Redcare Pharmacy: Regulatory Shift Signals Major Upside for Online Pharmacies

Research evidence excerpt

Redcare Pharmacy: Regulatory Shift Signals Major Upside for Online Pharmacies

Deutsche Bank

Research

Rating Company Date

Buy Redcare Pharmacy 12 May 2026

Breaking News

Europe

Netherlands

Reuters Bloomberg Exchange Ticker Price at 11 May 2026 (EUR) 47.24

RDC.DE RDC GR GER RDC

Price Target (EUR) 99.00

Healthcare

52-week range (EUR) 129.00 - 30.86

Medical Technologies &

Services

Regulatory Shift Signals Major Upside

Valuation & Risks for Online Pharmacies

Jan Koch, CFA

Summary Takeaway Research Analyst

According to a report from Pharmazeutische Zeitung, the German Federal Ministry +49-69-910-47428

of Health (BMG) is planning a phased increase of the "Fixum" (prescription-based

Falko Friedrichs

pharmacy remuneration) and, crucially, is abandoning its plans of stricter controls Research Analyst

for mail-order drug delivery. This development represents a significant positive +49-69-910-36270

catalyst for the investment case of online pharmacies, with potential for substantial

Fynn Scherzler

margin enhancement. Key Aspects:

Research Analyst

+49-69-910-40764

"Fixum" Increase

Sachin Gadilingappa

n The "Fixum" is slated for a two-step increase: initially to €9.00 per Rx

Research Associate

package, followed by a rise to €9.50 one year after the regulation's

implementation.

n The first increase to €9.00 could come into effect as early as July 1, 2026, Price/price relative

provided Bundesrat approval on June 12 and prompt publication. The 200

second increase to €9.50 would then follow by July 1, 2027.

100 n If implemented as proposed, this could boost Redcare's adjusted EBITDA

by an estimated €2-4 million in 2026, €16 million in 2027, and €26 million

in 2028. This translates to an adjusted EBITDA uplift of 3-5% in 2026, 13% 0 2024 2025 2026

in 2027, and 16% in 2028.