher customer lifetime value, improving profitability. In 2025, we already widened the gap to other online competitors. With our recent investments in automation and capacity expansion, we will strengthen our competitive position even further.”
Group performance.
Group revenue increased by 24.1% to EUR 2.9 billion (vs. EUR 2.4 billion in 2024), supported by continued strength in the prescription business. Rx revenue rose by 42.6% to EUR 1.1 billion (vs. EUR 750 million in 2024), increasing its share of Group revenue from 31.6% to 36.4%. Non-Rx revenue grew by 15.5% to EUR 1.9 billion (vs. EUR 1.6 billion in 2024) and continued to outperform the offline pharmacy market.
Growth in non-Rx declined during 2025 and slowed to 9.3% in Q4, when Redcare’s marketing spend was lower as a percentage of sales than in Q4 2024. Slower growth was exacerbated by an overall soft market environment.
Adjusted gross profit increased to EUR 663.9 million (vs. EUR 546 million in 2024), translating into a margin of 22.6% (vs. 23.0% in 2024). The higher share of Rx had a mix effect on margin, which was partly offset by pricing, purchasing and platform effects. The margin profile is consistent with the Group’s structural shift towards prescription-driven growth.
Operating leverage became visible over the course of the year. Adjusted selling and distribution expenses declined to 18.0% of revenue (vs. 18.7% in 2024), while adjusted administrative expenses improved to 2.7% (vs. 2.9% in 2024).
As a result, adjusted EBITDA increased by 72% to EUR 57.4 million (vs. EUR 33 million in 2024), corresponding to a margin of 2.0% (vs. 1.4% in 2024).
EBIT improved to EUR –28.5 million (vs. EUR –39 million in 2024) and net loss narrowed to EUR –39.4 million compared to EUR –46.4 million in 2024.
Operating cash flow grew to EUR 31 million (vs. EUR 22.1 million in 2024), primarily driven by the improved operating result and despite higher working capital requirements.
Segment developments.
Revenue in the DACH segment rose by 24.1% to EUR 2.4 billion (vs. EUR 1.9 billion in 2024), accounting for 82% of Group revenue. Growth was driven by strong Rx momentum, particularly in Germany where Rx revenue nearly doubled year on year to EUR 503.0 million, alongside solid non-Rx growth.
The adjusted gross margin came in at 21.9% (vs. 22.6% in 2024), primarily reflecting the higher Rx contribution, while positive pricing, purchasing and platform effects partially mitigated the mix impact.
At the same time, cost ratios improved meaningfully: Adjusted selling and distribution expenses declined by 0.6 percentage points to 17.1% of revenue (vs. 17.7% in 2024) and adjusted administrative expenses improved by 0.2 percentage points to 2.2% (vs. 2.4% in 2024).
Adjusted EBITDA increased to EUR 64.0 million (vs. EUR 50 million in 2024), corresponding to an adjusted EBITDA margin of 2.7% (vs. 2.6% in 2024). Efficiency gains were partly offset by a higher Rx share, alongside continued investment to accelerate e-Rx adoption and further strengthen the Group’s leading position in the German prescription market.
Revenue in the International segment increased by 23.7% to EUR 540.0 million (vs. EUR 437 million in 2024), with the share of Group revenue stable at 18%.
Adjusted gross margin improved to 25.6% (vs. 24.7% in 2024), supported by purchasing effects and favorable product and country mix.
Operating efficiency continued to strengthen: Adjusted selling and distribution expenses declined by 1.5 percentage points to 21.9% of revenue (vs. 23.4% in 2024), while adjusted administrative expenses improved by 0.2 percentage points to 4.9% (vs. 5.1% in 2024).
Adjusted EBITDA improved to EUR –6.6 million (vs. EUR –17 million in 2024), with the adjusted EBITDA margin narrowing to –1.2% (vs. –3.8% in 2024), underscoring continued progress towards break-even.
Investment and financing.
Capital expenditure totaled EUR 118.6 million in 2025, focused primarily on automation, alongside investments in logistics capacity and technology infrastructure. These investments enhance operational scalability and strengthen the foundation of the business.
2025 and 2026 represent peak investment years. Capital expenditure intensity is expected to normalize towards structural levels of around 2% of revenue thereafter.
Net cash generated from financing activities totaled EUR 111.3 million (vs. EUR –17.9 million in 2024), primarily reflecting the issuance of a new convertible bond and the repurchase of the 2021/2028 convertible bonds.
Guidance for 2026 and further outlook.
Redcare Pharmacy expects Group revenue to grow 13% to 15% in 2026. This growth will be driven by further expansion of the prescription business, with non-Rx revenue stabilizing at a growth rate of 8% to 10%.
CFO Hendrik Krampe comments on the margin outlook: “For 2026, we expect to achieve an adjusted EBITDA margin of at least 2.5%. We are also on track to achieve adjusted EBITDA margin of more than 5% in the mid-term. This is because our marketing spend as a percentage of revenue will decrease, our fulfillment costs per unit will further reduce as a result of automation and we will leverage better overhead cost. In addition, we will grow high margin business lines such as marketplace and retail media.”
Redcare Pharmacy’s guidance for 2026:
- Total revenue growth of 13% to 15%.
- Rx revenue in Germany in excess of EUR 670 million.
- Non-Rx revenue growth of 8% to 10%.
- Adjusted EBITDA margin of at least 2.5%.
In the mid-term, the Group expects the adjusted EBITDA margin to be 5%, and in the long-term above 8%.
Summary
| Consolidated |
2024 |
2025 |
| € million |
Q4 |
FY |
Q1 |
Q2 |
Q3 |
Q4 |
FY |
Net Sales
|
675
|
2,371
|
717
|
709
|
719
|
795
|
2,941
|
Growthyoy
|
27.1%
|
31.8%
|
28.0%
|
26.5%
|
25.2%
|
17.7%
|
24.1%
|
Non-Rx Sales
|
443
|
1,621 |
484
|
457
|
447
|
484 |
1,872 |
Growth yoy
|
22.2% |
20.8% |
19.7% |
17.0% |
16.7% |
9.3% |
15.5% |
| Rx Sales |
232 |
750 |
234 |
252 |
272 |
312 |
1,069 |
Growth yoy
|
37.3% |
64.0% |
49.6% |
48.2% |
42.3% |
34.0% |
42.6% |
EBITDA
|
-5.9 |
29.2 |
7.7 |
16.6 |
15.1 |
8.0 |
47.4 |
Adj. EBITDA
|
-4.9 |
33.3 |
9.1 |
18.1 |
17.1 |
13.1 |
57.4 |
| Adj. EBITDA margin |
-0.7% |
1.4% |
1.3% |
2.6% |
2.4% |
1.6% |
2.0% |
| |
|
|
| |
DACH segment
€ million |
2024 |
2025 |
| Q4 |
FY |
Q1 |
Q2 |
Q3 |
Q4 |
FY |
Net Sales
|
558
|
1,934 |
582
|
574
|
587
|
657
|
2,401 |
Growth yoy
|
26.8%
|
33.1% |
28.5%
|
26.6%
|
25.1%
|
17.8%
|
24.1% |
EBITDA
|
-0.4 |
47.4 |
9.5 |
19.1 |
16.4 |
12.8 |
57.8 |
Adj. EBITDA
|
0.2 |
49.9 |
10.3 |
20.1 |
17.7 |
16.0 |
64.0 |
| Adj. EBITDA margin |
0.0% |
2.6% |
1.8% |
3.5% |
3.0% |
2.4% |
2.7% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International segment
€ million |
2024 |
2025 |
| Q4 |
FY |
Q1 |
Q2 |
Q3 |
Q4 |
FY |
Net Sales
|
117
|
437 |
107
|
107
|
105
|
138
|
540 |
Growth yoy
|
28.6%
|
26.4% |
29.2%
|
25.3%
|
22.7%
|
18.0%
|
23.7% |
EBITDA
|
-5.5 |
-18.2 |
-4.9 |
-4.4 |
-3.4 |
-4.8 |
-10.4 |
Adj. EBITDA
|
-5.1 |
-16.6 |
-4.4 |
-4.0 |
-3.0 |
-2.9 |
-6.6 |
| Adj. EBITDA margin |
-4.4% |
-3.8% |
-4.2% |
-3.7% |
-2.9% |
-2.1% |
-1.2% |
| |
|
|
| |
|
|
|
|
|
|
|
|
|
Upcoming publications and events:
| Date |
|
Publication / Event |
| April 15, 2026 |
|
Annual General Meeting 2026 |
| May 6, 2026 |
|
Interim Statement Q1 2026 |
| May 19, 2026 |
|
Berenberg European Conference (Manhattan) |
| May 27, 2026 |
|
dbAccess European Champions Conference (Frankfurt) |
| July 29, 2026 |
|
Half-Year Report 2026 |
| October 29, 2026 |
|
Interim Statement Q3 2026 |
Investor Relations Contact:
Monica Ambrosi (Associate Director, Investor Relations)
investors@redcare-pharmacy.com
Press Contact:
Sven Schirmer (Director, Corporate Communications)
press@redcare-pharmacy.com
About Redcare Pharmacy
Originally founded in 2001, Redcare Pharmacy N.V. (formerly known as Shop Apotheke Europe N.V.) today is the leading e-pharmacy in Europe, currently active in seven countries: Germany, Austria, France, Belgium, Italy, the Netherlands and Switzerland.
Headquartered in Sevenum, close to the Dutch city of Venlo and in the heart of Europe, the company has locations in Cologne, Berlin, Munich, Tongeren, Warsaw, Pilsen, Settala (Milan), Lille and Eindhoven.
As the one-stop pharmacy of the future, Redcare Pharmacy offers over 13.9 million active customers a wide range of more than 250,000 products at attractive and fair prices. Besides OTC, nutritional supplements, beauty and personal care products as well as an extensive assortment of health-related products in all markets, the company also provides prescription drugs for customers in Germany, Switzerland and the Netherlands.
Pharmaceutical safety is of top priority. Being a pharmacy at its core, Redcare stands for comprehensive pharmaceutical consultation service. Since care is at the heart of everything Redcare does, the company provides services for all stages of life and health. This ranges from its marketplaces to unique delivery options and medication management.
Redcare Pharmacy N.V. has been listed on the Regulated Market of the Frankfurt Stock Exchange (Prime Standard) since 2016. As of 19 June 2023, the company is a member of the MDAX selection index.
