Good morning to everybody and a very warm welcome from our side. Let's have a look at the agenda of today.

We would like to start with a recap, then a business update, afterwards financial updates, and then we have plenty of time for a Q&A session. If we go to the next slide, let's start with an update on the guidance.

As we increased our 2026 guidance for revenue growth and profitability back in June, and I want to start by walking you through what changed and why. Total revenue growth, we moved the range up to 15% to 17% from 13% to 15% back in March.

Rx in Germany, we now guide to €680 to €720 million, up from more than €670 million previously, mainly driven not so much by new customers, but by higher baskets. Non-Rx growth, now 10% to 12%, up from 8% to 10%.

Adjusted EBITDA margin, now 2.5% to 3%, up from more than 2.5%. The main drivers are broad-based: strong Q2 tradings across all business segments; continued Rx adoption, especially on higher baskets; sustained acceleration on non-Rx; operating leverages combined with continued efficiency improvements.

This is not a one-off effect in any single area. It's a broad-based approach, and that's why we lifted the guidance for the entire year.

Let's have a look into the regulatory framework. Germany's recent healthcare reforms provide a stronger and more predictable regulatory framework for online pharmacies.

I want to walk you through three specific pieces of the regulation. The regulation on pharmacy pricing, and this has already been adopted.

The fixed price dispensing fee, the Fixum we always call it, will increase from €8.35 to €9 already starting 1st of July of this year, and there will be a further increase to €9.50 effective January 1st of next year. Secondly, a law on healthcare.

This is part of a broader reform debate in Germany on healthcare, and this has also been already adopted. Part of that is that the mandatory pharmacy rebate will increase from €1.77 to €2.07 effective 1st of January next year, which is then a partial offset to the increase in the Fixum.

In the third one, and we have been discussing this also in previous session, is the regulation on pharmacy operations. This one has not yet been adopted.

Final approval by the German Federal Ministry of Health is expected for August 2026. What's important is the direction.

The regulation confirms that pharmacy operating obligations remain with pharmacies and are not extended to logistics providers, which strengthens the legal certainty for online pharmacies. Overall, I would say we have a great regulatory framework in which we can operate as an online pharmacy.

If we go to the next slide, let's talk a little bit more about non-Rx development in Germany. This has also been a tension point since mid of last year.

Non-Rx business growth in Germany accelerated from 9% to 12%. As the broader market recovered, non-Rx Germany went back to double-digit growth, which is clearly good news after the soft quarters we talked about earlier.

Looking at the acceleration from Q1 to Q2 of 3 percentage points, we see that unit sales growth increased 1 percentage point, and the further 2 percentage points came from price and mix. Gross margin for non-Rx in Germany improved by more than 2 percentage points quarter-over-quarter.

Overall, very good development, but the German market remains volatile and an attention point also for the second half of this year. Let's now have a look into the business update.

We can proudly start with one slide at the beginning. 25 years of Redcare, just one upward curve.

This year marks 25 years of Redcare Pharmacy. Looking back, it has really been a success.

From a local pharmacy in Cologne in 2001—it's even difficult to say 2001, 25 years ago—to the market leader in five out of seven markets, serving 14.7 million active customers across Europe, we have become Europe's leading online pharmacy. A few markers worth calling out along that journey: our IPO in Frankfurt in October 2016 at €28 a share price; crossing €1 billion sales already in 2021; the launch of e-Rx in 2024; and almost €3 billion of sales in 2025.

What I'm particularly proud of is this growth has been broad-based. Since our IPO 10 years ago, we have delivered a decade of double-digit growth with only one year just shy at 9.7%.

Our active customer base has expanded tenfold since the IPO. That is perhaps the clearest demonstration of what these 25 years have been about: earning trust of more and more people year after year.

Looking back, we are proud of what we have achieved so far. Even more important, we believe the opportunity ahead of us is significantly larger than what we have accomplished so far.

Let us shift our focus now from 25 years of growth to our performance in the second quarter of this year. Let me walk you through the business highlights.

As I said, we reached 14.7 million active customers in June, 9% up year-over-year. Our Rx active customers in Germany reached 1.7 million, growing 4% quarter-over-quarter.

Rx Germany sustained growth in the high 50s, and our Rx NPS, now it is at the highest level since launch at 77, 19 points up year-over-year. Importantly, we have trimmed marketing spendings and increased prices while keeping growth high.

I want to send the message that this growth is not being bought via advertising. Let's have a look a little bit more into the details.

Another very good quarter for Rx Germany. Far in H1, our growth sustained in the high 50s.

I would like to give some kind of color to the number in Q2, you see a slight increase from 55% in Q1 rose to 58%. This is not a sign or signal of accelerating momentum.

It is more a technical kind of piece. In Q1 2025, we carried out a heavy marketing campaign, you remember, it was the end of '24 and the beginning of '25, we called this the marketing boost, and whereas we reduced marketing in Q2 of 2025.

Q1 of this year is lapping a hard comparison, and Q2 of this year is lapping an easier one. Therefore, growth rates of 58%.

Please do not forget, from September on, we will face also months compared to previous years where we already offered a bonus, we will see a slowdown in growth rate just by nature. If we go to the next slide, you can see Rx customers show higher basket values and rising satisfaction, and I think this slide captures it pretty well.

The Rx average basket value is up 14%. Main drivers are higher-priced medications, confirming the increased trust and acceptance from patients to our online pharmacy.

The mixed order rate, the share of Rx orders that also include non-Rx items, is stable at 42%, customers continue to consolidate their shopping with us. To further increase the share, we will optimize our one-stop pharmacy value proposition and our product.

The Rx active customers grew from 1.5 million in Q2 of last year to 1.74 million in Q2 of this year. The slowdown in the active customer growth clearly shows the main challenge ahead of us on Rx.

It is about change of behavior and adoption on the customer side. The NPS on e-Rx improved from 58 to 77 over the same period, which is the highest level up to date.

This confirms our superior value proposition. Once patients have used Redcare, they are very happy customers, and good news, they are also returning customers, which we can see on the next slide.

This slide you should be familiar with. We have shown it already a couple of times, but the overall story stays the same: our new Rx customer cohorts continue to generate more revenues and more gross profit than new non-Rx cohorts.

Looking at indexed accumulated revenues per new customers across all four 2025 quarterly cohorts, Q1 to Q4 '25 cohorts, you can clearly see that the gap on revenue is widening with each quarter. After six quarters, including the initial quarter, sales is roughly four times higher with Rx customers compared to non-Rx customers.

Main driver, as you can imagine, is retention, basket, and frequency. Rx customers, they are very sticky once they are in the system.

You can also see this on the high NPS, they really like this system. They are returning, very good retention.

They have significantly higher baskets. Of course, the frequency is also higher because those customers are chronically ill patients, and by definition, at least how the German healthcare sector works, you have to go each quarter to the doctor and receive a script.

That means there's a frequency given by nature, and therefore retention, basket, and frequency is driving this. On indexed accumulated gross profit, that's the part on the right-hand side, the pattern holds at roughly two times for Rx versus non-Rx customers.

What I want to highlight here is the consistency of the cohorts. This is not a one-quarter effect.

It holds across every cohort we have onboarded through 2025. This gives us the confidence that this is a durable feature of the Rx customer economics.

If we go to the next slide, it's for the first time that we are giving you some insights into marketing. The main reason: to give more transparency and allow you to better understand and model our business.

On marketing, we believe for the time being peak spend is behind us, and we are now in optimization mode. Both DACH and International reduced marketing spend by roughly 200 basis points year-over-year.

At the same time, we continue to optimize the marketing mix, testing new formats, new channels, especially for the Rx customer acquisition. Our plan is to stay around 5% of revenues in marketing spend through the remaining part of the year.

Having said this, I would like to hand it over to Hendrik to take us through the financials.

Thank you, Olaf. Welcome, everybody.

Let me take you through the financials of Q2. Starting with revenue, revenue was up 20% year-over-year versus 18% up in Q1.

We see strong growth in both segments: DACH was 21% up versus 19% in Q1, and International grew 17% versus 16% in Q1. We accelerated across the board.

As Olaf mentioned already, we achieved this revenue acceleration whilst improving quarter-over-quarter our non-Rx gross margin in Germany. Our adjusted EBITDA margin increased 0.9 percentage points to 3.5% in Q2, and this is the highest EBITDA margin we've delivered in 10 years.

It confirms that we're on the right path towards our guidance for this year and our mid- to long-term profitability goals. We work hard every day to structurally improve our profitability, and we continue to invest in the long-term growth of our business instead of focusing on short-term profit.

Next slide, please. Let's look into revenue in more detail.

Rx grew 34%, and Rx in Germany was up 58% year-over-year. This is better than the 55% in Q1, as Olaf explained.

This does not imply a structural change of Rx growth trends. These growth rates will decrease in the second half as the baseline increased.

We're as well very happy with our Rx business in Switzerland, our MediService joint venture, which grew 13%, adjusted for forex. This business operates in a more mature market for what we call specialty Rx.

Non-Rx grew 13% for the group compared to 10% in Q1. Looking at DACH, revenue in DACH was up 21% year-over-year, with Rx up 34% and non-Rx up 11%.

We have increased prices slightly in Germany, as Olaf showed, and we monitor closely the impact of these changes on top and bottom line. After testing in Austria, we have now started as well to use AI in Germany to optimize our prices.

Gross profit margin decreased from 23.3% to 21.3%, with 1.1 percentage points contribution from Rx, which continues to be headwind as Rx share obviously continues to increase and as we're still having a prior year without the Rx bonus. Non-Rx was an 0.8 percentage points headwind despite the improved gross margin in Germany quarter-over-quarter.

You see that retail media is as well a bit of a drag still, with 0.2 percentage points headwind in DACH versus -0.3 in Q1. We are catching up a little bit, but the majority of the catch-up will actually happen in H2 as we improve the capacity and the automation of campaign delivery for retail media.

Switching to International, you see that International revenue was up 17% year-over-year, and gross margin was stable at about 26%. Looking at the gross margin bridge here, you see that retail media contributed a positive 0.8 percentage points in Q2.

In International, the catch-up on campaign delivery has already happened, whilst in DACH we are still doing this and are on this for H2. That means that for the group overall, retail media had no impact on the year-over-year gross margin impact, whilst it had actually negative 0.5 percentage points impact in Q1.

Looking at margin expansion, you see margin expansion is on track across both segments as we trim marketing spend and as we see economies of scale in all areas. International has reached breakeven in Q2, which is an important milestone.

You see we moved from -1.5 to a positive 0.9 percentage points. Three out of our four International markets have been profitable in H1.

Our French business is still too small to really scale, but we are working on this as well. Summing up, if you look at this slide, you see a lot of numbers.

We have talked a lot about Q2, I will focus on H1. Revenue increased in H1 from €1.4 billion to €1.7 billion, up 19%, fueled by the strong growth of our Rx business in Germany.

As explained, this fueling will slightly decrease in H2. Gross profit margin decreased 2.1%, driven by a higher share of Rx, but as well due to gross margin compression in non-Rx, as we discussed.

Marketing improved 2.1 percentage points year-over-year to 5.6%, and we plan to keep it roughly at that level. We will continue to invest in our brand, including doing TV advertising.

We see as well scale in other selling and distribution expenses, with 0.4 points improvement year-over-year, and administrative improved as well by 0.2 percentage points. Bottom line, EBITDA margin was 2.6% in H1.

It's up 0.7 percentage points year-over-year, exactly in line with our guidance that we will improve margin between 0.5 and 1 percentage points in '26 versus '25. In absolute terms, EBITDA is more than 60% up year-over-year, and we're very happy to report a positive EBIT of €9 million in H1.

Let's move to cash flow. Despite the significant increase in profitability, we have not been cash flow positive in Q2.

We are working on improving our cash cycle with a focus on inventories. Being in stock and having a high availability is very important for our customer experience, especially in the Rx segment, and we're working on improving our SKU-level forecast so we can achieve this high availability without having to overstock.

We have also an impact of €7 million in Q2 due to the ongoing automation project in Sevenum. The project is on plan.

We'll have about €30 million ahead of us to fully complete it in H2. Overall, if you look at our cash flow and working capital, please keep in mind that our Rx business is more working-capital intensive than our non-Rx business.

This is especially true for accounts receivables. In non-Rx, we get basically paid at checkout, whilst for our Rx business, we get paid by the health insurance system, the Krankenkassen, which takes more than a month.

We continue to invest as well in our IT, especially in our AI infrastructure, and we're building this out every month, obviously as well with the objective to improve our scalability and efficiency long-term. Moving on to what is ahead of us.

July trading has been soft. We expect group growth below 20% for July and single-digit growth for our non-Rx business in Germany.

As Olaf already pointed out, we begin to lap in September the introduction of the bonus in '25, which obviously has fueled a lot our Rx business in Germany. We have as well made a change to the cadence at which we are updating you on the business, we will merge our revenue and profit updates to one publication per quarter, with the exception of the early January trading update that we will maintain.

With that, I'll hand it back to the moderator for Q&A.

Good morning, Olaf, Hendrik, and Irina, and thanks for taking my three questions. There's not much to criticize, but it looks like that growth in the German non-Rx business decelerated somewhat in June.

Was this driven by tougher comps or did the heat wave in Germany have an adverse impact on your business? Secondly, on competition, a recent headline suggesting that Rossmann plans to launch an online pharmacy this year.

It did not really come as a surprise, but they still created some uncertainty among investors. Given that dm does not appear to have taken any market share from you so far, and given that an Rx offering is significantly more complex, how do you view the risk of Rossmann entering the online pharmacy market?

Then finally, on the regulatory environment, as part of the recent changes, prescription medicine must not be delivered against a personal signature. I'm wondering whether this has any implications for last mile delivery cost.

Based on the website of the largest parcel delivery company, it looks like that this could potentially increase the delivery charges by 19 cents. Is that correct?

Thank you very much for the questions. Maybe I will try to answer the first two, Hendrik, and then maybe you take number three.

Feel free to step in, yeah? Yes, of course, in June we had a heat wave, and that is probably one of the reasons why it came down a little bit, the growth rate.

As I pointed out and I know also Hendrik said earlier, we are also testing in the German market different price levels, we're looking into competition. Probably in June it was about the heat wave, but we have to see how the market develops.

It's a very competitive market, and we are testing and optimizing within that market as an ongoing process. Competition, I think, you raised the question, and to me, partly at least also answered it already a little bit because we saw dm stepping into the market, and as of now, but only as of now, it looks like it does not have a significant impact on our business.

I would now try to apply that learning to the Rossmann piece because it is somehow obviously not so easy to enter our market. We are positioned as a pharmacy.

We are growing strongly, therefore, it doesn't seem to be so easy to get into that market. Personally, I think that the Rx is even a little bit more complex than the non-Rx, therefore, Rossmann said, and we don't know, but they said they also want to offer Rx, but to me probably even a little bit more difficult than the non-Rx piece.

On the regulatory, Hendrik, would you like to step in?

I can confirm what you're saying, Jan. You're right, the personal signature is actually adding some costs.

It is a service that carriers provide, but this cost is not significant. It's included in our forecast.

It's on an annual base less than a million. Yes, we will use this service and it will cost, but it doesn't change fundamentally the economics of the Rx business.

Maybe just one note because I said this earlier, formally it has not been adopted, yeah? I think it's so important to understand there has been a ruling in the German Bundesrat on the 10th of July, but it's still on this specific regulation that was number three I mentioned in the presentation, it still needs an final approval from the Ministry of Health.

We expect this in August of this year, but again, we still need to have this kind of approval.

Understood. Thank you.

One follow-up if I may. It was helpful that you included the statement on the current trading.

Given that the summer holidays are under way in July, it makes sense that the growth rates are coming down a bit. How should we interpret the below 20% growth in July: meaningfully below 20% or just slightly below that level?

Do you want to?

We are softer. We are slightly below the 20%.

We have not yet fully finalized as well the months, the numbers are just settling in. We don't see any structural changes, our non-Rx business in Germany has oscillated around 10% in the past.

As Olaf said, we're experimenting with pricing to optimize the trade-off between growth and profitability. Then obviously, we have as well expected a slowdown in the Rx growth rate, this is not a surprise, but we wanted to signal that the July trading is not at the same growth rates as published for Q2.

Makes sense. Thank you.

Hi, Olaf. Hi, Hendrik and Irina.

I have one question maybe. Looking at the Rx active customers, I think you added roughly the same number in Q1 and Q2, around 100,000.

I was wondering, but you accelerated the e-Rx growth, which is good. Just wanted to have more color on the current underlying trends in customer acquisition.

How much is coming from OTC conversion? How much is more new Rx customers, given you did flag some softness in Q1?

Have you changed anything there? Thanks so much.

Maybe I will give it a try. When we talk about active customers, that is and is not identical to new customers.

Active customers, sometimes you win customers and also sometimes you lose customers. If we add 100,000 active customers, that means our new customers are higher than the 100,000.

Just so that we know that we talk about the same thing. Then, of course, the new customer acquisition, that is the main challenge out there, and we have clearly pointed this out, and we're working on trying find different ways to acquire those customers.

I think in the past we said that there is, I would say, a good split between converting out of our existing non-Rx customers and getting completely new customers, first-time new customers buying Rx with us. That hasn't changed from the past, we still convert from our existing non-Rx customers as well as that we get new customers coming in.

To me, more important is really how we can accelerate on that one because the product is so great, and we see once they are in the system, they stay in the system, they have this great NPS, so that they all love the system. It's really more about how we can bring this across, this change of behavior and adoption.

That is the challenge ahead, and it is with our existing non-Rx customers as well as completely new customers.

Yes, good morning, all. I just have two questions left.

Thanks for the marketing disclosure. I guess my question is more on the S&D ex marketing.

You're obviously doing automation investments. I'm curious if you'd like to comment on a level you think is fair to bear in mind when it comes to S&D ex marketing as a percentage of sales, and if that's any different on the DACH side, should I say, versus International.

That would be the first question. Then secondly, Hendrik, you talked about working capital dynamics in Rx, which is definitely fair.

Do you have a sense of the level of working capital you need as a percentage of sales for Rx and then non-Rx? Because that would help us a bit in the kind of cash flow projections.

Thanks.

Thank you, Olivier, for the question. You're right that in selling distribution, we are as well continuously made progress with automation, all kind of scale effects that we have.

The biggest step change going forward will be the impact of the Sevenum automation. We mentioned this before, roughly 0.5 percentage points improvement due to the increased productivity, roughly 70% reduction in labor content for the fulfillment.

That is a big step change. The project is on track, and then this will start to provide tailwind for us in January, February 2027.

There's a multitude of smaller initiatives. As you can imagine, there's multiple processes, whether it's fulfillment or customer service, where we constantly improve and every month basically bring down the cost per order.

The step change, as I said, is this one big project. On working capital, yes, as you pointed out, it is a higher working capital need for our Rx business.

We have so far not provided guidance on cash flow. We're working on that.

Cash flow obviously becomes increasingly relevant now as we're going to be profitable, and our positive cash flow is something that will fundamentally be of interest for investors. We are switching to this in 2027, we will not provide any P&L or segment view Rx versus non-Rx, but we will provide more guidance around free cash flow going forward, but not for this year.

It's not a guidance metric.

Understood. Then maybe just one follow-up on I think an earlier question on the sequential development of your business in the second half.

In H1, you've done 19% group sales. You talk about sort of growth below 20% for July, but the guidance is 15% to 17%, and the comps get a bit easier in the fourth quarter.

Just a few comments there on what you expect in the second half would be helpful. Thanks.

As we laid out, there is obviously the deceleration of the Rx growth because of the higher baseline, especially as we start to lap quarters in '25 where we had the bonus as well, this is fairly predictable. We don't think that there is a massive change in new customer acquisition.

As Olaf pointed out, we're working hard on spending marketing wisely on Rx customer acquisition, but this is much more granular now as we have shifted our focus on online acquisition versus trying to acquire Rx customers via TV. From that perspective, we expect a fairly significant slowdown of the Rx growth in Germany.

Our non-Rx business has obviously a importance for our profitability overall and is as well an important anchor point for our nearly 15 million customers. We are planning our business long-term.

We don't want to milk the business and just increase prices and sacrifice long-term growth and customer engagement. We want to continue to earn the trust of our customers that we have competitive prices, and therefore in this environment, we want to keep the flexibility to reduce prices as well, obviously to the detriment of margin, to make sure that we continue to have a very vibrant business.

With this background, we think at this point there is no reason to change anything in our guidance. We are fully on track.

We are finishing a very strong quarter. We have a very positive outlook.

We are bullish on our business, but in the end, it's not about to clear Q4, but building a strong business for the long term, and that requires some financial flexibility.

Thank you, Hendrik.

Hello. Hi, all.

Thanks for taking my questions as well. The first one is on Switzerland.

I'm not sure if we spoke about this in the previous conference calls, but in June, there were some press news about Switzerland potentially introducing electronic prescriptions and as well also making amendments to being able to also enable OTC mail delivery. Was just wondering what your thoughts are on this and what we could expect from this in the future and if it would be a big hurdle for you to ramp up your non-Rx business in Switzerland.

The second question is on regulatory roadmap. On the slide 27 of your presentation, you lay out that the CardLink license extension expires on 31st January of 2027 and that the proof of patient presence Phase 2 rollout starts in Q4 2027.

I was just wondering what the bridge is going to be from January until Q4.

Shall I give it a try?

Yeah?

Thanks for the questions. On Switzerland, yes, you are completely right.

It looks like there's a change in the regulatory framework: on the one hand, non-Rx, on the other hand, also on Rx. Yes, and if you can recall the strategic rationale for our joint venture with Galenica was really that we have a foot in the Swiss market, and part of that is also, of course, waiting for regulatory changes.

Therefore, we think we have a very good setup together with our partner, approaching now the potential changes going forward. They are not confirmed, but at least it looks like there's a development going on, and again, together with our partner, we are in a very good position to capture this opportunity.

On the regulatory roadmap, I think you looked into the details. I like that question, and you are completely right.

What it looks like is that we will have the final, let's say, specs for PoP will only be available by the end of this year. If final specs are only available by the end of this year, then based on those specs, the new product needs to be developed, and that probably will take some time, and the rollout will not be ready before the end of January of 2027.

Therefore, we have applied for an extension of our CardLink license, and we expect the answer from gematik at any point in time. If you recall it, we already had this once, the CardLink has been extended once because of the same situation.

We don't see any reason not to believe that there will be any, let's say, challenges on the extension. It's not only us, it is also all of the other players, including also brick-and-mortar pharmacies.

To me, it's a formality, but you're right, we need to get an extension on CardLink to bridge whatever the timeframe looks like for the full implementation of PoP step two. Yeah.

Great. Thanks.

On ramping up non-Rx in Switzerland, do you already have relationships with wholesalers, or would this be a process that takes several months?

No, look, we have a strong partner in Switzerland, that's the setup we have there, we feel really comfortable to answer all of the potential challenges coming up. Please also keep in mind the regulatory framework still needs to be developed, this will also take some time.

It's not that from tomorrow on something is going to happen, it takes a long time to get the regulatory framework right, and we will use, of course, the time together with our partner to prepare whatever is needed.

Great. Thank you.

Yes, thank you very much. Thank you to everybody for joining.

Thanks for the questions. We tried to give some more transparency, some more data so that you can model us a little bit better.

Again, thank you very much for the questions, and see you next time. Have a great day.

Thank you.