Redcare Pharmacy starts 2026 with a strong topline performance and a 58% increase of adj. EBITDA.

• Group revenue increased 18.4% year over year in Q1, supported by growth in both, non-Rx and Rx.
• Non-Rx growth in Germany rebounded from 5% in Q4’25 to 9% in Q1’26, further accelerating to about 11% in April.
• Rx Germany continued strong momentum with 55.0% growth.
• Adjusted EBITDA reached 14.4 million, up 58% year over year.
• Adjusted EBITDA margin improved to 1.7% from 1.3% in Q1‘25.
• Full-year 2026 guidance confirmed.

Sevenum, the Netherlands, May 6, 2026. Redcare Pharmacy started in 2026 with a strong first-quarter performance, combining revenue growth of 18.4% with an improvement of adjusted EBITDA margin by 0.4pp to 1.7%. Group revenue increased to EUR 849.5 million (Q1’25: EUR 717.3 million) supported by accelerating non-Rx growth in Germany and continued strong Rx momentum.

In non-Rx, Group revenue increased by 10.2% year over year. In Germany, non-Rx growth re-accelerated to 9% year over year after only 5% in the previous quarter due to lapping effects. April trading confirms with about 11% year over year growth the rebound of the non-Rx business in Germany as sustained. Rx revenue continued to grow strongly in Q1 with an increase of 35.5% year over year across DACH. Rx revenue in Germany grew 55.0%, backed by continued improvement of e-Rx NPS to 76 (vs. 58 in Q1’25) and a steadily increasing adoption of e-prescriptions.

The active customer base reached 14.2 million at the end of the quarter, an increase of 1.1 million year over year. Customer satisfaction remained high with an overall NPS of 75 and average shopping basket size increasing 9% year over year to EUR 68.

Olaf Heinrich, CEO of Redcare Pharmacy, comments: “Q1 was a very good start of the year for us and confirms that we are executing on the priorities we set for 2026. We continue to improve the Rx customer journey, strengthen our customer proposition in non-Rx and invest in technology to build a scalable business that creates sustainable value for customers and shareholders.”

Gross profit increased to EUR 178.0 million in Q1’26 (Q1’25: EUR 167.3 million). Gross profit margin was 21.0%, down from 23.3% in Q1’25 and stable vs. Q4 2025 (21.2%). The year-over-year decline is due to a competitive non-Rx environment, a higher Rx share and the impact of the Rx bonus introduced mid-September 2025. Rx accounted for 37% of total revenue, up from 33% in Q1’25.

Adjusted selling and distribution expenses amounted to EUR 143.1 million in Q1’26 (Q1’25: EUR 139.3 million), equivalent to 16.8% of revenue (Q1’25: 19.4%). The improvement was supported by more efficient marketing spending and fixed cost leverage. Adjusted administrative expenses amounted to EUR 20.6 million, corresponding to 2.4% of revenue (Q1’25: EUR 19.2 million; 2.7%).

Adjusted EBITDA increased to EUR 14.4 million in Q1’26 (Q1’25: EUR 9.1 million), corresponding to a margin of 1.7% (Q1’25: 1.3%). Improvements in the selling and distribution and administrative expense ratios more than offset the lower gross margin. The Q1 margin development was in line with seasonality and the company’s full-year guidance.

Cash and short-term financial assets stood at EUR 135.0 million as of March 31, 2026 (December 31, 2025: EUR 203.5 million) after the redemption of EUR 64.5 million of the 2021/2028 convertible bonds during the quarter.

Redcare Pharmacy confirms its guidance for full year 2026: total revenue growth of 13% to 15%, Rx revenue in Germany of more than EUR 670 million, total Group non-Rx revenue growth of 8% to 10%, and an adjusted EBITDA margin of at least 2.5%.

 

Summary

Consolidated	2025					2026
€ million	Q1	Q2	Q3	Q4	FY	Q1
Net Revenues	717	709	719	795	2,941	849
Growh yoy	28.0%	26.5%	25.2%	17.7%	24.1%	18.4%
Non-Rx Revenues	484	457	447	484	1,872	533
Growth yoy	19.7%	17.0%	16.7%	9.3%	15.5%	10.2%
Rx Revenues	234	252	272	312	1,069	316
Growth yoy	49.6%	48.2%	42.3%	34.0%	42.6%	35.5%
EBITDA	7.7	16.6	15.1	8.0	47.4	13.4
Adj. EBITDA	9.1	18.1	17.1	13.1	57.4	14.4
Adj. EBITDA margin	1.3%	2.6%	2.4%	1.6%	2.0%	1.7%

  

Dach Segment

€ million	2025					2026
	Q1	Q2	Q3	Q4	FY	Q1
Net Revenues	582	574	587	657	2,401	693
Growth yoy	28.5%	26.6%	25.1%	17.8%	24.1%	19.1%
EBITDA	9.5	19.1	16.4	12.8	57.8	17.3
Adj. EBITDA	10.3	20.1	17.7	16.0	64.0	18.0
Adj. EBITDA margin	1.8%	3.5%	3.0%	2.4%	2.7%	2.6%

 

International segment

€ million	2025						2026
	Q1	Q2	Q3	Q4	FY	Q1
Net Revenues	135	135	132	138	540	156
Growth yoy	26.2%	25.9%	25.3%	18.0%	23.7%	15.7%
EBITDA	-1.7	-2.6	-1.3	-4.8	-10.4	-3.9
Adj. EBITDA	-1.2	-2.0	-0.5	-2.9	-6.6	-3.5
Adj. EBITDA margin	-0.9%	-1.5%	-0.4%	-2.1%	-1.2%	-2.3%

 

Upcoming publications and events:

Date		Publication / Event
May 14, 2026		UBS Pan European Small and Mid-Cap Conference 2026 (London)
May 19, 2026		Berenberg European Conference (Manhattan)
May 27, 2026		dbAccess European Champions Conference (Frankfurt)
June 8, 2026		Barclays EMEA Technology Conference (London)
July 29, 2026		Half-Year Report 2026
October 29, 2026		Interim Statement Q3 2026

 

About Redcare Pharmacy.

Originally founded in 2001, Redcare Pharmacy N.V. is with €2.9B revenues in 2025 the leading online pharmacy in Europe and active in seven countries (Germany, Austria, France, Belgium, Italy, the Netherlands and Switzerland). Headquartered in the Netherlands, Redcare Pharmacy offers its over 14 million active customers more than 500,000 different healthcare related products. Besides OTC drugs, nutritional supplements, beauty and personal care products, the company also provides prescription drugs for customers in Germany, Switzerland and the Netherlands, operating as a true one stop pharmacy. As the pharmacy of the future, Redcare stands for comprehensive pharmaceutical services for its customers – with pharmaceutical safety always being the top priority.

Redcare Pharmacy N.V. has been listed on the Regulated Market of the Frankfurt Stock Exchange (Prime Standard) since 2016 and is part of the MDAX.