I'd just like to introduce Kelvin Jörn from DocMorris. Can you hear me? Perfect. Great. Hello, everyone. It's a pleasure to be here today with you and to present the company story of DocMorris. We are a Swiss listed company, mainly operating in Germany. Yeah, happy to present you the case today. On the second slide, you can see that we have three main areas for today. Starting with a general overview about the company. Afterwards, talking about the current business update, where we stand today, how our business model is evolving, and especially how our strategic focus is delivering results. Next part is about the financial update, detailing ours from group dynamic to market-to-market, and the clear path towards profitability. Thirdly, our outlook, including our raised guidance for 2026 and our medium-term financial targets. Before we dive into the details, I will share a quick overview about DocMorris. DocMorris AI health platform in Europe. Besides DocMorris, we operate trusted consumer brands, including medpex and Amortal. We have a personalized brand for different customer segments, and we are active in Germany, France, and the U.K. As said before, Germany is by far our largest market, around 95% of our net sales are generated in Germany. Besides that, we own the number one telemedicine platform in Germany, named TeleClinic. Historically, maybe many of you knew us already as the classic online pharmacy. But over the recent years, we have executed a profound strategic transition, really focusing on an AI health platform in Germany. We have built a comprehensive, integrated digital health ecosystem, including the online pharmacy as its main part, our marketplace for TeleClinic order, and the retail media business. That all together as ecosystem serves around 12.9 million customers. On the next slide, you can see some more details about our business model. As mentioned before, we are no longer just an online pharmacy. There's another online pharmacy active in Germany, which is a bit larger. But we have really transitioned into the AI health platform, really focusing on AI services and products in our healthcare platform. Therefore, we run our business across clear and highly complementary different pillars. First, as said, the core of the business are online pharmacy. That's the largest part of the business, and especially the prescription medicine business is highly attractive. We call it the Rx business. Besides that, we have the non-Rx business, which is attractive as well, but with more prices. As second part of the ecosystem, we have our marketplace that's comparable, for example, to an Amazon business, but focusing on the OTC products and health and beauty purpose. The telemedicine business, as I said before, is our TeleClinic order, which is very fast-growing. Talking about growth rates more than 100% last year. This year, more than 50%, and a very profitable asset. Talking about EBITDA margins around 30%, developing close to 40%. The second tool in our portfolio is a retail media business. It's called dmr Advertising. This business is also comparable to an Amazon Ads, for example. We deliver data-driven, targeted consumer behaviors to pharmaceutical brands or other beauty companies like L’Oréal or Roche. At the center of all of this is our AI health shopping assistant, orchestrating all these different services to our customers into a seamless user experience. On the next slide, you can see our current trading, especially the execution across the business in the last six months has been outstanding. Starting with our growth driver, the Rx business. The beginning of the year was interesting because we really have to focus on being profitable this year, reaching EBITDA breakeven during the course of 2026, so not having a positive EBITDA already for the whole year, but on a quarterly basis, reaching the EBITDA breakeven. Therefore, we thought about having growth rates around 20% for our Rx business. As you can see in H1, we already had 38.3% with an acceleration from Q1 to Q2 to 46% and a further acceleration we already see in Q3 as communicated the H1 results in August. Our digital services segment delivered another very strong revenue growth with around 7% in H1 and over 80% in Q2. So very promising results, especially looking at underlying EBITDA. The third part, which is really important to us, is the AI-first strategy. End of June, we communicated the AI-first strategy leading to more than 100 FTEs being replaced due to AI agents and therefore having cost savings expected beginning of end of 2027 of more than CHF 15 million. We see first tangible benefits already in the second half of this year. As touched already on the EBITDA breakeven, we are fully on track here. I will have some more details for you later, but really good to see how it develops from quarter -to -quarter. All this led to an official raise of the full year 2026 guidance communicated with the H1 numbers. More on that later as well. On this slide, you can see the quarterly development of our Rx business in Germany, and you can see that with the start of this business in Q1 2024 from CHF 37.4 million, it developed to almost CHF 90 million in the last quarter. So really a very good growth for it, but especially the performance from Q2 this year compared to Q1 this year is very good, especially because you have different growth drivers. First of all, we cut down on marketing very much. So despite having a cost focus, growth is still there. Secondly is different possibilities to win new clients for the segment. For example, the OTC customers have tried to convince redeeming their prescriptive medicine with us as well. So we call them OTC switchers, already being active in the DocMorris brand, but afterwards, ordering Rx products as well. Our focus was to win completely new customers because we then have the leverage to afterwards sell OTC products to them as well. You can see it on the next slide, our Rx customers are way more attractive for us compared to OTC customers. You see the 15.6% year-over-year growth and the 7.1% quarter-over-quarter growth on the customer side, and it's mainly driven by completely new customers. On the next slide, you can see the structural improvements we saw this year. First of all, single Rx customer is immensely valuable. Over a five-year period, the sales generated by an Rx customer exceeds those of an OTC client by more than 10 times. It is really way more attractive to have Rx cohort in the business than to always have a bit more price sensitive from a competitive landscape the OTC business with lower margins. At the end of last year, we strategically shifted our marketing approach. We transitioned from a traditional bonus incentive for voucher to covering the co-payments of the customers. In Germany, not sure if you already know that, but it is a bit different because you need to pay an amount of between EUR 5 - EUR 10 per prescription medicine package on yourself, and therefore, in this part, we cover the co-payments. It is really much more easy to order something online from our platform because you do not need to share your contact details, your credit card details afterwards of paying, then afterwards getting voucher, you need to order again to get your money back. It is really a direct impact and that really is a trigger for new customer growth. Additionally, we committed to completely stop the upper funnel marketing. We do not do any TV spots anymore, which is not targeted, which is quite expensive. We really focus on covering the co-payment. Yeah, it works quite well. While covering the co-payments carries a small direct cost, so there is a slightly negative impact on the gross margin, but a way overcompensated positive impact on the bottom line. It is just a shift where the costs are allocated, but on the bottom line, it is way more profitable than before. Now talking about our non-Rx business, talking about the OTC business, talking about the beauty and personal care business, so non-prescriptive medicine business, including our digital services. On this slide, you can see that the total segment revenue grew by 6.6% in the first half of the year. The OTC/BPC business grew by 4%. We use OTC strategically as a customer acquisition funnel to upsell or cross-sell highly profitable Rx product or other services in our platform. Especially the light green marked part by digital services is very promising as it grew by 61.4%. It combines the TeleClinic negative feature here in marketplace. All those three businesses are growing way stronger than the other platform business and we are very happy with that. On the next slide, you can see our strategic unit development. I think especially in the first half of the year, it was another strong growth sector. You see 48% revenue growth to EUR 18 million compared to the group revenue, which is on a yearly basis around EUR 1.2 billion. It is not that much, but the share before margins around 30% - 40%. On a group level, it really adds a lot of value, and it is still growing very nicely. Supported by our expanding network of 7,000 doctors, we managed to facilitate 1.33 million treatments. The EBITDA doubled compared to last year. Which is another point which is very important is that we are by far the largest player on the platform. There is no other player out there who is comparable to our TeleClinic offering, and especially having those contracts in place due to almost every health insurer out there for long-lasting contracts, somewhere between five and 10 years, really secures our market position and helps us to scale the business. We just recently launched an innovative AI-powered doctor appointment booking service. In Germany, it is really a huge issue to get a doctoral appointment. You try to see a doctor, and usually it takes around two to four months. Our AI agent calls different practices and tries to secure an appointment. If that does not work, he calls again. For every successful appointment, we get paid by the health insurer because they are interested to offer a good service as well. It is interesting because after we tested the AI agents, we got feedback from the different practices and the people answering the phone calls, it is way better to talk to an AI agent compared to a real customer because they are always being emotional and saying, "Okay, how is it not possible to get an appointment below three months time?" Therefore, the feedback is quite positive. It is another AI-powered service we offer. Just started a few weeks ago, and we see that adoption is quite good. On the next slide, you can see our second trillion offer portfolio. That is the retail media business, dmr Advertising. In the first half of the year, this business generated more than EUR 10 million in net sales, representing more than 100% growth with a high mid to high double-digit EBITDA margin. How does it work? The retail media business is comparable to Amazon Ads. Big pharma and consumer health brands realize that the dmr offers targeted digital marketing directly at the point of purchase. We can share different advertisements, for example, in Spotify, during YouTube spots, and on these online channels. We do that while anonymizing our customer behaviors from our OTC business, and afterwards using the intel we are extracting here to have the perfect ad for different companies in a sense, for different pharma companies, for hearing or skincare companies. That is a really profitable business. For instance, during the recent first half of the year, across different channels, we had around 480 more than 150 million ad impressions. Here the same pattern as with TeleClinic. It is quite small yet, but highly profitable. Really, really good profitability. Looking three, four years in the future, there is a lot of growth use cases. Now looking at our financial update. Here you can see that we managed to increase the revenue by more than 30% on a group level. As touched on before, the gross margin is slightly very balanced, but slightly down by 20 basis points. Reason for that is that the positive mix of business would be 30 basis points, but the co-payment coverage had a negative impact of around 40 basis points. All in all, really develops as we expected. The bottom line is way more profitable regarding the co-payment. The gross margin is slightly down, but as expected. If you look at the adjusted EBITDA development, you can see that there is a strong improvement coming from EUR -29 million last year to around EUR -11 million. Cash burning side, operating cash flow is. Now the AI-first strategy. Here you can see the different impacts on our financials. We already started the process around one year ago and really looked into every department, looked into details, and had a systematic review of every process we have. If a process can be eliminated or automated using AI, we keep it eliminated or automated. If it's not possible to fully automate it, we try to optimize it. Afterwards, we have finalized this process and started it the same day with the announcement to lay off around 100 employees and replacing those topics with AI agents. We already see some savings in the second half of the year, and we expect a positive impact of more than 100 basis points recurring as of the end of 2025. That's really not going away process, we work closely together with a partnership in place. We completely shifted our internal tools away from Microsoft to Google, and we are not using PowerPoint anymore. Fully integrated Google in every meeting and use Gemini and use Claude for the coding topics. Therefore, we really see it works. Talking about the 100 FTEs today, we are not talking about blue-collar workers. All white-collar workers and around 30% of them are coding people. I think it's clear during the future explain that coding with Claude, Gemini, whatever, is way more productive and the results are even better. Coming to our balance sheet and liquidity. We have definitely a comfortable liquidity position around convertible bonds in place. We are well funded. Just a few weeks ago, we successfully replaced the old convertible bond until the year 2028. Our reference share price for this convertible bond was around CHF 16. Actually, now it is around CHF 30. The convertible bond was well in money. Therefore, we had some strategic options. We replaced this one with a new convertible bond until 2031, securing a way better coupon, now 1.5% compared to 3% of the old one, and even optimizing the maturity profile. There's no near-term financing need. There's no near-term capital transaction we need to look at. We focus on executing our strategy. Lastly, talking about our outlook. On this slide, you can see the development of our adjusted EBITDA quarter- by -quarter. You see it's really a strong improvement, especially if you look at the growth rates I've shown you before and the expectation we had beginning of 2026. Talking about 20% Rx growth now being close to 40% and keeping the guidance in place that we will grow at least 40% for Rx as well. That's a very good achievement to us and especially driven by three factors. First of all, the strong operating performance. Second, the way better marketing efficiency, and thirdly, the very successful tight cost control. On our guidance as said before, we published the new updated guidance mid-August, and we raised our external revenue growth in local currency from 9% to 30% up from mid-single digits in low teens. The adjusted EBITDA range is now steered towards EUR -10 million to EUR -7.5 million for 2026. As mentioned, we want to be breakeven during the year, and management ambition is to be breakeven on the EBITDA level in H2. The CapEx is reduced slightly to below CHF 30 million from again to around CHF 20 million. Midterm targets are still in place, so we expect to grow the midterm around 15% on the revenue side. We expect or we target an EBITDA margin of 18%, and CapEx is still around CHF 30 million, but we include a bit lower in the future due to the AI initiatives. That is all. Thank you very much, and looking forward to your questions. Thank you, Kelvin. Do we have any questions? I have a quick one. A very interesting business model. You have a very strong position in Germany now going to profitability. In terms of more long-term, are you looking forward to go through M&A and try to replicate that business model, for instance, Canada? You talk about people takes forever to make an appointment. Canada is similar situation. What are the characteristics of those markets to the extent you are contemplating M&A for the growth? Because at some point, you are going to get a plateau revenue growth in that market in Germany. That is a very good question. I think at the moment, M&A is not the bottom because if you look at the underlying market in Germany, we are currently around 2% Rx business is online. There is a lot of potential to further scale this business. Secondly, we are not yet profitable. We really want to focus on executing in our main market, scale the business, reach the EBITDA margin to have further flexibility in the future. In the past, we were already active in Switzerland. We had our second environment. A few years ago, there was a major strategic brand, so also we sold that unfortunately due to government needs. This could be an option, for example, in the future, Rx medicine is allowed to ship it to Switzerland as well, which is not yet the case. This could be an easy way to expand our business, especially because our new IT tech platform is easy to replicate. That is also the reason we have some smaller footprints of brands in Portugal and Spain, for example. It is not because it is attractive to us right now, but we already have some people on the ground following the market, understanding the market. If the right time is there, we can scale our operations there. At the moment, it does not really make sense to say, "Okay, let us go for a large M&A in a new market," especially because from the regulatory side, it is quite challenging, to be honest. But having our expertise in DACH region in Europe, I would say there is a lot of room to grow in Germany. If working in Germany, there is no other attractive markets, then we will be able to look at. All right. Thank you, Kelvin Jörn, for your share. Thanks very much. There is no calls right now.
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