Slides
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Global Markets Forum 07 October 2026, New York
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| Agenda 2 1. Business update 2. Financial update 3. Outlook 4. Q&A Global Markets Forum 2026
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| Upper Guide Content in DocMorris; intext Titles in DocMorris Bold Eyebrow in DocMorris Screen Green Trust Green Balance Green Main Text in DocMorris Dark Grey Footer; main title of presentation in DocMorris Accent 3 Accent 1 Accent 2 Eyebrow, footnotes and charts and graph legends in Poppins in Grey Begin Content Area Headline Line in DocMorris Accent 5 Accent 4 Footnote in Poppins Regular End Content AreaCenter Type Area Accent 6 Note Header and Footer If you go to the Insert tab and place the mouse on Header & Footer without clicking, an information box appears. Inserting images with copy/paste To add an image click on the image placeholder and paste it. White Main Colours Custom Colours can be used for backgrounds Inserting charts with copy/paste To add a chart from Excel, click to the chart and copy it. Select the placeholder in which you want to paste your chart. Right click the place holder and select the paste option “Use Destination Theme & Embed Workbook (H)”. All charts and graphs use the Poppins font Light Balance Green Light Honey Orange Custom Colour can be used as interferer color, i.e. to highlight promotions or sales Interferer Magenta Highlight text in Headline or body text DocMorris can be bolded to highlight specific words within titles or sentences DocMorris at a glance 1 External revenue consists of the consolidated revenue of DocMorris and apotal | 2 Based on treatments and doctors on platform | 3 All B2C Online Pharmacy customers including apotal as well as TeleClinic within the last 12 months, as of 30.06.2026 | 4 Based on aided brand awareness measured by Kantar as of end March 2026 DocMorris is the leading AI health platform in Germany 3 #1 Pharmacy brand in Germany4 #1 Telemedicine provider in Germany2 #1 BPC marketplace in Spain 12.9 m Active customers3 ~1.2 bn CHF external revenue FY 20251 ~1,600 Employees 77% DocMorris aided brand awareness4 >7,000 Active doctors on Teleclinic platform >1,000 Marketplace sellers Global Markets Forum 2026
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| Retail Media DocMorris Digital and AI Health Platform Trusted and integrated Digital & AI Health Platform, serving 12.9 million active customers: · Online Pharmacy: High-volume Rx and OTC/BPC distribution · Marketplace: Comprehensive range of health products and services · TeleClinic: Fast-growing telemedicine platform delivering attractive margins · Retail Media: Rapidly growing, data-driven ad channel with high-margin returns · AI Assistant: Drives traffic, engagement, and conversion through personalised support AI Health & Shopping Assistant 4 Marketplace Tele- medicine Online- Pharmacy Business update Global Markets Forum 2026 1 Includes all customers of DocMorris and apotal as well as TeleClinic users
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| Highlights H1 2026 5 On track to EBITDA breakeven: Ongoing sequential adj. EBITDA improvement to CHF -4.6m Digital Services with 71.4% in H1, 80% growth in Q2 with over- proportionate profit increase “AI-First strategy” leading to additional cost savings, with first effects in H2 2026 38.3% Rx growth in H1 & 45.8% in Q2 with continued acceleration in July Global Markets Forum 2026 AI FY guidance raised based on successful H1 with momentum continuing Active customers grew by 1.1m yoy to 12.9m; thereof 1.5m TeleClinic
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| Upper Guide Content in DocMorris Light; intext Titles in DocMorris Light Bold Eyebrow in DocMorris Light Screen Green Trust Green Balance Green Main Text in DocMorris Light in Trust Green Footer; main title of presentation in DocMorris Light Accent 3 Accent 1 Accent 2 Eyebrow, footnotes and charts and graph legends in Poppins in Grey Begin Content Area Headline Line in DocMorris Light Accent 5 Accent 4 Footnote in Poppins Regular End Content AreaCenter Type Area Accent 6 Note Header and Footer If you go to the Insert tab and place the mouse on Header & Footer without clicking, an information box appears. Inserting images with copy/paste To add an image click on the image placeholder and paste it. White Main Colours Custom Colours can be used for backgrounds Inserting charts with copy/paste To add a chart from Excel, click to the chart and copy it. Select the placeholder in which you want to paste your chart. Right click the place holder and select the paste option “Use Destination Theme & Embed Workbook (H)”. All charts and graphs use the Poppins font Light Balance Green Light Honey Orange Custom Colour can be used as interferer color, i.e. to highlight promotions or sales Interferer Magenta Highlight text in Headline or body text DocMorris Light can be bolded to highlight specific words within titles or sentences Accelerated Rx revenue and active customer growth in Q2 2026 6 Business update Active Rx customers +15.6% yoy +7.1% qoq as of 30 June 2026 Rx growth +45.8% Q2 yoy +38.3% H1 yoy in local currency Rx revenue in EURm Global Markets Forum 2026 +17% All financial data in this presentation is unaudited
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| · Five-year sales per Rx customer exceed OTC customer sales by more than ten times · Marketing spend and customer acquisition costs (CAC) have been consistently and significantly reduced since Q4 2025 · Additional costs of the coverage of co-payments relative to the previous bonus model are more than offset by substantial reductions in CAC Business update 7 Gaining highly attractive Rx customers at strongly reduced acquisition costs Global Markets Forum 2026 Indicative graphic | 1 Total CAC = Total costs for marketing, bonus and coverage of co-payments per new customer | 2 ROI = Return on investment | 3 CLV = Customer lifetime value Total CAC1 Q3 2025 Q4 Q1 2026 Q2 5y sales per customer OTC Rx >10x
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| Upper Guide Content in DocMorris Light; intext Titles in DocMorris Light Bold Eyebrow in DocMorris Light Screen Green Trust Green Balance Green Main Text in DocMorris Light in Trust Green Footer; main title of presentation in DocMorris Light Accent 3 Accent 1 Accent 2 Eyebrow, footnotes and charts and graph legends in Poppins in Grey Begin Content Area Headline Line in DocMorris Light Accent 5 Accent 4 Footnote in Poppins Regular End Content AreaCenter Type Area Accent 6 Note Header and Footer If you go to the Insert tab and place the mouse on Header & Footer without clicking, an information box appears. Inserting images with copy/paste To add an image click on the image placeholder and paste it. White Main Colours Custom Colours can be used for backgrounds Inserting charts with copy/paste To add a chart from Excel, click to the chart and copy it. Select the placeholder in which you want to paste your chart. Right click the place holder and select the paste option “Use Destination Theme & Embed Workbook (H)”. All charts and graphs use the Poppins font Light Balance Green Light Honey Orange Custom Colour can be used as interferer color, i.e. to highlight promotions or sales Interferer Magenta Highlight text in Headline or body text DocMorris Light can be bolded to highlight specific words within titles or sentences Business update Increasing impact of Digital Services with OTC business growing as planned 1 External revenue segment Germany +6.6% yoy1 Global Markets Forum 2026 Non-Rx · Solid, continuous revenue growth with 6.6% in H1 for Non-Rx OTC · 4.0% revenue growth in H1 for OTC/BPC · Growth actively managed in OTC: Calibrated towards incremental, more profitable new Rx customers Digital Services · TeleClinic, Retail Media, and Marketplace grew by 71.4% in H1 · Delivering a continuously growing profit contribution Revenue in EURm 8 456 486 +71.4%
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| TeleClinic scales profitably, well positioned to capture vast market potential Business update 9 · Revenue grew by 48% to EUR 17.6m in H1 2026 · Treatments up by 51% yoy (to 1.3m treatments) in H1 26, supported by a growing doctor network with increased utilisation rates · EBITDA doubled compared to H1 25 · Strong pipeline for new healthcare and insurance partnerships across the entire healthcare market · Launch of AI-powered doctor appointment service creates additional B2B monetisation potential with partners Global Markets Forum 2026 AI appointment service launched
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| Business update 10Global Markets Forum 2026 dmr Advertising is a profitable growth engine #1 Healthcare retail media platform in Germany - measurable value for advertisers >10m EUR Net sales leading to >100% growth in H1 2026 with a mid-double-digit EBITDA margin · Successfully and profitably scaling the business · High-impact client campaigns across digital TV channels during the World Cup with >250 million ad impressions · Further strong, profitable growth dynamic in the upcoming years expected
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| Agenda 11 1. Business update 2. Financial update 3. Outlook 4. Q&A Global Markets Forum 2026
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| · External revenue1 grew 12.5% yoy in local currency and 9.8% in CHF · Revenue grew 13.4% in local currency and 10.7% in CHF, driven by Rx (38.3%2) and Digital Services (71.4%2) growth · Co-payment with slight negative impact on gross margin but over-compensated due to lower marketing expenses · Strong adj. EBITDA improvement driven by higher marketing efficiency and further cost discipline · Operating cash flow with strong improvement of CHF 34.6m Strong revenue growth alongside EBITDA improvement Financial update 12 1 External revenue consists of the revenue of DocMorris plus online revenues of apotal, less revenue related to supplies to apotal | 2 Revenue change in % in local currency Global Markets Forum 2026 (1.8%)(5.3%)(3.3%) CHF m 22.1%22.3% 22.1% (10.9)(28.8) (19.4) Gross margin Adj. EBITDA & margin ~350 bps ~(20) bps (3.5%)(10.3%)(5.7%) (21.1)(55.7) (33.0) Operatingcash flow ~680 bps H1 2025 H2 2025 H1 2026 Revenue 13.4%2 599541 583 Group
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| AI-First strategy on track: >CHF 15m recurring savings by end of 2027 100% Cash flow effective The full savings amount translates into free cash flow ~75% Thereof EBITDA effective Difference reflects capitalised Tech development costs (Capex) no longer incurred CHF 4.3m One-off costs in Q2 2026 Expected to be largely offset in H2 2026 Global Markets Forum 2026 ≥ CHF 15m Recurring net savings p.a. Fully phased in by end-2027 AI-driven optimisation and automation of processes across all areas of the company lead to a group-wide reduction of >100 FTEs Positive earnings contribution expected already in the second half of 2026 > CHF 5m Recurring capex savings Fully phased in by end-2027; Capex guidance 2026 reduced to < CHF 30m
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| 1 CB = Convertible bond Net financial debt and maturity profile 14 Maturity profile as of 16 September 2026 CB1 2026-2031CB1 2024 -2029 Coupon 1.5% Conversion price CHF 13.83 CHF 200.0m nominal CHF 22.0m outstanding (redeemed as of 5/3/26) Coupon 3.0% Conversion price CHF 55.96 Global Markets Forum 2026 in CHF m 30 June 2025 31 Dec 2025 30 June 2026 Convertible Bonds 286.0 265.0 244.1 + Lease liabilities 24.6 23.6 21.5 + Other financial liabilities 9.8 8.4 7.3 = Financial debt 320.3 297.1 272.9 - Cash and cash equivalents 150.3 119.9 69.2 - Current financial assets 80.0 39.6 30.0 = Net financial debt 90.0 137.6 173.8 CHF 96.8m nominal
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| Agenda 15 1. Business update 2. Financial update 3. Outlook 4. Q&A Global Markets Forum 2026
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| Outlook Well on track towards EBITDA breakeven in the 2nd half of 2026 16 Chart indicative Global Markets Forum 2026 · Ongoing adj. EBITDA improvement since Q1 2025 driven by · strong operat. performance · enhanced marketing efficiency · disciplined cost management · CHF -4.6m adj. EBITDA in Q2 2026 - an improvement of CHF 8.1m compared to Q2 2025 · Adj. EBITDA margin1 in H1 2026 increased by 350 bps to -1.8% yoy 10 -20 0 -6.3m Adj. EBITDA in CHFm FY26FY25 Q1 Q2 Q3E Q4EQ1 Q2 Q3 Q4 -16.1m 1 Based on revenue in CHF -4.6m -12.7m
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| Outlook Increase of guidance 2026 — mid-term outlook unchanged Previous Raised Guidance, as of 19 August 2026 External revenue¹ 2026 in local currency Mid-single digit to low teens ▲ 9% to 13% Adj. EBITDA 2026 CHF -10m to -25m ▲ CHF -10m to -17.5m Capital expenditure 2026 CHF ~30m ▲ CHF <30m EBITDA breakeven in the course of 2026 │ Positive free cash flow in the course of 2027 Mid-term targets unchanged vs. 19 March 2026 ~15% revenue CAGR2 (back-end loaded due to increasing relative weight of Rx and Digital Services) ~8% EBITDA margin CHF ~30m capex p.a. ▲ Raised vs. March 2026 │ Guidance subject to stable regulatory environment │ 1 External revenue consists of the revenue of DocMorris plus online revenues of apotal, less revenue related to supplies to apotal │ 2 CAGR = Compounded annual growth rate Global Markets Forum 2026
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Thank you
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Q&A
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| Regulatory framework and pharmacy reform provide a reliable foundation Business update · German pharmacy reform completed, providing regulatory and policy clarity · Increase of fixed remuneration per medication: · EUR 8.35 -> EUR 9.00 (1.7.26) / EUR 9.00 -> EUR 9.50 (1.1.27) · Increase of statutory pharmacy discount from EUR 1.77 -> EUR 2.07 (1.1.27) · Low additional costs for transport requirements of approx. 20 ct · GKV1 financial reform passed · 50% higher co-payment for pharmaceuticals(Rx) from 2027 (EUR 7.50-15) · Coverage of co-payments · Courts (EuGH 2016/2025, BGH 2025) confirm legality of Rx-bonuses for foreign online pharmacies; Co-payment coverage preserves GKV principles without creating medical disincentives Global Markets Forum 2026 1 GKV = Gesetzliche Krankenversicherung
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| Upper Guide Content in DocMorris; intext Titles in DocMorris Bold Eyebrow in DocMorris Screen Green Trust Green Balance Green Main Text in DocMorris Dark Grey Footer; main title of presentation in DocMorris Accent 3 Accent 1 Accent 2 Eyebrow, footnotes and charts and graph legends in Poppins in Grey Begin Content Area Headline Line in DocMorris Accent 5 Accent 4 Footnote in Poppins Regular End Content AreaCenter Type Area Accent 6 Note Header and Footer If you go to the Insert tab and place the mouse on Header & Footer without clicking, an information box appears. Inserting images with copy/paste To add an image click on the image placeholder and paste it. White Main Colours Inserting charts with copy/paste To add a chart from Excel, click to the chart and copy it. Select the placeholder in which you want to paste your chart. Right click the place holder and select the paste option “Use Destination Theme & Embed Workbook (H)”. All charts and graphs use the Poppins font Light Honey Orange Interferer Magenta Highlight text in Headline or body text DocMorris can be bolded to highlight specific words within titles or sentences · 13.4% revenue growth in local currency and 10.7% in CHF · Majority of direct cost ratios improved · 80 bps lower personnel expense ratio · Marketing expenses reduced by CHF ~14m or 310bps · Distribution expenses 10bps lower · Adj. EBITDA CHF 17.9m better than last year · Restructuring adjustments of CHF 7.6m mainly for AI-first strategy and closure of warehouse Ludwigshafen · Finance result negatively affected by CHF -4.9m non-cash FX losses mainly on intercompany loans Financial update 1 External revenue consists of the revenue of DocMorris plus online revenues of apotal, less revenue related to supplies to apotal EBITDA improvement driven by growth and cost control 21Global Markets Forum 2026 in CHF m H1 2026 Margin H1 2025 Margin yoy External revenue1 627.8 572.1 9.8% External revenue1, constant exchange rate 643.6 572.1 12.5% Revenue 599.2 541.5 10.7% Gross profit 132.3 22.1% 121.0 22.3% 9.3% Personnel expenses adj. (49.6) (8.3%) (49.1) (9.1%) (1.1%) Marketing expenses (34.6) (5.8%) (48.4) (8.9%) 28.4% Distribution expenses (32.6) (5.4%) (29.9) (5.5%) (9.0%) Other operating income & expenses adj. (26.4) (4.4%) (22.4) (4.1%) (17.3%) Adj. EBITDA (10.9) (1.8%) (28.8) (5.3%) 62.1% Adjustments (9.1) 1.7 M&A 0 2.0 Restructuring, Integration (7.6) 0.9 Other (1.5) (1.2) EBITDA (20.0) (3.3%) (27.1) (5.0%) 26.2% Depreciation, amortisation and impairment (20.9) (3.5%) (22.9) (4.2%) 8.6% EBIT (40.9) (6.8%) (50.0) (9.2%) 18.2% Finance result, net (10.6) (1.8%) (10.6) (2.0%) 0.1% Net income (53.1) (8.9%) (61.6) (11.4%) 13.7%
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| Disclaimer 22 This presentation (the "Presentation") has been prepared by DocMorris AG ("DocMorris" and together with its subsidiaries, "we", "us" or "DocMorris") solely for informational purposes and has not been independently verified and no representation or warranty, express or implied, is made or given by or on behalf of any of DocMorris. DocMorris reserves the right to amend or replace the Presentation at any time and undertakes no obligation to provide the recipients with access to any additional information. DocMorris shall not be obligated to update or correct the information set forth in the Presentation or to provide any additional information. Nothing in this Presentation is, or should be relied upon as, a promise or representation as to the future. Certain statements in this Presentation are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions, intense competition in the markets in which DocMorris operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting DocMorris’ markets, and other factors beyond the control of DocMorris). Neither DocMorris nor any of its respective directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the date of this Presentation. Statements contained in this Presentation regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. This Presentation does not constitute or form part of, and should not be construed as, an offer or invitation or inducement to subscribe for, underwrite or otherwise acquire, any securities of DocMorris, nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of DocMorris, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This Presentation is not a prospectus and is being made available to you solely for your information and background and is not to be used as a basis for an investment decision in securities of DocMorris. Global Markets Forum 2026