Frauenfeld, 19 March 2026

Press release
Ad hoc announcement pursuant to Art. 53 LR

DocMorris achieves 2025 targets – focus on profitability, growth and expansion of digital health platform

• Revenue and earnings targets for 2025 met with growth across all business units
• Continued structural EBITDA improvement in the second half of 2025
• Cash and cash equivalents of CHF 160 million
• Partnership with Google to accelerate the implementation of the “AI First” platform strategy
• Closure of the logistics site in Ludwigshafen and integration into Heerlen
• Outlook: Management reaffirms EBITDA breakeven in the course of 2026

CEO Walter Hess says: “In the 2025 financial year, we deliberately concentrated on qualitative growth, increasing our operational efficiency, and technological differentiation. The evolution from a transaction-oriented online pharmacy business to a digital, AI-powered health platform is being further accelerated by our partnership with Google. With our AI health companion and the use of Gemini models as well as Google for Health assets, we can increase customer loyalty and address their health needs in a more personalised way. This solidifies our role as a driver of innovation and reinforces the technological foundation for sustainable profitability.”

CFO Daniel Wüest adds: “We achieved our revenue and earnings targets for 2025 and have a strong liquidity position. Particularly pleasing is the continuous structural improvement of our EBITDA in recent months, driven among other factors by the increase in marketing efficiency to support healthy Rx growth. We remain committed to our clear objective of reaching EBITDA break-even in the course of 2026 and positive free cash flow in the course of 2027.”

Structural earnings improvement in 2025

• External revenue[1] increased by 11.1 per cent in local currency to CHF 1,185.7 million. Consolidated revenue rose by 12.4 per cent in local currency to CHF 1,124.5 million.
• All segments and business units contributed to the revenue growth.
• Despite additional marketing expenses of over CHF 11 million for Rx in the first three quarters, adjusted EBITDA improved slightly from minus CHF 48.6 million to minus CHF 48.2 million, with a continuous structural improvement throughout the year. Simultaneously, the gross margin increased by 0.9 percentage points to 22.2 per cent.
• The number of active customers rose to 12.2 million in 2025, including an increase from 10.3 million to 11.0 million in the online pharmacy[2] and from 0.9 million to 1.2 million at TeleClinic.

Segment Germany grows double-digit

• External revenue in the segment Germany grew by 11.7 per cent in local currency to CHF 1,122.5 million.
• The significant revenue drivers were Rx and Digital Services.
• Rx rose by 33.2 per cent in local currency, representing a 1.8-fold increase compared to the period before the CardLink introduction in April 2024.
• The OTC business grew by 4.8 per cent in local currency – despite the discontinuation of the Zur Rose brand in Germany at the end of 2024.
• Revenue with the core brand DocMorris increased disproportionately by more than 20 per cent.
• Digital Services, including TeleClinic, Retail Media, and Marketplace, achieved a significant positive earnings contribution with revenue growth of 110 per cent in local currency.
• Adjusted EBITDA in the segment Germany improved to minus CHF 46.3 million (previous year: minus CHF 47.2 million).
• In 2026, growth in local currency of around 20 per cent for Rx, in the mid-single-digit percentage range for OTC, and in the mid-double-digit percentage range for Digital Services is targeted.

TeleClinic achieves dynamic, profitable growth

• As Germany’s leading telemedicine platform, TeleClinic also recorded dynamic growth in 2025 with an increase of 124 per cent in local currency to CHF 25 million.
• Over 6,500 established doctors in Germany use the platform. To date, over 4 million treatments have been carried out – 2 million of which were in 2025 alone, representing an increase of over 50 per cent compared to the previous year.
• Given a telemedicine market penetration in Germany of still under 0.5 per cent, there remains substantial growth potential.
• For 2026, revenue growth in the mid-double-digit percentage range and an increase in the EBITDA margin are expected for TeleClinic.

Successful Retail Media

• With its subsidiary dmr Advertising, DocMorris has established itself as the leading healthcare retail media platform.
• In 2025, the retail media business recorded revenue in the double-digit million range with a high EBITDA margin.
• DocMorris expects continued strong, profitable growth dynamics for the coming years.

Focus on profitability and growth in the segment Europe

• DocMorris increased its revenue in the Southern European marketplace business by 1.7 per cent in local currency to CHF 63.1 million.
• Despite an increase in gross margin of 0.4 percentage points, adjusted EBITDA amounted to minus CHF 1.9 million.
• Marketing mix was further optimised, and direct procurement for more than 950 brands on the platform was consolidated.

Partnership with Google to accelerate the implementation of the “AI First” platform strategy

• DocMorris is accelerating the expansion of its AI-powered health platform through the partnership with Google (cf. press releases from DocMorris and Google dated 19 March 2026).
• The partnership focuses on four core areas: AI health companion, AI-enhanced online pharmacy, operational efficiency, as well as cloud and data security.
• In doing so, DocMorris is setting new standards for the patient journey and significantly enhancing operational performance.

Digital health and AI expert Angeli Möller joins DocMorris

• David Masó, who has been with DocMorris since 2018 and most recently served as Chief AI Health Officer, is leaving the company in April 2026 to pursue a new professional challenge. The Board of Directors and the Executive Committee thank him sincerely for his many years of valuable contribution. The Executive Committee will be reduced from six to five members.
• His duties will be assumed by Dr Angeli Möller as Chief Digital Health Officer and member of the extended Executive Committee. The PhD molecular biologist and AI expert brings extensive leadership experience from Roche and Bayer and is a co-founder of the “Alliance for Artificial Intelligence in Healthcare”.

Closure of Ludwigshafen site

• DocMorris will close the Ludwigshafen site by the end of June 2026. Logistics will be integrated into the highly automated facility in Heerlen.
• This relocation will increase efficiency, leading to a sustainable annual EBITDA improvement of over EUR 2 million from 2027 onwards.
• The closure will result in one-off, extraordinary costs of EUR 3-4 million in 2026.
• DocMorris is voluntarily making individual redundancy offers to the approximately 100 employees affected by the closure.

CO₂e emissions reduced by 49 per cent

• In 2025, DocMorris reduced CO₂e emissions by 49 per cent (Scopes 1 and 2) through several measures.
• Since 2022 (base year), the total CO₂e reduction amounts to 87.5 per cent, meaning the medium-term target of 85 per cent by 2030 has already been exceeded.
• Further measures to reduce CO₂e emissions until Net Zero is achieved are planned (see TCFD report in the annual report).

Outlook

• DocMorris has started according to plan into the new financial year.
• Management reaffirms the EBITDA break-even in the course of 2026 and the free cash flow break-even in the course of 2027, as communicated last year.
• Against this background, DocMorris provides the following guidance for 2026:
  • External revenue growth in the mid-single-digit to low teens percentage range;
  • Adjusted EBITDA of minus CHF 10 million to minus CHF 25 million;
  • Capital expenditure of around CHF 30 million.
• Medium-term targets:
  • External revenue growth rate of around 15 per cent[3] (previously 20 per cent);
  • Capital expenditure of around CHF 30 million per year (previously around CHF 35 million);
  • EBITDA margin of around 8 per cent (as before).

The annual report published today, including the integrated sustainability report, can be downloaded here.

 

Key financials, in million CHF	2025	2024
External revenue)	1,185.7	1,085.0
Year-on-year-change of external revenue in % in local currency	11.1%	6.7%
Year-on-year change of external revenue in %	9.3%	4.6%
Net revenue	1,124.5	1,017.0
Year-on-year change of net revenue in %	10.6%	4.9%
Gross margin in % of net revenue	22.2%	21.3%
Earnings before interest, taxes, depreciation and amortisation adjusted (EBITDA adjusted)	-48.2	-48.6
in % of net revenue	-4.3%	-4.8%
Earnings before interest, taxes, depreciation and amortisation (EBITDA)	-49.8	-43.9
in % of net revenue	-4.4%	-4.3%
Earnings before interest and taxes (EBIT)	-96.9	-89.8
in % of net revenue	-8.6%	-8.8%
Net income / (loss)	-134.4	-97.3
in % of net revenue	-12.0%	-9.6%
Equity	409.1	340.1
in % of total assets	49.6%	43.7%
Capital expenditure	27.3	28.6
Cash and cash equivalents (including current financial assets)	159.5	95.4
Number of employees in full-time equivalents	1’418	1’454

 

Conference call for analysts and the media at 11 am
Speakers: Walter Hess (CEO) and Daniel Wüest (CFO)

 

Investors and analyst contact
Moritz Stahlhut, Investor Relations Manager
Email: ir@docmorris.com, phone: +41 52 560 58 10

Media contact
Torben Bonnke, Director Communications
Email: media@docmorris.com, phone: +49 171 864 888 1

Agenda

16 April 2026	Q1/2026 Trading update
12 May 2026	Annual General Meeting, Zurich
19 August 2026	2026 Half-year results (conference call/webcast)
15 October 2026	Q3/2026 Trading update
4th quarter 2026	Capital Markets Day

 

DocMorris
The Swiss-based DocMorris AG is a leading company in the fields of online pharmacy, telemedicine and marketplace with strong brands in Germany and other European countries. Deliveries are mainly from the highly automated logistics centre in Heerlen, the Netherlands. TeleClinic is Germany’s largest telemedicine platform, connecting patients with more than 6,000 doctors. DocMorris operates leading marketplaces for health and personal care products in Southern Europe. With its broad range of products and services, DocMorris is pursuing its vision of becoming the leading digital health companion for everyone to manage their health in one click. Around 1,600 employees in Germany, the Netherlands, Spain, France, Portugal and Switzerland generated an external revenue of CHF 1,186 million serving over 12 million active customers in 2025. The shares of DocMorris AG are listed on the SIX Swiss Exchange (securities number 4261528, ISIN CH0042615283, ticker DOCM). For further information, please visit corporate.docmorris.com.
 

Disclaimer
This announcement contains certain forward-looking statements about DocMorris AG and its business, either explicitly or implicitly. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results, financial position, performance or achievements of DocMorris AG to differ materially from the future results, performance or achievements expressed or implied by such forward-looking statements. DocMorris AG is making this announcement available as of today’s date and undertakes no obligation to update the forward-looking statements contained herein as a result of new information, future events or for any other reason.

 

^[1] External revenue consists of the consolidated revenue of DocMorris plus online revenues of pharmacies supplied by DocMorris, less the consolidated revenue from supplying them.

^[2] Customers supplied by DocMorris, either directly or through its partners.

^[3] Back-end loaded due to increasing relative weight of Rx and Digital Services