Redcare Pharmacy (RDC) Q2 2026 earnings summary

Executive summary

• Achieved 20% year-over-year revenue growth in Q2 2026 to EUR 853 million, with strong performance in both DACH (+21%) and International (+17%) segments and accelerated growth compared to Q1.

• Adjusted EBITDA margin reached 3.5% in Q2 2026, the highest in a decade, driven by operating leverage and efficiency improvements.

• Active customer base reached 14.7 million, up 9% year-over-year, with Rx customers in Germany growing 4% quarter-over-quarter.

• International segment delivered positive adjusted EBITDA for the first time in Q2 2026.

• Upgraded full-year 2026 guidance in June, reflecting strong H1 performance.

Financial highlights

• Q2 2026 revenue increased to EUR 853 million, up 20% year-over-year; H1 2026 revenue rose 19.4% to EUR 1.7 billion.

• Adjusted EBITDA margin improved to 3.5% in Q2 2026 and 2.6% for H1 2026.

• Gross profit margin declined to 21.3%–22.1% in Q2 2026, mainly due to higher Rx share and margin compression in non-Rx.

• EBIT improved to EUR 8.6 million in H1 2026 and EUR 12 million in Q2 2026.

• Free cash flow remains negative at EUR -17 million, impacted by working capital and automation investments.

Outlook and guidance

• Full-year 2026 guidance confirmed: revenue growth expected at 15–17%, Rx Germany revenue EUR 680–720 million (35–43% growth), non-Rx growth 10–12%, and adjusted EBITDA margin 2.5–3.0%.

• July and Q3 trading softer, with group growth below 20% and non-Rx Germany under 10%.

• Expect Rx growth rates to slow in H2 as prior year comparables become tougher.

• No more preliminary quarterly trading statements; only one update per quarter going forward.

• No material changes in risk assessment; management remains confident in long-term growth.