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1. Corporate information.
The consolidated financial statements of Redcare Pharmacy N.V. (or the \u201cCompany\u201d) and
its subsidiaries (collectively, the Group) for the year ended December 31, 2025 were
authorized for issue in accordance with a resolution of the Managing Board on March 3,
2026. Redcare Pharmacy N.V. is a limited liability company incorporated in the
Netherlands on September 30, 2015 and is legally domiciled in Sevenum, the
Netherlands, with its registered address at Erik de Rodeweg 11/13, 5975 WD Sevenum.
Redcare Pharmacy N.V. is listed on the regulated market of the Frankfurt Stock Exchange.
Redcare Pharmacy N.V. is an online pharmacy business primarily for prescription and non-
prescription (\u201cover-the-counter\u201d or \u201cOTC\u201d) pharmaceuticals, beauty and personal care
products (BPC) and food supplements.
3. Material accounting policy information.
3.1. Basis of preparation.
The consolidated financial statements of the Group have been prepared in accordance
with the IFRS Accounting Standards as issued by the International Accounting Standards
Board (IASB) and as endorsed by the European Union, and in accordance with Book 2,
Title 9 of the Dutch Civil Code.
The consolidated financial statements provide comparative information in respect of the
previous period. In addition, the Group presents a statement of the financial position at
the beginning of the preceding period when there is a retrospective application of an
accounting policy, a retrospective restatement, or a reclassification of items in the
financial statements.
The consolidated financial statements have been prepared on a historical cost basis,
except when otherwise indicated. All amounts are presented in millions of euros (EUR
million), unless otherwise stated.
Change in presentation currency unit.
From financial year 2025, the Group presents its financial information in EUR millions
rather than EUR thousands to enhance clarity and readability. Comparative figures for
2024 have been restated accordingly by dividing previously reported amounts by 1,000
and rounding to the nearest EUR million. This change affects presentation only and has
no impact on the Group\u2019s financial position, performance or cash flows.
Going concern.
In 2025, the Group incurred losses after tax of EUR 39.4 million (2024: EUR 46.4 million).
Working capital at year-end 2025 was positive at EUR 15.9 million (2024: EUR 72.7 million),
Revenue growth in 2025 was slightly below initial expectations; however, profitability
developed in line with forecast, with the adjusted EBITDA margin meeting expectations.
Liquidity and working capital remained in line with management planning.
Based on the Group\u2019s year-end cash position of EUR 92.4 million, expected operating
cash flows and the available committed credit facilities, management expects to have
sufficient liquidity to settle the put option, if exercised, while maintaining adequate
headroom to meet ongoing operational and investment requirements.
in millions of Euros
31.12.2025
31.12.2024
Trade and other receivables, prepayments and other current assets
201.9
168.6
Inventory
214.0
153.8
Trade and other payables
-253.0
-184.0
Loans and borrowings (short-term)
-86.3
-9.7
Other liabilities (short-term)
-60.7
-56.0
Working capital
15.9
72.7
% Revenue
0.5%
3.1%
Working capital incl. cash and short-term securities
219.4
250.3
The Group\u2019s liquidity position as at December 31, 2025 primarily reflects the successful
refinancing transaction completed in April 2025.
On April 16, 2025, Redcare Pharmacy issued EUR 300 million senior unsecured
convertible bonds due 2032 with a 1.75% coupon, while simultaneously repurchasing EUR
157.9 million of the existing EUR 225 million zero-coupon convertible bonds due 2028.
The proceeds of the new issuance were used to strengthen the capital structure, extend
debt maturities, and provide additional long-term financial flexibility.
Following the repurchase, EUR 67.1 million nominal value of the 2021 convertible bonds
remain outstanding and are classified as current liabilities due to the bondholders\u2019 put
option exercisable in January 2026 (refer to note 35). The repayment has been fully
incorporated in management\u2019s cash flow forecasts.
Based on the Group\u2019s year-end cash position (including short-term securities) of EUR
203.5 million, expected operating cash flows and the available committed credit facilities,
management has sufficient liquidity to settle the put option, while maintaining adequate
headroom to meet ongoing operational and investment requirements.
The Group continuously monitors its liquidity position through short-, mid- and long-term
cash flow planning to model future liquidity levels and funding requirements, thereby
supporting growth financing and maintaining financial resilience. The underlying unit
economics and financial performance in the larger markets are cash-flow positive;
however, the Group continues to pursue a fast-growth strategy aimed at expanding
market share and increasing its active customer base.
In parallel with this growth focus, the Group is implementing initiatives to improve gross
profit margins, enhance other income streams, and drive operational efficiencies and
scalability. Management also actively safeguards operational flexibility to adjust the
balance between growth investment and cash generation as needed. The Group
diversifies its funding sources and actively manages financing options to ensure
continued financial flexibility.
Cash flows, margins, working capital and capital allocation are closely monitored to
maintain a sustainable business model, while external capital and debt market
developments are continuously assessed. Based on current forecasts and funding plans,
management expects sufficient liquidity to be available for at least the next twelve
months from the date of approval of these consolidated financial statements.
Accordingly, the consolidated financial statements have been prepared on a going
concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-360": { "value": "Redcare Pharmacy N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-361": { "value": "
authorized for issue in accordance with a resolution of the Managing Board on March 3,
2026
Approval and signing of the consolidated financial statements.
Sevenum, March 3, 2026
Managing Board members:
Olaf Heinrich, Dirk Br\u00fcse, Theresa Holler, Lode Fastr\u00e9.
Supervisory Board members:
Bj\u00f6rn S\u00f6der (Chairman), Jaska de Bakker, J\u00e9r\u00f4me Cochet, Michael K\u00f6hler and Stephan
Weber.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-362": { "value": "limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-363": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-364": { "value": "Sevenum, the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-365": { "value": "Erik de Rodeweg 11/13, 5975 WD Sevenum", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-366": { "value": "Redcare Pharmacy N.V. is an online pharmacy business primarily for prescription and non-prescription (\u201cover-the-counter\u201d or \u201cOTC\u201d) pharmaceuticals, beauty and personal care products (BPC) and food supplements", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-367": { "value": "
2. Group information.
Besides the financial information of Redcare Pharmacy N.V., the financial information of
the following wholly owned subsidiaries is also included in these consolidated financial
statements.
SA Europe B.V., Sevenum, the Netherlands, with its 100% subsidiaries unless otherwise
indicated:
\u2022 Shop-Apotheke B.V., Sevenum, the Netherlands
\u2022 Shop-Apotheke B.V., od\u0161t\u011bpn\u00fd z\u00e1vod, Prague, Czech Republic (local branch)
\u2022 Shop-Apotheke Service B.V., Sevenum, the Netherlands
\u2022 EuroService Venlo B.V., Sevenum, the Netherlands
\u2022 EuroService Pilsen s.r.o., Prague, Czech Republic
\u2022 RC Staff B.V., Sevenum, the Netherlands
\u2022 RC Pharma B.V., Sevenum, the Netherlands
\u2022 Fastnet BV, Tongeren, Belgium
\u2022 nu3 GmbH, Berlin, Germany
\u2022 Shop Apotheke Service GmbH, Cologne, Germany
\u2022 Hyg\u00e9e Sant\u00e9 SAS , Ennevelin, France
\u2022 Redcare S.r.l., Milan, Italy
\u2022 nu3 Schweiz GmbH, Lachen, Switzerland
\u2022 nu3 France SASU, Entzheim, France
\u2022 Smartpatient GmbH, Munich, Germany
\u2022 smartpatient Business Services Sp. z.o.o., Warsaw, Poland
\u2022 MedApp Holding B.V., Eindhoven, the Netherlands
\u2022 MedApp Nederland B.V., Eindhoven, the Netherlands
\u2022 MedApp Apotheek B.V., Eindhoven, the Netherlands
\u2022 APS All Pharma Service Nettetal GmbH, Viersen, Germany
\u2022 Aust Pharma GmbH, Vienna, Austria
\u2022 Aurora Gesundheit GmbH, Berlin, Germany
\u2022 Aurora Gesundheit Services 1 UG (haftungsbeschr\u00e4nkt), Berlin, Germany
\u2022 MediService AG (51% subsidiary), Zuchwill Switzerland
EHS Europe Health Services B.V., Sevenum, the Netherlands, with its 100% subsidiary:
EHSC B.V., Sevenum, the Netherlands, with its 100% subsidiaries:
\u2022 Europa Apotheek Venlo B.V., Sevenum, the Netherlands
\u2022 Europa Apotheek Service Venlo B.V., Sevenum, the Netherlands
The following associates and joint ventures are accounted for using the equity method in
these consolidated financial statements:
Associates
The Group has a 37.5% interest in DatamedIQ GmbH (2024: 37.5%), incorporated and
located in Germany.
Joint arrangements in which the Group is a joint venturer
Until August 6, 2025 (the merger date), the Group held a 50% interest in two joint
ventures, K\u00f6nig Gesellschaft f\u00fcr Image- und Dokumentenverarbeitung mbH (K\u00f6nig IDV
GmbH) and K\u00f6nig IT Systeme GmbH, both incorporated and domiciled in Germany.
On August 6, 2025, K\u00f6nig IT Systeme GmbH was legally merged into K\u00f6nig IDV GmbH
(Verschmelzung), in a side step merger. As a result of this transaction, only one joint
venture, K\u00f6nig IDV GmbH, continues to exist after the merger. The Group maintains its
50% interest in the surviving entity.
The merger did not affect the Group\u2019s ownership percentage but changed the legal
structure of the joint arrangement. The merger was registered in the German commercial
register on August 6, 2025.
The Group has the following interest classified as equity instruments:
The Group has a 5% interest in Verkstedt GmbH (2024: 5%), incorporated and located in
Germany.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-368": { "value": "
2. Group information.
Besides the financial information of Redcare Pharmacy N.V., the financial information of
the following wholly owned subsidiaries is also included in these consolidated financial
statements.
SA Europe B.V., Sevenum, the Netherlands, with its 100% subsidiaries unless otherwise
indicated:
\u2022 Shop-Apotheke B.V., Sevenum, the Netherlands
\u2022 Shop-Apotheke B.V., od\u0161t\u011bpn\u00fd z\u00e1vod, Prague, Czech Republic (local branch)
\u2022 Shop-Apotheke Service B.V., Sevenum, the Netherlands
\u2022 EuroService Venlo B.V., Sevenum, the Netherlands
\u2022 EuroService Pilsen s.r.o., Prague, Czech Republic
\u2022 RC Staff B.V., Sevenum, the Netherlands
\u2022 RC Pharma B.V., Sevenum, the Netherlands
\u2022 Fastnet BV, Tongeren, Belgium
\u2022 nu3 GmbH, Berlin, Germany
\u2022 Shop Apotheke Service GmbH, Cologne, Germany
\u2022 Hyg\u00e9e Sant\u00e9 SAS , Ennevelin, France
\u2022 Redcare S.r.l., Milan, Italy
\u2022 nu3 Schweiz GmbH, Lachen, Switzerland
\u2022 nu3 France SASU, Entzheim, France
\u2022 Smartpatient GmbH, Munich, Germany
\u2022 smartpatient Business Services Sp. z.o.o., Warsaw, Poland
\u2022 MedApp Holding B.V., Eindhoven, the Netherlands
\u2022 MedApp Nederland B.V., Eindhoven, the Netherlands
\u2022 MedApp Apotheek B.V., Eindhoven, the Netherlands
\u2022 APS All Pharma Service Nettetal GmbH, Viersen, Germany
\u2022 Aust Pharma GmbH, Vienna, Austria
\u2022 Aurora Gesundheit GmbH, Berlin, Germany
\u2022 Aurora Gesundheit Services 1 UG (haftungsbeschr\u00e4nkt), Berlin, Germany
\u2022 MediService AG (51% subsidiary), Zuchwill Switzerland
EHS Europe Health Services B.V., Sevenum, the Netherlands, with its 100% subsidiary:
EHSC B.V., Sevenum, the Netherlands, with its 100% subsidiaries:
\u2022 Europa Apotheek Venlo B.V., Sevenum, the Netherlands
\u2022 Europa Apotheek Service Venlo B.V., Sevenum, the Netherlands
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-369": { "value": "
Associates
The Group has a 37.5% interest in DatamedIQ GmbH (2024: 37.5%), incorporated and
located in Germany.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-370": { "value": "
Joint arrangements in which the Group is a joint venturer
Until August 6, 2025 (the merger date), the Group held a 50% interest in two joint
ventures, K\u00f6nig Gesellschaft f\u00fcr Image- und Dokumentenverarbeitung mbH (K\u00f6nig IDV
GmbH) and K\u00f6nig IT Systeme GmbH, both incorporated and domiciled in Germany.
On August 6, 2025, K\u00f6nig IT Systeme GmbH was legally merged into K\u00f6nig IDV GmbH
(Verschmelzung), in a side step merger. As a result of this transaction, only one joint
venture, K\u00f6nig IDV GmbH, continues to exist after the merger. The Group maintains its
50% interest in the surviving entity.
The merger did not affect the Group\u2019s ownership percentage but changed the legal
structure of the joint arrangement. The merger was registered in the German commercial
register on August 6, 2025.
1 1. K\u00f6nig IDV GmbH, located in Gottmadingen, Germany, is primarily engaged in data processing. The Group\u2019s 50% interest in the entity was obtained as part of the acquisition of EHS Europe Health Services B.V. on November 8, 2017.
K\u00f6nig IT Systeme GmbH was merged into K\u00f6nig IDV GmbH on August 6, 2025.
2 K\u00f6nig IT Systeme GmbH, previously located in Gottmadingen, Germany, was primarily engaged in IT services. The Group\u2019s 50% interest in the entity was obtained as part of the acquisition of EHS Europe Health Services B.V. on
November 8, 2017. Following the legal merger on August 6, in 2025, K\u00f6nig IT Systeme GmbH ceased to exist as a separate legal entity and its activities were integrated into K\u00f6nig IDV GmbH.
16. Accounting for joint ventures.
Until August 6, 2025, the Group held a 50% interest in two joint ventures:
\u2022 K\u00f6nig IDV GmbH \u2013 data processing
\u2022 K\u00f6nig IT Systeme GmbH \u2013 IT services
Under the contractual arrangements, the Group had rights to the net assets of both
entities. In accordance with IFRS 11 \u2013 Joint Arrangements, these investments are
classified as joint ventures. The Group accounted for its interests in the joint ventures
using the equity method in accordance with IAS 28 \u2013 Investments in Associates and Joint
Ventures.
Merger in 2025.
On August 6, 2025, a legal merger was executed whereby K\u00f6nig IT Systeme GmbH was
merged into K\u00f6nig IDV GmbH. As a result of the merger, K\u00f6nig IT Systeme GmbH ceased
to exist as a separate legal entity.
Following the merger, the Group continues to hold a 50% interest in the merged entity,
K\u00f6nig IDV GmbH, which remains classified as a joint venture.
The merger did not result in a change in the Group\u2019s rights or obligations with respect to
the joint venture arrangements. Accordingly, the accounting treatment under the equity
method remained unchanged, and only one joint venture is presented in the consolidated
statement of financial position as at 31 December 2025.
Country of incorporation
principal place of business
Proportion of ownership interest held as
at 31 December
2025
2024
K\u00f6nig IDV GmbH 1
Germany
50%
50%
K\u00f6nig IT-Systeme GmbH 2
Germany
0%
50%
Results of the joint ventures.
The joint ventures K\u00f6nig IDV GmbH and K\u00f6nig IT Systeme GmbH reported a result after
taxes of EUR 0.2 million in financial year 2025 (2024: EUR 0.2 million). As the Group\u2019s
interests in K\u00f6nig IDV GmbH and K\u00f6nig IT Systeme GmbH were not individually material
prior to the merger on August 6, 2025, aggregated summarized financial information for
both entities up to the merger date is presented below. The combined information
reflects the interests in both joint ventures.
Summarized statement of financial position - joint ventures.
in millions of Euros
As at
31 December 2025
As at
31 December 2024
Non-current assets
0.0
0.0
Current assets
1.9
1.7
Total assets
1.9
1.7
Equity
1.7
1.5
Current liabilities
0.2
0.1
Total equity and liabilities
1.9
1.7
Summarized statement of profit or loss - joint ventures.
in millions of Euros
2025
2024
Revenue from contracts with customers
1.2
1.2
Other operating income
0.0
0.0
Cost of sales
0.0
0.0
Operating expenses
-1.0
-0.9
Result before tax
0.2
0.3
Income tax expense
0.0
0.0
Result for the year
(continuing operations)
0.2
0.2
Total comprehensive income for the year (continuing
operations)
0.2
0.2
Group\u2019s share of result for the year
0.1
0.1
Group share of profit.
The consolidated statement of profit and loss includes a share of profit of associates and
joint ventures of EUR 0.4 million (2024: EUR 0.4 million). This mainly concerns of EUR 0.1
million (2024: EUR 0.1 million) share in a joint venture, EUR 0.3 million (2024: EUR 0.1
million) result from associates and in 2024 EUR 0.2 million badwill on the acquisition of
Aust Pharma (refer to note 31).", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-372": { "value": "
3.1. Basis of preparation.
The consolidated financial statements of the Group have been prepared in accordance
with the IFRS Accounting Standards as issued by the International Accounting Standards
Board (IASB) and as endorsed by the European Union, and in accordance with Book 2,
Title 9 of the Dutch Civil Code.
The consolidated financial statements provide comparative information in respect of the
previous period. In addition, the Group presents a statement of the financial position at
the beginning of the preceding period when there is a retrospective application of an
accounting policy, a retrospective restatement, or a reclassification of items in the
financial statements.
The consolidated financial statements have been prepared on a historical cost basis,
except when otherwise indicated. All amounts are presented in millions of euros (EUR
million), unless otherwise stated.
Change in presentation currency unit.
From financial year 2025, the Group presents its financial information in EUR millions
rather than EUR thousands to enhance clarity and readability. Comparative figures for
2024 have been restated accordingly by dividing previously reported amounts by 1,000
and rounding to the nearest EUR million. This change affects presentation only and has
no impact on the Group\u2019s financial position, performance or cash flows.
Going concern.
In 2025, the Group incurred losses after tax of EUR 39.4 million (2024: EUR 46.4 million).
Working capital at year-end 2025 was positive at EUR 15.9 million (2024: EUR 72.7 million),
Revenue growth in 2025 was slightly below initial expectations; however, profitability
developed in line with forecast, with the adjusted EBITDA margin meeting expectations.
Liquidity and working capital remained in line with management planning.
Based on the Group\u2019s year-end cash position of EUR 92.4 million, expected operating
cash flows and the available committed credit facilities, management expects to have
sufficient liquidity to settle the put option, if exercised, while maintaining adequate
headroom to meet ongoing operational and investment requirements.
in millions of Euros
31.12.2025
31.12.2024
Trade and other receivables, prepayments and other current assets
201.9
168.6
Inventory
214.0
153.8
Trade and other payables
-253.0
-184.0
Loans and borrowings (short-term)
-86.3
-9.7
Other liabilities (short-term)
-60.7
-56.0
Working capital
15.9
72.7
% Revenue
0.5%
3.1%
Working capital incl. cash and short-term securities
219.4
250.3
The Group\u2019s liquidity position as at December 31, 2025 primarily reflects the successful
refinancing transaction completed in April 2025.
On April 16, 2025, Redcare Pharmacy issued EUR 300 million senior unsecured
convertible bonds due 2032 with a 1.75% coupon, while simultaneously repurchasing EUR
157.9 million of the existing EUR 225 million zero-coupon convertible bonds due 2028.
The proceeds of the new issuance were used to strengthen the capital structure, extend
debt maturities, and provide additional long-term financial flexibility.
Following the repurchase, EUR 67.1 million nominal value of the 2021 convertible bonds
remain outstanding and are classified as current liabilities due to the bondholders\u2019 put
option exercisable in January 2026 (refer to note 35). The repayment has been fully
incorporated in management\u2019s cash flow forecasts.
Based on the Group\u2019s year-end cash position (including short-term securities) of EUR
203.5 million, expected operating cash flows and the available committed credit facilities,
management has sufficient liquidity to settle the put option, while maintaining adequate
headroom to meet ongoing operational and investment requirements.
The Group continuously monitors its liquidity position through short-, mid- and long-term
cash flow planning to model future liquidity levels and funding requirements, thereby
supporting growth financing and maintaining financial resilience. The underlying unit
economics and financial performance in the larger markets are cash-flow positive;
however, the Group continues to pursue a fast-growth strategy aimed at expanding
market share and increasing its active customer base.
In parallel with this growth focus, the Group is implementing initiatives to improve gross
profit margins, enhance other income streams, and drive operational efficiencies and
scalability. Management also actively safeguards operational flexibility to adjust the
balance between growth investment and cash generation as needed. The Group
diversifies its funding sources and actively manages financing options to ensure
continued financial flexibility.
Cash flows, margins, working capital and capital allocation are closely monitored to
maintain a sustainable business model, while external capital and debt market
developments are continuously assessed. Based on current forecasts and funding plans,
management expects sufficient liquidity to be available for at least the next twelve
months from the date of approval of these consolidated financial statements.
Accordingly, the consolidated financial statements have been prepared on a going
concern basis.
3.2. Basis of consolidation.
The consolidated financial statements comprise the financial statements of the Company
and its subsidiaries as at December 31, 2025.
Control is achieved when the Group is exposed, or has rights, to variable returns from its
involvement with an investee and has the ability to affect those returns through its power
over the investee. Specifically, the Group controls an investee if, and only if, the Group
has:
\u2022 power over the investee (i.e. existing rights that give it the current ability to direct the
relevant activities of the investee);
\u2022 exposure, or rights, to variable returns from its involvement with the investee; and
\u2022 the ability to use its power over the investee to affect its returns.
The Group reassesses whether it controls an investee if facts and circumstances indicate
that one or more of the three elements of control have changed. Consolidation of a
subsidiary begins when the Group obtains control and ceases when the Group loses
control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired
or disposed of during the year are included in the consolidated financial statements from
the date control is obtained until control is lost.
Profit or loss and each component of other comprehensive income are attributed to the
equity holders of the parent and to the non-controlling interests, even if this results in the
non-controlling interests having a deficit balance. Where necessary,
adjustments are made to align their accounting policies with those of the Group. All intra-
Group assets and liabilities, equity, income, expenses and cash flows relating to
transactions within the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted
for as an equity transaction. If the Group loses control, it derecognizes the related assets
(including goodwill), liabilities, non-controlling interests and other components of equity,
and recognizes any gain or loss profit or loss. Any retained interest is measured at fair
value at the date control is lost.
On October 31, 2024, SA Europe B.V. acquired 100% of the shares of Aust Pharma GmbH,
a pharmaceutical wholesaler holding an EU wholesale distribution authorisation
dedicated to the supply of pharmaceutical products for the Austrian market. The results
of Aust Pharma have been consolidated effective from November 1, 2024.
Non-controlling interests (NCI) are initially measured at their proportionate share of the
acquiree\u2019s identifiable net assets at acquisition date.
3.3. Summary of material accounting policies.
3.3.1. Current versus non-current classification.
Assets.
The Group classifies assets as current when they:
\u2022 are expected to be realized, sold or consumed in the normal operating cycle;
\u2022 are held primarily for the purpose of trading;
\u2022 are expected to be realized within twelve months after the reporting date; or
\u2022 are cash or cash equivalents, unless restricted from being used to settle a liability for at
least twelve months after the reporting date.
All other assets are classified as non-current.
Liabilities.
A liability is classified as current when:
\u2022 it is expected to be settled in the normal operating cycle;
\u2022 it is held primarily for the purpose of trading;
\u2022 it is due to be settled within twelve months after the reporting date; or
\u2022 the Group does not have the right to defer settlement of the liability for at least twelve
months after the reporting date.
All other liabilities are classified as non-current. Deferred tax assets and liabilities are
classified as non-current.
The terms of a liability that may, at the option of the counterparty, be settled by the issue
of equity instruments do not affect its classification.
3.3.2. Fair value measurement.
Fair value is the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date,
regardless of whether that price is directly observable or estimated using another
valuation technique. In estimating the fair value of an asset or a liability, the Group takes
into account the characteristics of the asset or liability if market participants consider
those characteristics into account when pricing the asset or liability at the measurement
date. Fair value for measurement and/or disclosure purposes in these consolidated
financial statements is determined on this basis, except for:
\u2022 share-based payment transactions that fall within the scope of IFRS 2,
\u2022 lease transactions that fall within the scope of IFRS 16, and
\u2022 measurements that have some similarities to fair value but are not fair value, such as
net realisable value in accordance with IAS 2 or value in use in accordance with IAS 36.
In addition, for financial reporting purposes, fair value measurements are categorized into
three levels based on the degree to which the inputs to the fair value measurement are
observable and the significance of the inputs to the fair value measurement as a whole,
which are described as follows:
\u2022 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or
liabilities that the entity can access at the measurement date;
\u2022 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are
observable for the asset or liability, either directly or indirectly; and
\u2022 Level 3 inputs are unobservable inputs for the asset or liability.
3.3.3. Revenue from contracts with customers.
The Group is in the business of providing pharmaceuticals, food supplements, and beauty
and personal care products. Revenue from contracts with customers is recognized when
control of the goods or services is transferred to the customer, at an amount that reflects
the consideration to which the Group expects to be entitled in exchange for those goods
or services. For direct product sales the Group has concluded that it acts as the principal
in its revenue arrangements, because it controls the goods or services before transferring
them to the customer. Therefore, this revenue is recognized in full, whereas in the
platform business, revenue is recognized at the amount of the commission and other fees
expected to receive from partners. Sales are reduced by sales deductions, taxes and
fees.
Revenue is measured as the amount of the transaction price that is allocated to the
performance obligation. The transaction price is the amount of the consideration received
or receivable, taking into account contractually defined terms of payment and excluding
taxes or duties. Upon the sale of products to customers, the date on which the goods are
delivered at the indicated place of destination is the date on which economic title to the
products passes to the customer. In such cases, the transfer of economic title coincides
with the transfer of legal title. Revenue is recognized net of sales deductions.
Loyalty points program
The Group has a loyalty points program, \u201cRedPoints\u201d, which allows customers to
accumulate points that can be redeemed for free products. The loyalty points give rise to
a separate performance obligation, as they provide a material right to the customer.
A portion of the transaction price is allocated to the loyalty points awarded to customers
based on the relative stand-alone selling prices and is recognized as a contract liability
under current liabilities, until the points are redeemed. Revenue is recognized upon
redemption of products by the customer.
When estimating the stand-alone selling price of the loyalty points, the Group considers
the likelihood that the customer will redeem the points. The Group updates its estimates
of the points that will be redeemed on a regular (at least annual) basis, and any
adjustments to the contract liability balance are recognized in revenue.
3.3.4. Cost of sales.
Cost of sales mainly consists of costs of goods sold, inventory obsolescence provisions,
and contributions by our suppliers for product promotion and discounts. Allowances on
inventories reflect write-downs of inventories to their net realizable value to reflect risks
related to slow-moving goods, items past their use-by date, or goods that can no longer
be sold to the same extent.
Vendor allowances.
The Group receives various types of vendor allowances. The most common allowances
vendors offer are:
\u2022 (i) volume-based allowances, which are off-invoice or amounts billed back to vendors
based on the quantity of products purchased from them; and
\u2022 (ii) promotional allowances, which relate to (online) advertising and market
development efforts.
Volume allowances are recognized as a reduction of the cost of the related products at
the time the related revenue is recognized.
Promotional allowances are recognized as a reduction of the cost of the related products
when the Group has performed the activities specified in the contract with the vendor. If
the contract does not specify any performance criteria, the allowance is recognized over
the term of the contract. Vendor allowances are generally deducted from cost of sales,
unless there is clear evidence that the Group provides a distinct good or service to the
vendor, in which case the allowance is recognized as revenue in accordance with IFRS 15.
3.3.5. Marketing expenses.
Marketing expenses, which include the development and production of advertising
materials and the communication of these materials through various forms of media, are
expensed in the period to which they relate. Marketing expenses are recognized within
selling and distribution expenses in the consolidated statement of profit and loss.
3.3.6. Employee benefit obligations.
Defined contribution plans.
The Group maintains three pension plans covering pharmacy personnel:
\u2022 Pharmacists of the Group participate in the occupational pension plan \u2018SPOA\u2019. This
pension plan is a collective defined contribution plan with direct conversion into pension
entitlements. The plan is based on a predetermined premium that the participants
transfer to the fund. Although this pension plan is based on the \u2018average pay system\u2019,
the pension scheme is based on a predetermined premium. Therefore, the participants
are entitled to a pension only to the extent that the predetermined contributions are
sufficient to fund the related benefits. During 2025 the employer contribution amounted
to 20.5% (2024: 20.5%) of the pensionable base.
\u2022 Eligible employees of the Group participate in the multi-employer pension plan (PMA),
established in accordance with the collective bargaining agreements effective for the
industry in which the Group operates. Employees in service before 2013 participate
voluntarily in the PMA pension plan. This multi-employer pension plan covers
approximately 2,000 companies and around 25,000 contributing members. The PMA
pension plan is a collective defined contribution plan based on the average pay system.
During 2025, the employer contribution amounted to 19.0% (2024: 19.0%) of the
pensionable base.
\u2022 Eligible employees of the Group also participate in the pension scheme of ASR
(previously named BrandNewDay). The ASR pension plan is a defined contribution plan.
During 2025 the employer contribution amounted to 12.0% (2024: 12.0%) of the
pensionable base.
The SPOA and PMA pension plans monitor risks at fund level,\u00a0 not at individual company
or employee level and are subject to regulation by Dutch governmental authorities. Under
the Dutch Pension Act, pension funds must meet specific criteria, including minimum
coverage ratios of plan assets to obligations. On January 1, 2015, new pension legislation
was enacted, increasing the minimum required coverage levels. The coverage ratio is
calculated by dividing the fund\u2019s capital by the total pension liabilities, based on market
interest rates.
Under Dutch pension legislation (FTK), pension funds are required to maintain a minimum
coverage ratio of 104.3%.
At December 31, 2025, the coverage ratio of the SPOA pension fund amounted to 131.5%
(December 31, 2024: 121.3%) and the PMA pension fund amounted to 118.3% (December
31, 2024: 106.6%), both exceeding the statutory minimum requirements.
In line with the definitions in IAS 19.29, the Group has no obligation to fund any deficits of
these pension funds and has no claim to any surplus.
The Group has no further payment obligations once the predetermined contributions
have been paid. Contributions are recognized as employee benefit expenses when due.
Prepaid contributions are recognized as an asset to the extent that a cash refund or a
reduction in the future payments is available.
Defined benefit plans.
The subsidiary MediService AG maintains a defined benefit plan. The related defined
benefit obligation (DBO) is assessed annually by independent pension actuaries using the
projected unit credit method. This method considers employees\u2019 service in prior periods
and expected future salary increases. Actuaries also apply statistical data such as
employee turnover and mortality rates, to determine the defined benefit obligation.
Any deficit or surplus in funded defined benefit plans (when the fair value of plan assets
is less than or greater than the present value of the defined benefit obligation) is
recorded as a net defined benefit liability or asset. The Group recognizes a net defined
benefit asset only if it has the ability to realize the surplus through future economic
benefits, such as\u00a0 reduced future contributions. If the surplus cannot be released, the
Group does not recognize an asset, but instead discloses the effect of this asset ceiling
in the notes.
Defined benefit cost comprises:
\u2022 service cost,
\u2022 net interest on the net defined benefit liability or asset, and
\u2022 remeasurements of the net defined benefit liability or asset.
Service cost, including current and past service cost and any gains or losses from plan
amendments or settlements, is presented in personnel costs.
Net interest is determined by multiplying the net defined benefit liability or asset by the
discount rate at the beginning of the reporting period and is presented in the financial
result.
Actuarial gains and losses arise from changes in actuarial assumptions and experience
adjustments. Actuarial gains and losses resulting from remeasurements are recognized
immediately in other comprehensive income and are not reclassified to profit or loss in
subsequent periods. This includes any differences in the return on plan assets (excluding
interest, based on the discount rate).
Other employee benefit obligations.
MediService AG grants employees long-service (jubilee) benefits. These long-term
benefits are also measured using the projected unit credit method and included in
employee benefit liabilities. These obligations are unfunded. Changes in these obligations
are recognized in profit or loss under personnel costs and interest expense.
3.3.7. Share-based payments.
Selected employees, including senior executives of the Group, receive remuneration in
the form of share-based payments.
For equity-settled share-based payment arrangements, such as share options granted to
employees, the fair value of awards is determined at the grant date and recognized as an
expense in the consolidated statement of comprehensive income over the vesting period.
Non-market vesting conditions (such as service or performance conditions) are reflected
by adjusting the number of equity instruments expected to vest at each reporting date.
Consequently, the cumulative expense recognized over the vesting period is based on
the number of options that ultimately vest. Market vesting conditions and non-vesting
conditions are incorporated into the grant-date fair value of the awards. Provided that all
other vesting conditions are met, the expense is recognized irrespective of whether the
market conditions are satisfied.
3.3.8. Taxes.
The tax expense for the financial year comprises current and deferred income tax. Tax
expense is recognized in the consolidated statement of profit and loss, except to the
extent that it relates to items recognized in other comprehensive income or directly in
equity.
Current income tax.
Current income tax is measured on the basis of the tax laws enacted or substantively
enacted at the balance sheet date in the countries where the Group operates and
generates taxable income.
The Group recognizes liabilities for uncertain tax positions when it is more likely than not
that an outflow will occur to settle the position. Such liabilities are measured based on
management\u2019s best estimate of the expected outcome and are presented within income
taxes payable on the consolidated statement of financial position. Estimates of interest
and penalties on tax liabilities are also recorded in current tax expense and presented
within income taxes payable.
Deferred tax.
Deferred tax is recognized on temporary differences between the carrying amounts of
assets and liabilities in the consolidated financial statements and their respective tax
bases.
Deferred tax assets are recognized for all deductible temporary differences, unused tax
losses, and unused tax credits, to the extent that it is probable that sufficient taxable
profits will be available against which they can be utilized.
Deferred tax assets and liabilities are not recognized if the temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and that, at the time of the transaction, affects neither accounting profit nor
taxable profit. This exemption does not apply to transactions that, on initial recognition,
give rise to equal taxable and deductible temporary differences.
In addition, a deferred tax liability is not recognised for temporary differences arising from
the initial recognition of goodwill.
In such cases, the Group recognizes both deferred tax assets and deferred tax liabilities.
This primarily relates to lease liabilities and the corresponding right-of-use assets
recognized under IFRS 16.
In respect of deductible temporary differences associated with investments in
subsidiaries, associates and joint arrangements, deferred tax assets (and liabilities) are
recognized only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and that taxable profits will be available against which
the temporary differences can be utilized.
The carrying amount of deferred tax assets and deferred tax liabilities is reviewed at each
reporting date and reduced if it is no longer probable that sufficient taxable profits will be
available to recover the asset.
Deferred tax assets and liabilities are measured using the tax rates and laws that have been
enacted or substantively enacted by the end of the reporting period and that are expected
to apply when the asset is realized on the liability settled.
The measurement reflects the tax consequences that would arise from the manner in
which the Group expects to recover or settle the carrying amount of its assets and
liabilities.
Deferred income tax assets and liabilities are offset when there is a legally enforceable
right to offset current tax assets against current tax liabilities and when they relate to
income taxes levied by the same taxation authority on either the same taxable entity or
different taxable entities that intend to settle on a net basis. Deferred taxes are
recognized separately for individual corporate income tax entities.
Value added tax (VAT).
Expenses and assets are recognized net of the amount of VAT, except when:
\u2022 the VAT incurred on a purchase of assets or services is not recoverable from the
taxation authority, in which case the VAT is recognized as part of the cost of the asset
or as part of the related expense or
\u2022 the net amount of VAT recoverable from, or payable to, the taxation authority is
presented as part of receivables or payables in the consolidated statement of financial
position.
3.3.9. Foreign currencies.
The Group\u2019s consolidated financial statements are presented in euro, which is also the
parent Company\u2019s functional currency. Each entity within de Group determines its own
functional currency, and items included in the financial statements of each entity are
measured using that functional currency. Transactions in foreign currencies are translated
into the functional currency at the exchange rates prevailing on the dates the
transactions.
Monetary assets and liabilities denominated in foreign currencies are translated at the
functional currency spot exchange rates at the reporting date. Resulting exchange
differences are recognized in profit or loss, except for those arising from monetary items
that form part of a net investment in a foreign operation, which are recognized in other
comprehensive income.
3.3.10. Non-current assets held for sale and discontinued operations.
The Group classifies non-current assets or disposal groups as held for sale when their
carrying amount is expected to be recovered principally through a sale transaction rather
than through continuing use. Non-current assets and disposal groups classified as held
for sale are measured at the lower of their carrying amount and fair value less costs to
sell. Costs to sell comprise the incremental costs directly attributable to the disposal,
excluding finance costs and income tax expense.
Classification as held for sale is only achieved when the following conditions are met:
\u2022 the sale is highly probable;
\u2022 the asset or disposal group is available for immediate sale in its present condition;
\u2022 management is committed to the plan to sell; and
\u2022 the sale expected to be completed within one year from the date of the classification.
Actions required to complete the sale must indicate that it is unlikely that significant
changes to the plan will be made or that the decision to sell will be withdrawn.
Once an asset or disposal group is classified as held for sale, depreciation or amortization
of the non-current assets ceases. Assets and liabilities classified as held for sale are
presented separately as current items in the statement of financial position.
A disposal group qualifies as a discontinued operation if it is a component of the Group\u00a0
has been disposed of or is classified as held for sale and meets one of the following
criteria:
\u2022 it represents a separate major line of business or geographical area of operations;
\u2022 it is part of a single coordinated plan to dispose of a separate major line of business or
geographical area of operations; or
\u2022 it is a subsidiary acquired exclusively with a view to resale.
Results from discontinued operations are excluded from continuing operations and
presented as a single line item - profit or loss after tax from discontinued operations - in
the Consolidated statement of profit or loss. Comparative figures are re-presented when
required by IFRS 5.
3.3.11. Property, plant and equipment.
Property, plant and equipment are measured at cost less accumulated depreciation and
accumulated impairment losses. Cost includes expenditure that is directly attributable to
the acquisition of the asset and bringing it to the location and condition necessary for it to
be capable of operating as intended by management.
Depreciation is recognized using the straight-line method to allocate the cost of an asset,
less its residual value, over its estimated useful life. Freehold land and assets under
construction are not depreciated.\u00a0 The estimated useful lives, residual values and the
depreciation method are reviewed at the end of each reporting period and adjusted
prospectively if appropriate.
Subsequent costs are capitalized only when it is probable that future economic benefits
associated with the item will flow to the Group and the cost can be measured reliably. All
other repairs and maintenance are recognized in profit or loss as incurred.
An item of property, plant and equipment is derecognized upon disposal or when no
future economic benefits are expected from its use. Gain or losses are calculated as the
difference between the disposal proceeds and the carrying amount of the asset and are
recognized in profit or loss.
3.3.12. Leases.
At the inception of a contract, the Group assesses whether the contract is, or contains, a
lease. A contract contains a lease if it conveys the right to control the use of an identified
asset for a period of time in exchange for consideration.
Group as a lessee.
The Group applies a single recognition and measurement approach for all leases, except
for short-term leases and leases of low-value assets. For all other leases, the Group
recognizes a right-of use asset and a corresponding lease liability at the commencement
date.
Right-of-use assets.
Right-of-use assets are recognized at the commencement date of the lease (i.e. the date
the underlying asset is available for use). They are measured initially at cost and
subsequently at cost less accumulated depreciation and impairment losses, adjusted for
any remeasurement of lease liabilities.
The initial cost of right-of-use asset includes:
\u2022 the initial measurement of the lease liability
\u2022 lease payments made at or before the commencement date, less any lease incentives
received;
\u2022 initial direct costs; and
\u2022 estimated costs to dismantle or restore the asset or site, if applicable.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease
term and the asset\u2019s estimated useful life. When ownership transfers to the Group by the
end of the lease term, or when the cost of the right-of-use asset reflects the expected
exercise of a purchase option, depreciation is recognized over the estimated useful life of
the asset.
Right-of-use assets are subject to impairment in accordance with the policy set out in
3.3.15 Impairment of tangible and intangible assets.
Lease liabilities.
At the commencement date, lease liabilities are measured at the present value of lease
payments to be made over the lease term. The lease payments include:
\u2022 fixed payments (including in-substance fixed payments), less any lease incentives
receivable;
\u2022 variable lease payments that depend on an index or a rate;
\u2022 amounts expected to be payable under residual value guarantees;
\u2022 the exercise price of a purchase option if the Group is reasonably certain to exercise it;
and
\u2022 payments of penalties for terminating the lease, if the lease term reflects the Group
exercising a termination option.
Variable lease payments that do not depend on an index or a rate are recognized in profit
and loss in the period in which the event or condition that triggers the payment occurs,
The present value of lease payments is determined using the Group's incremental
borrowing rate at the commencement date, as the interest rate implicit in the lease is
generally not readily determinable.
After initial recognition, lease liabilities are measured by:
\u2022 increasing the carrying amount to reflect interest on the lease liability;
\u2022 reducing the carrying amounts for lease payments made; and
\u2022 remeasuring the carrying amount when there is a lease modification, a change in the
lease term, a change in future lease payments resulting from a change in an index or
rate, or a reassessment of purchase, extension or termination options.
Corresponding adjustments arising from remeasurement are generally made to the right-
of-use asset. Lease liabilities are presented within loans and borrowings.
Short-term leases and leases of low-value assets.
The Group applies the short-term lease exemption to leases with lease term of twelve
months or less and without a purchase option, and the low-value asset exemption to
leases of low-value office equipment similar items. Payments on these leases are
recognized as expense on a straight-line basis over the lease term.
3.3.13. Business combinations and goodwill.
Business combinations are accounted for using the acquisition method. The consideration
transferred is measured at fair value at the acquisition date and comprises the fair value
of the assets transferred by the Group, the liabilities incurred by the Group to the former
owners of the acquiree, and the equity interests issued by the Group in exchange for
control of the acquiree. Acquisition-related costs are expensed in profit and loss as
incurred.
At the acquisition date, identifiable assets acquired and the liabilities assumed are
recognized at their fair values, except for the following items, which are measured in
accordance with the respective standards:
\u2022 Deferred tax assets or liabilities, and assets or liabilities related to employee benefit
arrangements, are measured under IAS 12 Income Taxes and IAS 19 Employee Benefits
respectively;
\u2022 Share-based payment arrangements of the acquiree, or replacement awards granted
by the group, are measured under IFRS 2 Share-based Payment at acquisition date; and
\u2022 Assets (or disposal groups) classified as held for sale are measured in accordance with
IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, i.e. at the lower
of their carrying amount and fair value less costs to sell.
Goodwill is measured as the excess of:
\u25e6 the consideration transferred;
\u25e6 the amount of any non-controlling interests; and
\u25e6 the fair value of any previously held equity interest in the acquiree; over the net amount
of identifiable assets acquired and the liabilities assumed at the acquisition date.
If the net identifiable assets exceed the consideration transferred (including non-
controlling interest and any previously held interest), the resulting gain is recognized
immediately in profit and loss as a bargain purchase.
Contingent consideration.
Contingent consideration is measured at its acquisition-date fair value and included
within the consideration transferred. Subsequent changes in the fair value are treated as
follows:
\u2022 Measurement period adjustments arising from new information about conditions
existing at the acquisition date, within the one-year measurement period, are
recognized retrospectively, with corresponding adjustments against goodwill.
Contingent consideration classified as equity is not remeasured subsequently; settlement
is accounted for within equity.
Contingent consideration classified as an asset or a liability is remeasured at subsequent
reporting dates in accordance with IFRS 9 or IAS 37 Provisions, Contingent Liabilities and
Contingent Assets, as appropriate, with the corresponding gain or loss recognized in
profit and loss.
Provisional amounts.
If the initial accounting for a business combination is incomplete by the end of the
reporting period, provisional amounts are reported for the items for which the accounting
is incomplete. These amounts are adjusted during the measurement period, or additional
assets or liabilities are recognized, to reflect new information about facts and
circumstances that existed at the acquisition date and that would have affected the
amounts recognized.
3.3.14. Intangible assets.
Intangible assets are measured at cost less accumulated amortization and accumulated
impairment losses. Intangible assets are amortised on a straight-line basis over their
estimated useful lives. Useful lives and amortization methods are reviewed at the end of
each reporting period and adjusted prospectively where appropriate.
Internally generated intangible assets.
The Group distinguishes between the research phase and the development phase of
internal projects. Expenditure on research is recognized in profit and loss as incurred.
An internally generated intangible asset arising from development is recognized only
when all of the following can be demonstrated:
\u2022 technical feasibility of completing the asset so that it will be available for use or sale;
\u2022 intention to complete the asset and use or sell it;
\u2022 ability to use or sell the asset;
\u2022 they way in which the asset will generate probable future economic benefits;
\u2022 availability of adequate technical, financial and other resources to complete
development and use or sell the asset; and
\u2022 ability to reliably measure the expenditure attributable to the asset during its
development.
The initial cost of internally generated intangible assets comprises all directly attributable\u00a0
development expenditure from the date on which the recognition criteria are first met. If
the criteria are not met,\u00a0 development expenditure is recognized in profit and loss as
incurred. After initial recognition, internally generated intangible assets are carried at cost
less accumulated amortization and impairment losses, consistent with separately
acquired\u00a0 assets.
Intangible assets: software, technology and contracts.
Software, technology and contractual customer or supplier relationships are initially
measured at cost less accumulated amortization and impairment losses. Amortization is
recognized on a straight-line basis over the estimated useful lives. Useful lives and
amortization methods are reviewed at each reporting period.
Intangible assets: brands.
Brands are carried at cost less accumulated amortization and impairment losses.
Amortization is recognized on a straight-line basis over the estimated useful lives. Useful
lives and amortization methods are reviewed annually, and changes in estimates are
accounted for prospectively.
Intangible assets: customer base.
Customer relationship assets are carried at cost less accumulated amortization and
impairment losses. Amortization is recognized on a straight-line basis over their estimated
useful lives. Useful lives and amortization methods are reviewed annually, with changes
applied prospectively.
Derecognition of intangible assets.
An intangible asset is derecognized upon disposal or when no future economic benefits
are expected from its use or disposal. Any gains or loss arising from derecognition -
determined as the difference between the net disposal proceeds and the carrying
amount of the asset - is recognized in profit and loss in the period in which the asset is
derecognized.
3.3.15. Impairment of tangible and intangible assets.
The Group assesses at the end of each reporting period whether there are indicators that
tangible or intangible assets may be impaired. If any such indicators exist, the recoverable
amount of the asset is estimated to determine the extent of the impairment loss, if any.
Where the recoverable amount cannot be estimated for an individual asset, it is
determined for the cash-generating unit (CGU) to which the asset belongs. When a
reasonable and consistent basis of allocation can be identified, corporate assets are
allocated to individual cash-generating units, if such a basis cannot be identified, they are
allocated to the smallest group of cash generating units for which a reasonable
allocation basis exists.
In estimating future cash flows, the Group uses growth assumptions based on historical
performance, external market data, and management\u2019s expectations as reflected in
business plans. Our business plans and growth assumptions are based on our customer
data model and assessed against existing customer development and the acquisition of
new customers. Furthermore, all variable costs, like marketing budgets, delivery cost and
operations expenses for impairment analysis are planned based on performance. Non-
performance-based costs are planned in line with business growth, including economies
of scale.
The Group includes the impact of climate-related risks and opportunities in the key
assumptions underlying the cash flow projections.
Recoverable amount is the higher of fair value less costs to sell and value in use. Value in
use is determined by discounting estimated future cash flows at a pre-tax discount rate
that reflects current market assessments of the time value of money and the risks
specific to the asset, to the extent such risks have not been adjusted in future cash flows.
If the recoverable amount of an asset (or cash-generating unit) is less than its carrying
amount, an impairment loss is recognized immediately in profit and loss.
If an impairment loss (other than goodwill) subsequently reverses, the carrying amount of
the asset or CGU is increased to its revised recoverable amount, limited to the carrying
amount that would have been determined had no impairment loss been recognized in
prior years. Reversals are recognized immediately in profit and loss. Impairment losses for
goodwill are not reversed.
Goodwill impairment testing.
Non-current assets include goodwill, other intangible assets, investments in associates
and joint ventures and property, plant and equipment.
Goodwill is tested for impairment annually, or more frequently if indicators of impairment
exist. Goodwill is allocated to the CGU's expected to benefit from the business
combination in which the goodwill arose.
The recoverable amount of a cash generating unit to which goodwill is allocated is
determined as the higher of the value in use and fair value less costs to sell.
Value in use is calculated using the discounted future cash flows based on:
\u2022 revenue growth assumptions,
\u2022 expected efficiency gains and economies of scale,
\u2022 discount rates reflecting market conditions, and
\u2022 customer behavior expectations and acquisition assumptions.
The discount rate used is the weighted average cost of capital (WACC), determined using
the capital asset pricing model and based on a peer-group capital structure,
incorporating the risk-free rate, market premium and beta. Pre-tax discount rates are
derived from the post-tax rate using the goal-seek method.
Key assumptions are reviewed at least annually. Changes in these assumptions may
affect the outcome of impairment tests and my lead to\u00a0 future impairment losses or
reversals (other than goodwill), which are recognized in the consolidated statement of
profit and loss within operating profit.
3.3.16. Associates and joint ventures.
An associate is an entity over which the Group has significant influence. Significant
influence is the power to participate in the financial and operating policy decisions of the
investee, but does not constitute control or joint control.
A joint venture is a joint arrangement in which the parties that have joint control to the net
assets of the arrangement. Joint control exists only when decisions about the relevant
activities require unanimous consent of the parties sharing control.
The results, assets and liabilities of associates and joint ventures are incorporated into
the consolidated financial statements using the equity method. Under the equity method,
investments are initially recognized at cost and subsequently adjusted to reflect the
Group\u2019s share of the investee's profit and loss and other comprehensive income. When
the Group\u2019s share of losses exceeds its interest (including long-term interests that form
part of the net investment), further losses are not recognized unless the Group has
incurred legal or constructive obligations or made payments on behalf of the associate or
joint venture.
An investment is accounted for using the equity method from the date the Group obtains
significant influence or joint control. Any excess of the cost of the investment over the
Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee
is recognized as goodwill and included within the carrying amount of the investment. Any
excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities
over the cost of the investment is recognized immediately in profit and loss after
reassessment.
When necessary, the entire carrying amount of the investment, including goodwill, is
tested for impairment as a single asset in accordance with IAS 36 Impairment of Assets.
The recoverable amount is determined as the higher of value in use and fair value less
cost of disposal. Impairment losses are recognized as part of the carrying amount of the
investment. Reversals of previously recognized impairment losses are accounted for in
accordance with IAS 36.
Profits and losses arising from transactions between the Group and its associates or joint
ventures are recognized only to the extent of interests in the associate or joint venture
that are not related to the Group.
3.3.17. Inventories.
Inventory consists of raw materials, consumables and finished goods and are measured
at the lower of cost and net realizable value.
Cost is determined as follows:
\u2022 Raw materials, consumables and third-party finished goods: average purchase price,
including direct purchasing rebates.
\u2022 Finished goods from own manufacturing: full production cost.
Net realizable value is the estimated selling price in the ordinary course of business, less
the estimated costs of completion and the costs necessary to make the sale.
Adjustments to net realizable value\u00a0 are limited because products can generally be
returned to the manufacturers or wholesalers prior to expiry.
3.3.18. Cash and cash equivalents.
Cash and cash equivalents in the statement of financial position comprise cash at bank
and cash on hand.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents
comprise cash at bank and cash on hand.
Short-term deposits that are not readily convertible to known amounts of cash or that are
subject to more than an insignificant penalty upon early withdrawal are not an integral
part of the cash management and are presented within other financial assets..
Bank overdrafts are presented as borrowings, as they represent separate financing
arrangements, are not repayable on demand for cash management purposes and do not
fluctuate between positive and negative balances as part of the Group\u2019s cash pooling
arrangements.
3.3.19. Cash flow statement.
The Group prepares its consolidated statement of cash flows using the indirect method.
Cash flows from operating activities are presented as the operating result adjusted for
non-cash items, changes in working capital, corporate income tax paid, and items related
to investing or financing activities.
Cash flows in foreign currencies have been translated using weighted average exchange
rates for the period.
Interest paid is presented as a financing cash flow, while interest received is presented as
an investing cash flow. Business acquisitions and divestments are presented net of cash
and cash equivalents acquired or disposed of.
Lease payments related to the principal portion of lease liabilities, as well as the interest
portion, are presented within financing activities and shown together as Cash-out lease
payments. Lease payments for short-term leases of low-value assets that are not
included in the measurement of the lease liability are classified as operating cash flows.
3.3.20. Provisions.
Provisions are recognized when the Group has a present (legal or constructive) obligation
resulting from a past event, it is probable that an outflow of resources will be required to
settle the obligation, and a reliable estimate can be made of the amount.
3.3.21. Financial instruments - initial recognition and subsequent measurement.
A financial instrument is any contract that gives rise to a financial asset of one entity and
a financial liability or an equity instrument of another entity.
Financial assets.
Initial recognition and measurement.
Financial assets are classified at initial recognition as subsequently measured at
amortized cost or fair value through profit and loss.
Classification depends on:
\u2022 the contractual cash flow characteristics of the asset; and
\u2022 the Group\u2019s business model for managing financial assets.
Financial assets that do not contain a significant financing component (such as trade
receivables under IFRS 15) are measured at the transaction price in accordance with IFRS
15 and as disclosed in note 3.3.3 Revenue from contracts with customers.
Financial assets that do contain a significant financing component are initially measured
at fair value. For financial assets not classified at fair value through profit and loss,
transaction costs are added to the initial carrying amount.
The Group\u2019s business model assesses whether the financial assets are hold:
\u2022 to collect contractual cash flows,
\u2022 to sell, or
\u2022 both.
Assets held within a business model designed to collect contractual cash flows are
classified at amortised cost.
Subsequent measurement.
Financial assets are subsequently measured at:
\u2022 Amortised cost (debt instruments).
\u2022 Fair value through profit and loss.
Financial assets at amortized cost (debt instruments).
Financial assets at amortized cost are measured using the effective interest (EIR) method
and are subject to expected credit loss (ECL) impairment. Gains and losses are
recognized in profit and loss on derecognition, modification or impairment.
These assets include trade and other receivables.
The Group applies the IFRS 9 simplified approach to trade receivables, recognizing a
lifetime ECL. Receivables are grouped by shared credit risk characteristics and days past
due. The expected loss rates are based on the payment profiles of sales and the
corresponding historical credit losses experienced over the same period, adjusted for
current and forward-looking macroeconomic information.
Assets with maturities beyond twelve months are classified as non-current.
Interest income is recognized using the EIR method unless discounting is immaterial.
Financial assets at fair value through profit and loss.
Financial assets at fair value through profit and loss are carried at fair value, with changes
recognized in profit and loss.
Derecognition of financial assets.
A financial asset is derecognized when:
\u2022 the contractual rights to cash flows expire, or
\u2022 the rights to cash flows are transferred (or a pass-through obligation is assumed) and:
\u25e6 substantially all risks and rewards are transferred; or
\u25e6 neither substantially all risks and rewards are transferred nor retained, but control is
relinquished.
Continuing involvement, if any, is measured at the lower of:
\u2022 the original carrying amount of the asset; and
\u2022 the maximum amount the Group may be required to repay.
Impairment of financial assets.
The Group recognizes ECLs on all debt instruments not measured at fair value through
profit and loss. ECLs represent the difference between the contractual cash flows and
the cash flows the Group expects to receive, discounted using the original EIR.\u00a0 Expected
cash flows include cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms.
Two stages apply:
\u2022 12-month ECL: no significant increase in credit risk
\u2022 Lifetime ECL: significant increase in credit risk since initial recognition
For trade receivables, the Group applies the simplified approach (always lifetime ECL).
Further information is provided in note 4.2.
Financial liabilities.
Initial recognition and measurement.
Financial liabilities are classified at initial recognition as:
\u2022 financial liabilities at fair value through profit and loss,
\u2022 loans and borrowings, or
\u2022 payables.
All financial liabilities are measured at fair value. Loans and borrowings and payables are
recognized net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings,
and bank overdrafts.
Subsequent measurement.
Financial liabilities are subsequently measured at:
\u2022 Fair value through profit and loss.
\u2022 Amortized cost (loans and borrowings).
Financial liabilities at fair value through profit or loss.
The Group has not designated any financial liability as at fair value through profit or loss.
Financial liabilities at amortized cost (loans and borrowings).
Interest-bearing loans and borrowings are measured at amortized cost using the EIR
method.
Gains and losses are recognized in profit and loss on derecognition or remeasurement.
EIR amortization is recognized as finance costs.
Classification as debt or equity.
Instruments issued by the Group are classified as financial liabilities or equity based on
the substance of their contractual terms and the definitions in IAS 32 (Financial
Instruments: Presentation) of a financial liability and an equity instrument.
Equity instruments.
An equity instrument is any contract that evidences a residual interest in the assets of an
entity after deducting all its liabilities (IAS 32). Equity instruments issued by the Group are
recognized at the proceeds received, net of direct issue costs.
Convertible debt.
The Group\u2019s convertible bonds are compound financial instruments containing a liability
and an equity component.
Proceeds received on issuance of the Group's convertible debt are allocated to both
components based on relative fair values at issuance.
\u2022 Liability component: measured at the present value of future cash flows discounted at
the market rate for similar non-convertible instruments; subsequently measured at
amortised cost.
\u2022 Equity component: representing the conversion option, recognized in equity (net of tax)
and not remeasured.
This policy applies to both the 2021 and 2025 convertible bond issuances.
Borrowing costs.
Borrowing costs are recognized in profit and loss as incurred. The Group currently has no
qualifying assets that require the capitalization of borrowing costs under IAS 23. Should
such assets arise, borrowing costs directly attributable to their acquisition or construction
will be capitalized as part of the asset\u2019s cost.
Derecognition of financial liabilities.
A financial liability is derecognized when discharged, cancelled or expired. Substantial
modifications or exchanges with the same lender result in derecognition of the original
liability and recognition of a new one.
The difference in carrying amounts is recognized in profit and loss.
Offsetting of financial instruments.
Financial assets and financial liabilities are offset only when the Group has a legally
enforceable right to offset and\u00a0 intends to settle on a net basis or realize the asset and
settle the liability simultaneously.
3.4. Changes in accounting policies and disclosures.
New and amended standards and interpretations.
In 2025, the Group applied the following new and amended IFRS Accounting Standards
for the first time:
IAS 21 \u2013 Lack of Exchangeability
The application of this amendment did not have a material impact on the Group\u2019s
financial position, performance (profit and loss), cash flows or disclosures for the 2025
financial year.
The Group has not early adopted any standards, amendments or interpretations issued
but not yet effective as at December 31, 2025.
For standards and interpretations issued but not yet effective, see Note 34.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-371": { "value": "
3.1. Basis of preparation.
The consolidated financial statements of the Group have been prepared in accordance
with the IFRS Accounting Standards as issued by the International Accounting Standards
Board (IASB) and as endorsed by the European Union, and in accordance with Book 2,
Title 9 of the Dutch Civil Code.
The consolidated financial statements provide comparative information in respect of the
previous period. In addition, the Group presents a statement of the financial position at
the beginning of the preceding period when there is a retrospective application of an
accounting policy, a retrospective restatement, or a reclassification of items in the
financial statements.
The consolidated financial statements have been prepared on a historical cost basis,
except when otherwise indicated. All amounts are presented in millions of euros (EUR
million), unless otherwise stated.
Change in presentation currency unit.
From financial year 2025, the Group presents its financial information in EUR millions
rather than EUR thousands to enhance clarity and readability. Comparative figures for
2024 have been restated accordingly by dividing previously reported amounts by 1,000
and rounding to the nearest EUR million. This change affects presentation only and has
no impact on the Group\u2019s financial position, performance or cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-373": { "value": "
The consolidated financial statements of the Group have been prepared in accordance
with the IFRS Accounting Standards as issued by the International Accounting Standards
Board (IASB) and as endorsed by the European Union, and in accordance with Book 2,
Title 9 of the Dutch Civil Code.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-374": { "value": "
Going concern.
In 2025, the Group incurred losses after tax of EUR 39.4 million (2024: EUR 46.4 million).
Working capital at year-end 2025 was positive at EUR 15.9 million (2024: EUR 72.7 million),
Revenue growth in 2025 was slightly below initial expectations; however, profitability
developed in line with forecast, with the adjusted EBITDA margin meeting expectations.
Liquidity and working capital remained in line with management planning.
Based on the Group\u2019s year-end cash position of EUR 92.4 million, expected operating
cash flows and the available committed credit facilities, management expects to have
sufficient liquidity to settle the put option, if exercised, while maintaining adequate
headroom to meet ongoing operational and investment requirements.
in millions of Euros
31.12.2025
31.12.2024
Trade and other receivables, prepayments and other current assets
201.9
168.6
Inventory
214.0
153.8
Trade and other payables
-253.0
-184.0
Loans and borrowings (short-term)
-86.3
-9.7
Other liabilities (short-term)
-60.7
-56.0
Working capital
15.9
72.7
% Revenue
0.5%
3.1%
Working capital incl. cash and short-term securities
219.4
250.3
The Group\u2019s liquidity position as at December 31, 2025 primarily reflects the successful
refinancing transaction completed in April 2025.
On April 16, 2025, Redcare Pharmacy issued EUR 300 million senior unsecured
convertible bonds due 2032 with a 1.75% coupon, while simultaneously repurchasing EUR
157.9 million of the existing EUR 225 million zero-coupon convertible bonds due 2028.
The proceeds of the new issuance were used to strengthen the capital structure, extend
debt maturities, and provide additional long-term financial flexibility.
Following the repurchase, EUR 67.1 million nominal value of the 2021 convertible bonds
remain outstanding and are classified as current liabilities due to the bondholders\u2019 put
option exercisable in January 2026 (refer to note 35). The repayment has been fully
incorporated in management\u2019s cash flow forecasts.
Based on the Group\u2019s year-end cash position (including short-term securities) of EUR
203.5 million, expected operating cash flows and the available committed credit facilities,
management has sufficient liquidity to settle the put option, while maintaining adequate
headroom to meet ongoing operational and investment requirements.
The Group continuously monitors its liquidity position through short-, mid- and long-term
cash flow planning to model future liquidity levels and funding requirements, thereby
supporting growth financing and maintaining financial resilience. The underlying unit
economics and financial performance in the larger markets are cash-flow positive;
however, the Group continues to pursue a fast-growth strategy aimed at expanding
market share and increasing its active customer base.
In parallel with this growth focus, the Group is implementing initiatives to improve gross
profit margins, enhance other income streams, and drive operational efficiencies and
scalability. Management also actively safeguards operational flexibility to adjust the
balance between growth investment and cash generation as needed. The Group
diversifies its funding sources and actively manages financing options to ensure
continued financial flexibility.
Cash flows, margins, working capital and capital allocation are closely monitored to
maintain a sustainable business model, while external capital and debt market
developments are continuously assessed. Based on current forecasts and funding plans,
management expects sufficient liquidity to be available for at least the next twelve
months from the date of approval of these consolidated financial statements.
Accordingly, the consolidated financial statements have been prepared on a going
concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-376": { "value": "
3.2. Basis of consolidation.
The consolidated financial statements comprise the financial statements of the Company
and its subsidiaries as at December 31, 2025.
Control is achieved when the Group is exposed, or has rights, to variable returns from its
involvement with an investee and has the ability to affect those returns through its power
over the investee. Specifically, the Group controls an investee if, and only if, the Group
has:
\u2022 power over the investee (i.e. existing rights that give it the current ability to direct the
relevant activities of the investee);
\u2022 exposure, or rights, to variable returns from its involvement with the investee; and
\u2022 the ability to use its power over the investee to affect its returns.
The Group reassesses whether it controls an investee if facts and circumstances indicate
that one or more of the three elements of control have changed. Consolidation of a
subsidiary begins when the Group obtains control and ceases when the Group loses
control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired
or disposed of during the year are included in the consolidated financial statements from
the date control is obtained until control is lost.
Profit or loss and each component of other comprehensive income are attributed to the
equity holders of the parent and to the non-controlling interests, even if this results in the
non-controlling interests having a deficit balance. Where necessary,
adjustments are made to align their accounting policies with those of the Group. All intra-
Group assets and liabilities, equity, income, expenses and cash flows relating to
transactions within the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted
for as an equity transaction. If the Group loses control, it derecognizes the related assets
(including goodwill), liabilities, non-controlling interests and other components of equity,
and recognizes any gain or loss profit or loss. Any retained interest is measured at fair
value at the date control is lost.
On October 31, 2024, SA Europe B.V. acquired 100% of the shares of Aust Pharma GmbH,
a pharmaceutical wholesaler holding an EU wholesale distribution authorisation
dedicated to the supply of pharmaceutical products for the Austrian market. The results
of Aust Pharma have been consolidated effective from November 1, 2024.
Non-controlling interests (NCI) are initially measured at their proportionate share of the
acquiree\u2019s identifiable net assets at acquisition date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-375": { "value": "
3.2. Basis of consolidation.
The consolidated financial statements comprise the financial statements of the Company
and its subsidiaries as at December 31, 2025.
Control is achieved when the Group is exposed, or has rights, to variable returns from its
involvement with an investee and has the ability to affect those returns through its power
over the investee. Specifically, the Group controls an investee if, and only if, the Group
has:
\u2022 power over the investee (i.e. existing rights that give it the current ability to direct the
relevant activities of the investee);
\u2022 exposure, or rights, to variable returns from its involvement with the investee; and
\u2022 the ability to use its power over the investee to affect its returns.
The Group reassesses whether it controls an investee if facts and circumstances indicate
that one or more of the three elements of control have changed. Consolidation of a
subsidiary begins when the Group obtains control and ceases when the Group loses
control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired
or disposed of during the year are included in the consolidated financial statements from
the date control is obtained until control is lost.
Profit or loss and each component of other comprehensive income are attributed to the
equity holders of the parent and to the non-controlling interests, even if this results in the
non-controlling interests having a deficit balance. Where necessary,
adjustments are made to align their accounting policies with those of the Group. All intra-
Group assets and liabilities, equity, income, expenses and cash flows relating to
transactions within the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted
for as an equity transaction. If the Group loses control, it derecognizes the related assets
(including goodwill), liabilities, non-controlling interests and other components of equity,
and recognizes any gain or loss profit or loss. Any retained interest is measured at fair
value at the date control is lost.
On October 31, 2024, SA Europe B.V. acquired 100% of the shares of Aust Pharma GmbH,
a pharmaceutical wholesaler holding an EU wholesale distribution authorisation
dedicated to the supply of pharmaceutical products for the Austrian market. The results
of Aust Pharma have been consolidated effective from November 1, 2024.
Non-controlling interests (NCI) are initially measured at their proportionate share of the
acquiree\u2019s identifiable net assets at acquisition date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-377": { "value": "
A change in the ownership interest of a subsidiary, without a loss of control, is accounted
for as an equity transaction. If the Group loses control, it derecognizes the related assets
(including goodwill), liabilities, non-controlling interests and other components of equity,
and recognizes any gain or loss profit or loss. Any retained interest is measured at fair
value at the date control is lost.
Non-controlling interests (NCI) are initially measured at their proportionate share of the
acquiree\u2019s identifiable net assets at acquisition date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-378": { "value": "
3.3.2. Fair value measurement.
Fair value is the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date,
regardless of whether that price is directly observable or estimated using another
valuation technique. In estimating the fair value of an asset or a liability, the Group takes
into account the characteristics of the asset or liability if market participants consider
those characteristics into account when pricing the asset or liability at the measurement
date. Fair value for measurement and/or disclosure purposes in these consolidated
financial statements is determined on this basis, except for:
\u2022 share-based payment transactions that fall within the scope of IFRS 2,
\u2022 lease transactions that fall within the scope of IFRS 16, and
\u2022 measurements that have some similarities to fair value but are not fair value, such as
net realisable value in accordance with IAS 2 or value in use in accordance with IAS 36.
In addition, for financial reporting purposes, fair value measurements are categorized into
three levels based on the degree to which the inputs to the fair value measurement are
observable and the significance of the inputs to the fair value measurement as a whole,
which are described as follows:
\u2022 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or
liabilities that the entity can access at the measurement date;
\u2022 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are
observable for the asset or liability, either directly or indirectly; and
\u2022 Level 3 inputs are unobservable inputs for the asset or liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-379": { "value": "
3.3.3. Revenue from contracts with customers.
The Group is in the business of providing pharmaceuticals, food supplements, and beauty
and personal care products. Revenue from contracts with customers is recognized when
control of the goods or services is transferred to the customer, at an amount that reflects
the consideration to which the Group expects to be entitled in exchange for those goods
or services. For direct product sales the Group has concluded that it acts as the principal
in its revenue arrangements, because it controls the goods or services before transferring
them to the customer. Therefore, this revenue is recognized in full, whereas in the
platform business, revenue is recognized at the amount of the commission and other fees
expected to receive from partners. Sales are reduced by sales deductions, taxes and
fees.
Revenue is measured as the amount of the transaction price that is allocated to the
performance obligation. The transaction price is the amount of the consideration received
or receivable, taking into account contractually defined terms of payment and excluding
taxes or duties. Upon the sale of products to customers, the date on which the goods are
delivered at the indicated place of destination is the date on which economic title to the
products passes to the customer. In such cases, the transfer of economic title coincides
with the transfer of legal title. Revenue is recognized net of sales deductions.
Loyalty points program
The Group has a loyalty points program, \u201cRedPoints\u201d, which allows customers to
accumulate points that can be redeemed for free products. The loyalty points give rise to
a separate performance obligation, as they provide a material right to the customer.
A portion of the transaction price is allocated to the loyalty points awarded to customers
based on the relative stand-alone selling prices and is recognized as a contract liability
under current liabilities, until the points are redeemed. Revenue is recognized upon
redemption of products by the customer.
When estimating the stand-alone selling price of the loyalty points, the Group considers
the likelihood that the customer will redeem the points. The Group updates its estimates
of the points that will be redeemed on a regular (at least annual) basis, and any
adjustments to the contract liability balance are recognized in revenue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-380": { "value": "
Loyalty points program
The Group has a loyalty points program, \u201cRedPoints\u201d, which allows customers to
accumulate points that can be redeemed for free products. The loyalty points give rise to
a separate performance obligation, as they provide a material right to the customer.
A portion of the transaction price is allocated to the loyalty points awarded to customers
based on the relative stand-alone selling prices and is recognized as a contract liability
under current liabilities, until the points are redeemed. Revenue is recognized upon
redemption of products by the customer.
When estimating the stand-alone selling price of the loyalty points, the Group considers
the likelihood that the customer will redeem the points. The Group updates its estimates
of the points that will be redeemed on a regular (at least annual) basis, and any
adjustments to the contract liability balance are recognized in revenue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-381": { "value": "
3.3.4. Cost of sales.
Cost of sales mainly consists of costs of goods sold, inventory obsolescence provisions,
and contributions by our suppliers for product promotion and discounts. Allowances on
inventories reflect write-downs of inventories to their net realizable value to reflect risks
related to slow-moving goods, items past their use-by date, or goods that can no longer
be sold to the same extent.
Vendor allowances.
The Group receives various types of vendor allowances. The most common allowances
vendors offer are:
\u2022 (i) volume-based allowances, which are off-invoice or amounts billed back to vendors
based on the quantity of products purchased from them; and
\u2022 (ii) promotional allowances, which relate to (online) advertising and market
development efforts.
Volume allowances are recognized as a reduction of the cost of the related products at
the time the related revenue is recognized.
Promotional allowances are recognized as a reduction of the cost of the related products
when the Group has performed the activities specified in the contract with the vendor. If
the contract does not specify any performance criteria, the allowance is recognized over
the term of the contract. Vendor allowances are generally deducted from cost of sales,
unless there is clear evidence that the Group provides a distinct good or service to the
vendor, in which case the allowance is recognized as revenue in accordance with IFRS 15.
3.3.5. Marketing expenses.
Marketing expenses, which include the development and production of advertising
materials and the communication of these materials through various forms of media, are
expensed in the period to which they relate. Marketing expenses are recognized within
selling and distribution expenses in the consolidated statement of profit and loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-382": { "value": "
Vendor allowances.
The Group receives various types of vendor allowances. The most common allowances
vendors offer are:
\u2022 (i) volume-based allowances, which are off-invoice or amounts billed back to vendors
based on the quantity of products purchased from them; and
\u2022 (ii) promotional allowances, which relate to (online) advertising and market
development efforts.
Volume allowances are recognized as a reduction of the cost of the related products at
the time the related revenue is recognized.
Promotional allowances are recognized as a reduction of the cost of the related products
when the Group has performed the activities specified in the contract with the vendor. If
the contract does not specify any performance criteria, the allowance is recognized over
the term of the contract. Vendor allowances are generally deducted from cost of sales,
unless there is clear evidence that the Group provides a distinct good or service to the
vendor, in which case the allowance is recognized as revenue in accordance with IFRS 15.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "value": "
3.3.6. Employee benefit obligations.
Defined contribution plans.
The Group maintains three pension plans covering pharmacy personnel:
\u2022 Pharmacists of the Group participate in the occupational pension plan \u2018SPOA\u2019. This
pension plan is a collective defined contribution plan with direct conversion into pension
entitlements. The plan is based on a predetermined premium that the participants
transfer to the fund. Although this pension plan is based on the \u2018average pay system\u2019,
the pension scheme is based on a predetermined premium. Therefore, the participants
are entitled to a pension only to the extent that the predetermined contributions are
sufficient to fund the related benefits. During 2025 the employer contribution amounted
to 20.5% (2024: 20.5%) of the pensionable base.
\u2022 Eligible employees of the Group participate in the multi-employer pension plan (PMA),
established in accordance with the collective bargaining agreements effective for the
industry in which the Group operates. Employees in service before 2013 participate
voluntarily in the PMA pension plan. This multi-employer pension plan covers
approximately 2,000 companies and around 25,000 contributing members. The PMA
pension plan is a collective defined contribution plan based on the average pay system.
During 2025, the employer contribution amounted to 19.0% (2024: 19.0%) of the
pensionable base.
\u2022 Eligible employees of the Group also participate in the pension scheme of ASR
(previously named BrandNewDay). The ASR pension plan is a defined contribution plan.
During 2025 the employer contribution amounted to 12.0% (2024: 12.0%) of the
pensionable base.
The SPOA and PMA pension plans monitor risks at fund level,\u00a0 not at individual company
or employee level and are subject to regulation by Dutch governmental authorities. Under
the Dutch Pension Act, pension funds must meet specific criteria, including minimum
coverage ratios of plan assets to obligations. On January 1, 2015, new pension legislation
was enacted, increasing the minimum required coverage levels. The coverage ratio is
calculated by dividing the fund\u2019s capital by the total pension liabilities, based on market
interest rates.
Under Dutch pension legislation (FTK), pension funds are required to maintain a minimum
coverage ratio of 104.3%.
At December 31, 2025, the coverage ratio of the SPOA pension fund amounted to 131.5%
(December 31, 2024: 121.3%) and the PMA pension fund amounted to 118.3% (December
31, 2024: 106.6%), both exceeding the statutory minimum requirements.
In line with the definitions in IAS 19.29, the Group has no obligation to fund any deficits of
these pension funds and has no claim to any surplus.
The Group has no further payment obligations once the predetermined contributions
have been paid. Contributions are recognized as employee benefit expenses when due.
Prepaid contributions are recognized as an asset to the extent that a cash refund or a
reduction in the future payments is available.
Defined benefit plans.
The subsidiary MediService AG maintains a defined benefit plan. The related defined
benefit obligation (DBO) is assessed annually by independent pension actuaries using the
projected unit credit method. This method considers employees\u2019 service in prior periods
and expected future salary increases. Actuaries also apply statistical data such as
employee turnover and mortality rates, to determine the defined benefit obligation.
Any deficit or surplus in funded defined benefit plans (when the fair value of plan assets
is less than or greater than the present value of the defined benefit obligation) is
recorded as a net defined benefit liability or asset. The Group recognizes a net defined
benefit asset only if it has the ability to realize the surplus through future economic
benefits, such as\u00a0 reduced future contributions. If the surplus cannot be released, the
Group does not recognize an asset, but instead discloses the effect of this asset ceiling
in the notes.
Defined benefit cost comprises:
\u2022 service cost,
\u2022 net interest on the net defined benefit liability or asset, and
\u2022 remeasurements of the net defined benefit liability or asset.
Service cost, including current and past service cost and any gains or losses from plan
amendments or settlements, is presented in personnel costs.
Net interest is determined by multiplying the net defined benefit liability or asset by the
discount rate at the beginning of the reporting period and is presented in the financial
result.
Actuarial gains and losses arise from changes in actuarial assumptions and experience
adjustments. Actuarial gains and losses resulting from remeasurements are recognized
immediately in other comprehensive income and are not reclassified to profit or loss in
subsequent periods. This includes any differences in the return on plan assets (excluding
interest, based on the discount rate).
Other employee benefit obligations.
MediService AG grants employees long-service (jubilee) benefits. These long-term
benefits are also measured using the projected unit credit method and included in
employee benefit liabilities. These obligations are unfunded. Changes in these obligations
are recognized in profit or loss under personnel costs and interest expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "value": "
3.3.7. Share-based payments.
Selected employees, including senior executives of the Group, receive remuneration in
the form of share-based payments.
For equity-settled share-based payment arrangements, such as share options granted to
employees, the fair value of awards is determined at the grant date and recognized as an
expense in the consolidated statement of comprehensive income over the vesting period.
Non-market vesting conditions (such as service or performance conditions) are reflected
by adjusting the number of equity instruments expected to vest at each reporting date.
Consequently, the cumulative expense recognized over the vesting period is based on
the number of options that ultimately vest. Market vesting conditions and non-vesting
conditions are incorporated into the grant-date fair value of the awards. Provided that all
other vesting conditions are met, the expense is recognized irrespective of whether the
market conditions are satisfied.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-385": { "value": "
Current income tax.
Current income tax is measured on the basis of the tax laws enacted or substantively
enacted at the balance sheet date in the countries where the Group operates and
generates taxable income.
The Group recognizes liabilities for uncertain tax positions when it is more likely than not
that an outflow will occur to settle the position. Such liabilities are measured based on
management\u2019s best estimate of the expected outcome and are presented within income
taxes payable on the consolidated statement of financial position. Estimates of interest
and penalties on tax liabilities are also recorded in current tax expense and presented
within income taxes payable.
Deferred tax.
Deferred tax is recognized on temporary differences between the carrying amounts of
assets and liabilities in the consolidated financial statements and their respective tax
bases.
Deferred tax assets are recognized for all deductible temporary differences, unused tax
losses, and unused tax credits, to the extent that it is probable that sufficient taxable
profits will be available against which they can be utilized.
Deferred tax assets and liabilities are not recognized if the temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and that, at the time of the transaction, affects neither accounting profit nor
taxable profit. This exemption does not apply to transactions that, on initial recognition,
give rise to equal taxable and deductible temporary differences.
In addition, a deferred tax liability is not recognised for temporary differences arising from
the initial recognition of goodwill.
In such cases, the Group recognizes both deferred tax assets and deferred tax liabilities.
This primarily relates to lease liabilities and the corresponding right-of-use assets
recognized under IFRS 16.
In respect of deductible temporary differences associated with investments in
subsidiaries, associates and joint arrangements, deferred tax assets (and liabilities) are
recognized only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and that taxable profits will be available against which
the temporary differences can be utilized.
The carrying amount of deferred tax assets and deferred tax liabilities is reviewed at each
reporting date and reduced if it is no longer probable that sufficient taxable profits will be
available to recover the asset.
Deferred tax assets and liabilities are measured using the tax rates and laws that have been
enacted or substantively enacted by the end of the reporting period and that are expected
to apply when the asset is realized on the liability settled.
The measurement reflects the tax consequences that would arise from the manner in
which the Group expects to recover or settle the carrying amount of its assets and
liabilities.
Deferred income tax assets and liabilities are offset when there is a legally enforceable
right to offset current tax assets against current tax liabilities and when they relate to
income taxes levied by the same taxation authority on either the same taxable entity or
different taxable entities that intend to settle on a net basis. Deferred taxes are
recognized separately for individual corporate income tax entities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "value": "
Deferred tax.
Deferred tax is recognized on temporary differences between the carrying amounts of
assets and liabilities in the consolidated financial statements and their respective tax
bases.
Deferred tax assets are recognized for all deductible temporary differences, unused tax
losses, and unused tax credits, to the extent that it is probable that sufficient taxable
profits will be available against which they can be utilized.
Deferred tax assets and liabilities are not recognized if the temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and that, at the time of the transaction, affects neither accounting profit nor
taxable profit. This exemption does not apply to transactions that, on initial recognition,
give rise to equal taxable and deductible temporary differences.
In addition, a deferred tax liability is not recognised for temporary differences arising from
the initial recognition of goodwill.
In such cases, the Group recognizes both deferred tax assets and deferred tax liabilities.
This primarily relates to lease liabilities and the corresponding right-of-use assets
recognized under IFRS 16.
In respect of deductible temporary differences associated with investments in
subsidiaries, associates and joint arrangements, deferred tax assets (and liabilities) are
recognized only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and that taxable profits will be available against which
the temporary differences can be utilized.
The carrying amount of deferred tax assets and deferred tax liabilities is reviewed at each
reporting date and reduced if it is no longer probable that sufficient taxable profits will be
available to recover the asset.
Deferred tax assets and liabilities are measured using the tax rates and laws that have been
enacted or substantively enacted by the end of the reporting period and that are expected
to apply when the asset is realized on the liability settled.
The measurement reflects the tax consequences that would arise from the manner in
which the Group expects to recover or settle the carrying amount of its assets and
liabilities.
Deferred income tax assets and liabilities are offset when there is a legally enforceable
right to offset current tax assets against current tax liabilities and when they relate to
income taxes levied by the same taxation authority on either the same taxable entity or
different taxable entities that intend to settle on a net basis. Deferred taxes are
recognized separately for individual corporate income tax entities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-387": { "value": "
Value added tax (VAT).
Expenses and assets are recognized net of the amount of VAT, except when:
\u2022 the VAT incurred on a purchase of assets or services is not recoverable from the
taxation authority, in which case the VAT is recognized as part of the cost of the asset
or as part of the related expense or
\u2022 the net amount of VAT recoverable from, or payable to, the taxation authority is
presented as part of receivables or payables in the consolidated statement of financial", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "value": "
3.3.9. Foreign currencies.
The Group\u2019s consolidated financial statements are presented in euro, which is also the
parent Company\u2019s functional currency. Each entity within de Group determines its own
functional currency, and items included in the financial statements of each entity are
measured using that functional currency. Transactions in foreign currencies are translated
into the functional currency at the exchange rates prevailing on the dates the
transactions.
Monetary assets and liabilities denominated in foreign currencies are translated at the
functional currency spot exchange rates at the reporting date. Resulting exchange
differences are recognized in profit or loss, except for those arising from monetary items
that form part of a net investment in a foreign operation, which are recognized in other
comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "value": "
3.3.9. Foreign currencies.
The Group\u2019s consolidated financial statements are presented in euro, which is also the
parent Company\u2019s functional currency. Each entity within de Group determines its own
functional currency, and items included in the financial statements of each entity are
measured using that functional currency. Transactions in foreign currencies are translated
into the functional currency at the exchange rates prevailing on the dates the
transactions.
Monetary assets and liabilities denominated in foreign currencies are translated at the
functional currency spot exchange rates at the reporting date. Resulting exchange
differences are recognized in profit or loss, except for those arising from monetary items
that form part of a net investment in a foreign operation, which are recognized in other
comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "value": "
3.3.10. Non-current assets held for sale and discontinued operations.
The Group classifies non-current assets or disposal groups as held for sale when their
carrying amount is expected to be recovered principally through a sale transaction rather
than through continuing use. Non-current assets and disposal groups classified as held
for sale are measured at the lower of their carrying amount and fair value less costs to
sell. Costs to sell comprise the incremental costs directly attributable to the disposal,
excluding finance costs and income tax expense.
Classification as held for sale is only achieved when the following conditions are met:
\u2022 the sale is highly probable;
\u2022 the asset or disposal group is available for immediate sale in its present condition;
\u2022 management is committed to the plan to sell; and
\u2022 the sale expected to be completed within one year from the date of the classification.
Actions required to complete the sale must indicate that it is unlikely that significant
changes to the plan will be made or that the decision to sell will be withdrawn.
Once an asset or disposal group is classified as held for sale, depreciation or amortization
of the non-current assets ceases. Assets and liabilities classified as held for sale are
presented separately as current items in the statement of financial position.
A disposal group qualifies as a discontinued operation if it is a component of the Group\u00a0
has been disposed of or is classified as held for sale and meets one of the following
criteria:
\u2022 it represents a separate major line of business or geographical area of operations;
\u2022 it is part of a single coordinated plan to dispose of a separate major line of business or
geographical area of operations; or
\u2022 it is a subsidiary acquired exclusively with a view to resale.
Results from discontinued operations are excluded from continuing operations and
presented as a single line item - profit or loss after tax from discontinued operations - in
the Consolidated statement of profit or loss. Comparative figures are re-presented when
required by IFRS 5.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "value": "
The Group classifies non-current assets or disposal groups as held for sale when their
carrying amount is expected to be recovered principally through a sale transaction rather
than through continuing use. Non-current assets and disposal groups classified as held
for sale are measured at the lower of their carrying amount and fair value less costs to
sell. Costs to sell comprise the incremental costs directly attributable to the disposal,
excluding finance costs and income tax expense.
Classification as held for sale is only achieved when the following conditions are met:
\u2022 the sale is highly probable;
\u2022 the asset or disposal group is available for immediate sale in its present condition;
\u2022 management is committed to the plan to sell; and
\u2022 the sale expected to be completed within one year from the date of the classification.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "value": "
A disposal group qualifies as a discontinued operation if it is a component of the Group\u00a0
has been disposed of or is classified as held for sale and meets one of the following
criteria:
\u2022 it represents a separate major line of business or geographical area of operations;
\u2022 it is part of a single coordinated plan to dispose of a separate major line of business or
geographical area of operations; or
\u2022 it is a subsidiary acquired exclusively with a view to resale.
Results from discontinued operations are excluded from continuing operations and
presented as a single line item - profit or loss after tax from discontinued operations - in
the Consolidated statement of profit or loss. Comparative figures are re-presented when
required by IFRS 5.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "value": "
3.3.11. Property, plant and equipment.
Property, plant and equipment are measured at cost less accumulated depreciation and
accumulated impairment losses. Cost includes expenditure that is directly attributable to
the acquisition of the asset and bringing it to the location and condition necessary for it to
be capable of operating as intended by management.
Depreciation is recognized using the straight-line method to allocate the cost of an asset,
less its residual value, over its estimated useful life. Freehold land and assets under
construction are not depreciated.\u00a0 The estimated useful lives, residual values and the
depreciation method are reviewed at the end of each reporting period and adjusted
prospectively if appropriate.
Subsequent costs are capitalized only when it is probable that future economic benefits
associated with the item will flow to the Group and the cost can be measured reliably. All
other repairs and maintenance are recognized in profit or loss as incurred.
An item of property, plant and equipment is derecognized upon disposal or when no
future economic benefits are expected from its use. Gain or losses are calculated as the
difference between the disposal proceeds and the carrying amount of the asset and are
recognized in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "value": "
Property, plant and equipment are measured at cost less accumulated depreciation and
accumulated impairment losses. Cost includes expenditure that is directly attributable to
the acquisition of the asset and bringing it to the location and condition necessary for it to
be capable of operating as intended by management.
Depreciation is recognized using the straight-line method to allocate the cost of an asset,
less its residual value, over its estimated useful life. Freehold land and assets under
construction are not depreciated.\u00a0 The estimated useful lives, residual values and the
depreciation method are reviewed at the end of each reporting period and adjusted
prospectively if appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-395": { "value": "
3.3.12. Leases.
At the inception of a contract, the Group assesses whether the contract is, or contains, a
lease. A contract contains a lease if it conveys the right to control the use of an identified
asset for a period of time in exchange for consideration.
Group as a lessee.
The Group applies a single recognition and measurement approach for all leases, except
for short-term leases and leases of low-value assets. For all other leases, the Group
recognizes a right-of use asset and a corresponding lease liability at the commencement
date.
Right-of-use assets.
Right-of-use assets are recognized at the commencement date of the lease (i.e. the date
the underlying asset is available for use). They are measured initially at cost and
subsequently at cost less accumulated depreciation and impairment losses, adjusted for
any remeasurement of lease liabilities.
The initial cost of right-of-use asset includes:
\u2022 the initial measurement of the lease liability
\u2022 lease payments made at or before the commencement date, less any lease incentives
received;
\u2022 initial direct costs; and
\u2022 estimated costs to dismantle or restore the asset or site, if applicable.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease
term and the asset\u2019s estimated useful life. When ownership transfers to the Group by the
end of the lease term, or when the cost of the right-of-use asset reflects the expected
exercise of a purchase option, depreciation is recognized over the estimated useful life of
the asset.
Right-of-use assets are subject to impairment in accordance with the policy set out in
3.3.15 Impairment of tangible and intangible assets.
Lease liabilities.
At the commencement date, lease liabilities are measured at the present value of lease
payments to be made over the lease term. The lease payments include:
\u2022 fixed payments (including in-substance fixed payments), less any lease incentives
receivable;
\u2022 variable lease payments that depend on an index or a rate;
\u2022 amounts expected to be payable under residual value guarantees;
\u2022 the exercise price of a purchase option if the Group is reasonably certain to exercise it;
and
\u2022 payments of penalties for terminating the lease, if the lease term reflects the Group
exercising a termination option.
Variable lease payments that do not depend on an index or a rate are recognized in profit
and loss in the period in which the event or condition that triggers the payment occurs,
The present value of lease payments is determined using the Group's incremental
borrowing rate at the commencement date, as the interest rate implicit in the lease is
generally not readily determinable.
After initial recognition, lease liabilities are measured by:
\u2022 increasing the carrying amount to reflect interest on the lease liability;
\u2022 reducing the carrying amounts for lease payments made; and
\u2022 remeasuring the carrying amount when there is a lease modification, a change in the
lease term, a change in future lease payments resulting from a change in an index or
rate, or a reassessment of purchase, extension or termination options.
Corresponding adjustments arising from remeasurement are generally made to the right-
of-use asset. Lease liabilities are presented within loans and borrowings.
Short-term leases and leases of low-value assets.
The Group applies the short-term lease exemption to leases with lease term of twelve
months or less and without a purchase option, and the low-value asset exemption to
leases of low-value office equipment similar items. Payments on these leases are
recognized as expense on a straight-line basis over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "
3.3.13. Business combinations and goodwill.
Business combinations are accounted for using the acquisition method. The consideration
transferred is measured at fair value at the acquisition date and comprises the fair value
of the assets transferred by the Group, the liabilities incurred by the Group to the former
owners of the acquiree, and the equity interests issued by the Group in exchange for
control of the acquiree. Acquisition-related costs are expensed in profit and loss as
incurred.
At the acquisition date, identifiable assets acquired and the liabilities assumed are
recognized at their fair values, except for the following items, which are measured in
accordance with the respective standards:
\u2022 Deferred tax assets or liabilities, and assets or liabilities related to employee benefit
arrangements, are measured under IAS 12 Income Taxes and IAS 19 Employee Benefits
respectively;
\u2022 Share-based payment arrangements of the acquiree, or replacement awards granted
by the group, are measured under IFRS 2 Share-based Payment at acquisition date; and
\u2022 Assets (or disposal groups) classified as held for sale are measured in accordance with
IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, i.e. at the lower
of their carrying amount and fair value less costs to sell.
Goodwill is measured as the excess of:
\u25e6 the consideration transferred;
\u25e6 the amount of any non-controlling interests; and
\u25e6 the fair value of any previously held equity interest in the acquiree; over the net amount
of identifiable assets acquired and the liabilities assumed at the acquisition date.
If the net identifiable assets exceed the consideration transferred (including non-
controlling interest and any previously held interest), the resulting gain is recognized
immediately in profit and loss as a bargain purchase.
Contingent consideration.
Contingent consideration is measured at its acquisition-date fair value and included
within the consideration transferred. Subsequent changes in the fair value are treated as
follows:
\u2022 Measurement period adjustments arising from new information about conditions
existing at the acquisition date, within the one-year measurement period, are
recognized retrospectively, with corresponding adjustments against goodwill.
Contingent consideration classified as equity is not remeasured subsequently; settlement
is accounted for within equity.
Contingent consideration classified as an asset or a liability is remeasured at subsequent
reporting dates in accordance with IFRS 9 or IAS 37 Provisions, Contingent Liabilities and
Contingent Assets, as appropriate, with the corresponding gain or loss recognized in
profit and loss.
Provisional amounts.
If the initial accounting for a business combination is incomplete by the end of the
reporting period, provisional amounts are reported for the items for which the accounting
is incomplete. These amounts are adjusted during the measurement period, or additional
assets or liabilities are recognized, to reflect new information about facts and
circumstances that existed at the acquisition date and that would have affected the
amounts recognized", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "
3.3.13. Business combinations and goodwill.
Business combinations are accounted for using the acquisition method. The consideration
transferred is measured at fair value at the acquisition date and comprises the fair value
of the assets transferred by the Group, the liabilities incurred by the Group to the former
owners of the acquiree, and the equity interests issued by the Group in exchange for
control of the acquiree. Acquisition-related costs are expensed in profit and loss as
incurred.
At the acquisition date, identifiable assets acquired and the liabilities assumed are
recognized at their fair values, except for the following items, which are measured in
accordance with the respective standards:
\u2022 Deferred tax assets or liabilities, and assets or liabilities related to employee benefit
arrangements, are measured under IAS 12 Income Taxes and IAS 19 Employee Benefits
respectively;
\u2022 Share-based payment arrangements of the acquiree, or replacement awards granted
by the group, are measured under IFRS 2 Share-based Payment at acquisition date; and
\u2022 Assets (or disposal groups) classified as held for sale are measured in accordance with
IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, i.e. at the lower
of their carrying amount and fair value less costs to sell.
Goodwill is measured as the excess of:
\u25e6 the consideration transferred;
\u25e6 the amount of any non-controlling interests; and
\u25e6 the fair value of any previously held equity interest in the acquiree; over the net amount
of identifiable assets acquired and the liabilities assumed at the acquisition date.
If the net identifiable assets exceed the consideration transferred (including non-
controlling interest and any previously held interest), the resulting gain is recognized
immediately in profit and loss as a bargain purchase.
Contingent consideration.
Contingent consideration is measured at its acquisition-date fair value and included
within the consideration transferred. Subsequent changes in the fair value are treated as
follows:
\u2022 Measurement period adjustments arising from new information about conditions
existing at the acquisition date, within the one-year measurement period, are
recognized retrospectively, with corresponding adjustments against goodwill.
Contingent consideration classified as equity is not remeasured subsequently; settlement
is accounted for within equity.
Contingent consideration classified as an asset or a liability is remeasured at subsequent
reporting dates in accordance with IFRS 9 or IAS 37 Provisions, Contingent Liabilities and
Contingent Assets, as appropriate, with the corresponding gain or loss recognized in
profit and loss.
Provisional amounts.
If the initial accounting for a business combination is incomplete by the end of the
reporting period, provisional amounts are reported for the items for which the accounting
is incomplete. These amounts are adjusted during the measurement period, or additional
assets or liabilities are recognized, to reflect new information about facts and
circumstances that existed at the acquisition date and that would have affected the
amounts recognized", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "
Goodwill is measured as the excess of:
\u25e6 the consideration transferred;
\u25e6 the amount of any non-controlling interests; and
\u25e6 the fair value of any previously held equity interest in the acquiree; over the net amount
of identifiable assets acquired and the liabilities assumed at the acquisition date.
If the net identifiable assets exceed the consideration transferred (including non-
controlling interest and any previously held interest), the resulting gain is recognized
immediately in profit and loss as a bargain purchase.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "
3.3.14. Intangible assets.
Intangible assets are measured at cost less accumulated amortization and accumulated
impairment losses. Intangible assets are amortised on a straight-line basis over their
estimated useful lives. Useful lives and amortization methods are reviewed at the end of
each reporting period and adjusted prospectively where appropriate.
Internally generated intangible assets.
The Group distinguishes between the research phase and the development phase of
internal projects. Expenditure on research is recognized in profit and loss as incurred.
An internally generated intangible asset arising from development is recognized only
when all of the following can be demonstrated:
\u2022 technical feasibility of completing the asset so that it will be available for use or sale;
\u2022 intention to complete the asset and use or sell it;
\u2022 ability to use or sell the asset;
\u2022 they way in which the asset will generate probable future economic benefits;
\u2022 availability of adequate technical, financial and other resources to complete
development and use or sell the asset; and
\u2022 ability to reliably measure the expenditure attributable to the asset during its
development.
The initial cost of internally generated intangible assets comprises all directly attributable\u00a0
development expenditure from the date on which the recognition criteria are first met. If
the criteria are not met,\u00a0 development expenditure is recognized in profit and loss as
incurred. After initial recognition, internally generated intangible assets are carried at cost
less accumulated amortization and impairment losses, consistent with separately
acquired\u00a0 assets.
Intangible assets: software, technology and contracts.
Software, technology and contractual customer or supplier relationships are initially
measured at cost less accumulated amortization and impairment losses. Amortization is
recognized on a straight-line basis over the estimated useful lives. Useful lives and
amortization methods are reviewed at each reporting period.
Intangible assets: brands.
Brands are carried at cost less accumulated amortization and impairment losses.
Amortization is recognized on a straight-line basis over the estimated useful lives. Useful
lives and amortization methods are reviewed annually, and changes in estimates are
accounted for prospectively.
Intangible assets: customer base.
Customer relationship assets are carried at cost less accumulated amortization and
impairment losses. Amortization is recognized on a straight-line basis over their estimated
useful lives. Useful lives and amortization methods are reviewed annually, with changes
applied prospectively.
Derecognition of intangible assets.
An intangible asset is derecognized upon disposal or when no future economic benefits
are expected from its use or disposal. Any gains or loss arising from derecognition -
determined as the difference between the net disposal proceeds and the carrying
amount of the asset - is recognized in profit and loss in the period in which the asset is
derecognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "
Internally generated intangible assets.
The Group distinguishes between the research phase and the development phase of
internal projects. Expenditure on research is recognized in profit and loss as incurred.
An internally generated intangible asset arising from development is recognized only
when all of the following can be demonstrated:
\u2022 technical feasibility of completing the asset so that it will be available for use or sale;
\u2022 intention to complete the asset and use or sell it;
\u2022 ability to use or sell the asset;
\u2022 they way in which the asset will generate probable future economic benefits;
\u2022 availability of adequate technical, financial and other resources to complete
development and use or sell the asset; and
\u2022 ability to reliably measure the expenditure attributable to the asset during its
development.
The initial cost of internally generated intangible assets comprises all directly attributable\u00a0
development expenditure from the date on which the recognition criteria are first met. If
the criteria are not met,\u00a0 development expenditure is recognized in profit and loss as
incurred. After initial recognition, internally generated intangible assets are carried at cost
less accumulated amortization and impairment losses, consistent with separately
acquired\u00a0 assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "
3.3.15. Impairment of tangible and intangible assets.
The Group assesses at the end of each reporting period whether there are indicators that
tangible or intangible assets may be impaired. If any such indicators exist, the recoverable
amount of the asset is estimated to determine the extent of the impairment loss, if any.
Where the recoverable amount cannot be estimated for an individual asset, it is
determined for the cash-generating unit (CGU) to which the asset belongs. When a
reasonable and consistent basis of allocation can be identified, corporate assets are
allocated to individual cash-generating units, if such a basis cannot be identified, they are
allocated to the smallest group of cash generating units for which a reasonable
allocation basis exists.
In estimating future cash flows, the Group uses growth assumptions based on historical
performance, external market data, and management\u2019s expectations as reflected in
business plans. Our business plans and growth assumptions are based on our customer
data model and assessed against existing customer development and the acquisition of
new customers. Furthermore, all variable costs, like marketing budgets, delivery cost and
operations expenses for impairment analysis are planned based on performance. Non-
performance-based costs are planned in line with business growth, including economies
of scale.
The Group includes the impact of climate-related risks and opportunities in the key
assumptions underlying the cash flow projections.
Recoverable amount is the higher of fair value less costs to sell and value in use. Value in
use is determined by discounting estimated future cash flows at a pre-tax discount rate
that reflects current market assessments of the time value of money and the risks
specific to the asset, to the extent such risks have not been adjusted in future cash flows.
If the recoverable amount of an asset (or cash-generating unit) is less than its carrying
amount, an impairment loss is recognized immediately in profit and loss.
If an impairment loss (other than goodwill) subsequently reverses, the carrying amount of
the asset or CGU is increased to its revised recoverable amount, limited to the carrying
amount that would have been determined had no impairment loss been recognized in
prior years. Reversals are recognized immediately in profit and loss. Impairment losses for
goodwill are not reversed.
Goodwill impairment testing.
Non-current assets include goodwill, other intangible assets, investments in associates
and joint ventures and property, plant and equipment.
Goodwill is tested for impairment annually, or more frequently if indicators of impairment
exist. Goodwill is allocated to the CGU's expected to benefit from the business
combination in which the goodwill arose.
The recoverable amount of a cash generating unit to which goodwill is allocated is
determined as the higher of the value in use and fair value less costs to sell.
Value in use is calculated using the discounted future cash flows based on:
\u2022 revenue growth assumptions,
\u2022 expected efficiency gains and economies of scale,
\u2022 discount rates reflecting market conditions, and
\u2022 customer behavior expectations and acquisition assumptions.
The discount rate used is the weighted average cost of capital (WACC), determined using
the capital asset pricing model and based on a peer-group capital structure,
incorporating the risk-free rate, market premium and beta. Pre-tax discount rates are
derived from the post-tax rate using the goal-seek method.
Key assumptions are reviewed at least annually. Changes in these assumptions may
affect the outcome of impairment tests and my lead to\u00a0 future impairment losses or
reversals (other than goodwill), which are recognized in the consolidated statement of
profit and loss within operating profit.
An investment is accounted for using the equity method from the date the Group obtains
significant influence or joint control. Any excess of the cost of the investment over the
Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee
is recognized as goodwill and included within the carrying amount of the investment. Any
excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities
over the cost of the investment is recognized immediately in profit and loss after
reassessment.
When necessary, the entire carrying amount of the investment, including goodwill, is
tested for impairment as a single asset in accordance with IAS 36 Impairment of Assets.
The recoverable amount is determined as the higher of value in use and fair value less
cost of disposal. Impairment losses are recognized as part of the carrying amount of the
investment. Reversals of previously recognized impairment losses are accounted for in
accordance with IAS 36.
Impairment of financial assets.
The Group recognizes ECLs on all debt instruments not measured at fair value through
profit and loss. ECLs represent the difference between the contractual cash flows and
the cash flows the Group expects to receive, discounted using the original EIR.\u00a0 Expected
cash flows include cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms.
Two stages apply:
\u2022 12-month ECL: no significant increase in credit risk
\u2022 Lifetime ECL: significant increase in credit risk since initial recognition
For trade receivables, the Group applies the simplified approach (always lifetime ECL).
Further information is provided in note 4.2.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "
3.3.15. Impairment of tangible and intangible assets.
The Group assesses at the end of each reporting period whether there are indicators that
tangible or intangible assets may be impaired. If any such indicators exist, the recoverable
amount of the asset is estimated to determine the extent of the impairment loss, if any.
Where the recoverable amount cannot be estimated for an individual asset, it is
determined for the cash-generating unit (CGU) to which the asset belongs. When a
reasonable and consistent basis of allocation can be identified, corporate assets are
allocated to individual cash-generating units, if such a basis cannot be identified, they are
allocated to the smallest group of cash generating units for which a reasonable
allocation basis exists.
In estimating future cash flows, the Group uses growth assumptions based on historical
performance, external market data, and management\u2019s expectations as reflected in
business plans. Our business plans and growth assumptions are based on our customer
data model and assessed against existing customer development and the acquisition of
new customers. Furthermore, all variable costs, like marketing budgets, delivery cost and
operations expenses for impairment analysis are planned based on performance. Non-
performance-based costs are planned in line with business growth, including economies
of scale.
The Group includes the impact of climate-related risks and opportunities in the key
assumptions underlying the cash flow projections.
Recoverable amount is the higher of fair value less costs to sell and value in use. Value in
use is determined by discounting estimated future cash flows at a pre-tax discount rate
that reflects current market assessments of the time value of money and the risks
specific to the asset, to the extent such risks have not been adjusted in future cash flows.
If the recoverable amount of an asset (or cash-generating unit) is less than its carrying
amount, an impairment loss is recognized immediately in profit and loss.
If an impairment loss (other than goodwill) subsequently reverses, the carrying amount of
the asset or CGU is increased to its revised recoverable amount, limited to the carrying
amount that would have been determined had no impairment loss been recognized in
prior years. Reversals are recognized immediately in profit and loss. Impairment losses for
goodwill are not reversed.
Goodwill impairment testing.
Non-current assets include goodwill, other intangible assets, investments in associates
and joint ventures and property, plant and equipment.
Goodwill is tested for impairment annually, or more frequently if indicators of impairment
exist. Goodwill is allocated to the CGU's expected to benefit from the business
combination in which the goodwill arose.
The recoverable amount of a cash generating unit to which goodwill is allocated is
determined as the higher of the value in use and fair value less costs to sell.
Value in use is calculated using the discounted future cash flows based on:
\u2022 revenue growth assumptions,
\u2022 expected efficiency gains and economies of scale,
\u2022 discount rates reflecting market conditions, and
\u2022 customer behavior expectations and acquisition assumptions.
The discount rate used is the weighted average cost of capital (WACC), determined using
the capital asset pricing model and based on a peer-group capital structure,
incorporating the risk-free rate, market premium and beta. Pre-tax discount rates are
derived from the post-tax rate using the goal-seek method.
Key assumptions are reviewed at least annually. Changes in these assumptions may
affect the outcome of impairment tests and my lead to\u00a0 future impairment losses or
reversals (other than goodwill), which are recognized in the consolidated statement of
profit and loss within operating profit.
An investment is accounted for using the equity method from the date the Group obtains
significant influence or joint control. Any excess of the cost of the investment over the
Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee
is recognized as goodwill and included within the carrying amount of the investment. Any
excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities
over the cost of the investment is recognized immediately in profit and loss after
reassessment.
When necessary, the entire carrying amount of the investment, including goodwill, is
tested for impairment as a single asset in accordance with IAS 36 Impairment of Assets.
The recoverable amount is determined as the higher of value in use and fair value less
cost of disposal. Impairment losses are recognized as part of the carrying amount of the
investment. Reversals of previously recognized impairment losses are accounted for in
accordance with IAS 36.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
3.3.16. Associates and joint ventures.
An associate is an entity over which the Group has significant influence. Significant
influence is the power to participate in the financial and operating policy decisions of the
investee, but does not constitute control or joint control.
A joint venture is a joint arrangement in which the parties that have joint control to the net
assets of the arrangement. Joint control exists only when decisions about the relevant
activities require unanimous consent of the parties sharing control.
The results, assets and liabilities of associates and joint ventures are incorporated into
the consolidated financial statements using the equity method. Under the equity method,
investments are initially recognized at cost and subsequently adjusted to reflect the
Group\u2019s share of the investee's profit and loss and other comprehensive income. When
the Group\u2019s share of losses exceeds its interest (including long-term interests that form
part of the net investment), further losses are not recognized unless the Group has
incurred legal or constructive obligations or made payments on behalf of the associate or
joint venture.
An investment is accounted for using the equity method from the date the Group obtains
significant influence or joint control. Any excess of the cost of the investment over the
Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee
is recognized as goodwill and included within the carrying amount of the investment. Any
excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities
over the cost of the investment is recognized immediately in profit and loss after
reassessment.
When necessary, the entire carrying amount of the investment, including goodwill, is
tested for impairment as a single asset in accordance with IAS 36 Impairment of Assets.
The recoverable amount is determined as the higher of value in use and fair value less
cost of disposal. Impairment losses are recognized as part of the carrying amount of the
investment. Reversals of previously recognized impairment losses are accounted for in
accordance with IAS 36.
Profits and losses arising from transactions between the Group and its associates or joint
ventures are recognized only to the extent of interests in the associate or joint venture
that are not related to the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "
An associate is an entity over which the Group has significant influence. Significant
influence is the power to participate in the financial and operating policy decisions of the
investee, but does not constitute control or joint control.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "
A joint venture is a joint arrangement in which the parties that have joint control to the net
assets of the arrangement. Joint control exists only when decisions about the relevant
activities require unanimous consent of the parties sharing control.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
Profits and losses arising from transactions between the Group and its associates or joint
ventures are recognized only to the extent of interests in the associate or joint venture
that are not related to the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
3.3.17. Inventories.
Inventory consists of raw materials, consumables and finished goods and are measured
at the lower of cost and net realizable value.
Cost is determined as follows:
\u2022 Raw materials, consumables and third-party finished goods: average purchase price,
including direct purchasing rebates.
\u2022 Finished goods from own manufacturing: full production cost.
Net realizable value is the estimated selling price in the ordinary course of business, less
the estimated costs of completion and the costs necessary to make the sale.
Adjustments to net realizable value\u00a0 are limited because products can generally be
returned to the manufacturers or wholesalers prior to expiry.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "
3.3.18. Cash and cash equivalents.
Cash and cash equivalents in the statement of financial position comprise cash at bank
and cash on hand.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents
comprise cash at bank and cash on hand.
Short-term deposits that are not readily convertible to known amounts of cash or that are
subject to more than an insignificant penalty upon early withdrawal are not an integral
part of the cash management and are presented within other financial assets..
Bank overdrafts are presented as borrowings, as they represent separate financing
arrangements, are not repayable on demand for cash management purposes and do not
fluctuate between positive and negative balances as part of the Group\u2019s cash pooling
arrangements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "
3.3.19. Cash flow statement.
The Group prepares its consolidated statement of cash flows using the indirect method.
Cash flows from operating activities are presented as the operating result adjusted for
non-cash items, changes in working capital, corporate income tax paid, and items related
to investing or financing activities.
Cash flows in foreign currencies have been translated using weighted average exchange
rates for the period.
Interest paid is presented as a financing cash flow, while interest received is presented as
an investing cash flow. Business acquisitions and divestments are presented net of cash
and cash equivalents acquired or disposed of.
Lease payments related to the principal portion of lease liabilities, as well as the interest
portion, are presented within financing activities and shown together as Cash-out lease
payments. Lease payments for short-term leases of low-value assets that are not
included in the measurement of the lease liability are classified as operating cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
3.3.20. Provisions.
Provisions are recognized when the Group has a present (legal or constructive) obligation
resulting from a past event, it is probable that an outflow of resources will be required to
settle the obligation, and a reliable estimate can be made of the amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "
3.3.21. Financial instruments - initial recognition and subsequent measurement.
A financial instrument is any contract that gives rise to a financial asset of one entity and
a financial liability or an equity instrument of another entity.
Financial assets.
Initial recognition and measurement.
Financial assets are classified at initial recognition as subsequently measured at
amortized cost or fair value through profit and loss.
Classification depends on:
\u2022 the contractual cash flow characteristics of the asset; and
\u2022 the Group\u2019s business model for managing financial assets.
Financial assets that do not contain a significant financing component (such as trade
receivables under IFRS 15) are measured at the transaction price in accordance with IFRS
15 and as disclosed in note 3.3.3 Revenue from contracts with customers.
Financial assets that do contain a significant financing component are initially measured
at fair value. For financial assets not classified at fair value through profit and loss,
transaction costs are added to the initial carrying amount.
The Group\u2019s business model assesses whether the financial assets are hold:
\u2022 to collect contractual cash flows,
\u2022 to sell, or
\u2022 both.
Assets held within a business model designed to collect contractual cash flows are
classified at amortised cost.
Subsequent measurement.
Financial assets are subsequently measured at:
\u2022 Amortised cost (debt instruments).
\u2022 Fair value through profit and loss.
Financial assets at amortized cost (debt instruments).
Financial assets at amortized cost are measured using the effective interest (EIR) method
and are subject to expected credit loss (ECL) impairment. Gains and losses are
recognized in profit and loss on derecognition, modification or impairment.
These assets include trade and other receivables.
The Group applies the IFRS 9 simplified approach to trade receivables, recognizing a
lifetime ECL. Receivables are grouped by shared credit risk characteristics and days past
due. The expected loss rates are based on the payment profiles of sales and the
corresponding historical credit losses experienced over the same period, adjusted for
current and forward-looking macroeconomic information.
Assets with maturities beyond twelve months are classified as non-current.
Interest income is recognized using the EIR method unless discounting is immaterial.
Financial assets at fair value through profit and loss.
Financial assets at fair value through profit and loss are carried at fair value, with changes
recognized in profit and loss.
Derecognition of financial assets.
A financial asset is derecognized when:
\u2022 the contractual rights to cash flows expire, or
\u2022 the rights to cash flows are transferred (or a pass-through obligation is assumed) and:
\u25e6 substantially all risks and rewards are transferred; or
\u25e6 neither substantially all risks and rewards are transferred nor retained, but control is
relinquished.
Continuing involvement, if any, is measured at the lower of:
\u2022 the original carrying amount of the asset; and
\u2022 the maximum amount the Group may be required to repay.
Impairment of financial assets.
The Group recognizes ECLs on all debt instruments not measured at fair value through
profit and loss. ECLs represent the difference between the contractual cash flows and
the cash flows the Group expects to receive, discounted using the original EIR.\u00a0 Expected
cash flows include cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms.
Two stages apply:
\u2022 12-month ECL: no significant increase in credit risk
\u2022 Lifetime ECL: significant increase in credit risk since initial recognition
For trade receivables, the Group applies the simplified approach (always lifetime ECL).
Further information is provided in note 4.2.
Financial liabilities.
Initial recognition and measurement.
Financial liabilities are classified at initial recognition as:
\u2022 financial liabilities at fair value through profit and loss,
\u2022 loans and borrowings, or
\u2022 payables.
All financial liabilities are measured at fair value. Loans and borrowings and payables are
recognized net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings,
and bank overdrafts.
Subsequent measurement.
Financial liabilities are subsequently measured at:
\u2022 Fair value through profit and loss.
\u2022 Amortized cost (loans and borrowings).
Financial liabilities at fair value through profit or loss.
The Group has not designated any financial liability as at fair value through profit or loss.
Financial liabilities at amortized cost (loans and borrowings).
Interest-bearing loans and borrowings are measured at amortized cost using the EIR
method.
Gains and losses are recognized in profit and loss on derecognition or remeasurement.
EIR amortization is recognized as finance costs.
Classification as debt or equity.
Instruments issued by the Group are classified as financial liabilities or equity based on
the substance of their contractual terms and the definitions in IAS 32 (Financial
Instruments: Presentation) of a financial liability and an equity instrument.
Equity instruments.
An equity instrument is any contract that evidences a residual interest in the assets of an
entity after deducting all its liabilities (IAS 32). Equity instruments issued by the Group are
recognized at the proceeds received, net of direct issue costs.
Convertible debt.
The Group\u2019s convertible bonds are compound financial instruments containing a liability
and an equity component.
Proceeds received on issuance of the Group's convertible debt are allocated to both
components based on relative fair values at issuance.
\u2022 Liability component: measured at the present value of future cash flows discounted at
the market rate for similar non-convertible instruments; subsequently measured at
amortised cost.
\u2022 Equity component: representing the conversion option, recognized in equity (net of tax)
and not remeasured.
This policy applies to both the 2021 and 2025 convertible bond issuances.
Borrowing costs.
Borrowing costs are recognized in profit and loss as incurred. The Group currently has no
qualifying assets that require the capitalization of borrowing costs under IAS 23. Should
such assets arise, borrowing costs directly attributable to their acquisition or construction
will be capitalized as part of the asset\u2019s cost.
Derecognition of financial liabilities.
A financial liability is derecognized when discharged, cancelled or expired. Substantial
modifications or exchanges with the same lender result in derecognition of the original
liability and recognition of a new one.
The difference in carrying amounts is recognized in profit and loss.
Offsetting of financial instruments.
Financial assets and financial liabilities are offset only when the Group has a legally
enforceable right to offset and\u00a0 intends to settle on a net basis or realize the asset and
settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
Financial assets.
Initial recognition and measurement.
Financial assets are classified at initial recognition as subsequently measured at
amortized cost or fair value through profit and loss.
Classification depends on:
\u2022 the contractual cash flow characteristics of the asset; and
\u2022 the Group\u2019s business model for managing financial assets.
Financial assets that do not contain a significant financing component (such as trade
receivables under IFRS 15) are measured at the transaction price in accordance with IFRS
15 and as disclosed in note 3.3.3 Revenue from contracts with customers.
Financial assets that do contain a significant financing component are initially measured
at fair value. For financial assets not classified at fair value through profit and loss,
transaction costs are added to the initial carrying amount.
The Group\u2019s business model assesses whether the financial assets are hold:
\u2022 to collect contractual cash flows,
\u2022 to sell, or
\u2022 both.
Assets held within a business model designed to collect contractual cash flows are
classified at amortised cost.
Subsequent measurement.
Financial assets are subsequently measured at:
\u2022 Amortised cost (debt instruments).
\u2022 Fair value through profit and loss.
Financial assets at amortized cost (debt instruments).
Financial assets at amortized cost are measured using the effective interest (EIR) method
and are subject to expected credit loss (ECL) impairment. Gains and losses are
recognized in profit and loss on derecognition, modification or impairment.
These assets include trade and other receivables.
The Group applies the IFRS 9 simplified approach to trade receivables, recognizing a
lifetime ECL. Receivables are grouped by shared credit risk characteristics and days past
due. The expected loss rates are based on the payment profiles of sales and the
corresponding historical credit losses experienced over the same period, adjusted for
current and forward-looking macroeconomic information.
Assets with maturities beyond twelve months are classified as non-current.
Interest income is recognized using the EIR method unless discounting is immaterial.
Financial assets at fair value through profit and loss.
Financial assets at fair value through profit and loss are carried at fair value, with changes
recognized in profit and loss.
Derecognition of financial assets.
A financial asset is derecognized when:
\u2022 the contractual rights to cash flows expire, or
\u2022 the rights to cash flows are transferred (or a pass-through obligation is assumed) and:
\u25e6 substantially all risks and rewards are transferred; or
\u25e6 neither substantially all risks and rewards are transferred nor retained, but control is
relinquished.
Continuing involvement, if any, is measured at the lower of:
\u2022 the original carrying amount of the asset; and
\u2022 the maximum amount the Group may be required to repay.
Impairment of financial assets.
The Group recognizes ECLs on all debt instruments not measured at fair value through
profit and loss. ECLs represent the difference between the contractual cash flows and
the cash flows the Group expects to receive, discounted using the original EIR.\u00a0 Expected
cash flows include cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms.
Two stages apply:
\u2022 12-month ECL: no significant increase in credit risk
\u2022 Lifetime ECL: significant increase in credit risk since initial recognition
For trade receivables, the Group applies the simplified approach (always lifetime ECL).
Further information is provided in note 4.2.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
Financial assets at amortized cost (debt instruments).
Financial assets at amortized cost are measured using the effective interest (EIR) method
and are subject to expected credit loss (ECL) impairment. Gains and losses are
recognized in profit and loss on derecognition, modification or impairment.
These assets include trade and other receivables.
The Group applies the IFRS 9 simplified approach to trade receivables, recognizing a
lifetime ECL. Receivables are grouped by shared credit risk characteristics and days past
due. The expected loss rates are based on the payment profiles of sales and the
corresponding historical credit losses experienced over the same period, adjusted for
current and forward-looking macroeconomic information.
Assets with maturities beyond twelve months are classified as non-current.
Interest income is recognized using the EIR method unless discounting is immaterial.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
Financial assets at fair value through profit and loss.
Financial assets at fair value through profit and loss are carried at fair value, with changes
recognized in profit and loss.
Financial liabilities at fair value through profit or loss.
The Group has not designated any financial liability as at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
Derecognition of financial assets.
A financial asset is derecognized when:
\u2022 the contractual rights to cash flows expire, or
\u2022 the rights to cash flows are transferred (or a pass-through obligation is assumed) and:
\u25e6 substantially all risks and rewards are transferred; or
\u25e6 neither substantially all risks and rewards are transferred nor retained, but control is
relinquished.
Continuing involvement, if any, is measured at the lower of:
\u2022 the original carrying amount of the asset; and
\u2022 the maximum amount the Group may be required to repay.
Derecognition of financial liabilities.
A financial liability is derecognized when discharged, cancelled or expired. Substantial
modifications or exchanges with the same lender result in derecognition of the original
liability and recognition of a new one.
The difference in carrying amounts is recognized in profit and loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
Impairment of financial assets.
The Group recognizes ECLs on all debt instruments not measured at fair value through
profit and loss. ECLs represent the difference between the contractual cash flows and
the cash flows the Group expects to receive, discounted using the original EIR.\u00a0 Expected
cash flows include cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms.
Two stages apply:
\u2022 12-month ECL: no significant increase in credit risk
\u2022 Lifetime ECL: significant increase in credit risk since initial recognition
For trade receivables, the Group applies the simplified approach (always lifetime ECL).
Further information is provided in note 4.2.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "value": "
Financial liabilities.
Initial recognition and measurement.
Financial liabilities are classified at initial recognition as:
\u2022 financial liabilities at fair value through profit and loss,
\u2022 loans and borrowings, or
\u2022 payables.
All financial liabilities are measured at fair value. Loans and borrowings and payables are
recognized net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings,
and bank overdrafts.
Subsequent measurement.
Financial liabilities are subsequently measured at:
\u2022 Fair value through profit and loss.
\u2022 Amortized cost (loans and borrowings).
Financial liabilities at fair value through profit or loss.
The Group has not designated any financial liability as at fair value through profit or loss.
Financial liabilities at amortized cost (loans and borrowings).
Interest-bearing loans and borrowings are measured at amortized cost using the EIR
method.
Gains and losses are recognized in profit and loss on derecognition or remeasurement.
EIR amortization is recognized as finance costs.
Classification as debt or equity.
Instruments issued by the Group are classified as financial liabilities or equity based on
the substance of their contractual terms and the definitions in IAS 32 (Financial
Instruments: Presentation) of a financial liability and an equity instrument.
Equity instruments.
An equity instrument is any contract that evidences a residual interest in the assets of an
entity after deducting all its liabilities (IAS 32). Equity instruments issued by the Group are
recognized at the proceeds received, net of direct issue costs.
Convertible debt.
The Group\u2019s convertible bonds are compound financial instruments containing a liability
and an equity component.
Proceeds received on issuance of the Group's convertible debt are allocated to both
components based on relative fair values at issuance.
\u2022 Liability component: measured at the present value of future cash flows discounted at
the market rate for similar non-convertible instruments; subsequently measured at
amortised cost.
\u2022 Equity component: representing the conversion option, recognized in equity (net of tax)
and not remeasured.
This policy applies to both the 2021 and 2025 convertible bond issuances.
Borrowing costs.
Borrowing costs are recognized in profit and loss as incurred. The Group currently has no
qualifying assets that require the capitalization of borrowing costs under IAS 23. Should
such assets arise, borrowing costs directly attributable to their acquisition or construction
will be capitalized as part of the asset\u2019s cost.
Derecognition of financial liabilities.
A financial liability is derecognized when discharged, cancelled or expired. Substantial
modifications or exchanges with the same lender result in derecognition of the original
liability and recognition of a new one.
The difference in carrying amounts is recognized in profit and loss.
Offsetting of financial instruments.
Financial assets and financial liabilities are offset only when the Group has a legally
enforceable right to offset and\u00a0 intends to settle on a net basis or realize the asset and
settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "
Financial liabilities.
Initial recognition and measurement.
Financial liabilities are classified at initial recognition as:
\u2022 financial liabilities at fair value through profit and loss,
\u2022 loans and borrowings, or
\u2022 payables.
All financial liabilities are measured at fair value. Loans and borrowings and payables are
recognized net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings,
and bank overdrafts.
Subsequent measurement.
Financial liabilities are subsequently measured at:
\u2022 Fair value through profit and loss.
\u2022 Amortized cost (loans and borrowings).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "
Financial liabilities at amortized cost (loans and borrowings).
Interest-bearing loans and borrowings are measured at amortized cost using the EIR
method.
Gains and losses are recognized in profit and loss on derecognition or remeasurement.
EIR amortization is recognized as finance costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "
Borrowing costs.
Borrowing costs are recognized in profit and loss as incurred. The Group currently has no
qualifying assets that require the capitalization of borrowing costs under IAS 23. Should
such assets arise, borrowing costs directly attributable to their acquisition or construction
will be capitalized as part of the asset\u2019s cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
Offsetting of financial instruments.
Financial assets and financial liabilities are offset only when the Group has a legally
enforceable right to offset and\u00a0 intends to settle on a net basis or realize the asset and
settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "
3.4. Changes in accounting policies and disclosures.
New and amended standards and interpretations.
In 2025, the Group applied the following new and amended IFRS Accounting Standards
for the first time:
IAS 21 \u2013 Lack of Exchangeability
The application of this amendment did not have a material impact on the Group\u2019s
financial position, performance (profit and loss), cash flows or disclosures for the 2025
financial year.
The Group has not early adopted any standards, amendments or interpretations issued
but not yet effective as at December 31, 2025.
For standards and interpretations issued but not yet effective, see Note 34.
34. Standards issued but not yet effective.
A number of new or amended standards and interpretations have been issued but\u00a0 are
not yet effective for annual periods beginning on or after 1 January 2025 or later. These
standards have not been early adopted. The Group intends to adopt these new and
amended standards and interpretations, if applicable, when they become effective.
IFRS 18 Presentation and Disclosures in Financial Statements.
IFRS 18 was issued by the IASB in April 2024 and is effective for annual reporting periods
beginning on or after 1 January 2027. Early application is permitted.
The Group has performed a preliminary assessment of the impact of IFRS 18. The
standard primarily affects the presentation and disclosure of financial information, in
particular the structure of the statement of profit and loss and related disclosures. Based
on the assessment performed, the Group does not expect a material impact on its
financial position or results of operations. The Group will apply the standard from its
mandatory effective date.
Other standards not yet effective.
The IASB has issued other amendments and interpretations that become effective in
periods subsequent to the reporting period. Based on the Group\u2019s assessment, none of
these amendments and interpretations are expected to have a material impact on the
Group\u2019s consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
4. Significant accounting judgments, estimates and
assumptions.
The preparation of the Group\u2019s consolidated financial statements requires management
to make judgments, estimates and assumptions that affect the reported amounts of
revenue, expenses, assets and liabilities, the accompanying disclosures, and the
disclosure of contingent liabilities. Uncertainty about these assumptions and estimates
may lead to outcomes that could require a material adjustment to the carrying amounts
of assets or liabilities in future periods.
The Group reviews estimates and the underlying assumptions on an ongoing basis.
Revisions to accounting estimates are recognized in the period in which the estimate is
revised, if the revision affects only that period, or in the period of the revision and future
periods if the revision affects both current and future periods.
Other disclosures relating to the Group\u2019s exposure to risks and uncertainties are included
in:
\u2022 Capital management (note 25).
\u2022 Financial instruments (note 25).
4.1. Judgments.
In applying the Group\u2019s accounting policies, management makes certain judgments, that
have the most significant effect on the amounts recognized in the consolidated financial
statements. The key judgments for the year ended December 31, 2025 are set out below:
Determining the lease term of contracts with renewal and termination options - Group
as lessee.
The Group determines the lease term as the non-cancelable term of the lease, together
with periods covered by extension options if the Group is reasonably certain to exercise
the option, and periods covered by termination options, if the Group is reasonably certain
not to exercise the option.
Assessing whether the Group is reasonably certain to exercise such option requires
management judgment, taking into account\u00a0 all relevant economic incentives including
the strategic importance of the leased asset, expected operational performance, and the
existence of significant leasehold improvements or customisation.
The lease term is reassessed upon the occurrence of a significant event or change in
circumstances within the Group\u2019s control.
Capitalization of development expenses.
The Group capitalizes development expenditures when the criteria under IAS 38 are met.
Management exercises judgment in determining when technological and economic
feasibility has been demonstrated, typically at defined milestones within the Group's
project governance framework.
Judgment is further required in determining the expected future economic benefits of the
development assets, the appropriate discount rate, and the expected period over which
benefits will be realized. During 2025, the Group continued capitalization of development
work relating to digital platforms and the ERP system supporting the Group\u2019s operations.
4.2. Estimates and assumptions.
4.2.1 Estimates with a significant risk of material adjustment within the next financial
year (IAS 1.125).
The key assumptions concerning the future, including climate related risks and
opportunities and other major sources of estimation uncertainty at the reporting date that
have a significant risk of resulting in a material adjustment to the carrying amounts of assets
and liabilities within the next financial year, as required by IAS 1.125, are described below.
The Group bases its assumptions and estimates on information available at the reporting
date.\u00a0 Actual results may differ from these estimates if circumstances or expectations
change due to market developments or events beyond the Group\u2019s control. Such
changes are reflected in the underlying assumptions when they occur.
Evaluation of non-current assets for impairment.
Non-current assets subject to impairment assessment include:
\u2022 goodwill
\u2022 other intangible assets
\u2022 investments in equity-accounted joint ventures
\u2022 investments in associates
\u2022 property, plant and equipment.
Management reviews the key assumptions used in impairment testing at least annually as
of the testing date. Changes in these estimates could affect the outcomes of the
impairment assessments and therefore future financial results. Any resulting impacts are
recognized in the consolidated statement of profit and loss within operating profit.
The key assumptions used, including a sensitivity analysis, are disclosed and further
explained in note 3.3.15 and note 15.
Taxes.
Deferred tax assets arising from unused tax losses are recognized only when it is
probable that future taxable profits will be available against which the losses can be
utilised.
This assessment requires management to make significant estimates and assumptions
regarding future taxable profits, the timing of their realization and the availability of tax
planning strategies. Changes in these assumptions could result in a material adjustment
to the carrying amount of deferred tax assets within the next financial year.
In accordance with IAS 12, no deferred tax assets have been recognized in excess of
existing deferred tax liabilities, as no positive fiscal results have been reported to date.
4.2.2 Other significant estimates and assumptions.
In addition to the estimates described above, the Group applies a number of other
significant estimates and assumptions in the preparation of the consolidated financial
statements.
While these estimates involve judgement, management does not expect that reasonably
possible changes in the underlying assumptions would result in a material adjustment to
the carrying amounts of assets and liabilities within the next financial year.
Leases - estimating the incremental borrowing rate.
As the interest rate implicit in most leases is not readily determinable, the Group
determines the present value of lease liabilities using its incremental borrowing rate (IBR).
\u2003
The IBR reflects:
\u2022 market interest rates for similar terms and economic environments,
\u2022 the subsidiary\u2019s stand-alone credit risk,
\u2022 the nature and expected value of the underlying security.
Estimating the IBR requires judgment and use of both observable inputs and entity-
specific assumptions.
Convertible bonds - estimating the effective interest rate.
The Group measures the convertible bonds, net of directly attributable transaction costs,
at amortised cost using the effective interest method.
The effective interest rate is the rate the Group would have to pay to borrow funds over a
similar term, with similar security, in a comparable economic environment. Determining
this rate requires the use of:
\u2022 observable market inputs (such as market interest rates for comparable instruments),
when available; and
\u2022 entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating and
expected cash flow profile), when observable data are not available.
Estimating the effective interest rate involves significant judgment, and changes in
underlying assumptions may affect the allocation of finance costs over the life of the
instrument.
Provision for expected credit losses of trade receivables.
The Group applies the IFRS 9 expected credit loss (ECL) model to trade receivables and
vendor receivables.
Allowances are determined based on:
\u2022 historical default patterns,
\u2022 forward-looking macroeconomic information, and
\u2022 an assessment of future collectability.
In addition, management considers individual customer circumstances when determining
expected credit losses. This includes any information available regarding a customer\u2019s
ability or inability to meet its financial obligations, as well as significant developments
affecting the customer\u2019s financial position.
Respective allowances for expected credit losses are reviewed periodically to assess
their adequacy.
In making this assessment, management exercises judgment in evaluating both
customer-specific risk factors and broader economic conditions that may influence
collectability.
Provision for net realizable value of inventories.
Inventories are measured at the lower of cost and net realizable value (NRV).
The NRV assessment involves judgment in estimating:
\u2022 expected selling prices,
\u2022 expected sales volumes,
\u2022 changes in demand patterns,
\u2022 market developments impacting pricing.
The Group performs periodic reviews to identify items with potential NRV issues based on
actual sales performance and anticipated market developments.
Employee benefit plans and other non-current employee benefits.
Obligations for defined benefit plans and other long-term employee benefits are measured
using actuarial valuations. These valuations incorporate assumptions relating to:
\u2022 discount rates,
\u2022 salary and pension developments,
\u2022 employee turnover,
\u2022 mortality tables.
The discount rate, salary growth assumptions and mortality assumptions are considered
the key drivers of estimation uncertainty.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "
4.2. Estimates and assumptions.
4.2.1 Estimates with a significant risk of material adjustment within the next financial
year (IAS 1.125).
The key assumptions concerning the future, including climate related risks and
opportunities and other major sources of estimation uncertainty at the reporting date that
have a significant risk of resulting in a material adjustment to the carrying amounts of assets
and liabilities within the next financial year, as required by IAS 1.125, are described below.
The Group bases its assumptions and estimates on information available at the reporting
date.\u00a0 Actual results may differ from these estimates if circumstances or expectations
change due to market developments or events beyond the Group\u2019s control. Such
changes are reflected in the underlying assumptions when they occur.
Evaluation of non-current assets for impairment.
Non-current assets subject to impairment assessment include:
\u2022 goodwill
\u2022 other intangible assets
\u2022 investments in equity-accounted joint ventures
\u2022 investments in associates
\u2022 property, plant and equipment.
Management reviews the key assumptions used in impairment testing at least annually as
of the testing date. Changes in these estimates could affect the outcomes of the
impairment assessments and therefore future financial results. Any resulting impacts are
recognized in the consolidated statement of profit and loss within operating profit.
The key assumptions used, including a sensitivity analysis, are disclosed and further
explained in note 3.3.15 and note 15.
Taxes.
Deferred tax assets arising from unused tax losses are recognized only when it is
probable that future taxable profits will be available against which the losses can be
utilised.
This assessment requires management to make significant estimates and assumptions
regarding future taxable profits, the timing of their realization and the availability of tax
planning strategies. Changes in these assumptions could result in a material adjustment
to the carrying amount of deferred tax assets within the next financial year.
In accordance with IAS 12, no deferred tax assets have been recognized in excess of
existing deferred tax liabilities, as no positive fiscal results have been reported to date.
4.2.2 Other significant estimates and assumptions.
In addition to the estimates described above, the Group applies a number of other
significant estimates and assumptions in the preparation of the consolidated financial
statements.
While these estimates involve judgement, management does not expect that reasonably
possible changes in the underlying assumptions would result in a material adjustment to
the carrying amounts of assets and liabilities within the next financial year.
Leases - estimating the incremental borrowing rate.
As the interest rate implicit in most leases is not readily determinable, the Group
determines the present value of lease liabilities using its incremental borrowing rate (IBR).
\u2003
The IBR reflects:
\u2022 market interest rates for similar terms and economic environments,
\u2022 the subsidiary\u2019s stand-alone credit risk,
\u2022 the nature and expected value of the underlying security.
Estimating the IBR requires judgment and use of both observable inputs and entity-
specific assumptions.
Convertible bonds - estimating the effective interest rate.
The Group measures the convertible bonds, net of directly attributable transaction costs,
at amortised cost using the effective interest method.
The effective interest rate is the rate the Group would have to pay to borrow funds over a
similar term, with similar security, in a comparable economic environment. Determining
this rate requires the use of:
\u2022 observable market inputs (such as market interest rates for comparable instruments),
when available; and
\u2022 entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating and
expected cash flow profile), when observable data are not available.
Estimating the effective interest rate involves significant judgment, and changes in
underlying assumptions may affect the allocation of finance costs over the life of the
instrument.
Provision for expected credit losses of trade receivables.
The Group applies the IFRS 9 expected credit loss (ECL) model to trade receivables and
vendor receivables.
Allowances are determined based on:
\u2022 historical default patterns,
\u2022 forward-looking macroeconomic information, and
\u2022 an assessment of future collectability.
In addition, management considers individual customer circumstances when determining
expected credit losses. This includes any information available regarding a customer\u2019s
ability or inability to meet its financial obligations, as well as significant developments
affecting the customer\u2019s financial position.
Respective allowances for expected credit losses are reviewed periodically to assess
their adequacy.
In making this assessment, management exercises judgment in evaluating both
customer-specific risk factors and broader economic conditions that may influence
collectability.
Provision for net realizable value of inventories.
Inventories are measured at the lower of cost and net realizable value (NRV).
The NRV assessment involves judgment in estimating:
\u2022 expected selling prices,
\u2022 expected sales volumes,
\u2022 changes in demand patterns,
\u2022 market developments impacting pricing.
The Group performs periodic reviews to identify items with potential NRV issues based on
actual sales performance and anticipated market developments.
Employee benefit plans and other non-current employee benefits.
Obligations for defined benefit plans and other long-term employee benefits are measured
using actuarial valuations. These valuations incorporate assumptions relating to:
\u2022 discount rates,
\u2022 salary and pension developments,
\u2022 employee turnover,
\u2022 mortality tables.
The discount rate, salary growth assumptions and mortality assumptions are considered
the key drivers of estimation uncertainty.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "4.2. Estimates and assumptions.4.2.1 Estimates with a significant risk of material adjustment within the next financial year (IAS 1.125).The key assumptions concerning the future, including climate related risks and opportunities and other major sources of estimation uncertainty at the reporting date that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year, as required by IAS 1.125, are described below.The Group bases its assumptions and estimates on information available at the reporting date.\u00a0 Actual results may differ from these estimates if circumstances or expectations change due to market developments or events beyond the Group\u2019s control. Such changes are reflected in the underlying assumptions when they occur.Evaluation of non-current assets for impairment.Non-current assets subject to impairment assessment include:\u2022 goodwill \u2022 other intangible assets\u2022 investments in equity-accounted joint ventures\u2022 investments in associates\u2022 property, plant and equipment. Management reviews the key assumptions used in impairment testing at least annually as of the testing date. Changes in these estimates could affect the outcomes of the impairment assessments and therefore future financial results. Any resulting impacts are recognized in the consolidated statement of profit and loss within operating profit.The key assumptions used, including a sensitivity analysis, are disclosed and further explained in note 3.3.15 and note 15.Taxes.Deferred tax assets arising from unused tax losses are recognized only when it is probable that future taxable profits will be available against which the losses can be utilised.This assessment requires management to make significant estimates and assumptions regarding future taxable profits, the timing of their realization and the availability of tax planning strategies. Changes in these assumptions could result in a material adjustment to the carrying amount of deferred tax assets within the next financial year.In accordance with IAS 12, no deferred tax assets have been recognized in excess of existing deferred tax liabilities, as no positive fiscal results have been reported to date.4.2.2 Other significant estimates and assumptions.In addition to the estimates described above, the Group applies a number of other significant estimates and assumptions in the preparation of the consolidated financial statements.While these estimates involve judgement, management does not expect that reasonably possible changes in the underlying assumptions would result in a material adjustment to the carrying amounts of assets and liabilities within the next financial year.Leases - estimating the incremental borrowing rate.As the interest rate implicit in most leases is not readily determinable, the Group determines the present value of lease liabilities using its incremental borrowing rate (IBR).\u2003The IBR reflects:\u2022 market interest rates for similar terms and economic environments,\u2022 the subsidiary\u2019s stand-alone credit risk,\u2022 the nature and expected value of the underlying security.Estimating the IBR requires judgment and use of both observable inputs and entity-specific assumptions. Convertible bonds - estimating the effective interest rate.The Group measures the convertible bonds, net of directly attributable transaction costs, at amortised cost using the effective interest method.The effective interest rate is the rate the Group would have to pay to borrow funds over a similar term, with similar security, in a comparable economic environment. Determining this rate requires the use of:\u2022 observable market inputs (such as market interest rates for comparable instruments), when available; and\u2022 entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating and expected cash flow profile), when observable data are not available.Estimating the effective interest rate involves significant judgment, and changes in underlying assumptions may affect the allocation of finance costs over the life of the instrument.Provision for expected credit losses of trade receivables. The Group applies the IFRS 9 expected credit loss (ECL) model to trade receivables and vendor receivables.Allowances are determined based on:\u2022 historical default patterns,\u2022 forward-looking macroeconomic information, and\u2022 an assessment of future collectability.In addition, management considers individual customer circumstances when determining expected credit losses. This includes any information available regarding a customer\u2019s ability or inability to meet its financial obligations, as well as significant developments affecting the customer\u2019s financial position.Respective allowances for expected credit losses are reviewed periodically to assess their adequacy.In making this assessment, management exercises judgment in evaluating both customer-specific risk factors and broader economic conditions that may influence collectability.Provision for net realizable value of inventories.Inventories are measured at the lower of cost and net realizable value (NRV).The NRV assessment involves judgment in estimating:\u2022 expected selling prices,\u2022 expected sales volumes,\u2022 changes in demand patterns,\u2022 market developments impacting pricing.The Group performs periodic reviews to identify items with potential NRV issues based on actual sales performance and anticipated market developments.Employee benefit plans and other non-current employee benefits.Obligations for defined benefit plans and other long-term employee benefits are measured using actuarial valuations. These valuations incorporate assumptions relating to:\u2022 discount rates,\u2022 salary and pension developments,\u2022 employee turnover,\u2022 mortality tables.The discount rate, salary growth assumptions and mortality assumptions are considered the key drivers of estimation uncertainty.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "
5. Revenue from contracts with customers and segment information.
A business segment in the sense of IFRS 8 Operating Segments is a unit of a business
which conducts business activities and produces financial income and expenses, the
operating results of which are regularly reviewed by the Company\u2019s chief operating
decision makers with regards to decisions on allocating resources to this segment and
the assessment of profitability for which there exists corresponding financial information.
Our operating segments are reported in a manner consistent with the internal reporting
provided to the chief operating decision makers. The chief operating decision makers,
who are responsible for allocating resources, for assessing the performance of the
operating segments and for making strategic decisions, have been identified as statutory
members of the Group's Managing Board.
Segment information.
For the year ended
2025
2024
in millions of Euros
DACH
International
Total
DACH
International
Total
Revenue
2,400.9
540.0
2,940.9
1,934.1
436.5
2,370.6
Cost of sales
-1,875.5
-402.3
-2,277.8
-1,496.3
-328.5
-1,824.8
Gross Profit
525.4
137.7
663.1
437.8
108.0
545.8
% of revenue
21.9%
25.5%
22.5%
22.6%
24.7%
23.0%
Other income
0.4
0.1
0.5
0.3
0.0
0.3
Selling & Distribution
-409.8
-118.4
-528.2
-341.8
-102.2
-444.0
Administrative expense
-58.2
-29.8
-88.0
-48.9
-24.0
-72.9
EBITDA
57.8
-10.4
47.4
47.4
-18.2
29.2
Depreciation
-47.3
-28.6
-75.9
-44.4
-23.8
-68.2
EBIT
10.5
-39.0
-28.5
3.0
-42.0
-39.0
Finance income
11.7
7.4
Finance expense
-31.3
-16.7
Share of profit of associates and joint ventures and badwill
0.4
0.4
Income tax
8.3
1.5
Net Loss
-39.4
-46.4
Within the context of IFRS 8, we consider two business segments for external reporting
purposes:
\u2022 Our DACH segment, which includes medications and pharmacy-related BPC (beauty
and personal care) products sold to customers in Germany, Austria and Switzerland,
and
\u2022 Our International segment, which includes only OTC (non-prescription) medications and
pharmacy-related BPC products\u00a0 sold to customers in Belgium, the Netherlands, France
and Italy.
The Group\u2019s assets and liabilities are not disclosed by segment as they are not included
in the segment information used by the chief operating decision makers. The accounting
policies applied by the segments are the same as those described in note 3.
The Group allocates all costs (excluding net finance cost and income tax) to the
operating segments. Segment performance is reported at the level of\u00a0 EBITDA,
representing earnings before tax, interest, depreciation and amortization. EBITDA includes
all costs directly related to segment revenues (such as marketing and operations) as well
as allocated administrative expenses.
Other geographical information.
The Group\u2019s non-current assets (property, plant and equipment, right-of-use assets and
intangible assets) are allocated to geographic locations as follows (all amounts in
millions of euro):
Other geographical information \u2013 additions to non-current assets.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Netherlands
130.0
35.4
Czech Republic
27.4
0.0
Germany
5.3
8.5
Switzerland
3.2
1.3 1
Italy
0.2
1.7
Belgium
0.0
0.1
France
0.1
0.0
Austria
0.0
0.9
166.2
47.9
Additions and acquisitions
Property, plant and equipment
79.3
8.7
Right-of-use assets
47.6
5.8
Intangible assets
39.3
33.4
166.2
47.9
Other geographical information \u2013 location of non-current assets.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2025
Netherlands
524.5
277.6
Czech Republic
26.8
0.0
Germany
15.8
65.1
Switzerland
11.3
142.8
Italy
5.2
6.5
Belgium
0.5
0.9
France
0.1
0.1
Austria
0.0
0.9
584.2
493.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "
5. Revenue from contracts with customers and segment information.
A business segment in the sense of IFRS 8 Operating Segments is a unit of a business
which conducts business activities and produces financial income and expenses, the
operating results of which are regularly reviewed by the Company\u2019s chief operating
decision makers with regards to decisions on allocating resources to this segment and
the assessment of profitability for which there exists corresponding financial information.
Our operating segments are reported in a manner consistent with the internal reporting
provided to the chief operating decision makers. The chief operating decision makers,
who are responsible for allocating resources, for assessing the performance of the
operating segments and for making strategic decisions, have been identified as statutory
members of the Group's Managing Board.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
Revenue by type of products and services.
The revenue from type of products and services is the following:
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Rx revenue
1,069.1
749.8
Non-Rx revenue
1,871.8
1,620.8
2,940.9
2,370.6
Revenue from the sale of products and services is recognized at the amount the Group
expects to receive in exchange for transferring the promised goods to our customers.
Revenue from the country of domicile amounts to EUR 2,118 million (2024: EUR 1,696
million).
The Group has no revenue from transactions with a single external customer amounting
to 10 % or more of total revenue.
1 Negative additions in Italy result from tax credits granted in 2023 under Industry 4.0 regulations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "
Revenue by type of products and services.
The revenue from type of products and services is the following:
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Rx revenue
1,069.1
749.8
Non-Rx revenue
1,871.8
1,620.8
2,940.9
2,370.6
Revenue from the sale of products and services is recognized at the amount the Group
expects to receive in exchange for transferring the promised goods to our customers.
Revenue from the country of domicile amounts to EUR 2,118 million (2024: EUR 1,696
million).
The Group has no revenue from transactions with a single external customer amounting
to 10 % or more of total revenue.
1 Negative additions in Italy result from tax credits granted in 2023 under Industry 4.0 regulations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
6. Other income.
Other income for 2025 and 2024 primarily comprises proceeds from the disposal of fixed
assets, as well as other miscellaneous operating income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
6. Other income.
Other income for 2025 and 2024 primarily comprises proceeds from the disposal of fixed
assets, as well as other miscellaneous operating income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "
7. Selling & distribution.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Other selling & distribution expenses
374.4
315.2
Employee benefit expenses
153.8
128.8
Depreciation and amortisation expenses
64.5
58.0
592.7
502.0
The main categories within selling and distribution expenses include fulfillment, last-mile
delivery, marketing and costs related to online payment methods. As a percentage of
sales, selling and distribution expenses increased compared to prior year. The change
was mainly due to a one-off impairment expenses of EUR 6.5 million in 2025, for further
disclosure reference is made to Note 14 and Note 15.
8. Administrative expenses.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Other administrative expenses
52.7
41.5
Employee benefit expenses
35.3
31.4
Depreciation and amortisation expenses
11.4
10.2
99.4
83.1
Administrative expenses mainly comprise personnel expenses related to management,
Finance, HR and Legal, as well as IT-related non-labor costs, operations overhead and
facility expenses.
Reconciliation: Employee benefit to selling and distribution, administrative expenses
and cost of sales.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Included in selling & distribution
153.8
128.9
Included in administrative expenses
35.3
31.4
Included in cost of sales
20.3
17.7
209.4
178.0
Reconciliation: Employee benefit to various categories.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Wages & salaries
171.1
148.1
Social securities
27.6
22.7
Pension contributions
5.3
4.0
Share-based payment expenses
3.5
3.2
Restructuring costs
1.9
0.0
209.4
178.0
These expenses include costs for the Group\u2019s own employees (including expenses for
employee stock option plans) and costs relating to contingent workers.
The number of employees of the Group, expressed in full-time equivalents (FTEs) as at
year-end, was as follows:
2025
2024
Average full-time-equivalents during year
2,648
2,266
These FTE's were allocated across the Group's various departments as follows:
2025
2024
Cost of sales
274
293
Selling & distribution
2,145
1,744
Administrative
229
229
2,648
2,266
All employees contribute to the Group\u2019s online pharmacy and e-commerce activities. As
of 31 December 2025, 1,533 of the 2,648 FTEs were employed outside the Netherlands
(31 December 2024: 954 of 2,266).
Defined contribution pension plans.
The total expenses for defined contribution pension plans amounted to EUR 5.3 million in
2025 (2024: EUR 4.0 million). These expenses represent contributions payable to the
relevant plans by the Group and are recognized in profit and loss.
As of December 31, 2025, contributions of EUR 0 (2024: EUR 0) relating to the reporting
period had not yet been paid to the plans.
Restructuring costs
In Q4 2025, management decided to centralize the Group\u2019s Own Brands activities and to
integrate certain functions of nu3 into Redcare\u2019s core organization. The restructuring
includes the elimination of certain positions and related organizational adjustments.
A restructuring provision amounting to EUR 1.9 million has been recognised for employee
termination benefits in accordance with IAS 37, as a detailed formal plan was approved
and communicated to the affected employees before year-end. The related expenses
are included in administrative expenses.
9. Total depreciation and amortization expenses.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Depreciation of property, plant and equipment
11.4
11.1
Depreciation of right-of-use asset
7.2
7.0
Impairment of property, plant and equipment
0.1
0.0
Amortization of intangible assets
38.0
37.0
Amortization of intangible assets from business combinations
12.8
13.1
Impairment of intangible assets
6.4
0.0
75.9
68.2
Impairment of intangible assets.
In 2026, the direct-to-consumer sales of the company\u2019s nu3 subsidiary will be re-directed
to and channelled through Redcare\u2019s platforms. Consequently, the book value of
software technology for nu3\u2019s customer channels of EUR 1.9 million was fully impaired at
the end of 2025.
In connection with the revised business expectations and the lower projected cashflows
for the CGU MedApp an impairment loss of EUR 4.4 million has been recognized. The
impairment loss is recorded on software assets for EUR 3.1 million and goodwill for EUR
1.3 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "
7. Selling & distribution.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Other selling & distribution expenses
374.4
315.2
Employee benefit expenses
153.8
128.8
Depreciation and amortisation expenses
64.5
58.0
592.7
502.0
The main categories within selling and distribution expenses include fulfillment, last-mile
delivery, marketing and costs related to online payment methods. As a percentage of
sales, selling and distribution expenses increased compared to prior year. The change
was mainly due to a one-off impairment expenses of EUR 6.5 million in 2025, for further
disclosure reference is made to Note 14 and Note 15.
8. Administrative expenses.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Other administrative expenses
52.7
41.5
Employee benefit expenses
35.3
31.4
Depreciation and amortisation expenses
11.4
10.2
99.4
83.1
Administrative expenses mainly comprise personnel expenses related to management,
Finance, HR and Legal, as well as IT-related non-labor costs, operations overhead and
facility expenses.
Reconciliation: Employee benefit to selling and distribution, administrative expenses
and cost of sales.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Included in selling & distribution
153.8
128.9
Included in administrative expenses
35.3
31.4
Included in cost of sales
20.3
17.7
209.4
178.0
Reconciliation: Employee benefit to various categories.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Wages & salaries
171.1
148.1
Social securities
27.6
22.7
Pension contributions
5.3
4.0
Share-based payment expenses
3.5
3.2
Restructuring costs
1.9
0.0
209.4
178.0
These expenses include costs for the Group\u2019s own employees (including expenses for
employee stock option plans) and costs relating to contingent workers.
The number of employees of the Group, expressed in full-time equivalents (FTEs) as at
year-end, was as follows:
2025
2024
Average full-time-equivalents during year
2,648
2,266
These FTE's were allocated across the Group's various departments as follows:
2025
2024
Cost of sales
274
293
Selling & distribution
2,145
1,744
Administrative
229
229
2,648
2,266
All employees contribute to the Group\u2019s online pharmacy and e-commerce activities. As
of 31 December 2025, 1,533 of the 2,648 FTEs were employed outside the Netherlands
(31 December 2024: 954 of 2,266).
Defined contribution pension plans.
The total expenses for defined contribution pension plans amounted to EUR 5.3 million in
2025 (2024: EUR 4.0 million). These expenses represent contributions payable to the
relevant plans by the Group and are recognized in profit and loss.
As of December 31, 2025, contributions of EUR 0 (2024: EUR 0) relating to the reporting
period had not yet been paid to the plans.
Restructuring costs
In Q4 2025, management decided to centralize the Group\u2019s Own Brands activities and to
integrate certain functions of nu3 into Redcare\u2019s core organization. The restructuring
includes the elimination of certain positions and related organizational adjustments.
A restructuring provision amounting to EUR 1.9 million has been recognised for employee
termination benefits in accordance with IAS 37, as a detailed formal plan was approved
and communicated to the affected employees before year-end. The related expenses
are included in administrative expenses.
9. Total depreciation and amortization expenses.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Depreciation of property, plant and equipment
11.4
11.1
Depreciation of right-of-use asset
7.2
7.0
Impairment of property, plant and equipment
0.1
0.0
Amortization of intangible assets
38.0
37.0
Amortization of intangible assets from business combinations
12.8
13.1
Impairment of intangible assets
6.4
0.0
75.9
68.2
Impairment of intangible assets.
In 2026, the direct-to-consumer sales of the company\u2019s nu3 subsidiary will be re-directed
to and channelled through Redcare\u2019s platforms. Consequently, the book value of
software technology for nu3\u2019s customer channels of EUR 1.9 million was fully impaired at
the end of 2025.
In connection with the revised business expectations and the lower projected cashflows
for the CGU MedApp an impairment loss of EUR 4.4 million has been recognized. The
impairment loss is recorded on software assets for EUR 3.1 million and goodwill for EUR
1.3 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
8. Administrative expenses.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Other administrative expenses
52.7
41.5
Employee benefit expenses
35.3
31.4
Depreciation and amortisation expenses
11.4
10.2
99.4
83.1
Administrative expenses mainly comprise personnel expenses related to management,
Finance, HR and Legal, as well as IT-related non-labor costs, operations overhead and
facility expenses.
Reconciliation: Employee benefit to selling and distribution, administrative expenses
and cost of sales.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Included in selling & distribution
153.8
128.9
Included in administrative expenses
35.3
31.4
Included in cost of sales
20.3
17.7
209.4
178.0
Reconciliation: Employee benefit to various categories.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Wages & salaries
171.1
148.1
Social securities
27.6
22.7
Pension contributions
5.3
4.0
Share-based payment expenses
3.5
3.2
Restructuring costs
1.9
0.0
209.4
178.0
These expenses include costs for the Group\u2019s own employees (including expenses for
employee stock option plans) and costs relating to contingent workers.
The number of employees of the Group, expressed in full-time equivalents (FTEs) as at
year-end, was as follows:
2025
2024
Average full-time-equivalents during year
2,648
2,266
These FTE's were allocated across the Group's various departments as follows:
2025
2024
Cost of sales
274
293
Selling & distribution
2,145
1,744
Administrative
229
229
2,648
2,266
All employees contribute to the Group\u2019s online pharmacy and e-commerce activities. As
of 31 December 2025, 1,533 of the 2,648 FTEs were employed outside the Netherlands
(31 December 2024: 954 of 2,266).
Defined contribution pension plans.
The total expenses for defined contribution pension plans amounted to EUR 5.3 million in
2025 (2024: EUR 4.0 million). These expenses represent contributions payable to the
relevant plans by the Group and are recognized in profit and loss.
As of December 31, 2025, contributions of EUR 0 (2024: EUR 0) relating to the reporting
period had not yet been paid to the plans.
Restructuring costs
In Q4 2025, management decided to centralize the Group\u2019s Own Brands activities and to
integrate certain functions of nu3 into Redcare\u2019s core organization. The restructuring
includes the elimination of certain positions and related organizational adjustments.
A restructuring provision amounting to EUR 1.9 million has been recognised for employee
termination benefits in accordance with IAS 37, as a detailed formal plan was approved
and communicated to the affected employees before year-end. The related expenses
are included in administrative expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "
8. Administrative expenses.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Other administrative expenses
52.7
41.5
Employee benefit expenses
35.3
31.4
Depreciation and amortisation expenses
11.4
10.2
99.4
83.1
Administrative expenses mainly comprise personnel expenses related to management,
Finance, HR and Legal, as well as IT-related non-labor costs, operations overhead and
facility expenses.
Reconciliation: Employee benefit to selling and distribution, administrative expenses
and cost of sales.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Included in selling & distribution
153.8
128.9
Included in administrative expenses
35.3
31.4
Included in cost of sales
20.3
17.7
209.4
178.0
Reconciliation: Employee benefit to various categories.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Wages & salaries
171.1
148.1
Social securities
27.6
22.7
Pension contributions
5.3
4.0
Share-based payment expenses
3.5
3.2
Restructuring costs
1.9
0.0
209.4
178.0
These expenses include costs for the Group\u2019s own employees (including expenses for
employee stock option plans) and costs relating to contingent workers.
The number of employees of the Group, expressed in full-time equivalents (FTEs) as at
year-end, was as follows:
2025
2024
Average full-time-equivalents during year
2,648
2,266
These FTE's were allocated across the Group's various departments as follows:
2025
2024
Cost of sales
274
293
Selling & distribution
2,145
1,744
Administrative
229
229
2,648
2,266
All employees contribute to the Group\u2019s online pharmacy and e-commerce activities. As
of 31 December 2025, 1,533 of the 2,648 FTEs were employed outside the Netherlands
(31 December 2024: 954 of 2,266).
Defined contribution pension plans.
The total expenses for defined contribution pension plans amounted to EUR 5.3 million in
2025 (2024: EUR 4.0 million). These expenses represent contributions payable to the
relevant plans by the Group and are recognized in profit and loss.
As of December 31, 2025, contributions of EUR 0 (2024: EUR 0) relating to the reporting
period had not yet been paid to the plans.
Restructuring costs
In Q4 2025, management decided to centralize the Group\u2019s Own Brands activities and to
integrate certain functions of nu3 into Redcare\u2019s core organization. The restructuring
includes the elimination of certain positions and related organizational adjustments.
A restructuring provision amounting to EUR 1.9 million has been recognised for employee
termination benefits in accordance with IAS 37, as a detailed formal plan was approved
and communicated to the affected employees before year-end. The related expenses
are included in administrative expenses.
Employee benefit liabilities.
This relates to the long-term portion of post-combination benefit payments as a result of
the acquisition of smartpatient.
Employee benefit liabilities.
The employee benefit liabilities include accruals for bonus payments, vacation days and
several other accruals.
28. Employee benefit plans.
Employees of MediService work in Switzerland and participate in the \u201cGalenica Pension
Fund\u201d, a legally separate defined benefit plan financed jointly by the employer and the
employees. The pension plan covers the economic risks of old age, disability and death in
accordance with the Swiss Federal Occupational Retirement, Survivors and Disability
Pension Plans Act (BVG / LPP). The plan is organized in the legal form of a foundation. All
actuarial risks are borne by the foundation and are assessed regularly by the Board of
Trustees based on an annual actuarial valuation prepared under BVG / LPP requirements.
Under Swiss law, the Group's obligations are limited to contributions calculated as a
percentage of the insured salary. Additional employer contributions are required only if
the funded status falls significantly below 100% under BVG / LPP. The actuarial valuations
prepared under BVG / LPP do not apply the projected unit credit method required by IFRS.
If the BVG / LPP valuation indicates a funding deficit, the Board of Trustees, consisting of
employer and employee representatives, determines appropriate remedial measures in
accordance with Swiss pension regulations. Such measures may include additional
employer and employee contributions or other corrective actions to restore the funded
status.
The defined benefit plan is funded, and plan assets are held in a legally separate pension
fund managed independently from MediService\u2019s assets.
The most recent actuarial valuation was prepared as at December 31, 2025. Pension fund
assets are invested in accordance with Swiss investment regulations. MediService pays
its contributions in accordance with the rules defined by the pension fund.
The final funded status under BVG / LPP is determined only in the first quarter of the
subsequent year.
The projected funded status as of December 31, 2025\u00a0 is 119.0% (unaudited), compared
with a final funded status of 117.6% as at 31 December 2024.
Defined benefit plans and long-service awards.
2025
2024
in EUR 1,000
Defined benefit
plans
Long-service
awards
Defined
benefit plans
Long-service
awards
Plan assets measured at fair value
41.2
0.0
36.1
0.0
Present value of defined benefit
obligation
-39.3
-0.4
-38.1
-0.4
Surplus / (deficit)
1.9
-0.4
-2.0
-0.4
Effect of asset ceiling
-1.9
0.0
0.0
0.0
Net carrying amount recognized in
employee benefit liabilities
0.0
-0.4
-2.0
-0.4
of which recognized in assets
0.0
0.0
0.0
0.0
of which recognized in liabilities
0.0
-0.4
-2.0
-0.4
Change in present value of defined benefit obligation.
2025
2024
in EUR 1,000
Defined benefit
plans
Long-service
awards
Defined
benefit plans
Long-service
awards
1 January
-38.1
-0.4
-33.7
-0.3
From business combination
0.0
0.0
0.0
0.0
Current service cost
-1.2
0.0
-1.0
0.0
Past service cost
0.0
0.0
0.0
0.0
Interest on defined benefit obligation
-0.4
0.0
-0.4
0.0
Actuarial gain/(loss)
0.1
0.0
-1.1
-0.1
Employee contributions
-0.8
0.0
-0.8
0.0
Benefits/awards paid
1.4
0.0
-1.4
0.0
Currency revaluation
-0.3
0.0
0.5
0.0
Plan compensation
0.0
0.0
0.0
0.0
31 December
-39.3
-0.4
-38.1
-0.4
Change in fair value of plan assets.
in EUR 1,000
2025
2024
1 January
36.1
30.6
From business combination
0.0
0.0
Interest on plan assets
0.3
0.4
Remeasurement gain/(loss)
4.0
2.2
Employee contributions
0.8
0.8
Employer contributions
1.1
1.1
Net benefits paid
-1.4
1.4
Administration cost
0.0
0.0
Currency revaluation
0.4
-0.4
Plan compensation
0.0
0.0
31 December
41.2
36.1
Net defined benefit cost.
in EUR 1,000
2025
2024
Current service cost
1.2
1.0
Past service cost
0.0
0.0
Net interest on net defined benefit liability
0.0
0.0
Administration cost
0.0
0.0
Effect of plan compensation
0.0
0.0
Net defined benefit cost
1.3
1.1
Remeasurement of net defined benefit liability.
in millions of Euros
2025
2024
Actuarial gain/(loss) due to:
\u2013 Changes in demographic assumptions
0.0
0.0
\u2013 Changes in financial assumptions
1.7
-1.8
\u2013 Experience adjustments
-1.6
0.7
Remeasurement of plan assets
4.0
2.2
Effect in the change of asset ceiling
-1.9
0.0
Adjustment
0.0
0.0
Remeasurement of net defined benefit liability recognized in
other comprehensive income
2.2
1.1
Investment structure of plan assets.
in millions of Euros
2025
2024
Cash and cash equivalents
0.1
0.2%
0.3
0.8%
Debt instruments
8.6
20.9%
8.0
22.1%
Equity instruments
17.5
42.5%
15.5
43.1%
Real estate
10.2
24.8%
8.2
22.7%
Other investments
4.8
11.7%
4.0
11.3%
Fair value of plan assets
41.2
100.0%
36.1
100.0%
Current return on plan assets
12.0%
8.8%
The Board of Trustees is responsible for investing the plan assets. It defines the
investment strategy and determines the long-term target asset structure, taking into
account legal requirements, the benefit obligations and the risk-bearing capacity of the
foundation. Implementation of the investment policy is delegated to an investment
committee comprising trustees and a general manager.
Plan assets are managed by external asset managers in line with the defined investment
strategy.
Cash and cash equivalents are deposited with financial institutions with a minimum credit
rating of A.
\u2022 Debt instruments (e.g. bonds) have a minimum credit rating of BBB and quoted market
prices (Level 1 of the IFRS 13 fair value hierarchy). Investments may consist of funds or
direct holdings.
\u2022 Equity instruments are held primarily via equity funds and generally have quoted market
prices (Level 1).
\u2022 Real estate consists of residential property and office properties. These may be held via
quoted real estate funds (Level 1) or as direct investments (Level 3). Direct holdings are
valued by an independent expert.
\u2022 Other investments include hedge funds, insurance-linked securities (ILS), infrastructure,
senior loans, private equity and receivables. Hedge funds are classified as alternative
investments and typically do not have quoted prices in active markets (Level 2 or Level 3).
Derivative financial instruments may be used only if sufficient liquidity or underlying
investments are available. Selling and leverage are not permitted.
The pension funds collectively manage the assets of 6,904 active members (2024: 6,027)
and 1,255 pensioners (2024: 1,135).
MediService does not use any pension fund assets.
Basis for measurement.
in millions of Euros
2025
2024
Discount rate
1.30%
0.95%
Salary development
1.90%
2.10%
Pension development
\u2014%
\u2014%
Mortality (mortality tables)
BVG 2020 GT (CMI), 1.5%
BVG 2020 GT (CMI), 1.5%
Turnover
BVG 2020 (100%)
BVG 2020 (100%)
Sensitivity analysis.
in millions of Euros
Variations in
assumptions
Impact on DBO
2025
Variations in
assumptions
Impact on DBO 2024
Discount rate
+0.25%
-1.3
+0.25%
-1.3
\u2014%
1.3
\u2014%
1.4
Salary development
+0.25%
0.1
+0.25%
0.2
\u2014%
-0.1
\u2014%
-0.1
Mortality
+1 year
0.8
+1 year
0.0
-1 year
-0.9
-1 year
0.0
The sensitivity analysis reflects hypothetical changes in individual actuarial assumptions
at year-end. Each assumption is varied independently; potential interdependencies are
not taken into account.
The pension obligations have an average duration of 15.6 years.
Cash outflows for pension payments and other obligations can be reliably forecast. The
benefit plans collect regular contribution payments, and the investment strategy ensures
sufficient liquidity at all times.
Employer contributions to the pension fund are estimated at EUR 1.2 million", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
The number of employees of the Group, expressed in full-time equivalents (FTEs) as at
year-end, was as follows:
2025
2024
Average full-time-equivalents during year
2,648
2,266
These FTE's were allocated across the Group's various departments as follows:
2025
2024
Cost of sales
274
293
Selling & distribution
2,145
1,744
Administrative
229
229
2,648
2,266
All employees contribute to the Group\u2019s online pharmacy and e-commerce activities. As
of 31 December 2025, 1,533 of the 2,648 FTEs were employed outside the Netherlands
(31 December 2024: 954 of 2,266).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
9. Total depreciation and amortization expenses.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Depreciation of property, plant and equipment
11.4
11.1
Depreciation of right-of-use asset
7.2
7.0
Impairment of property, plant and equipment
0.1
0.0
Amortization of intangible assets
38.0
37.0
Amortization of intangible assets from business combinations
12.8
13.1
Impairment of intangible assets
6.4
0.0
75.9
68.2
Impairment of intangible assets.
In 2026, the direct-to-consumer sales of the company\u2019s nu3 subsidiary will be re-directed
to and channelled through Redcare\u2019s platforms. Consequently, the book value of
software technology for nu3\u2019s customer channels of EUR 1.9 million was fully impaired at
the end of 2025.
In connection with the revised business expectations and the lower projected cashflows
for the CGU MedApp an impairment loss of EUR 4.4 million has been recognized. The
impairment loss is recorded on software assets for EUR 3.1 million and goodwill for EUR
1.3 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
Impairment of intangible assets.
In 2026, the direct-to-consumer sales of the company\u2019s nu3 subsidiary will be re-directed
to and channelled through Redcare\u2019s platforms. Consequently, the book value of
software technology for nu3\u2019s customer channels of EUR 1.9 million was fully impaired at
the end of 2025.
In connection with the revised business expectations and the lower projected cashflows
for the CGU MedApp an impairment loss of EUR 4.4 million has been recognized. The
impairment loss is recorded on software assets for EUR 3.1 million and goodwill for EUR
1.3 million.
15. Impairment tests for goodwill.
15.1. Description of the impairment test process.
At the end of each reporting period, the Group reviews the carrying amounts of its
tangible and intangible assets to determine whether there is any indication that those
assets have suffered an impairment loss. If such an indication exists, the recoverable
amount of the asset is estimated to determine the extent of any impairment loss. When it
is not possible to estimate the recoverable amount of an individual asset, the Group
estimates the recoverable amount of the cash-generating unit (CGU) to which the asset
belongs. When a reasonable and consistent basis of allocation can be identified,
corporate assets are also allocated to individual cash-generating units; otherwise they
are allocated to the smallest group of cash-generating units for which a reasonable and
consistent allocation basis can be identified.
Growth rates used for impairment analysis are assessed by existing customer
development and acquisition of new customers based on our customer data model as
well as external market research to estimate future market size and online penetration.
Variable costs such as marketing, delivery and operations are planned on a performance
basis, while non-performance-based costs (e.g. management, finance, facilities) are
planned according to business growth, including economies of scale.
In accordance with IAS 36.49, the Group has identified the main drivers for future cash
flows. In 2025, approximately 63% or EUR 1.87 billion (2024: 68% or EUR 1.6 billion) of
total company sales were from OTC and other pharmacy-related products excluding
prescription medicines. Sales of prescription medicines increased by 42.6% compared to
the prior year, driven by mainly the Rx business in Germany but also Switzerland growing
sales above 10%. The Group and external experts continue to expect further growth in
the online pharmacy market, supported by the full nationwide implementation of
electronic prescriptions in Germany and continued online penetration in all core markets.
The shift from off- to online pharmacies to continue in the coming years as current online
penetration numbers are still relatively low and online customer satisfaction is high.
Redcare Pharmacy\u2019s DACH reporting segment already operates at a positive adjusted
EBITDA. In addition, across Europe but foremost in Germany, there is an opportunity for
the Group to significantly increase the sales of prescription medications. In Germany,
online sales of prescription medications have been allowed for some time but the
process was initially cumbersome for customers because of the requirement to provide
the pharmacist with the doctor\u2019s paper prescription. In the case of \u201cShop Apotheke\u201d,
customers had to post the prescription. In 2019,\u00a0 the gematik began developing an
electronic alternative (e-Rx) and, following a successful trial period that lasted until mid
2022, by the start of 2023 a total of 1 million e-Rx had been dispensed by doctors across
Germany. Since January 2024, it has been mandatory for doctors to provide e-
prescriptions, which has resulted in the nationwide adoption of e-Rx. This has created a
great opportunity for customer-centered online pharmacy \u201cShop Apotheke\u201d. Since 2025 a
clear uptake is visible in the number of ePrescriptions issued and the ePrescriptions
redeemed at Shop-Apotheke.com. Expected sales and unit economics are taken into
account for the best estimates of total cash flows.
15.2. Determination of cash-generating units (CGUs).
Redcare Pharmacy performs an annual impairment test for goodwill based on CGU's
representing the lowest level within the Group at which goodwill is monitored for internal
management purposes. CGU's correspond to the customer-facing channels. The CGU's
in 2025 are: Germany, Belgium (Farmaline), Switzerland, France (Hyg\u00e9e Sant\u00e9), MedApp,
Italy, Austria and nu3. Goodwill has been allocated to six of these eight CGU's.
In 2025, there have been no changes / updates to the identified cash-generating units
(CGU).
15.3. Overview goodwill.
The following table shows the goodwill as at December 31, 2025:
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Germany
161.2
161.2
Switzerland
107.9
107.9
Belgium (Farmaline)
4.2
4.2
nu3
3.0
3.0
MedApp
0.0
1.3
276.3
277.5
The goodwill reflects the value of the Group\u2019s overall market and competitive positioning,
which is described in the following strategic information.
Strategic information
The Group continues to strengthen its position as a leading online pharmacy platform in
continental Europe. With ongoing expansion in Germany, Belgium, Switzerland, Italy and
the Netherlands, Redcare Pharmacy serves more than 13.9 million active customers
(2024: 12.5 million) and offers over 200,000 products directly from stock and 200,000
through its marketplace.
In 2025, a new distribution center opened in the Czech Republic, supporting long-term
growth capacity and operational scalability.
The Group is a fast-growing online pharmacy in continental Europe. With the acquisition
of Europa Apotheek Venlo in November 2017, the Group significantly enhanced its
position in Germany and in prescription medicines. The product range of OTC, beauty and
personal care products as well as prescription drugs was supplemented by high quality
natural food and health products, low-carb and sports nutrition products as a result of
the acquisition of nu3 GmbH in July 2018. In 2021, the Group acquired smartpatient, an
enhanced pharmacy solutions expert and MedApp, a prescription medication business in
the Dutch market. In 2023, in a transaction with Swiss Galenica AG, Redcare Pharmacy
acquired 51% of the Swiss online prescription medication business MediService AG.
The Group operates online pharmacies in Germany, Austria, Switzerland, France, Belgium,
Italy and the Netherlands.
The Group delivers a broad range of products on stock and products via its marketplace
at attractive prices. In addition, the Group provides comprehensive pharmaceutical
consultation services. In Germany, where it operates as \u201cShop Apotheke\u201d, the business
has transitioned from a pure online pharmacy retailer to a customer-centered online
pharmacy platform. Its goal is to gain a relevant share of the online prescription market
growth that is expected from the adoption of electronic prescriptions.
In order to assess the potential impairments on the listed goodwill, the Group follows an
eight-year forecasting process.
Internal process for preparing the eight-year forecast to perform impairment tests.
The forecasting process is based on internal data, in particular, a detailed customer data
model that considers customer acquisition costs from previous periods and expected
customer activation rates, as well as external market research that forecasts future online
penetration rates and the market size of advanced online markets e.g. in the United
States or Sweden. Assumptions on sales growth and profitability are checked against
third-party reports and tested with sensitivity analyses in order to make the test robust.
Historical financial information.
The health sector is driven by regulations that result in barriers to entry and loyal, longer-
term customers with high customer lifetime values. As the online market is expected to
stay in a growth mode for a number of years, due to the expected continuation of the
shift from offline to online in the continental European markets, the length of the
forecasting period needs to reflect this. An eight-year forecast period, with robust
assumptions regarding the nature of the industry, the long-term growth phase expected
from the adoption of electronic prescriptions in Germany and the gradual shift in
consumer preferences from offline to online, is considered adequate.
The Group has achieved fast (double-digit) growth for many consecutive years. In 2025,
total sales growth was 24%.This growth was next to a fast growth in the International
Segment, driven by a strong performance in the German Rx and OTC / BPC online market.
For impairment testing purposes, we\u00a0 assume approximately 16% sales growth p.a. in the
coming years in Germany. Until 2020, the growth of prescription medication (Rx) sales
was 10\u201320% p.a. In 2021, there was a strong decline in Rx sales as a result of the
discontinuation of the Rx bonus; in 2022, this decline stopped, with sales volumes
stabilizing in all quarters of the year. In 2023, quarterly sales in Germany further increased,
with growth totalling 49% including MediService, which was acquired during the year. In
2024, the year that the e-prescription became the new standard in Germany, Rx sales
grew 68.7% year over year. In 2025, Germany Rx sales grew by 98% year-over-year to
EUR 503 million.
As in 2024, geopolitical conflicts persisted in 2025, but inflationary pressures declined,
leading to lower interest rates. On the back of this and strong labor markets, consumer
spending remained resilient. Against this backdrop and the Group's strategic decision to
invest in the growth of the Rx market, Redcare Pharmacy realized a margin in line with the
external guidance provided in October, while continuing to achieve high double-digit
sales growth in both non-Rx and Rx and rapidly expanding its customer base.
After the opening of a next-generation central distribution facility in Sevenum, the
Netherlands in 2021, in 2022 a distribution center was opened near Milan in Italy. A new
distribution center was opened in 2025 in the Czech Republic to service mainly the
Austrian market. In late 2021, a marketplace platform was launched in Germany. Austria
followed in 2022 and Italy and Belgium in 2024, enabling our customers in these countries
to choose from a wide range of additional healthcare-related assortment from our
marketplace merchants.
We used long-term forecasts as a base to perform the goodwill impairment tests.
Support for main assumptions.
Future revenue growth is planned in a two-step approach, firstly, based on customer data
and future expectations on sales growth rates and market shares. The results of these
calculations are then partially compared against organic growth rates and market shares
realized historically. In a second step, the outcome is compared against the total market
size, based on the calculations regarding total market share computed in step one. In
addition, specifically for the prescription-based market, an online mail order penetration
of 10% is assumed to be reached in a couple of years following the nationwide and
mandatory adoption of electronic prescriptions.
Target-adjusted EBITDA profitability in excess of 8% (2024: 8%) is based both on
benchmarking of local German pharmacies (information from ABDA Pharmacists\u2019
Association), and a bottom-up build-up of current unit economics, future income streams,
efficiencies and scale.
Cost of sales is based on historic information plus annual improvements expected from
economies of scale in purchasing and manufacturer discounts.
Operations personnel is calculated on the number of parcels, taking into account realized
and expected efficiency gains from the sites based on calculations from an external
general planner.
Marketing personnel is calculated on a country basis, with variable marketing expenses
that are based on sales growth and the respective number of new customers with their
respective acquisition costs.
Administrative personnel and IT infrastructure personnel are calculated taking into
account economies of scale and typical efficiency gains. Internal and external IT
personnel are calculated for the first year based on the required man days for the IT
projects that are planned to be delivered; for future years, they are based on a
percentage of sales, as these costs and demands are expected to increase together with
our sales growth.
CapEx is calculated based on the capacity and IT required to enable future sales. Finally,
on a high level, the business plan is compared to patterns experienced by peers.
Upsides and downsides.
The downside risk of the impairment test for the CGU Germany is the significant lower
ramp-up in the online penetration of the electronic prescription in Germany. There could
also be a potential, albeit very unlikely ban (due to conflict with European law) on mail
order sales for prescription medications in Germany.
The upside potential is a stronger adoption of the electronic script in 2026 and beyond, or
an overall acceleration (vs. our estimates) of the shift in customer preference from off- to
online pharmacies across our geographies. A broader overview of the risks and
opportunities of the Group is described in the Risk management chapter of this report.
WACC.
The calculation of the weighted average cost of capital (WACC) follows the capital asset
pricing model (CAPM). The model applies current risk-free interest rates, market risk
premiums and betas benchmarked against a relevant peer-group of listed European
online and healthcare retail companies. The parameters and resulting discount rates were
reviewed by independent experts.
In 2025, the overall Group WACC increased compared to 2024. The resulting post-tax
WACC for the Group amounted to 9.0% (2024: 8.1%).
From the post-tax discounted cash-flow analysis, pre-tax discount rates were derived\u00a0
using the goal-seek method (in accordance with IAS 36.BCZ85). The resulting pre-tax
WACCS applied in the impairment tests for the respective CGU's were as follows:
CGU
Pre-tax WACC 2025
Pre-tax WACC 2024
Germany
11.7%
10.9%
Farmaline (Belgium)
12.6%
11.9%
nu3 (Germany)
11.7%
10.8%
MedApp (Netherlands)
9%
9.5%
MediService (Switzerland)
10.1%
9.2%
15.4. Impairment test.
Impairment tests on goodwill were performed for the following CGUs:
\u2022 Germany
\u2022 Belgium (Farmaline)
\u2022 nu3
\u2022 MedApp
\u2022 Switzerland
The recoverable amounts were determined using a discounted cash flow (DCF) model
based on management's most recent eight-year forecast prepared in October-November
2025. The main assumptions for the CGU Germany impairment test are the sales growth
expected from the mandatory adoption of electronic prescriptions at the start of 2024,
the total number of annual prescriptions in Germany as well as an e-Rx online penetration
rate of approximately 10%, as seen in other markets such as Switzerland, Sweden and
the United States. The related cash-flow projections include projected investment in
capacity expansion as well as increased personnel cost and working capital needs in line
with the expected sales growth. Due to the long-term growth prospects based on
demographic factors, i.e. market studies projecting a population with a higher need for
prescription medication, the respective calculations are based on an eight-year
forecasting period.
\"\"
Key assumptions used in the impairment test as of December 31, 2025 are summarised in
the table below:
CGU
Terminal sales
growth
Revenue growth
rate
EBITDA margin
Discount rate
Germany
0%
7,7%-24.4%
1.8%-9.8%
9.00%
Farmaline
0%
5.2%-12.1%
8.5-14.3%
9.50%
nu3
0%
3%
32.2-44.1%
8.90%
MedApp
0%
9,1%-49%
0,5%--11%
9.00%
MediService
0%
5.9%-10.8%
1.1%-4.3%
9.10%
Results of the impairment tests.
The impairment test shows that in all cases, except for the CGU MedApp, the recoverable
amounts exceeded the carrying amounts. As a result, management concludes that no
impairment of goodwill is applicable.
A sensitivity analysis on sales growth rates and discount rates confirmed that reasonable
changes in these assumptions would not result in an impairment for the tested CGU's.
During the financial year 2025, the Group recognized an impairment loss on goodwill of
EUR 1.3 million relating to the MedApp cash-generating units (CGU). The impairment was
recognized in connection with the revised business expectations and lower projected
cash flows for the CGU. The recoverable amount of the MedApp CGU was determined
based on value in use calculations using updated cash flow projections. As a result of this
assessment, the value of the CGU was written down to their recoverable amount. The
impairment loss is presented within administrative expenses in the Consolidated
statement of profit and loss.
15.5. Climate-related considerations.
The Group continuously monitors climate-related risks (physical and transition risks).
Based on current assessments, these risks are not considered to have a material impact
on goodwill impairment testing in 2025. Therefore, no climate-related assumptions are
considered key assumptions under IAS 36.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
10. Finance income and expenses.
Finance income.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Gain on partial repurchase of convertible bond
6.8
0.0
Finance income from cash and other financial assets
4.4
6.4
Net foreign exchange differences
0.5
0.6
Other finance income
0.0
0.4
11.7
7.4
Finance income mainly relates to interest income on cash balances and other financial
assets.
In 2025, finance income also included a gain of EUR 6.8 million resulting from the partial
repurchase of the 2021 convertible bonds. Under IFRS 9, the difference between the
carrying amount of the repurchased portion of the liability and the consideration paid is
recognized directly in the consolidated statement of profit and loss.
Finance expenses.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Interest and other expenses convertible bonds
16.9
6.4
Expenses for online payment methods
9.6
8.6
Interest costs related to leasing
2.7
1.2
Provision for expected credit loss other financial assets
1.3
0.0
Other finance expenses
0.4
0.2
Interest expenses credit institutions
0.3
0.2
Net foreign exchange differences
0.1
0.1
31.3
16.7
Part of the fees paid to companies for the financing of online payment methods, such as
credit card companies and PayPal, that relate to the financing (pre-payment) element is
reported as finance expenses. The remaining portion is recognized as selling and
distribution costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "
10. Finance income and expenses.
Finance income.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Gain on partial repurchase of convertible bond
6.8
0.0
Finance income from cash and other financial assets
4.4
6.4
Net foreign exchange differences
0.5
0.6
Other finance income
0.0
0.4
11.7
7.4
Finance income mainly relates to interest income on cash balances and other financial
assets.
In 2025, finance income also included a gain of EUR 6.8 million resulting from the partial
repurchase of the 2021 convertible bonds. Under IFRS 9, the difference between the
carrying amount of the repurchased portion of the liability and the consideration paid is
recognized directly in the consolidated statement of profit and loss.
Finance expenses.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Interest and other expenses convertible bonds
16.9
6.4
Expenses for online payment methods
9.6
8.6
Interest costs related to leasing
2.7
1.2
Provision for expected credit loss other financial assets
1.3
0.0
Other finance expenses
0.4
0.2
Interest expenses credit institutions
0.3
0.2
Net foreign exchange differences
0.1
0.1
31.3
16.7
Part of the fees paid to companies for the financing of online payment methods, such as
credit card companies and PayPal, that relate to the financing (pre-payment) element is
reported as finance expenses. The remaining portion is recognized as selling and
distribution costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
10. Finance income and expenses.
Finance income.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Gain on partial repurchase of convertible bond
6.8
0.0
Finance income from cash and other financial assets
4.4
6.4
Net foreign exchange differences
0.5
0.6
Other finance income
0.0
0.4
11.7
7.4
Finance income mainly relates to interest income on cash balances and other financial
assets.
In 2025, finance income also included a gain of EUR 6.8 million resulting from the partial
repurchase of the 2021 convertible bonds. Under IFRS 9, the difference between the
carrying amount of the repurchased portion of the liability and the consideration paid is
recognized directly in the consolidated statement of profit and loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
10. Finance income and expenses.
Finance expenses.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Interest and other expenses convertible bonds
16.9
6.4
Expenses for online payment methods
9.6
8.6
Interest costs related to leasing
2.7
1.2
Provision for expected credit loss other financial assets
1.3
0.0
Other finance expenses
0.4
0.2
Interest expenses credit institutions
0.3
0.2
Net foreign exchange differences
0.1
0.1
31.3
16.7
Part of the fees paid to companies for the financing of online payment methods, such as
credit card companies and PayPal, that relate to the financing (pre-payment) element is
reported as finance expenses. The remaining portion is recognized as selling and
distribution costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
11. Income tax expenses.
The income tax expenses for the year can be reconciled to the accounting profit as
shown in the table below.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Result before tax
-47.7
-47.9
At Redcare's statutory income tax rate of 25.8% (2024: 25.8%)
12.3
12.3
Effect of tax rates in other jurisdictions
1.1
1.1
Adjustments in respect of current income tax of previous years
0.0
0.0
Tax effect of non deductible amounts
1.0
-0.8
Utilisation of previously unrecognised tax losses
0.4
0.6
No recognition of taxable losses due to uncertainty
-16.2
-12.3
Change in deferred tax positions
9.2
0.6
Other
0.5
0.0
At the effective income tax rate of 18.2% (2024: 3.1%)
8.3
1.5
The effective tax rate deviates from the applicable statutory tax rates as a result of
differences in corporate income tax rates across jurisdictions, the impact of loss-
generating subsidiaries, and the non-recognition of deferred tax assets for a portion of
the tax Iosses carried forward.
The Company has not recognized deferred tax assets for the majority of its unused tax
losses. In accordance with IFRS requirements, deferred tax assets may only be
recognized when it is probable that sufficient future taxable profits will be available. As
the tax group must first demonstrate sustained profitability before such recognition
becomes appropriate, management has concluded that this threshold has not yet been
met. Consequently, no deferred tax assets \u2013 or only very minor amounts \u2013 are recognized
as at year-end 2025.
The tax expense in profit and loss can be divided into deferred and current taxes as
presented in the accompanying tables.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Current taxes
-0.9
-0.6
Deferred taxes
9.2
2.1
8.3
1.5
Deferred tax balances.
Deferred tax is calculated on temporary differences under the liability method. At
December 31, 2025, deferred tax has been measured using enacted or substantively
enacted tax rates applicable to the jurisdictions in which the Group operates. The Dutch
corporate tax rate applied is 25.8% (2024: 25.8%) and the German corporate tax rate
applied is 32% (2024: 32%).
The movement in deferred tax assets and liabilities during the year is shown in the tables
below.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Balance 1 January
-2.2
-4.0
Recognised in profit and loss
9.2
2.1
Arising on tax effect on OCI
-9.8
-0.2
Foreign currency translation effect
0.0
-0.1
Arising on business combination
0.0
0.0
Balance 31 December
-2.8
-2.2
Deferred tax assets have been recognized in respect of all tax losses and other
deductible temporary differences to the extent that it is probable that these assets will be
recovered against future taxable profits. For entities where deferred tax assets
associated with losses can be offset against deferred tax liabilities within the same
jurisdiction as a result of entities being part of the same fiscal unity, the respective
balances are presented on a net basis.
The movements in deferred tax assets and liabilities (before offsetting of balances within the same jurisdiction as permitted by IAS 12) are disclosed in the section below.
in millions of Euros
Asset
Liability
Net
(Charged)/ credited to
profit & loss
(Charged)/ credited to
equity
Arising on
business combination
2025
2025
2025
2025
2025
2025
Available losses
8.0
0.0
8.0
-1.2
0.0
0.0
Temporary difference fiscal amortization goodwill
0.0
-1.2
-1.2
0.0
0.0
0.0
Temporary difference intangible fixed assets from business combinations
4.9
-9.3
-4.4
2.2
0.1
0.0
Temporary difference on IAS 19
0.1
0.0
0.1
0.0
-0.3
0.0
Temporary difference on convertible bond
0.0
-6.9
-6.9
7.3
-9.6
0.0
Temporary difference valuation differences other assets
0.0
-1.1
-1.1
0.4
0.0
0.0
Temporary difference on leases
19.3
-18.1
1.2
0.5
0.0
0.0
Temporary difference on software capitalization
1.5
0.0
1.5
0.0
0.0
0.0
Tax assets / (liabilities)
33.8
-36.6
-2.8
9.2
-9.8
0.0
Set off of tax
-32.2
32.2
0.0
0.0
0.0
0.0
Total
1.6
-4.4
-2.8
9.2
-0.0
0.0
in millions of Euros
Asset
Liability
Net
(Charged)/ credited to
profit & loss
(Charged)/ credited to
equity
Arising on
business combination
2024
2024
2024
2024
2024
2024
Available losses
9.2
0.0
9.2
-2.6
0.0
0.0
Temporary difference fiscal amortization goodwill
0.0
-1.2
-1.2
0.0
0.0
0.0
Temporary difference intangible fixed assets from business combinations
5.5
-12.2
-6.7
2.1
-0.1
0.0
Temporary difference on IAS 19
0.4
0.0
0.4
0.0
-0.2
0.0
Temporary difference on convertible bond
0.0
-4.6
-4.6
1.7
0.0
0.0
Temporary difference valuation differences other assets
0.0
-1.5
-1.5
0.2
0.0
0.0
Temporary difference on leases
9.3
-8.6
0.7
0.7
0.0
0.0
Temporary difference on software capitalization
1.5
0.0
1.5
0.0
0.0
0.0
Tax assets / (liabilities)
25.9
-28.1
-2.2
2.1
-0.3
0.0
Set off of tax
-24.5
24.5
0.0
0.0
0.0
0.0
Total
1.4
-3.6
-2.2
2.1
-0.3
0.0
The Group has tax loss carry-forwards in the Netherlands and Germany amounting to
EUR 345.9 million at the end of 2025 (2024: EUR 286.5 million). The anticipated applicable
tax rates on taxable profits are the Dutch corporate tax rate of 25.8% the German
corporate tax rate of 32%.
A deferred tax asset has not been recognized for the following items, as presented in the
table below:
in millions of Euros
2025
2024
Unused tax losses - no expiry date
311.9
258.7
Non-deductible interest roll forward - no epiry date
10.5
22.2
322.4
280.9
Management assesses the recoverability of deferred tax assets annually, taking into
account updated business forecasts and the likelihood of generating future taxable
profits going forward.
Deferred tax liabilities.
As at December 31, 2025, the deferred tax liability mainly relates to temporary differences
on intangible assets recognized in previous business combinations. These differences
arise because the tax amortization profile of acquired intangible assets differs from their
accounting amortization.\u00a0 The main components include:
\u2022 Acquisition of Shop Group in 2010 (asset deal under Dutch tax law) \u2013 amortization
period ten years.
\u2022 Intangible assets identified in the purchase price allocation (PPA) of various acquisitions
(EHS Europe Health Services B.V., in 2017; nu3 in 2018; Smartpatient GmbH in 2021;
MediService in 2023).
\u2022 Temporary differences arising on the convertible bond, representing the deferred tax
impact of the equity component recognized separately upon initial measurement.
A total deferred tax liability of EUR 4.4 million has been recognized at year-end 2025
(2024: EUR 3.6 million).
Deferred tax assets.
For the three\u00a0 fiscal unities MedApp Holding B.V., SA Europe B.V., and EHSC B.V., deferred
tax assets relating to carried-forward losses have been recognized only to the extent that
they can be offset against deferred tax liabilities within the same fiscal unity.
For nu3 GmbH and Smartpatient GmbH, deferred tax assets for losses carried forward
are recognized based on forecasts made by management of the pre-tax profits for future
years.
Global minimum top-up tax.
The Organization for Economic Co-operation and Development (OECD) / G20 Inclusive
Framework on Base Erosion and Profit Shifting (BEPS) published the Pillar Two model
rules to address tax challenges arising from the digitalization of the economy.
The Dutch Minimum Tax Act 2024 (Wet minimumbelasting 2024) entered into force on
December 31, 2023 and transposes EU Pillar Two Directive. Effective for financial years
beginning on or after December 31, 2023, groups with annual revenues of at least EUR
750 million are subject to a minimum effective tax rate of 15% on a jurisdiction-by-
jurisdiction basis.
The Group has adopted the amendments to IAS 12 -\u00a0 International Tax Reform (Pillar Two
Model Rules) These amendments provide a temporary mandatory exception to
recognizing and disclosing deferred tax assets and liabilities related to the Pillar Two
rules.
The Group is within the scope of these rules and has performed an assessment of the
potential exposure as of December 31, 2025.\u00a0 Based on currently available information
and the transitional Country-by-Country Reporting Safe Harbour rules, no Pillar Two top-
up tax has been recognized for the year ended December 31, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
Deferred tax balances.
Deferred tax is calculated on temporary differences under the liability method. At
December 31, 2025, deferred tax has been measured using enacted or substantively
enacted tax rates applicable to the jurisdictions in which the Group operates. The Dutch
corporate tax rate applied is 25.8% (2024: 25.8%) and the German corporate tax rate
applied is 32% (2024: 32%).
The movement in deferred tax assets and liabilities during the year is shown in the tables
below.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Balance 1 January
-2.2
-4.0
Recognised in profit and loss
9.2
2.1
Arising on tax effect on OCI
-9.8
-0.2
Foreign currency translation effect
0.0
-0.1
Arising on business combination
0.0
0.0
Balance 31 December
-2.8
-2.2
Deferred tax assets have been recognized in respect of all tax losses and other
deductible temporary differences to the extent that it is probable that these assets will be
recovered against future taxable profits. For entities where deferred tax assets
associated with losses can be offset against deferred tax liabilities within the same
jurisdiction as a result of entities being part of the same fiscal unity, the respective
balances are presented on a net basis.
The movements in deferred tax assets and liabilities (before offsetting of balances within the same jurisdiction as permitted by IAS 12) are disclosed in the section below.
in millions of Euros
Asset
Liability
Net
(Charged)/ credited to
profit & loss
(Charged)/ credited to
equity
Arising on
business combination
2025
2025
2025
2025
2025
2025
Available losses
8.0
0.0
8.0
-1.2
0.0
0.0
Temporary difference fiscal amortization goodwill
0.0
-1.2
-1.2
0.0
0.0
0.0
Temporary difference intangible fixed assets from business combinations
4.9
-9.3
-4.4
2.2
0.1
0.0
Temporary difference on IAS 19
0.1
0.0
0.1
0.0
-0.3
0.0
Temporary difference on convertible bond
0.0
-6.9
-6.9
7.3
-9.6
0.0
Temporary difference valuation differences other assets
0.0
-1.1
-1.1
0.4
0.0
0.0
Temporary difference on leases
19.3
-18.1
1.2
0.5
0.0
0.0
Temporary difference on software capitalization
1.5
0.0
1.5
0.0
0.0
0.0
Tax assets / (liabilities)
33.8
-36.6
-2.8
9.2
-9.8
0.0
Set off of tax
-32.2
32.2
0.0
0.0
0.0
0.0
Total
1.6
-4.4
-2.8
9.2
-0.0
0.0
in millions of Euros
Asset
Liability
Net
(Charged)/ credited to
profit & loss
(Charged)/ credited to
equity
Arising on
business combination
2024
2024
2024
2024
2024
2024
Available losses
9.2
0.0
9.2
-2.6
0.0
0.0
Temporary difference fiscal amortization goodwill
0.0
-1.2
-1.2
0.0
0.0
0.0
Temporary difference intangible fixed assets from business combinations
5.5
-12.2
-6.7
2.1
-0.1
0.0
Temporary difference on IAS 19
0.4
0.0
0.4
0.0
-0.2
0.0
Temporary difference on convertible bond
0.0
-4.6
-4.6
1.7
0.0
0.0
Temporary difference valuation differences other assets
0.0
-1.5
-1.5
0.2
0.0
0.0
Temporary difference on leases
9.3
-8.6
0.7
0.7
0.0
0.0
Temporary difference on software capitalization
1.5
0.0
1.5
0.0
0.0
0.0
Tax assets / (liabilities)
25.9
-28.1
-2.2
2.1
-0.3
0.0
Set off of tax
-24.5
24.5
0.0
0.0
0.0
0.0
Total
1.4
-3.6
-2.2
2.1
-0.3
0.0
The Group has tax loss carry-forwards in the Netherlands and Germany amounting to
EUR 345.9 million at the end of 2025 (2024: EUR 286.5 million). The anticipated applicable
tax rates on taxable profits are the Dutch corporate tax rate of 25.8% the German
corporate tax rate of 32%.
A deferred tax asset has not been recognized for the following items, as presented in the
table below:
in millions of Euros
2025
2024
Unused tax losses - no expiry date
311.9
258.7
Non-deductible interest roll forward - no epiry date
10.5
22.2
322.4
280.9
Management assesses the recoverability of deferred tax assets annually, taking into
account updated business forecasts and the likelihood of generating future taxable
profits going forward.
Deferred tax liabilities.
As at December 31, 2025, the deferred tax liability mainly relates to temporary differences
on intangible assets recognized in previous business combinations. These differences
arise because the tax amortization profile of acquired intangible assets differs from their
accounting amortization.\u00a0 The main components include:
\u2022 Acquisition of Shop Group in 2010 (asset deal under Dutch tax law) \u2013 amortization
period ten years.
\u2022 Intangible assets identified in the purchase price allocation (PPA) of various acquisitions
(EHS Europe Health Services B.V., in 2017; nu3 in 2018; Smartpatient GmbH in 2021;
MediService in 2023).
\u2022 Temporary differences arising on the convertible bond, representing the deferred tax
impact of the equity component recognized separately upon initial measurement.
A total deferred tax liability of EUR 4.4 million has been recognized at year-end 2025
(2024: EUR 3.6 million).
Deferred tax assets.
For the three\u00a0 fiscal unities MedApp Holding B.V., SA Europe B.V., and EHSC B.V., deferred
tax assets relating to carried-forward losses have been recognized only to the extent that
they can be offset against deferred tax liabilities within the same fiscal unity.
For nu3 GmbH and Smartpatient GmbH, deferred tax assets for losses carried forward
are recognized based on forecasts made by management of the pre-tax profits for future
years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "
12. Earnings per share.
Basic and diluted earnings.
Redcare Pharmacy reports basic and diluted earnings per share (\"EPS\") for the year
ended December 31, 2025. Basic and diluted EPS are equal for both reporting periods
presented, as the outstanding potentially issuable shares are anti-dilutive. Inclusion of
such instruments would reduce the loss per share and is therefore not permitted under
IAS33.
The figures used in the EPS calculation are presented in the accompanying table.
Year ended
Year ended
31.12.2025
31.12.2024
Basic and diluted earnings per share in millions of Euros
Result for the year attributable to owners of the Company
-37.7
-45.5
Earnings used in the calculation of basic and diluted earnings per
share
-37.7
-45.5
Earnings used in the calculation of basic and diluted earnings per
share from continuing operations
-37.7
-45.5
Weighted average number of ordinary shares for the purposes of
basic and diluted earnings per share
20,109,269
20,054,068
Basic and diluted earnings per share in Euro per share
From continuing operations
-1.87
-2.27
From discontinued operations
0.00
0.00
Total basic and diluted earnings
-1.87
-2.27
Basic and diluted earnings per share.
The Group has several classes of instruments that could result in the issuance of ordinary
shares in the future. The exercise of these instruments depends on the fulfilment of
specific conditions, as detailed below. As all such instruments are anti-dilutive for the
year ended December 31, 2025, none have been included in the diluted EPS calculation.
Employee stock options.
Assuming full exercise of all outstanding stock options as at December 31, 2025, an
additional 688,634 new shares would be issuable in the future, of which 466,837 have
already been issued and are held in treasury. These stock options are described in note
27, which provides details on vesting and expiry dates.
Convertible bonds.
As outlined in Note 22, the Group has two convertible bond programmes outstanding at
year-end:
\u2022 EUR 300 million 1.75% convertible bonds due 2032, issued on April 16, 2025. These
bonds are convertible into ordinary shares at a fixed conversion price of EUR 173.74
per share. Assuming full conversion of all bonds, a maximum of 1,726,718 new ordinary
shares would be issued in the future.
\u2022 EUR 225 million zero-coupon convertible bonds due 2028 Issued on January 14, 2021
at a conversion price of EUR 233.83 per share. During April 2025 the Group
repurchased EUR 157.9 million of the outstanding nominal amount, leaving EUR 67.1
million outstanding.
\u2022 Bondholders have exercised their rights to redeem their bonds on January 21, 2026 in
an amount of EUR 64.5 million. The remaining nominal amount of the bond is EUR 2.6
million and will stay outstanding until maturity on January 21, 2028, unless converted
earlier. Assuming full conversion of the bonds still outstanding after the put-option
exercise period, 11,119 new ordinary shares would be issued.
All outstanding bonds and stock options are excluded from diluted EPS because their
effect would be anti-dilutive for both continuing and total earnings per share.
The number of outstanding ordinary shares is 20,578,391 as at December 31, 2025. If all
potentially issuable shares described above were to be issued, the total number of
outstanding shares would increase to 22,538,025.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "
13. Property, plant and equipment.
A summary of the movements of property, plant and equipment is given below.
in millions of Euros
Land &
buildings
Machinery
Other
Under
construction
Total
Cost
Balance 1 January 2024
5.3
49.7
21.5
0.7
77.2
Reclassification
0.6
3.2
0.0
-3.8
0.0
Additions
0.7
0.5
3.4
4.1
8.7
Acquisitions
0.0
0.0
0.0
0.0
0.0
Currency revaluation
0.0
0.0
0.0
0.0
0.0
Disposals
0.0
0.0
-0.1
0.0
-0.1
Balance 31 December 2024
6.6
53.4
24.8
1.0
85.8
Reclassification
2.9
0.0
0.2
-0.3
2.8
Additions
0.5
5.8
7.9
65.1
79.3
Currency revaluation
0.0
0.0
0.0
0.0
0.0
Disposals
0.0
0.0
-0.3
0.0
-0.3
Balance 31 December 2025
10.0
59.2
32.6
65.8
167.6
Accumulated amortisation and impairment
Balance 1 January 2024
2.1
12.7
10.2
0.0
25.0
Depreciation
1.0
6.2
3.9
0.0
11.1
Impairment
0.0
0.0
0.0
0.0
0.0
Currency revaluation
0.0
0.0
0.0
0.0
0.0
Disposals
0.0
0.0
-0.1
0.0
-0.1
Balance 31 December 2024
3.1
18.9
14.0
0.0
36.0
Reclassification
0.5
0.0
0.0
0.0
0.5
Depreciation
1.0
6.3
4.1
0.0
11.4
Impairment
0.0
0.0
0.1
0.0
0.1
Currency revaluation
0.0
0.0
0.0
0.0
0.0
Disposals
0.0
0.0
-0.3
0.0
-0.3
Balance 31 December 2025
4.6
25.2
17.9
0.0
47.7
Carry value
Balance 31 December 2024
3.5
34.5
10.8
1.0
49.8
Balance 31 December 2025
5.4
34.0
14.7
65.8
119.9
Depreciation is calculated on a straight-line basis over the estimated useful lives of the
respective asset categories. The following useful lives are applied:
\u2022 Machinery, leasehold improvements, furniture, office equipment: 5\u201310 years
\u2022 IT and communication equipment, other equipment: 3\u20135 years
\u2022 Right-of-use assets (IFRS 16): 2\u201310 years depending on the underlying lease term (refer
to Note 32).
Additions during the financial year primarily relate to investments in infrastructure and
logistics, reflecting the expansion of logistics capacity and increased automation of
fulfilment processes.
Redcare started a comprehensive logistics automation project, within our existing
premises, with a total budget of EUR 100 million, payable during the years 2025, 2026 and
2027. As per year end the assets under construction amounted EUR 65.8 million largely
related to this project.
A reclassification of EUR 2.3 million relates to a reclass between land and buildings and
right-of-use assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "
14. Intangible assets.
Intangible assets consist of finite-life intangible assets and goodwill. A summary of the
movements in intangible assets is presented below.
in millions of Euros
Software,
technology &
contracts
Brand
Customer
database
Goodwill
Under
construction
Total
Cost
Balance 1 January 2024
148.1
28.2
65.8
279.4
17.3
538.8
Reclassification
32.7
0.0
0.0
0.0
-32.2
0.5
Additions
6.4
0.1
0.0
0.0
27.0
33.5
Acquisitions
0.0
0.0
0.0
0.0
0.0
0.0
Currency revaluation
0.0
0.0
0.0
0.0
-0.1
-0.1
Disposals
0.0
0.0
0.0
0.0
0.0
0.0
Balance 31 December 2024
187.2
28.3
65.8
279.4
12.0
572.7
Reclassification
30.0
0.0
0.0
0.0
-29.5
0.5
Additions
5.4
0.0
0.0
0.0
33.9
39.3
Currency revaluation
0.0
0.0
0.0
0.0
0.1
0.1
Disposals
0.0
0.0
0.0
0.0
0.0
0.0
Balance 31 December 2025
222.6
28.3
65.8
279.4
16.5
612.6
Accumulated amortisation
and impairment
Balance 1 January 2024
74.4
14.4
20.0
1.9
0.0
110.7
Reclassification
0.5
0.0
0.0
0.0
0.0
0.5
Amortization
39.2
5.5
5.5
0.0
0.0
50.2
Currency revaluation
0.0
0.0
0.0
0.0
0.0
0.0
Balance 31 December 2024
114.1
19.9
25.5
1.9
0.0
161.4
Reclassification
0.5
0.0
0.0
0.0
0.0
0.5
Amortization
40.1
5.2
5.5
0.0
0.0
50.8
Impairment
5.1
0.0
0.0
1.3
0.0
6.4
Currency revaluation
0.0
0.0
0.0
0.0
0.0
0.0
Balance 31 December 2025
159.8
25.1
31.0
3.2
0.0
219.1
Carry value
Balance 31 December 2024
73.1
8.4
40.3
277.5
12.0
411.3
Balance 31 December 2025
62.8
3.2
34.8
276.2
16.5
393.5
Amortization is calculated on a straight-line basis over the estimated useful lives of the
respective asset categories. The following useful lives are used:
\u2022 Software licences: 2\u20135 years, depending on the license contract.
\u2022 ERP software: 3\u20137 years.
\u2022 Smart technology (included in software category): 15 years.
\u2022 Customer database: 7\u201317 years, depending on the nature and expected customer
retention.
\u2022 Brand names: 2\u201310 years, depending on the brand and underlying economic life.
\u2022 Goodwill: Indefinite useful life and subject to annual impairment testing (note 15).
Assets under construction mainly relate to capitalized development expenditures for
ongoing IT and technology projects. These costs are transferred to the relevant intangible
asset category once the project is available for its intended use.
For further disclosure reference is made to Note 9 and Note 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "
14. Intangible assets.
Intangible assets consist of finite-life intangible assets and goodwill. A summary of the
movements in intangible assets is presented below.
in millions of Euros
Software,
technology &
contracts
Brand
Customer
database
Goodwill
Under
construction
Total
Cost
Balance 1 January 2024
148.1
28.2
65.8
279.4
17.3
538.8
Reclassification
32.7
0.0
0.0
0.0
-32.2
0.5
Additions
6.4
0.1
0.0
0.0
27.0
33.5
Acquisitions
0.0
0.0
0.0
0.0
0.0
0.0
Currency revaluation
0.0
0.0
0.0
0.0
-0.1
-0.1
Disposals
0.0
0.0
0.0
0.0
0.0
0.0
Balance 31 December 2024
187.2
28.3
65.8
279.4
12.0
572.7
Reclassification
30.0
0.0
0.0
0.0
-29.5
0.5
Additions
5.4
0.0
0.0
0.0
33.9
39.3
Currency revaluation
0.0
0.0
0.0
0.0
0.1
0.1
Disposals
0.0
0.0
0.0
0.0
0.0
0.0
Balance 31 December 2025
222.6
28.3
65.8
279.4
16.5
612.6
Accumulated amortisation
and impairment
Balance 1 January 2024
74.4
14.4
20.0
1.9
0.0
110.7
Reclassification
0.5
0.0
0.0
0.0
0.0
0.5
Amortization
39.2
5.5
5.5
0.0
0.0
50.2
Currency revaluation
0.0
0.0
0.0
0.0
0.0
0.0
Balance 31 December 2024
114.1
19.9
25.5
1.9
0.0
161.4
Reclassification
0.5
0.0
0.0
0.0
0.0
0.5
Amortization
40.1
5.2
5.5
0.0
0.0
50.8
Impairment
5.1
0.0
0.0
1.3
0.0
6.4
Currency revaluation
0.0
0.0
0.0
0.0
0.0
0.0
Balance 31 December 2025
159.8
25.1
31.0
3.2
0.0
219.1
Carry value
Balance 31 December 2024
73.1
8.4
40.3
277.5
12.0
411.3
Balance 31 December 2025
62.8
3.2
34.8
276.2
16.5
393.5
Amortization is calculated on a straight-line basis over the estimated useful lives of the
respective asset categories. The following useful lives are used:
\u2022 Software licences: 2\u20135 years, depending on the license contract.
\u2022 ERP software: 3\u20137 years.
\u2022 Smart technology (included in software category): 15 years.
\u2022 Customer database: 7\u201317 years, depending on the nature and expected customer
retention.
\u2022 Brand names: 2\u201310 years, depending on the brand and underlying economic life.
\u2022 Goodwill: Indefinite useful life and subject to annual impairment testing (note 15).
Assets under construction mainly relate to capitalized development expenditures for
ongoing IT and technology projects. These costs are transferred to the relevant intangible
asset category once the project is available for its intended use.
For further disclosure reference is made to Note 9 and Note 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "
14. Intangible assets.
Intangible assets consist of finite-life intangible assets and goodwill. A summary of the
movements in intangible assets is presented below.
in millions of Euros
Software,
technology &
contracts
Brand
Customer
database
Goodwill
Under
construction
Total
Cost
Balance 1 January 2024
148.1
28.2
65.8
279.4
17.3
538.8
Reclassification
32.7
0.0
0.0
0.0
-32.2
0.5
Additions
6.4
0.1
0.0
0.0
27.0
33.5
Acquisitions
0.0
0.0
0.0
0.0
0.0
0.0
Currency revaluation
0.0
0.0
0.0
0.0
-0.1
-0.1
Disposals
0.0
0.0
0.0
0.0
0.0
0.0
Balance 31 December 2024
187.2
28.3
65.8
279.4
12.0
572.7
Reclassification
30.0
0.0
0.0
0.0
-29.5
0.5
Additions
5.4
0.0
0.0
0.0
33.9
39.3
Currency revaluation
0.0
0.0
0.0
0.0
0.1
0.1
Disposals
0.0
0.0
0.0
0.0
0.0
0.0
Balance 31 December 2025
222.6
28.3
65.8
279.4
16.5
612.6
Accumulated amortisation
and impairment
Balance 1 January 2024
74.4
14.4
20.0
1.9
0.0
110.7
Reclassification
0.5
0.0
0.0
0.0
0.0
0.5
Amortization
39.2
5.5
5.5
0.0
0.0
50.2
Currency revaluation
0.0
0.0
0.0
0.0
0.0
0.0
Balance 31 December 2024
114.1
19.9
25.5
1.9
0.0
161.4
Reclassification
0.5
0.0
0.0
0.0
0.0
0.5
Amortization
40.1
5.2
5.5
0.0
0.0
50.8
Impairment
5.1
0.0
0.0
1.3
0.0
6.4
Currency revaluation
0.0
0.0
0.0
0.0
0.0
0.0
Balance 31 December 2025
159.8
25.1
31.0
3.2
0.0
219.1
Carry value
Balance 31 December 2024
73.1
8.4
40.3
277.5
12.0
411.3
Balance 31 December 2025
62.8
3.2
34.8
276.2
16.5
393.5
Amortization is calculated on a straight-line basis over the estimated useful lives of the
respective asset categories. The following useful lives are used:
\u2022 Software licences: 2\u20135 years, depending on the license contract.
\u2022 ERP software: 3\u20137 years.
\u2022 Smart technology (included in software category): 15 years.
\u2022 Customer database: 7\u201317 years, depending on the nature and expected customer
retention.
\u2022 Brand names: 2\u201310 years, depending on the brand and underlying economic life.
\u2022 Goodwill: Indefinite useful life and subject to annual impairment testing (note 15).
Assets under construction mainly relate to capitalized development expenditures for
ongoing IT and technology projects. These costs are transferred to the relevant intangible
asset category once the project is available for its intended use.
For further disclosure reference is made to Note 9 and Note 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "
16. Accounting for joint ventures.
Until August 6, 2025, the Group held a 50% interest in two joint ventures:
\u2022 K\u00f6nig IDV GmbH \u2013 data processing
\u2022 K\u00f6nig IT Systeme GmbH \u2013 IT services
Under the contractual arrangements, the Group had rights to the net assets of both
entities. In accordance with IFRS 11 \u2013 Joint Arrangements, these investments are
classified as joint ventures. The Group accounted for its interests in the joint ventures
using the equity method in accordance with IAS 28 \u2013 Investments in Associates and Joint
Ventures.
Merger in 2025.
On August 6, 2025, a legal merger was executed whereby K\u00f6nig IT Systeme GmbH was
merged into K\u00f6nig IDV GmbH. As a result of the merger, K\u00f6nig IT Systeme GmbH ceased
to exist as a separate legal entity.
Following the merger, the Group continues to hold a 50% interest in the merged entity,
K\u00f6nig IDV GmbH, which remains classified as a joint venture.
The merger did not result in a change in the Group\u2019s rights or obligations with respect to
the joint venture arrangements. Accordingly, the accounting treatment under the equity
method remained unchanged, and only one joint venture is presented in the consolidated
statement of financial position as at 31 December 2025.
Country of incorporation
principal place of business
Proportion of ownership interest held as
at 31 December
2025
2024
K\u00f6nig IDV GmbH 1
Germany
50%
50%
K\u00f6nig IT-Systeme GmbH 2
Germany
0%
50%
Results of the joint ventures.
The joint ventures K\u00f6nig IDV GmbH and K\u00f6nig IT Systeme GmbH reported a result after
taxes of EUR 0.2 million in financial year 2025 (2024: EUR 0.2 million). As the Group\u2019s
interests in K\u00f6nig IDV GmbH and K\u00f6nig IT Systeme GmbH were not individually material
prior to the merger on August 6, 2025, aggregated summarized financial information for
both entities up to the merger date is presented below. The combined information
reflects the interests in both joint ventures.
Summarized statement of financial position - joint ventures.
in millions of Euros
As at
31 December 2025
As at
31 December 2024
Non-current assets
0.0
0.0
Current assets
1.9
1.7
Total assets
1.9
1.7
Equity
1.7
1.5
Current liabilities
0.2
0.1
Total equity and liabilities
1.9
1.7
Summarized statement of profit or loss - joint ventures.
in millions of Euros
2025
2024
Revenue from contracts with customers
1.2
1.2
Other operating income
0.0
0.0
Cost of sales
0.0
0.0
Operating expenses
-1.0
-0.9
Result before tax
0.2
0.3
Income tax expense
0.0
0.0
Result for the year
(continuing operations)
0.2
0.2
Total comprehensive income for the year (continuing
operations)
0.2
0.2
Group\u2019s share of result for the year
0.1
0.1
Group share of profit.
The consolidated statement of profit and loss includes a share of profit of associates and
joint ventures of EUR 0.4 million (2024: EUR 0.4 million). This mainly concerns of EUR 0.1
million (2024: EUR 0.1 million) share in a joint venture, EUR 0.3 million (2024: EUR 0.1
million) result from associates and in 2024 EUR 0.2 million badwill on the acquisition of
Aust Pharma (refer to note 31).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "
17. Inventories.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Finished products held for resale
219.8
158.0
Raw materials, packaging materials and other
1.8
1.5
Inventory allowance
-7.6
-5.7
214.0
153.8
The cost of inventories recognized as an expense in respect of continuing operations
amounted to EUR 2.334 million in 2025 (2024: EUR 1.870 million).
No inventories are expected to be recovered after more than twelve months.
The inventories include EUR 1.9 million (2024: EUR 1.8 million) measured at net realizable
value. The related write-down was recognized as an expense in 2025. Write-downs and
reversals are included in Cost of sales.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
18. Current receivables.
Trade and other receivables.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Trade receivables
131.1
112.0
Provision for impairment
-1.6
-2.2
129.5
109.8
Prepayment and other current assets.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Prepayments
16.6
18.0
Other current assets and deferred income
32.5
25.8
VAT receivable
23.3
15.0
72.4
58.8
The average credit period on sales of goods and services was 16 days in 2025 (2024: 17
days).
The increase in trade receivable balances is impacted by the growth of the revenues.
As of December 31, 2025, the ageing analysis of trade receivables is as follows:
in millions of Euros
Not past due
Past due
Past due
Past due
Past due
Total
- 0- 30 days
- 30- 60
days
- 61 \u2013 90
days
- 91 \u2013 120
days
- 121 days
and older
Trade receivables
131.1
114.5
4.4
3.2
2.0
7.0
Provision for impairment
-1.6
-0.2
-0.1
-0.2
-0.2
-0.9
Net trade receivables
129.5
114.3
4.3
3.0
1.8
6.1
Expected credit loss
1%
0%
2%
6%
10%
13%
For comparison, as of December 31, 2024, the ageing analysis was as follows:
in millions of Euros
Not past due
Past due
Past due
Past due
Past due
Total
- 0- 30 days
- 30- 60
days
- 61 \u2013 90
days
- 91 \u2013 120
days
- 121 days
and older
Trade receivables
112.0
99.6
3.2
1.7
2.0
5.5
Provision for impairment
-2.2
-0.3
-0.1
-0.1
-0.1
-1.6
Net trade receivables
109.8
99.3
3.1
1.6
1.9
3.9
Expected credit loss
2%
0%
3%
8%
7%
28%
No interest is charged on trade receivables. In accordance with IFRS 9, the Group applies
the expected credit loss (ECL) model to measure impairment on trade receivables. Before
accepting any new customer, the Group assesses credit limits based on internal scoring
methodologies. Credit limits are reviewed periodically, and customer orders are
automatically screened using defined algorithms to prevent fraudulent transactions.
Movement in the provision for impairment:
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Balance beginning of the year
2.2
5.1
Provision for expected credit losses
0.3
-2.3
Write-off
-0.9
-0.6
Balance end of the year
1.6
2.2
In determining the recoverability of a trade receivable, the Group considers any change in
the credit quality of the receivable from the date credit on which credit was initially
granted up to the end of the reporting period. .This assessment is incorporated into the
ECL calculation through forward-looking information and historical loss experience.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
No interest is charged on trade receivables. In accordance with IFRS 9, the Group applies
the expected credit loss (ECL) model to measure impairment on trade receivables. Before
accepting any new customer, the Group assesses credit limits based on internal scoring
methodologies. Credit limits are reviewed periodically, and customer orders are
automatically screened using defined algorithms to prevent fraudulent transactions.
Movement in the provision for impairment:
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Balance beginning of the year
2.2
5.1
Provision for expected credit losses
0.3
-2.3
Write-off
-0.9
-0.6
Balance end of the year
1.6
2.2
In determining the recoverability of a trade receivable, the Group considers any change in
the credit quality of the receivable from the date credit on which credit was initially
granted up to the end of the reporting period. .This assessment is incorporated into the
ECL calculation through forward-looking information and historical loss experience.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
19. Other financial assets.
in millions of Euros
Fixed deposits
Other
Total
Current other financial assets
80.7
0.0
80.7
Non-current other financial assets
0.0
6.6
6.6
Balance 1 January 2025
80.7
6.6
87.3
Additions
30.4
2.3
32.7
Provision for expected credit loss
0.0
-1.3
-1.3
Current other financial assets
111.1
0.0
111.1
Non-current other financial assets
0.0
7.6
7.6
Balance 31 December 2025
111.1
7.6
118.7
Non-current other financial assets of EUR 7.6 million (2024: EUR 6.6 million) consist of
rent-deposit payments; these amounts are expected to be repaid at the end of the
respective rental agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "
19. Other financial assets.
in millions of Euros
Fixed deposits
Other
Total
Current other financial assets
80.7
0.0
80.7
Non-current other financial assets
0.0
6.6
6.6
Balance 1 January 2025
80.7
6.6
87.3
Additions
30.4
2.3
32.7
Provision for expected credit loss
0.0
-1.3
-1.3
Current other financial assets
111.1
0.0
111.1
Non-current other financial assets
0.0
7.6
7.6
Balance 31 December 2025
111.1
7.6
118.7
The current other financial assets of EUR 111.1 million (2024: EUR 80.7 million) relate to
fixed term deposits. The increase of EUR 30.4 million is the result of additional transfer of
cash from current accounts to fixed deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
19. Other financial assets.
in millions of Euros
Fixed deposits
Other
Total
Current other financial assets
80.7
0.0
80.7
Non-current other financial assets
0.0
6.6
6.6
Balance 1 January 2025
80.7
6.6
87.3
Additions
30.4
2.3
32.7
Provision for expected credit loss
0.0
-1.3
-1.3
Current other financial assets
111.1
0.0
111.1
Non-current other financial assets
0.0
7.6
7.6
Balance 31 December 2025
111.1
7.6
118.7
The current other financial assets of EUR 111.1 million (2024: EUR 80.7 million) relate to
fixed term deposits. The increase of EUR 30.4 million is the result of additional transfer of
cash from current accounts to fixed deposits.
Non-current other financial assets of EUR 7.6 million (2024: EUR 6.6 million) consist of
rent-deposit payments; these amounts are expected to be repaid at the end of the
respective rental agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
20. Cash and cash equivalents.
All cash balances are at free disposal of the Group, except for a rent guarantee of EUR
0.3 million (2024: EUR 0.3 million).
Within the cash and cash equivalents, an amount of EUR 2.5 million (2024: EUR 17.6
million) relates to the cash pooling agreement between MediService AG and Galenica
Finanz AG. The cash-pooling arrangement is treated as a demand deposit. Under the
terms of the agreement, the cash-pool balances are freely available to MediService.
Cash and cash equivalents in the statement of financial position comprise cash at banks
and on hand. For the purpose of the consolidated statement of cash flows, cash and
cash equivalents consist of these balances only. Bank overdrafts are excluded because
they are not considered to be an integral part of the Group\u2019s cash-management process.
Current securities are presented under Other financial assets in accordance with IAS 7.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
21. Shareholders\u2019 equity.
Share capital.
The share capital of the Group as of December 31, 2025 amounts to EUR 0.4 million
(December 31, 2024: EUR 0.4 million) divided into 20,578,391 shares (December 31, 2024:
20,342,486) each with a nominal value of EUR 0.02. Of these, 20,111,554 shares have
been issued and fully paid, and 466,837 shares are held in trust for stock option plans.
The total number of authorized shares amounts to 85,000,000 shares.
Capital increase.
During the 2025 financial year, 6,152 employee options were exercised (2024: 81,145)
within the employee stock option plan. Each stock option entitles the participant to
subscribe for newly issued ordinary shares of the Company at a predetermined exercise
price. The average exercise price amounts to EUR 71,45 per share (2024: EUR 48.84 per
share). The exercised options resulted in a capital increase in 2025 of EUR 0.4 million
(2024: EUR 4.0 million).
During 2025, no employee options were exercised (2024: 139,200) under the smartpatient
option plan. The plan vests over a three-year, beginning in 2021. The options exercised
have a total nominal value of EUR nill thousand (2024: EUR 3 thousand). The plan has
vested and been completely exercised until December 31, 2024 and as a result is
terminated.
Reference is made to note 27 for disclosures on share-based payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
21. Shareholders\u2019 equity.
Share capital.
The share capital of the Group as of December 31, 2025 amounts to EUR 0.4 million
(December 31, 2024: EUR 0.4 million) divided into 20,578,391 shares (December 31, 2024:
20,342,486) each with a nominal value of EUR 0.02. Of these, 20,111,554 shares have
been issued and fully paid, and 466,837 shares are held in trust for stock option plans.
The total number of authorized shares amounts to 85,000,000 shares.
Capital increase.
During the 2025 financial year, 6,152 employee options were exercised (2024: 81,145)
within the employee stock option plan. Each stock option entitles the participant to
subscribe for newly issued ordinary shares of the Company at a predetermined exercise
price. The average exercise price amounts to EUR 71,45 per share (2024: EUR 48.84 per
share). The exercised options resulted in a capital increase in 2025 of EUR 0.4 million
(2024: EUR 4.0 million).
During 2025, no employee options were exercised (2024: 139,200) under the smartpatient
option plan. The plan vests over a three-year, beginning in 2021. The options exercised
have a total nominal value of EUR nill thousand (2024: EUR 3 thousand). The plan has
vested and been completely exercised until December 31, 2024 and as a result is
terminated.
Reference is made to note 27 for disclosures on share-based payments", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "
22.\u00a0 Non-current liabilities.
Loans and borrowings.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Amounts due to banks
0.0
4.9
Lease liabilities
67.4
27.7
Convertible bond
261.9
204.2
Employee benefit liabilities
1.0
0.8
330.3
237.6
Convertible bonds.
The Group has two tranches of convertible bonds outstanding :
\u2022 2021 convertible bonds (due 2028)
In January 2021, the Company issued 2,250 zero-coupon convertible bonds with an
aggregate principal amount of EUR 225.0 million. Each bond entitles the holder to convert
the bond into ordinary shares at a conversion price of EUR 233.83 per share.
Following the partial repurchase of the convertible bonds in April 2025, bonds with a
nominal amount of EUR 67.1 million remained outstanding as at December 31, 2025.
The remaining 2021 convertible bonds include a put option exercisable by the
bondholders on January 21, 2026. As the Group does not have an unconditional right to
defer settlement of the liability beyond 12 months at the reporting date, the entire
remaining liability component is classified as a current liability as at December 31, 2025 in
accordance with IAS 1.69(d).
As at December 31, 2025, the carrying amount of the liability component of the 2021
convertible bonds amounts to EUR 66.8 million. The effective interest rate of the liability
component is 3.05% per annum.
\u2022 2025 convertible bonds (due 2032)
On April 16, 2025, the Company issued EUR 300 million senior unsecured convertible
bonds bearing 1.75% annual interest, payable semi-annually, and maturing on April 16,
2032. Each bond is convertible into ordinary shares at a conversion price of EUR 173.74
per share. Bondholders may exercise a put option on April 16, 2030 to redeem the bonds
at the accreted redemption amount plus accrued interest.
The convertible bonds are accounted for as a compound financial instrument and have
been separated into a liability component and an equity component at initial recognition.
The liability component was initially recognized at EUR 259.3 million (net of transaction
costs) and is subsequently measured at amortized cost using the effective interest
method. The equity component of EUR 27.5 million (net of deferred tax) was recognized
directly in equity.
As at December 31, 2025, the carrying amount of the liability component of the 2025
convertible bonds amounts to EUR 266.5 million of which EUR 261.9 million is presented
as a non-current liability. The effective interest rate of the liability component on initial
recognition is 5.16% per annum.
Initial recognition convertible bonds.
A summary of the initial recognition of the convertible bonds is given below:
in millions of Euros
Issued on 14.01.2021
Issued on 08.04.2025
Proceeds of principal issued (amount less costs)
222.2
296.4
Liability component at date of issue
-179.9
-259.3
Deferred tax liability on equity component
-10.6
-9.6
Equity component
31.7
27.5
Movements of the convertible bonds.
A summary of the movements of the convertible bonds is given below:
in millions of Euros
Issued on
14.01.2021
Issued on
08.04.2025
Total
Balance 1 January 2024
197.8
0.0
197.8
Interest charged calculated at an effective interest rate
6.4
0.0
6.4
Interest paid
0.0
0.0
0.0
Balance 31 December 2024
204.2
0.0
204.2
Issuance convertible bond
0.0
259.3
259.3
Interest charged calculated at an effective interest rate
3.3
9.8
13.1
Effect of revision of future cash flows
3.9
0.0
3.9
Interest paid
0.0
-2.6
-2.6
Early repurchasing of convertible bonds
-157.3
0.0
-157.3
Early purchase debt settlement gain
-6.8
0.0
-6.8
Early purchase equity element
19.5
0.0
19.5
Balance 31 December 2025
66.8
266.5
333.3
Current versus non-current classification.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Liability component
333.3
204.3
- of which long-term position
261.9
204.3
- of which short-term position
71.4
0.0
23. Current liabilities.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Trade and other payables
253.0
184.0
Loans and borrowings
86.3
9.7
Other liabilities
60.7
56.0
400.0
249.7
Trade and other payables.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Trade payables
248.0
175.3
Other payables
5.0
8.7
253.0
184.0
The average credit period on purchases in 2025 is 33 days (2024: 30 days). No interest is
charged on the trade payables. The Group has financial risk management policies in
place to ensure that all payables are paid within the pre-agreed credit terms.
Trade and other payables grew by EUR 69 million to EUR 253 million. This is due to the
growth in the existing business, improved payment terms and higher year-end
inventories.
Loans and borrowings.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Loans to credit institutions - short term portion
4.9
1.6
Lease liabilities - short term position
10.0
8.1
Convertible bond
71.4
0.0
86.3
9.7
Amount due to banks.
In February 2021, the Company obtained a EUR 13 million loan from a credit institution.
The loan is secured by a pledge over the logistics automation in the Sevenum logistics
center. It has a total duration of six years, ending on December 31, 2026. Repayments are
quarterly in the amount of EUR 406,250 starting on March 31, 2021. The annual interest
rate equals 3-month EURIBOR + 2.95% on the outstanding principal.
Convertible bond.
Convertible bonds are further disclosed in note 22.
Lease Liabilities.
Lease liabilities are reported under non-current and current liabilities. A further disclosure
of leases can be found in note 32.
Other liabilities.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Corporate income tax
0.4
0.5
Wage tax & social security charges
4.4
3.3
VAT
22.7
21.7
Employee benefit liabilities
12.4
8.7
Liability due to customer loyalty program
12.4
10.7
Accrued expenses
8.4
11.2
60.7
56.0
Other liabilities remained relatively stable compared to prior year.
Employee benefit liabilities.
The employee benefit liabilities include accruals for bonus payments, vacation days and
several other accruals.
Other liabilities.
No interest is charged on the other liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
22.\u00a0 Non-current liabilities.
Loans and borrowings.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Amounts due to banks
0.0
4.9
Lease liabilities
67.4
27.7
Convertible bond
261.9
204.2
Employee benefit liabilities
1.0
0.8
330.3
237.6
Convertible bonds.
The Group has two tranches of convertible bonds outstanding :
\u2022 2021 convertible bonds (due 2028)
In January 2021, the Company issued 2,250 zero-coupon convertible bonds with an
aggregate principal amount of EUR 225.0 million. Each bond entitles the holder to convert
the bond into ordinary shares at a conversion price of EUR 233.83 per share.
Following the partial repurchase of the convertible bonds in April 2025, bonds with a
nominal amount of EUR 67.1 million remained outstanding as at December 31, 2025.
The remaining 2021 convertible bonds include a put option exercisable by the
bondholders on January 21, 2026. As the Group does not have an unconditional right to
defer settlement of the liability beyond 12 months at the reporting date, the entire
remaining liability component is classified as a current liability as at December 31, 2025 in
accordance with IAS 1.69(d).
As at December 31, 2025, the carrying amount of the liability component of the 2021
convertible bonds amounts to EUR 66.8 million. The effective interest rate of the liability
component is 3.05% per annum.
\u2022 2025 convertible bonds (due 2032)
On April 16, 2025, the Company issued EUR 300 million senior unsecured convertible
bonds bearing 1.75% annual interest, payable semi-annually, and maturing on April 16,
2032. Each bond is convertible into ordinary shares at a conversion price of EUR 173.74
per share. Bondholders may exercise a put option on April 16, 2030 to redeem the bonds
at the accreted redemption amount plus accrued interest.
The convertible bonds are accounted for as a compound financial instrument and have
been separated into a liability component and an equity component at initial recognition.
The liability component was initially recognized at EUR 259.3 million (net of transaction
costs) and is subsequently measured at amortized cost using the effective interest
method. The equity component of EUR 27.5 million (net of deferred tax) was recognized
directly in equity.
As at December 31, 2025, the carrying amount of the liability component of the 2025
convertible bonds amounts to EUR 266.5 million of which EUR 261.9 million is presented
as a non-current liability. The effective interest rate of the liability component on initial
recognition is 5.16% per annum.
Initial recognition convertible bonds.
A summary of the initial recognition of the convertible bonds is given below:
in millions of Euros
Issued on 14.01.2021
Issued on 08.04.2025
Proceeds of principal issued (amount less costs)
222.2
296.4
Liability component at date of issue
-179.9
-259.3
Deferred tax liability on equity component
-10.6
-9.6
Equity component
31.7
27.5
Movements of the convertible bonds.
A summary of the movements of the convertible bonds is given below:
in millions of Euros
Issued on
14.01.2021
Issued on
08.04.2025
Total
Balance 1 January 2024
197.8
0.0
197.8
Interest charged calculated at an effective interest rate
6.4
0.0
6.4
Interest paid
0.0
0.0
0.0
Balance 31 December 2024
204.2
0.0
204.2
Issuance convertible bond
0.0
259.3
259.3
Interest charged calculated at an effective interest rate
3.3
9.8
13.1
Effect of revision of future cash flows
3.9
0.0
3.9
Interest paid
0.0
-2.6
-2.6
Early repurchasing of convertible bonds
-157.3
0.0
-157.3
Early purchase debt settlement gain
-6.8
0.0
-6.8
Early purchase equity element
19.5
0.0
19.5
Balance 31 December 2025
66.8
266.5
333.3
Current versus non-current classification.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Liability component
333.3
204.3
- of which long-term position
261.9
204.3
- of which short-term position
71.4
0.0
23. Current liabilities.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Trade and other payables
253.0
184.0
Loans and borrowings
86.3
9.7
Other liabilities
60.7
56.0
400.0
249.7
Trade and other payables.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Trade payables
248.0
175.3
Other payables
5.0
8.7
253.0
184.0
The average credit period on purchases in 2025 is 33 days (2024: 30 days). No interest is
charged on the trade payables. The Group has financial risk management policies in
place to ensure that all payables are paid within the pre-agreed credit terms.
Trade and other payables grew by EUR 69 million to EUR 253 million. This is due to the
growth in the existing business, improved payment terms and higher year-end
inventories.
Loans and borrowings.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Loans to credit institutions - short term portion
4.9
1.6
Lease liabilities - short term position
10.0
8.1
Convertible bond
71.4
0.0
86.3
9.7
Amount due to banks.
In February 2021, the Company obtained a EUR 13 million loan from a credit institution.
The loan is secured by a pledge over the logistics automation in the Sevenum logistics
center. It has a total duration of six years, ending on December 31, 2026. Repayments are
quarterly in the amount of EUR 406,250 starting on March 31, 2021. The annual interest
rate equals 3-month EURIBOR + 2.95% on the outstanding principal.
Convertible bond.
Convertible bonds are further disclosed in note 22.
Lease Liabilities.
Lease liabilities are reported under non-current and current liabilities. A further disclosure
of leases can be found in note 32.
Other liabilities.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Corporate income tax
0.4
0.5
Wage tax & social security charges
4.4
3.3
VAT
22.7
21.7
Employee benefit liabilities
12.4
8.7
Liability due to customer loyalty program
12.4
10.7
Accrued expenses
8.4
11.2
60.7
56.0
Other liabilities remained relatively stable compared to prior year.
Employee benefit liabilities.
The employee benefit liabilities include accruals for bonus payments, vacation days and
several other accruals.
Other liabilities.
No interest is charged on the other liabilities.
24. Changes in liabilities arising from financing activities.
In accordance with IAS 7, the overview below presents the changes arising from cash flows and non-cash movements:
in millions of Euros
31.12.2024
Cash flows
Non-cash changes
31.12.2025
Acquisition
Addition/Movement
Interest accretion to liability
During financial year 2025
Long term borrowings (incl. current)
6.5
-1.6
0.0
0.0
0.0
4.9
Short term borrowings - bank overdraft
0.0
0.0
0.0
0.0
0.0
0.0
Lease liabilities (non-current)
27.7
0.0
0.0
37.0
2.7
67.4
Lease liabilities (current)
8.1
-8.7
0.0
10.6
0.0
10.0
Convertible bond
204.2
99.4
0.0
12.7
17.0
333.3
246.5
89.1
0.0
60.3
19.7
415.6
in millions of Euros
31.12.2023
Cash flows
Non-cash changes
31.12.2024
Acquisition
Addition/Movement
Interest accretion to liability
During financial year 2024
Long term borrowings (incl. current)
8.1
-1.6
0.0
0.0
0.0
6.5
Short term borrowings - bank overdraft
0.0
0.0
0.0
0.0
0.0
0.0
Lease liabilities (non-current)
30.7
0.0
0.0
-4.2
1.2
27.7
Lease liabilities (current)
7.1
-8.3
0.0
9.2
0.0
8.1
Convertible bond
197.8
0.0
0.0
0.0
6.4
204.2
243.7
-9.9
0.0
5.0
7.6
246.5
For the disclosure relating to our credit facility, we refer to Note 12/22.
The total number of additions and movements in lease liabilities relates to the
reclassification from non-current to current and the additions to the lease liabilities
during the financial year. For further details on the total amount of additions (non-
current and current) of EUR 47.6 million (2024: EUR 5.0 million), please refer to Note 32.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "
22.\u00a0 Non-current liabilities.
Loans and borrowings.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Amounts due to banks
0.0
4.9
Lease liabilities
67.4
27.7
Convertible bond
261.9
204.2
Employee benefit liabilities
1.0
0.8
330.3
237.6
Convertible bonds.
The Group has two tranches of convertible bonds outstanding :
\u2022 2021 convertible bonds (due 2028)
In January 2021, the Company issued 2,250 zero-coupon convertible bonds with an
aggregate principal amount of EUR 225.0 million. Each bond entitles the holder to convert
the bond into ordinary shares at a conversion price of EUR 233.83 per share.
Following the partial repurchase of the convertible bonds in April 2025, bonds with a
nominal amount of EUR 67.1 million remained outstanding as at December 31, 2025.
The remaining 2021 convertible bonds include a put option exercisable by the
bondholders on January 21, 2026. As the Group does not have an unconditional right to
defer settlement of the liability beyond 12 months at the reporting date, the entire
remaining liability component is classified as a current liability as at December 31, 2025 in
accordance with IAS 1.69(d).
As at December 31, 2025, the carrying amount of the liability component of the 2021
convertible bonds amounts to EUR 66.8 million. The effective interest rate of the liability
component is 3.05% per annum.
\u2022 2025 convertible bonds (due 2032)
On April 16, 2025, the Company issued EUR 300 million senior unsecured convertible
bonds bearing 1.75% annual interest, payable semi-annually, and maturing on April 16,
2032. Each bond is convertible into ordinary shares at a conversion price of EUR 173.74
per share. Bondholders may exercise a put option on April 16, 2030 to redeem the bonds
at the accreted redemption amount plus accrued interest.
The convertible bonds are accounted for as a compound financial instrument and have
been separated into a liability component and an equity component at initial recognition.
The liability component was initially recognized at EUR 259.3 million (net of transaction
costs) and is subsequently measured at amortized cost using the effective interest
method. The equity component of EUR 27.5 million (net of deferred tax) was recognized
directly in equity.
As at December 31, 2025, the carrying amount of the liability component of the 2025
convertible bonds amounts to EUR 266.5 million of which EUR 261.9 million is presented
as a non-current liability. The effective interest rate of the liability component on initial
recognition is 5.16% per annum.
Initial recognition convertible bonds.
A summary of the initial recognition of the convertible bonds is given below:
in millions of Euros
Issued on 14.01.2021
Issued on 08.04.2025
Proceeds of principal issued (amount less costs)
222.2
296.4
Liability component at date of issue
-179.9
-259.3
Deferred tax liability on equity component
-10.6
-9.6
Equity component
31.7
27.5
Movements of the convertible bonds.
A summary of the movements of the convertible bonds is given below:
in millions of Euros
Issued on
14.01.2021
Issued on
08.04.2025
Total
Balance 1 January 2024
197.8
0.0
197.8
Interest charged calculated at an effective interest rate
6.4
0.0
6.4
Interest paid
0.0
0.0
0.0
Balance 31 December 2024
204.2
0.0
204.2
Issuance convertible bond
0.0
259.3
259.3
Interest charged calculated at an effective interest rate
3.3
9.8
13.1
Effect of revision of future cash flows
3.9
0.0
3.9
Interest paid
0.0
-2.6
-2.6
Early repurchasing of convertible bonds
-157.3
0.0
-157.3
Early purchase debt settlement gain
-6.8
0.0
-6.8
Early purchase equity element
19.5
0.0
19.5
Balance 31 December 2025
66.8
266.5
333.3
Current versus non-current classification.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Liability component
333.3
204.3
- of which long-term position
261.9
204.3
- of which short-term position
71.4
0.0
Employee benefit liabilities.
This relates to the long-term portion of post-combination benefit payments as a result of
the acquisition of smartpatient.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
Convertible bonds.
The Group has two tranches of convertible bonds outstanding :
\u2022 2021 convertible bonds (due 2028)
In January 2021, the Company issued 2,250 zero-coupon convertible bonds with an
aggregate principal amount of EUR 225.0 million. Each bond entitles the holder to convert
the bond into ordinary shares at a conversion price of EUR 233.83 per share.
Following the partial repurchase of the convertible bonds in April 2025, bonds with a
nominal amount of EUR 67.1 million remained outstanding as at December 31, 2025.
The remaining 2021 convertible bonds include a put option exercisable by the
bondholders on January 21, 2026. As the Group does not have an unconditional right to
defer settlement of the liability beyond 12 months at the reporting date, the entire
remaining liability component is classified as a current liability as at December 31, 2025 in
accordance with IAS 1.69(d).
As at December 31, 2025, the carrying amount of the liability component of the 2021
convertible bonds amounts to EUR 66.8 million. The effective interest rate of the liability
component is 3.05% per annum.
\u2022 2025 convertible bonds (due 2032)
On April 16, 2025, the Company issued EUR 300 million senior unsecured convertible
bonds bearing 1.75% annual interest, payable semi-annually, and maturing on April 16,
2032. Each bond is convertible into ordinary shares at a conversion price of EUR 173.74
per share. Bondholders may exercise a put option on April 16, 2030 to redeem the bonds
at the accreted redemption amount plus accrued interest.
The convertible bonds are accounted for as a compound financial instrument and have
been separated into a liability component and an equity component at initial recognition.
The liability component was initially recognized at EUR 259.3 million (net of transaction
costs) and is subsequently measured at amortized cost using the effective interest
method. The equity component of EUR 27.5 million (net of deferred tax) was recognized
directly in equity.
As at December 31, 2025, the carrying amount of the liability component of the 2025
convertible bonds amounts to EUR 266.5 million of which EUR 261.9 million is presented
as a non-current liability. The effective interest rate of the liability component on initial
recognition is 5.16% per annum.
Initial recognition convertible bonds.
A summary of the initial recognition of the convertible bonds is given below:
in millions of Euros
Issued on 14.01.2021
Issued on 08.04.2025
Proceeds of principal issued (amount less costs)
222.2
296.4
Liability component at date of issue
-179.9
-259.3
Deferred tax liability on equity component
-10.6
-9.6
Equity component
31.7
27.5
Movements of the convertible bonds.
A summary of the movements of the convertible bonds is given below:
in millions of Euros
Issued on
14.01.2021
Issued on
08.04.2025
Total
Balance 1 January 2024
197.8
0.0
197.8
Interest charged calculated at an effective interest rate
6.4
0.0
6.4
Interest paid
0.0
0.0
0.0
Balance 31 December 2024
204.2
0.0
204.2
Issuance convertible bond
0.0
259.3
259.3
Interest charged calculated at an effective interest rate
3.3
9.8
13.1
Effect of revision of future cash flows
3.9
0.0
3.9
Interest paid
0.0
-2.6
-2.6
Early repurchasing of convertible bonds
-157.3
0.0
-157.3
Early purchase debt settlement gain
-6.8
0.0
-6.8
Early purchase equity element
19.5
0.0
19.5
Balance 31 December 2025
66.8
266.5
333.3
Current versus non-current classification.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Liability component
333.3
204.3
- of which long-term position
261.9
204.3
- of which short-term position
71.4
0.0
25. Financial instruments.
Categories of financial instruments.
Financial assets at fair value through profit or loss
Financial assets at amortized cost
in millions of Euros
Year ended
Year ended
Year ended
Year ended
31.12.2025
31.12.2024
31.12.2025
31.12.2024
Trade and other receivables
0
0
129.5
109.9
Other financial assets
0
0
118.7
87.2
Cash and cash equivalents
0
0
92.4
96.9
Total financial assets
0
0
340.6
294.0
Financial liabilities at fair value through profit or loss
Financial liabilities at amortized cost
in millions of Euros
Year ended
Year ended
Year ended
Year ended
31.12.2025
31.12.2024
31.12.2025
31.12.2024
Non-current liabilities (excluding lease and convertible bonds)
0
0
4.8
5.7
Convertible bonds (non-current)
0
0
261.9
204.2
Trade and other payables
0
0
253.0
184.0
Current loans and borrowings (excluding lease)
0
0
4.9
1.6
Convertible bonds (current)
0
0
71.4
0.0
Other current liabilities
0
0
38.0
34.1
Total financial liabilities
0
0
634.0
429.7
Information on risks.
The Group is exposed to various financial risks: interest rate risk, credit risk, liquidity risk
and currency risk. This note provides information on these risks, the objectives and
policies for managing them, and the Group's approach to capital management.
Interest rate risk.
The interest rate risk relates to the impact of changes in market interest rates on profit
and loss, equity or cash flows in the current or a future reporting periods. Interest rate risk
mainly arises from the Group's financial liabilities.
A change in market interest rates at the reporting date would not have a significant effect
on the Group profit or equity, as the credit facility is typically undrawn and most other
non-current liabilities carry fixed interest rates. Under current market conditions, an
increase in interest rates would have a positive effect on cash and equivalents due to
higher deposit yields.
Credit risk.
Credit risk is the risk of financial loss if a counterparty fails to meet its contractual\u00a0
obligations. The Group is exposed to this risk primarily through trade receivables from
customers. Credit risk also arises from cash and cash equivalents and other financial
assets. The Group deals only with independently rated banks and financial institutions
with a minimum rating of A.
The concentration of credit risk regarding receivables remains limited, as the Company\u2019s
customer and vendor base are both large and unrelated. No single customer represents
more than 1 % of total trade receivables.
Expected credit losses on receivables are covered by provisions for bad debt.\u00a0 Ongoing
monitoring of customer payment behavior limits the risk of additional credit losses.
Receivables that are past due and not impaired relate exclusively to trade receivables
from ordinary business activities. For further information on the provision for doubtful
debts, reference is made to Note 18.
The other receivables and prepayments and accrued income do not include balances\u00a0
older than one year.
Liquidity risk.
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as
they fall due.
The Group regularly assesses expected cash flows over a multi-year period, including
operating cash flows, lease and interest payments, capital expenditure, and repayments
of convertible bonds. The aim is to have sufficient funds available at all times to provide
the required liquidity.
In April 2025, the Group completed a refinancing transaction comprising the issuance of
EUR 300 million convertible bonds due 2032 and the partial repurchase of EUR 157.9
million of the 2021 convertible bonds due 2028. This strengthened the Group\u2019s liquidity
and extended the debt maturity profile. Depending on future share-price developments, a
refinancing risk could arise in 2030 if investors exercise the put option attached to the
2025 convertible bonds.
A significant part of the remaining portion of the 2021 bond (nominal EUR 67.1 million) was
redeemed in January 2026 by holders who exercised their put option. Management
believes that available cash resources and expected operating cash flows are sufficient
to meet these obligations.
Currency risk.
Currency risk is the risk that the fair value or future cash flows of a financial instrument
fluctuate due to changes in foreign exchange rates. The Group\u2019s exposure mainly relates
to operating activities in foreign currencies.
The cost of raw materials, consumables and other expenses is largely denominated in
euro, except for the MediService business, which mainly operates in Swiss francs.
Outstanding intra-Group balances between MediService and other Group entities are
limited. Therefore, foreign-currency risk is not considered material.
Liquidity and interest risk tables.
The following tables present the contractual maturities of the Group's financial liabilities
(excluding lease liabilities) based on the undiscounted cash flows. Amounts represent the
earliest date on which the Group may be required to settle the obligations and include
both principal and interest. For floating-rate liabilities, undiscounted amount are based on
interest rate curves at the reporting date.
The contractual maturities of lease liabilities are disclosed in Note 32.
in millions of Euros
Up to 1 Year
1 - 5 Year
Over 5 Years
Total
At 31 December 2025
Non-current liabilities (excluding lease)
0.0
25.8
337.9
363.7
Trade and other payables
253.0
0.0
0.0
253.0
Current loans and borrowings (excluding lease)
77.3
0.0
0.0
77.3
Other current liabilities
38.0
0.0
0.0
38.0
Total financial liabilities (excluding lease)
368.3
25.8
337.9
732.0
in millions of Euros
Up to 1 Year
1 - 5 Year
Over 5 Years
Total
At 31 December 2024
Non-current liabilities (excluding lease)
0.0
231.0
0.0
231.0
Trade and other payables
184.0
0.0
0.0
184.0
Current loans and borrowings (excluding lease)
1.6
0.0
0.0
1.6
Other current liabilities
34.1
0.0
0.0
34.1
Total financial liabilities (excluding lease)
219.7
231.0
0.0
450.7
Capital management.
The Group\u2019s primary objective in managing capital is to safeguard its ability to continue as
a going concern while maintaining financial flexibility to support growth and strategic
initiatives.
Capital is defined as total equity attributable to shareholders plus net financial debt. Net
financial debt comprises borrowings, including convertible bonds and lease liabilities, less
cash and cash equivalents.
\"\"
The Group monitors its capital structure on a regular basis, including leverage metrics
and compliance with financial covenants under its financing arrangements. During 2025,
the Group complied with all externally imposed capital requirements.
There were no changes in the Group\u2019s capital management objectives, policies or
processes compared to the prior year.
Fair value of financial assets and financial liabilities.
The Company considers that the carrying amounts of its financial assets and financial
liabilities recognized in the consolidated financial statements approximate their
respective fair values, except for the convertible bonds, which are included in loans and
borrowings and measured at amortised cost.
At December 31, 2025, the fair value of the convertible bonds was estimated at EUR 329.3
million (2024: EUR 188,9 million), compared with a total carrying amount of EUR 333,3
thousand (2024: EUR 204,2 million).
The fair value was determined based on discounted future cash flows using market interest
rates for similar instruments and reflects a Level 2 fair value measurement under IFRS 13.
The fair values of all other financial assets and financial liabilities approximate their
carrying amounts, as trade and other receivables generally mature within 30 days and
trade and other payables are typically settled within 90 days.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
23. Current liabilities.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Trade and other payables
253.0
184.0
Loans and borrowings
86.3
9.7
Other liabilities
60.7
56.0
400.0
249.7
Trade and other payables.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Trade payables
248.0
175.3
Other payables
5.0
8.7
253.0
184.0
The average credit period on purchases in 2025 is 33 days (2024: 30 days). No interest is
charged on the trade payables. The Group has financial risk management policies in
place to ensure that all payables are paid within the pre-agreed credit terms.
Trade and other payables grew by EUR 69 million to EUR 253 million. This is due to the
growth in the existing business, improved payment terms and higher year-end
inventories.
Loans and borrowings.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Loans to credit institutions - short term portion
4.9
1.6
Lease liabilities - short term position
10.0
8.1
Convertible bond
71.4
0.0
86.3
9.7
Amount due to banks.
In February 2021, the Company obtained a EUR 13 million loan from a credit institution.
The loan is secured by a pledge over the logistics automation in the Sevenum logistics
center. It has a total duration of six years, ending on December 31, 2026. Repayments are
quarterly in the amount of EUR 406,250 starting on March 31, 2021. The annual interest
rate equals 3-month EURIBOR + 2.95% on the outstanding principal.
Convertible bond.
Convertible bonds are further disclosed in note 22.
Lease Liabilities.
Lease liabilities are reported under non-current and current liabilities. A further disclosure
of leases can be found in note 32.
Other liabilities.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Corporate income tax
0.4
0.5
Wage tax & social security charges
4.4
3.3
VAT
22.7
21.7
Employee benefit liabilities
12.4
8.7
Liability due to customer loyalty program
12.4
10.7
Accrued expenses
8.4
11.2
60.7
56.0
Other liabilities remained relatively stable compared to prior year.
Employee benefit liabilities.
The employee benefit liabilities include accruals for bonus payments, vacation days and
several other accruals.
Other liabilities.
No interest is charged on the other liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
Trade and other payables.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Trade payables
248.0
175.3
Other payables
5.0
8.7
253.0
184.0
The average credit period on purchases in 2025 is 33 days (2024: 30 days). No interest is
charged on the trade payables. The Group has financial risk management policies in
place to ensure that all payables are paid within the pre-agreed credit terms.
Trade and other payables grew by EUR 69 million to EUR 253 million. This is due to the
growth in the existing business, improved payment terms and higher year-end
inventories.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "
Other liabilities.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Corporate income tax
0.4
0.5
Wage tax & social security charges
4.4
3.3
VAT
22.7
21.7
Employee benefit liabilities
12.4
8.7
Liability due to customer loyalty program
12.4
10.7
Accrued expenses
8.4
11.2
60.7
56.0
Other liabilities remained relatively stable compared to prior year.
Employee benefit liabilities.
The employee benefit liabilities include accruals for bonus payments, vacation days and
several other accruals.
Other liabilities.
No interest is charged on the other liabilities", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
Other liabilities.
in millions of Euros
Year ended
Year ended
31.12.2025
31.12.2024
Corporate income tax
0.4
0.5
Wage tax & social security charges
4.4
3.3
VAT
22.7
21.7
Employee benefit liabilities
12.4
8.7
Liability due to customer loyalty program
12.4
10.7
Accrued expenses
8.4
11.2
60.7
56.0
Other liabilities remained relatively stable compared to prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "
24. Changes in liabilities arising from financing activities.
In accordance with IAS 7, the overview below presents the changes arising from cash flows and non-cash movements:
in millions of Euros
31.12.2024
Cash flows
Non-cash changes
31.12.2025
Acquisition
Addition/Movement
Interest accretion to liability
During financial year 2025
Long term borrowings (incl. current)
6.5
-1.6
0.0
0.0
0.0
4.9
Short term borrowings - bank overdraft
0.0
0.0
0.0
0.0
0.0
0.0
Lease liabilities (non-current)
27.7
0.0
0.0
37.0
2.7
67.4
Lease liabilities (current)
8.1
-8.7
0.0
10.6
0.0
10.0
Convertible bond
204.2
99.4
0.0
12.7
17.0
333.3
246.5
89.1
0.0
60.3
19.7
415.6
in millions of Euros
31.12.2023
Cash flows
Non-cash changes
31.12.2024
Acquisition
Addition/Movement
Interest accretion to liability
During financial year 2024
Long term borrowings (incl. current)
8.1
-1.6
0.0
0.0
0.0
6.5
Short term borrowings - bank overdraft
0.0
0.0
0.0
0.0
0.0
0.0
Lease liabilities (non-current)
30.7
0.0
0.0
-4.2
1.2
27.7
Lease liabilities (current)
7.1
-8.3
0.0
9.2
0.0
8.1
Convertible bond
197.8
0.0
0.0
0.0
6.4
204.2
243.7
-9.9
0.0
5.0
7.6
246.5
For the disclosure relating to our credit facility, we refer to Note 12/22.
The total number of additions and movements in lease liabilities relates to the
reclassification from non-current to current and the additions to the lease liabilities
during the financial year. For further details on the total amount of additions (non-
current and current) of EUR 47.6 million (2024: EUR 5.0 million), please refer to Note 32.
The cash flows for the convertible bond relates to the total proceeds from convertible
bond issuance EUR 296.3M minus the repurchase of convertible bonds of EUR 157.3M
minus the interest paid on convertible bonds of EUR 2.6M.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
24. Changes in liabilities arising from financing activities.
In accordance with IAS 7, the overview below presents the changes arising from cash flows and non-cash movements:
in millions of Euros
31.12.2024
Cash flows
Non-cash changes
31.12.2025
Acquisition
Addition/Movement
Interest accretion to liability
During financial year 2025
Long term borrowings (incl. current)
6.5
-1.6
0.0
0.0
0.0
4.9
Short term borrowings - bank overdraft
0.0
0.0
0.0
0.0
0.0
0.0
Lease liabilities (non-current)
27.7
0.0
0.0
37.0
2.7
67.4
Lease liabilities (current)
8.1
-8.7
0.0
10.6
0.0
10.0
Convertible bond
204.2
99.4
0.0
12.7
17.0
333.3
246.5
89.1
0.0
60.3
19.7
415.6
in millions of Euros
31.12.2023
Cash flows
Non-cash changes
31.12.2024
Acquisition
Addition/Movement
Interest accretion to liability
During financial year 2024
Long term borrowings (incl. current)
8.1
-1.6
0.0
0.0
0.0
6.5
Short term borrowings - bank overdraft
0.0
0.0
0.0
0.0
0.0
0.0
Lease liabilities (non-current)
30.7
0.0
0.0
-4.2
1.2
27.7
Lease liabilities (current)
7.1
-8.3
0.0
9.2
0.0
8.1
Convertible bond
197.8
0.0
0.0
0.0
6.4
204.2
243.7
-9.9
0.0
5.0
7.6
246.5
For the disclosure relating to our credit facility, we refer to Note 12/22.
The total number of additions and movements in lease liabilities relates to the
reclassification from non-current to current and the additions to the lease liabilities
during the financial year. For further details on the total amount of additions (non-
current and current) of EUR 47.6 million (2024: EUR 5.0 million), please refer to Note 32.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
Information on risks.
The Group is exposed to various financial risks: interest rate risk, credit risk, liquidity risk
and currency risk. This note provides information on these risks, the objectives and
policies for managing them, and the Group's approach to capital management.
Interest rate risk.
The interest rate risk relates to the impact of changes in market interest rates on profit
and loss, equity or cash flows in the current or a future reporting periods. Interest rate risk
mainly arises from the Group's financial liabilities.
A change in market interest rates at the reporting date would not have a significant effect
on the Group profit or equity, as the credit facility is typically undrawn and most other
non-current liabilities carry fixed interest rates. Under current market conditions, an
increase in interest rates would have a positive effect on cash and equivalents due to
higher deposit yields.
Credit risk.
Credit risk is the risk of financial loss if a counterparty fails to meet its contractual\u00a0
obligations. The Group is exposed to this risk primarily through trade receivables from
customers. Credit risk also arises from cash and cash equivalents and other financial
assets. The Group deals only with independently rated banks and financial institutions
with a minimum rating of A.
The concentration of credit risk regarding receivables remains limited, as the Company\u2019s
customer and vendor base are both large and unrelated. No single customer represents
more than 1 % of total trade receivables.
Expected credit losses on receivables are covered by provisions for bad debt.\u00a0 Ongoing
monitoring of customer payment behavior limits the risk of additional credit losses.
Receivables that are past due and not impaired relate exclusively to trade receivables
from ordinary business activities. For further information on the provision for doubtful
debts, reference is made to Note 18.
The other receivables and prepayments and accrued income do not include balances\u00a0
older than one year.
Liquidity risk.
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as
they fall due.
The Group regularly assesses expected cash flows over a multi-year period, including
operating cash flows, lease and interest payments, capital expenditure, and repayments
of convertible bonds. The aim is to have sufficient funds available at all times to provide
the required liquidity.
In April 2025, the Group completed a refinancing transaction comprising the issuance of
EUR 300 million convertible bonds due 2032 and the partial repurchase of EUR 157.9
million of the 2021 convertible bonds due 2028. This strengthened the Group\u2019s liquidity
and extended the debt maturity profile. Depending on future share-price developments, a
refinancing risk could arise in 2030 if investors exercise the put option attached to the
2025 convertible bonds.
A significant part of the remaining portion of the 2021 bond (nominal EUR 67.1 million) was
redeemed in January 2026 by holders who exercised their put option. Management
believes that available cash resources and expected operating cash flows are sufficient
to meet these obligations.
Currency risk.
Currency risk is the risk that the fair value or future cash flows of a financial instrument
fluctuate due to changes in foreign exchange rates. The Group\u2019s exposure mainly relates
to operating activities in foreign currencies.
The cost of raw materials, consumables and other expenses is largely denominated in
euro, except for the MediService business, which mainly operates in Swiss francs.
Outstanding intra-Group balances between MediService and other Group entities are
limited. Therefore, foreign-currency risk is not considered material.
Liquidity and interest risk tables.
The following tables present the contractual maturities of the Group's financial liabilities
(excluding lease liabilities) based on the undiscounted cash flows. Amounts represent the
earliest date on which the Group may be required to settle the obligations and include
both principal and interest. For floating-rate liabilities, undiscounted amount are based on
interest rate curves at the reporting date.
The contractual maturities of lease liabilities are disclosed in Note 32.
in millions of Euros
Up to 1 Year
1 - 5 Year
Over 5 Years
Total
At 31 December 2025
Non-current liabilities (excluding lease)
0.0
25.8
337.9
363.7
Trade and other payables
253.0
0.0
0.0
253.0
Current loans and borrowings (excluding lease)
77.3
0.0
0.0
77.3
Other current liabilities
38.0
0.0
0.0
38.0
Total financial liabilities (excluding lease)
368.3
25.8
337.9
732.0
in millions of Euros
Up to 1 Year
1 - 5 Year
Over 5 Years
Total
At 31 December 2024
Non-current liabilities (excluding lease)
0.0
231.0
0.0
231.0
Trade and other payables
184.0
0.0
0.0
184.0
Current loans and borrowings (excluding lease)
1.6
0.0
0.0
1.6
Other current liabilities
34.1
0.0
0.0
34.1
Total financial liabilities (excluding lease)
219.7
231.0
0.0
450.7
Capital management.
The Group\u2019s primary objective in managing capital is to safeguard its ability to continue as
a going concern while maintaining financial flexibility to support growth and strategic
initiatives.
Capital is defined as total equity attributable to shareholders plus net financial debt. Net
financial debt comprises borrowings, including convertible bonds and lease liabilities, less
cash and cash equivalents.
\"\"
The Group monitors its capital structure on a regular basis, including leverage metrics
and compliance with financial covenants under its financing arrangements. During 2025,
the Group complied with all externally imposed capital requirements.
There were no changes in the Group\u2019s capital management objectives, policies or
processes compared to the prior year.
Fair value of financial assets and financial liabilities.
The Company considers that the carrying amounts of its financial assets and financial
liabilities recognized in the consolidated financial statements approximate their
respective fair values, except for the convertible bonds, which are included in loans and
borrowings and measured at amortised cost.
At December 31, 2025, the fair value of the convertible bonds was estimated at EUR 329.3
million (2024: EUR 188,9 million), compared with a total carrying amount of EUR 333,3
thousand (2024: EUR 204,2 million).
The fair value was determined based on discounted future cash flows using market interest
rates for similar instruments and reflects a Level 2 fair value measurement under IFRS 13.
The fair values of all other financial assets and financial liabilities approximate their
carrying amounts, as trade and other receivables generally mature within 30 days and
trade and other payables are typically settled within 90 days.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "
Interest rate risk.
The interest rate risk relates to the impact of changes in market interest rates on profit
and loss, equity or cash flows in the current or a future reporting periods. Interest rate risk
mainly arises from the Group's financial liabilities.
A change in market interest rates at the reporting date would not have a significant effect
on the Group profit or equity, as the credit facility is typically undrawn and most other
non-current liabilities carry fixed interest rates. Under current market conditions, an
increase in interest rates would have a positive effect on cash and equivalents due to
higher deposit yields.
Currency risk.
Currency risk is the risk that the fair value or future cash flows of a financial instrument
fluctuate due to changes in foreign exchange rates. The Group\u2019s exposure mainly relates
to operating activities in foreign currencies.
The cost of raw materials, consumables and other expenses is largely denominated in
euro, except for the MediService business, which mainly operates in Swiss francs.
Outstanding intra-Group balances between MediService and other Group entities are
limited. Therefore, foreign-currency risk is not considered material.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
Credit risk.
Credit risk is the risk of financial loss if a counterparty fails to meet its contractual\u00a0
obligations. The Group is exposed to this risk primarily through trade receivables from
customers. Credit risk also arises from cash and cash equivalents and other financial
assets. The Group deals only with independently rated banks and financial institutions
with a minimum rating of A.
The concentration of credit risk regarding receivables remains limited, as the Company\u2019s
customer and vendor base are both large and unrelated. No single customer represents
more than 1 % of total trade receivables.
Expected credit losses on receivables are covered by provisions for bad debt.\u00a0 Ongoing
monitoring of customer payment behavior limits the risk of additional credit losses.
Receivables that are past due and not impaired relate exclusively to trade receivables
from ordinary business activities. For further information on the provision for doubtful
debts, reference is made to Note 18.
The other receivables and prepayments and accrued income do not include balances\u00a0
older than one year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
Liquidity risk.
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as
they fall due.
The Group regularly assesses expected cash flows over a multi-year period, including
operating cash flows, lease and interest payments, capital expenditure, and repayments
of convertible bonds. The aim is to have sufficient funds available at all times to provide
the required liquidity.
In April 2025, the Group completed a refinancing transaction comprising the issuance of
EUR 300 million convertible bonds due 2032 and the partial repurchase of EUR 157.9
million of the 2021 convertible bonds due 2028. This strengthened the Group\u2019s liquidity
and extended the debt maturity profile. Depending on future share-price developments, a
refinancing risk could arise in 2030 if investors exercise the put option attached to the
2025 convertible bonds.
A significant part of the remaining portion of the 2021 bond (nominal EUR 67.1 million) was
redeemed in January 2026 by holders who exercised their put option. Management
believes that available cash resources and expected operating cash flows are sufficient
to meet these obligations.
in millions of Euros
Up to 1 Year
1 - 5 Year
Over 5 Years
Total
At 31 December 2025
Non-current liabilities (excluding lease)
0.0
25.8
337.9
363.7
Trade and other payables
253.0
0.0
0.0
253.0
Current loans and borrowings (excluding lease)
77.3
0.0
0.0
77.3
Other current liabilities
38.0
0.0
0.0
38.0
Total financial liabilities (excluding lease)
368.3
25.8
337.9
732.0
in millions of Euros
Up to 1 Year
1 - 5 Year
Over 5 Years
Total
At 31 December 2024
Non-current liabilities (excluding lease)
0.0
231.0
0.0
231.0
Trade and other payables
184.0
0.0
0.0
184.0
Current loans and borrowings (excluding lease)
1.6
0.0
0.0
1.6
Other current liabilities
34.1
0.0
0.0
34.1
Total financial liabilities (excluding lease)
219.7
231.0
0.0
450.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "
Capital management.
The Group\u2019s primary objective in managing capital is to safeguard its ability to continue as
a going concern while maintaining financial flexibility to support growth and strategic
initiatives.
Capital is defined as total equity attributable to shareholders plus net financial debt. Net
financial debt comprises borrowings, including convertible bonds and lease liabilities, less
cash and cash equivalents.
\"\"
The Group monitors its capital structure on a regular basis, including leverage metrics
and compliance with financial covenants under its financing arrangements. During 2025,
the Group complied with all externally imposed capital requirements.
There were no changes in the Group\u2019s capital management objectives, policies or
processes compared to the prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "1 Other mainly includes gross allowances for fringe benefits such as compensation for car and phone.
26. Related party transactions.
Compensation of key management personnel.
Key management personnel are those persons who have authority and responsibility for
planning, directing and controlling the activities of the Group, directly or indirectly,
including any director (executive or non-executive). The Group considers the members of
the Managing Board and the Supervisory Board to be key management personnel.
The remuneration of each member of the Managing Board is disclosed in the
Remuneration Report.
The total compensation of key management personnel in 2025 amounted to EUR 5.0
million (2024: EUR 4.5 million).
Remuneration of the Managing Board.
The table below sets out the remuneration of the members of the Managing Board
in thousands of Euros
2025
2024
Base salary
2,149
2,056
Short term variable incentives (STI)
0
0
Other (1) 1
624
270
Share-based compensation
1,870
1,763
Pensions
53
55
Total remuneration
4,696
4,144
Remuneration of the members of the Supervisory Board.
The table below sets out the remuneration of the members of the Supervisory Board.
in thousands of Euros
2025
2024
Bj\u00f6rn S\u00f6der
92
92
Jaska de Bakker
71
52
J\u00e9r\u00f4me Cochet
54
49
Michael Kohler
36
0
Stephan Weber
29
0
Frank K\u00f6hler
28
74
Henriette Peucker
21
57
Total
331
324
Loans to key management personnel.
Redcare Pharmacy N.V. does not provide loans or advances to members of the Managing
Board or the Supervisory Board. No loans, advances or guarantees were outstanding at 31
December 2025.
1 The amounts are classified as trade receivables and trade payables, respectively (see note 18 and note 22).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "1 Other mainly includes gross allowances for fringe benefits such as compensation for car and phone.
26. Related party transactions.
Compensation of key management personnel.
Key management personnel are those persons who have authority and responsibility for
planning, directing and controlling the activities of the Group, directly or indirectly,
including any director (executive or non-executive). The Group considers the members of
the Managing Board and the Supervisory Board to be key management personnel.
The remuneration of each member of the Managing Board is disclosed in the
Remuneration Report.
The total compensation of key management personnel in 2025 amounted to EUR 5.0
million (2024: EUR 4.5 million).
Remuneration of the Managing Board.
The table below sets out the remuneration of the members of the Managing Board
in thousands of Euros
2025
2024
Base salary
2,149
2,056
Short term variable incentives (STI)
0
0
Other (1) 1
624
270
Share-based compensation
1,870
1,763
Pensions
53
55
Total remuneration
4,696
4,144
Remuneration of the members of the Supervisory Board.
The table below sets out the remuneration of the members of the Supervisory Board.
in thousands of Euros
2025
2024
Bj\u00f6rn S\u00f6der
92
92
Jaska de Bakker
71
52
J\u00e9r\u00f4me Cochet
54
49
Michael Kohler
36
0
Stephan Weber
29
0
Frank K\u00f6hler
28
74
Henriette Peucker
21
57
Total
331
324
Loans to key management personnel.
Redcare Pharmacy N.V. does not provide loans or advances to members of the Managing
Board or the Supervisory Board. No loans, advances or guarantees were outstanding at 31
December 2025.
\"\"
1 The amounts are classified as trade receivables and trade payables, respectively (see note 18 and note 22).
Loans from related parties.
As in 2024, no loans from related parties were obtained in 2025.
Other transactions with related parties.
The following table presents the total amount of transactions entered into with related
parties during the relevant financial year:
in millions of
Euros
Sales to
related parties
Purchases from
related parties
Amounts owed by
related parties 1
Amounts owed
to related parties
Other
transactions
Joint venture in which the parent is a venturer:
2025
0.0
0.4
0.0
0.0
0.0
2024
0.0
0.4
0.0
0.0
0.0
Associates:
2025
0.3
0.0
0.0
0.0
0.0
2024
0.4
0.0
0.2
0.0
0.0
Key management personnel:
2025
0.0
0.0
0.0
0.0
0.0
2024
0.0
0.0
0.0
0.0
0.0
Redcare Pharmacy N.V. has entered into arrangements with several of its subsidiaries in
the ordinary course of business. These arrangements primarily relate to service
transactions and financing agreements. All transactions at arm's length and in
accordance with market conditions.
Identified related parties.
The Group\u2019s related parties consist of its subsidiaries and the key management personnel
as defined in IAS 24.
In 2025, no individuals or entities outside the Group qualified as related parties, as none
held control, joint control or significant influence over Redcare Pharmacy N.V. during the
reporting period.
Transactions with subsidiaries relate to service arrangements and financing agreements
and were conducted at arm\u2019s length.
During 2024, SA Europe B.V. acquired 100% of the shares of Aust Pharma GmbH. This
transaction involved an employee of the Group who is not identified as a related party.
Further details of this business combination are provided in Note 31.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "
Fair value of financial assets and financial liabilities.
The Company considers that the carrying amounts of its financial assets and financial
liabilities recognized in the consolidated financial statements approximate their
respective fair values, except for the convertible bonds, which are included in loans and
borrowings and measured at amortised cost.
At December 31, 2025, the fair value of the convertible bonds was estimated at EUR 329.3
million (2024: EUR 188,9 million), compared with a total carrying amount of EUR 333,3
thousand (2024: EUR 204,2 million).
The fair value was determined based on discounted future cash flows using market interest
rates for similar instruments and reflects a Level 2 fair value measurement under IFRS 13.
The fair values of all other financial assets and financial liabilities approximate their
carrying amounts, as trade and other receivables generally mature within 30 days and
trade and other payables are typically settled within 90 days.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "
Fair value of financial assets and financial liabilities.
The Company considers that the carrying amounts of its financial assets and financial
liabilities recognized in the consolidated financial statements approximate their
respective fair values, except for the convertible bonds, which are included in loans and
borrowings and measured at amortised cost.
At December 31, 2025, the fair value of the convertible bonds was estimated at EUR 329.3
million (2024: EUR 188,9 million), compared with a total carrying amount of EUR 333,3
thousand (2024: EUR 204,2 million).
The fair value was determined based on discounted future cash flows using market interest
rates for similar instruments and reflects a Level 2 fair value measurement under IFRS 13.
The fair values of all other financial assets and financial liabilities approximate their
carrying amounts, as trade and other receivables generally mature within 30 days and
trade and other payables are typically settled within 90 days.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
27. Share-based payments.
As at 31 December 2025, the Group operated a share-based payment plans for a
selected group of employees.
Employee stock option plan of the Group.
Plan characteristics.
The Group operates an employee stock option plan for a selected group of employees,
primarily consisting of members of the Managing Board and senior management of the
Group and its subsidiaries. Under the terms of the plan, eligible employees may be
granted options to acquire ordinary shares in Redcare Pharmacy N.V.
The General Meeting of Shareholders has designated the Managing Board, subject to
prior approval of the Supervisory Board, to grant rights to acquire shares under the
employee stock option plans.
Each option converts into one ordinary share upon exercise. No amounts are paid or
payable by participants upon the grant of the option. Options do not carry dividends or
voting rights. Once vested, options may be exercised at any time to their expiry date.
Fair value of the stock options granted during the year.
The weighted average exercise price of stock options granted in 2025 was EUR 123.80
(2024: EUR 131.35).
The fair value of the granted options was determined using management's best estimate
assumptions.
An external valuation expert assessed the expected fair value of the options.
\u2022 For Option Plans 1-6; the Black-Scholes model was applied.
\u2022 For Option Plans 7-21, the Monte Carlo model was used, as this model captures
market-based performance conditions and expected option life more actually.
The only vesting condition is that employees must remain in service for the grant date
until the vesting date. Under the plan rules, employees retain the right to exercise vested
options even in the event of disability, death or retirement.
Movements in stock options during the year.
The reconciliation of stock options outstanding at the beginning and end of the year is
presented in the table below:
Number
of options 2025
Weighted average
exercise price
2025
Number
of options 2024
Weighted average
exercise price
2024
Balance at beginning of the
year
600,168
102.19
597,456
90.61
Granted during the year
101,570
123.80
86,338
131.35
Forfeited during the year
-6,952
118.21
-2,481
48.84
Exercised during the year
-6,152
71.45
-81,145
48.84
Expired during the year
0
0.00
\u2014
0.00
Balance at end of year
688,634
105.47
600,168
102.19
For the exercisability of each grant, reference is made to the table above.
At 31 December 2025, stock options outstanding had:
\u2022 a weighted average exercise price of EUR 105.47 (2024: EUR 102.19), and
\u2022 a weighted average remaining contractual life of 963 days (2024: 1,146 days).
In 2025, a total share-based payment expense of EUR 3.5 million ((2024: EUR 3.2 million)
was recognized in profit and loss.
The following share-based payment arrangements were in existence during the year:
Options
series
Quantity
Grant
date
Vesting date
Expiry
date
Exercise
price
Fair
value
grant
date
Balance at
end of
year
6b
78,333
02/07/2019
18/06/2022
30/06/2026
35.50
12.72
19,640
6c
78,333
02/07/2019
18/06/2023
30/06/2026
35.50
12.72
50,061
7b
10,000
01/02/2020
01/02/2023
11/06/2027
46.40
18.18
5,000
7c
10,000
01/02/2020
01/02/2024
11/06/2027
46.40
19.13
10,000
8a
93,000
12/05/2020
12/05/2022
11/06/2027
81.40
29.59
42,593
8b
93,000
12/05/2020
12/05/2023
11/06/2027
81.40
31.47
70,777
8c
93,000
12/05/2020
12/05/2024
11/06/2027
81.40
33.05
73,945
9a
100,000
01/10/2020
01/10/2023
01/10/2026
149.40
61.14
80,000
9b
100,000
01/10/2020
01/10/2024
01/10/2026
149.40
64.46
80,000
10a
4,184
04/05/2021
04/05/2023
04/05/2028
160.60
63.94
3,183
10b
4,183
04/05/2021
04/05/2024
04/05/2028
160.60
68.45
3,183
10c
4,183
04/05/2021
04/05/2025
04/05/2028
160.60
75.25
3,184
11a
8,183
28/04/2022
28/04/2024
28/04/2029
74.42
31.55
6,261
11b
8,183
28/04/2022
28/04/2025
28/04/2029
74.42
34.01
7,376
11c
10,910
28/04/2022
28/04/2026
28/04/2029
74.42
36.15
9,924
12a
1,605
02/11/2022
02/11/2024
02/11/2029
44.12
19.90
1,005
12b
1,605
02/11/2022
02/11/2025
02/11/2029
44.12
21.52
1,605
12c
2,140
02/11/2022
02/11/2026
02/11/2029
44.12
22.95
2,140
13a
8,458
26/04/2023
26/04/2025
26/04/2030
91.56
42.48
7,438
13b
8,458
26/04/2023
26/04/2026
26/04/2030
91.56
45.99
7,684
13c
11,277
26/04/2023
26/04/2027
26/04/2030
91.56
48.93
10,245
Subtotal
729,034
495,243
Options
series
Quantity
Grant date
Vesting
date
Expiry date
Exercise
price
Fair
value
grant
date
Balance at
end of year
Subtotal
729,034
495,243
14
9,984
01/08/2023
01/08/2026
01/08/2029
116.05
60.10
9,984
15
19,300
03/01/2024
03/01/2027
03/01/2030
127.90
64.77
19,300
16
19,216
02/02/2024
02/02/2027
02/02/2030
133.15
67.65
19,216
17a
9,683
26/04/2024
26/04/2027
26/04/2031
130.00
59.57
9,239
17b
9,683
26/04/2024
26/04/2028
26/04/2031
130.00
64.47
9,239
17c
12,910
26/04/2024
26/04/2029
26/04/2031
130.00
68.57
12,318
18
15,546
17/04/2024
17/04/2027
17/04/2030
136.20
69.47
15,546
19
53,574
03/01/2025
03/01/2028
03/01/2031
125.60
63.09
53,574
20a
12,825
20/05/2025
20/05/2027
20/05/2032
128.80
58.15
11,919
20b
12,825
20/05/2025
20/05/2028
20/05/2032
128.80
62.93
11,919
20c
17,100
20/05/2025
20/05/2029
20/05/2032
128.80
67.01
15,891
21a
1,574
01/12/2025
01/12/2027
01/12/2032
64.70
29.26
1,574
21b
1,574
01/12/2025
01/12/2028
01/12/2032
64.70
31.68
1,574
21c
2,098
01/12/2025
01/12/2029
01/12/2032
64.70
33.73
2,098
Total
926,926
688,634
Inputs to the model.
Option series
Series 6
Series 7
Series 8
Series 9
Series 10
Series 11
Grant date share price
35.80
46.40
81.40
149.40
160.60
74.42
Exercise price
35.50
46.40
81.40
149.40
160.60
74.42
Expected volatility
36.01%
44.33%
44.33%
47.32%
49.49%
51.88%
Option life
7 years
7 years + 4m
7 years
6 years
7 years
7 years
Dividend yield
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
Risk-free interest rate
-0.77%
-0.55%
-0.56%
-0.638%
-0.446%
0.850%
Calculation model
BS
MC
MC
MC
MC
MC
Option series
Series 12
Series 13a
Series 14
Series 15
Series 16
Series 17
Grant date share price
44.12
91.56
116.05
127.90
133.15
130.00
Exercise price
44.12
91.56
116.05
127.90
133.15
130.00
Expected volatility
54.39%
55.68%
55.31%
54.75%
54.72%
54.44%
Option life
7 years
7 years
6 years
6 years
6 years
7 years
Dividend yield
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
Risk-free interest rate
2.132%
2.42%
2.54%
1.95%
2.131%
2.567%
Calculation model
MC
MC
MC
MC
MC
MC
Option series
Series 18
Series 19
Series 20
Series 21
Grant date share price
136.20
125.60
128.80
64.70
Exercise price
136.20
125.60
128.80
64.70
Expected volatility
54.48%
53.94%
54.16%
54.07%
Option life
6 years
6 years
7 years
7 years
Dividend yield
\u2014%
\u2014%
\u2014%
\u2014%
Risk-free interest rate
2.452%
2.27%
2.44%
2.58%
Calculation model
MC
MC
MC
MC
Expected share volatility was determined based on historical daily share price
movements of Redcare Pharmacy N.V. over the past three to four years.
The dividend yield was set at 0.0%, reflecting the expectation that no dividends will be
paid in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
28. Employee benefit plans.
Employees of MediService work in Switzerland and participate in the \u201cGalenica Pension
Fund\u201d, a legally separate defined benefit plan financed jointly by the employer and the
employees. The pension plan covers the economic risks of old age, disability and death in
accordance with the Swiss Federal Occupational Retirement, Survivors and Disability
Pension Plans Act (BVG / LPP). The plan is organized in the legal form of a foundation. All
actuarial risks are borne by the foundation and are assessed regularly by the Board of
Trustees based on an annual actuarial valuation prepared under BVG / LPP requirements.
Under Swiss law, the Group's obligations are limited to contributions calculated as a
percentage of the insured salary. Additional employer contributions are required only if
the funded status falls significantly below 100% under BVG / LPP. The actuarial valuations
prepared under BVG / LPP do not apply the projected unit credit method required by IFRS.
If the BVG / LPP valuation indicates a funding deficit, the Board of Trustees, consisting of
employer and employee representatives, determines appropriate remedial measures in
accordance with Swiss pension regulations. Such measures may include additional
employer and employee contributions or other corrective actions to restore the funded
status.
The defined benefit plan is funded, and plan assets are held in a legally separate pension
fund managed independently from MediService\u2019s assets.
The most recent actuarial valuation was prepared as at December 31, 2025. Pension fund
assets are invested in accordance with Swiss investment regulations. MediService pays
its contributions in accordance with the rules defined by the pension fund.
The final funded status under BVG / LPP is determined only in the first quarter of the
subsequent year.
The projected funded status as of December 31, 2025\u00a0 is 119.0% (unaudited), compared
with a final funded status of 117.6% as at 31 December 2024.
Defined benefit plans and long-service awards.
2025
2024
in EUR 1,000
Defined benefit
plans
Long-service
awards
Defined
benefit plans
Long-service
awards
Plan assets measured at fair value
41.2
0.0
36.1
0.0
Present value of defined benefit
obligation
-39.3
-0.4
-38.1
-0.4
Surplus / (deficit)
1.9
-0.4
-2.0
-0.4
Effect of asset ceiling
-1.9
0.0
0.0
0.0
Net carrying amount recognized in
employee benefit liabilities
0.0
-0.4
-2.0
-0.4
of which recognized in assets
0.0
0.0
0.0
0.0
of which recognized in liabilities
0.0
-0.4
-2.0
-0.4
Change in present value of defined benefit obligation.
2025
2024
in EUR 1,000
Defined benefit
plans
Long-service
awards
Defined
benefit plans
Long-service
awards
1 January
-38.1
-0.4
-33.7
-0.3
From business combination
0.0
0.0
0.0
0.0
Current service cost
-1.2
0.0
-1.0
0.0
Past service cost
0.0
0.0
0.0
0.0
Interest on defined benefit obligation
-0.4
0.0
-0.4
0.0
Actuarial gain/(loss)
0.1
0.0
-1.1
-0.1
Employee contributions
-0.8
0.0
-0.8
0.0
Benefits/awards paid
1.4
0.0
-1.4
0.0
Currency revaluation
-0.3
0.0
0.5
0.0
Plan compensation
0.0
0.0
0.0
0.0
31 December
-39.3
-0.4
-38.1
-0.4
Change in fair value of plan assets.
in EUR 1,000
2025
2024
1 January
36.1
30.6
From business combination
0.0
0.0
Interest on plan assets
0.3
0.4
Remeasurement gain/(loss)
4.0
2.2
Employee contributions
0.8
0.8
Employer contributions
1.1
1.1
Net benefits paid
-1.4
1.4
Administration cost
0.0
0.0
Currency revaluation
0.4
-0.4
Plan compensation
0.0
0.0
31 December
41.2
36.1
Net defined benefit cost.
in EUR 1,000
2025
2024
Current service cost
1.2
1.0
Past service cost
0.0
0.0
Net interest on net defined benefit liability
0.0
0.0
Administration cost
0.0
0.0
Effect of plan compensation
0.0
0.0
Net defined benefit cost
1.3
1.1
Remeasurement of net defined benefit liability.
in millions of Euros
2025
2024
Actuarial gain/(loss) due to:
\u2013 Changes in demographic assumptions
0.0
0.0
\u2013 Changes in financial assumptions
1.7
-1.8
\u2013 Experience adjustments
-1.6
0.7
Remeasurement of plan assets
4.0
2.2
Effect in the change of asset ceiling
-1.9
0.0
Adjustment
0.0
0.0
Remeasurement of net defined benefit liability recognized in
other comprehensive income
2.2
1.1
Investment structure of plan assets.
in millions of Euros
2025
2024
Cash and cash equivalents
0.1
0.2%
0.3
0.8%
Debt instruments
8.6
20.9%
8.0
22.1%
Equity instruments
17.5
42.5%
15.5
43.1%
Real estate
10.2
24.8%
8.2
22.7%
Other investments
4.8
11.7%
4.0
11.3%
Fair value of plan assets
41.2
100.0%
36.1
100.0%
Current return on plan assets
12.0%
8.8%
The Board of Trustees is responsible for investing the plan assets. It defines the
investment strategy and determines the long-term target asset structure, taking into
account legal requirements, the benefit obligations and the risk-bearing capacity of the
foundation. Implementation of the investment policy is delegated to an investment
committee comprising trustees and a general manager.
Plan assets are managed by external asset managers in line with the defined investment
strategy.
Cash and cash equivalents are deposited with financial institutions with a minimum credit
rating of A.
\u2022 Debt instruments (e.g. bonds) have a minimum credit rating of BBB and quoted market
prices (Level 1 of the IFRS 13 fair value hierarchy). Investments may consist of funds or
direct holdings.
\u2022 Equity instruments are held primarily via equity funds and generally have quoted market
prices (Level 1).
\u2022 Real estate consists of residential property and office properties. These may be held via
quoted real estate funds (Level 1) or as direct investments (Level 3). Direct holdings are
valued by an independent expert.
\u2022 Other investments include hedge funds, insurance-linked securities (ILS), infrastructure,
senior loans, private equity and receivables. Hedge funds are classified as alternative
investments and typically do not have quoted prices in active markets (Level 2 or Level 3).
Derivative financial instruments may be used only if sufficient liquidity or underlying
investments are available. Selling and leverage are not permitted.
The pension funds collectively manage the assets of 6,904 active members (2024: 6,027)
and 1,255 pensioners (2024: 1,135).
MediService does not use any pension fund assets.
Basis for measurement.
in millions of Euros
2025
2024
Discount rate
1.30%
0.95%
Salary development
1.90%
2.10%
Pension development
\u2014%
\u2014%
Mortality (mortality tables)
BVG 2020 GT (CMI), 1.5%
BVG 2020 GT (CMI), 1.5%
Turnover
BVG 2020 (100%)
BVG 2020 (100%)
Sensitivity analysis.
in millions of Euros
Variations in
assumptions
Impact on DBO
2025
Variations in
assumptions
Impact on DBO 2024
Discount rate
+0.25%
-1.3
+0.25%
-1.3
\u2014%
1.3
\u2014%
1.4
Salary development
+0.25%
0.1
+0.25%
0.2
\u2014%
-0.1
\u2014%
-0.1
Mortality
+1 year
0.8
+1 year
0.0
-1 year
-0.9
-1 year
0.0
The sensitivity analysis reflects hypothetical changes in individual actuarial assumptions
at year-end. Each assumption is varied independently; potential interdependencies are
not taken into account.
The pension obligations have an average duration of 15.6 years.
Cash outflows for pension payments and other obligations can be reliably forecast. The
benefit plans collect regular contribution payments, and the investment strategy ensures
sufficient liquidity at all times.
Employer contributions to the pension fund are estimated at EUR 1.2 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
28. Employee benefit plans.
Employees of MediService work in Switzerland and participate in the \u201cGalenica Pension
Fund\u201d, a legally separate defined benefit plan financed jointly by the employer and the
employees. The pension plan covers the economic risks of old age, disability and death in
accordance with the Swiss Federal Occupational Retirement, Survivors and Disability
Pension Plans Act (BVG / LPP). The plan is organized in the legal form of a foundation. All
actuarial risks are borne by the foundation and are assessed regularly by the Board of
Trustees based on an annual actuarial valuation prepared under BVG / LPP requirements.
Under Swiss law, the Group's obligations are limited to contributions calculated as a
percentage of the insured salary. Additional employer contributions are required only if
the funded status falls significantly below 100% under BVG / LPP. The actuarial valuations
prepared under BVG / LPP do not apply the projected unit credit method required by IFRS.
If the BVG / LPP valuation indicates a funding deficit, the Board of Trustees, consisting of
employer and employee representatives, determines appropriate remedial measures in
accordance with Swiss pension regulations. Such measures may include additional
employer and employee contributions or other corrective actions to restore the funded
status.
The defined benefit plan is funded, and plan assets are held in a legally separate pension
fund managed independently from MediService\u2019s assets.
The most recent actuarial valuation was prepared as at December 31, 2025. Pension fund
assets are invested in accordance with Swiss investment regulations. MediService pays
its contributions in accordance with the rules defined by the pension fund.
The final funded status under BVG / LPP is determined only in the first quarter of the
subsequent year.
The projected funded status as of December 31, 2025\u00a0 is 119.0% (unaudited), compared
with a final funded status of 117.6% as at 31 December 2024.
Defined benefit plans and long-service awards.
2025
2024
in EUR 1,000
Defined benefit
plans
Long-service
awards
Defined
benefit plans
Long-service
awards
Plan assets measured at fair value
41.2
0.0
36.1
0.0
Present value of defined benefit
obligation
-39.3
-0.4
-38.1
-0.4
Surplus / (deficit)
1.9
-0.4
-2.0
-0.4
Effect of asset ceiling
-1.9
0.0
0.0
0.0
Net carrying amount recognized in
employee benefit liabilities
0.0
-0.4
-2.0
-0.4
of which recognized in assets
0.0
0.0
0.0
0.0
of which recognized in liabilities
0.0
-0.4
-2.0
-0.4
Change in present value of defined benefit obligation.
2025
2024
in EUR 1,000
Defined benefit
plans
Long-service
awards
Defined
benefit plans
Long-service
awards
1 January
-38.1
-0.4
-33.7
-0.3
From business combination
0.0
0.0
0.0
0.0
Current service cost
-1.2
0.0
-1.0
0.0
Past service cost
0.0
0.0
0.0
0.0
Interest on defined benefit obligation
-0.4
0.0
-0.4
0.0
Actuarial gain/(loss)
0.1
0.0
-1.1
-0.1
Employee contributions
-0.8
0.0
-0.8
0.0
Benefits/awards paid
1.4
0.0
-1.4
0.0
Currency revaluation
-0.3
0.0
0.5
0.0
Plan compensation
0.0
0.0
0.0
0.0
31 December
-39.3
-0.4
-38.1
-0.4
Change in fair value of plan assets.
in EUR 1,000
2025
2024
1 January
36.1
30.6
From business combination
0.0
0.0
Interest on plan assets
0.3
0.4
Remeasurement gain/(loss)
4.0
2.2
Employee contributions
0.8
0.8
Employer contributions
1.1
1.1
Net benefits paid
-1.4
1.4
Administration cost
0.0
0.0
Currency revaluation
0.4
-0.4
Plan compensation
0.0
0.0
31 December
41.2
36.1
Net defined benefit cost.
in EUR 1,000
2025
2024
Current service cost
1.2
1.0
Past service cost
0.0
0.0
Net interest on net defined benefit liability
0.0
0.0
Administration cost
0.0
0.0
Effect of plan compensation
0.0
0.0
Net defined benefit cost
1.3
1.1
Remeasurement of net defined benefit liability.
in millions of Euros
2025
2024
Actuarial gain/(loss) due to:
\u2013 Changes in demographic assumptions
0.0
0.0
\u2013 Changes in financial assumptions
1.7
-1.8
\u2013 Experience adjustments
-1.6
0.7
Remeasurement of plan assets
4.0
2.2
Effect in the change of asset ceiling
-1.9
0.0
Adjustment
0.0
0.0
Remeasurement of net defined benefit liability recognized in
other comprehensive income
2.2
1.1
Investment structure of plan assets.
in millions of Euros
2025
2024
Cash and cash equivalents
0.1
0.2%
0.3
0.8%
Debt instruments
8.6
20.9%
8.0
22.1%
Equity instruments
17.5
42.5%
15.5
43.1%
Real estate
10.2
24.8%
8.2
22.7%
Other investments
4.8
11.7%
4.0
11.3%
Fair value of plan assets
41.2
100.0%
36.1
100.0%
Current return on plan assets
12.0%
8.8%
The Board of Trustees is responsible for investing the plan assets. It defines the
investment strategy and determines the long-term target asset structure, taking into
account legal requirements, the benefit obligations and the risk-bearing capacity of the
foundation. Implementation of the investment policy is delegated to an investment
committee comprising trustees and a general manager.
Plan assets are managed by external asset managers in line with the defined investment
strategy.
Cash and cash equivalents are deposited with financial institutions with a minimum credit
rating of A.
\u2022 Debt instruments (e.g. bonds) have a minimum credit rating of BBB and quoted market
prices (Level 1 of the IFRS 13 fair value hierarchy). Investments may consist of funds or
direct holdings.
\u2022 Equity instruments are held primarily via equity funds and generally have quoted market
prices (Level 1).
\u2022 Real estate consists of residential property and office properties. These may be held via
quoted real estate funds (Level 1) or as direct investments (Level 3). Direct holdings are
valued by an independent expert.
\u2022 Other investments include hedge funds, insurance-linked securities (ILS), infrastructure,
senior loans, private equity and receivables. Hedge funds are classified as alternative
investments and typically do not have quoted prices in active markets (Level 2 or Level 3).
Derivative financial instruments may be used only if sufficient liquidity or underlying
investments are available. Selling and leverage are not permitted.
The pension funds collectively manage the assets of 6,904 active members (2024: 6,027)
and 1,255 pensioners (2024: 1,135).
MediService does not use any pension fund assets.
Basis for measurement.
in millions of Euros
2025
2024
Discount rate
1.30%
0.95%
Salary development
1.90%
2.10%
Pension development
\u2014%
\u2014%
Mortality (mortality tables)
BVG 2020 GT (CMI), 1.5%
BVG 2020 GT (CMI), 1.5%
Turnover
BVG 2020 (100%)
BVG 2020 (100%)
Sensitivity analysis.
in millions of Euros
Variations in
assumptions
Impact on DBO
2025
Variations in
assumptions
Impact on DBO 2024
Discount rate
+0.25%
-1.3
+0.25%
-1.3
\u2014%
1.3
\u2014%
1.4
Salary development
+0.25%
0.1
+0.25%
0.2
\u2014%
-0.1
\u2014%
-0.1
Mortality
+1 year
0.8
+1 year
0.0
-1 year
-0.9
-1 year
0.0
The sensitivity analysis reflects hypothetical changes in individual actuarial assumptions
at year-end. Each assumption is varied independently; potential interdependencies are
not taken into account.
The pension obligations have an average duration of 15.6 years.
Cash outflows for pension payments and other obligations can be reliably forecast. The
benefit plans collect regular contribution payments, and the investment strategy ensures
sufficient liquidity at all times.
Employer contributions to the pension fund are estimated at EUR 1.2 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationAboutDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
Investment structure of plan assets.
in millions of Euros
2025
2024
Cash and cash equivalents
0.1
0.2%
0.3
0.8%
Debt instruments
8.6
20.9%
8.0
22.1%
Equity instruments
17.5
42.5%
15.5
43.1%
Real estate
10.2
24.8%
8.2
22.7%
Other investments
4.8
11.7%
4.0
11.3%
Fair value of plan assets
41.2
100.0%
36.1
100.0%
Current return on plan assets
12.0%
8.8%
The Board of Trustees is responsible for investing the plan assets. It defines the
investment strategy and determines the long-term target asset structure, taking into
account legal requirements, the benefit obligations and the risk-bearing capacity of the
foundation. Implementation of the investment policy is delegated to an investment
committee comprising trustees and a general manager.
Plan assets are managed by external asset managers in line with the defined investment
strategy.
Cash and cash equivalents are deposited with financial institutions with a minimum credit
rating of A.
\u2022 Debt instruments (e.g. bonds) have a minimum credit rating of BBB and quoted market
prices (Level 1 of the IFRS 13 fair value hierarchy). Investments may consist of funds or
direct holdings.
\u2022 Equity instruments are held primarily via equity funds and generally have quoted market
prices (Level 1).
\u2022 Real estate consists of residential property and office properties. These may be held via
quoted real estate funds (Level 1) or as direct investments (Level 3). Direct holdings are
valued by an independent expert.
\u2022 Other investments include hedge funds, insurance-linked securities (ILS), infrastructure,
senior loans, private equity and receivables. Hedge funds are classified as alternative
investments and typically do not have quoted prices in active markets (Level 2 or Level 3).
Derivative financial instruments may be used only if sufficient liquidity or underlying
investments are available. Selling and leverage are not permitted.
The pension funds collectively manage the assets of 6,904 active members (2024: 6,027)
and 1,255 pensioners (2024: 1,135).
MediService does not use any pension fund assets.
Basis for measurement.
in millions of Euros
2025
2024
Discount rate
1.30%
0.95%
Salary development
1.90%
2.10%
Pension development
\u2014%
\u2014%
Mortality (mortality tables)
BVG 2020 GT (CMI), 1.5%
BVG 2020 GT (CMI), 1.5%
Turnover
BVG 2020 (100%)
BVG 2020 (100%)
Sensitivity analysis.
in millions of Euros
Variations in
assumptions
Impact on DBO
2025
Variations in
assumptions
Impact on DBO 2024
Discount rate
+0.25%
-1.3
+0.25%
-1.3
\u2014%
1.3
\u2014%
1.4
Salary development
+0.25%
0.1
+0.25%
0.2
\u2014%
-0.1
\u2014%
-0.1
Mortality
+1 year
0.8
+1 year
0.0
-1 year
-0.9
-1 year
0.0
The sensitivity analysis reflects hypothetical changes in individual actuarial assumptions
at year-end. Each assumption is varied independently; potential interdependencies are
not taken into account.
The pension obligations have an average duration of 15.6 years.
Cash outflows for pension payments and other obligations can be reliably forecast. The
benefit plans collect regular contribution payments, and the investment strategy ensures
sufficient liquidity at all times.
Employer contributions to the pension fund are estimated at EUR 1.2 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
Sensitivity analysis.
in millions of Euros
Variations in
assumptions
Impact on DBO
2025
Variations in
assumptions
Impact on DBO 2024
Discount rate
+0.25%
-1.3
+0.25%
-1.3
\u2014%
1.3
\u2014%
1.4
Salary development
+0.25%
0.1
+0.25%
0.2
\u2014%
-0.1
\u2014%
-0.1
Mortality
+1 year
0.8
+1 year
0.0
-1 year
-0.9
-1 year
0.0
The sensitivity analysis reflects hypothetical changes in individual actuarial assumptions
at year-end. Each assumption is varied independently; potential interdependencies are
not taken into account.
The pension obligations have an average duration of 15.6 years.
Cash outflows for pension payments and other obligations can be reliably forecast. The
benefit plans collect regular contribution payments, and the investment strategy ensures
sufficient liquidity at all times.
Employer contributions to the pension fund are estimated at EUR 1.2 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
29. Non-controlling interests.
The Group holds a 51% interest in MediService AG. A non-controlling interest of 49% is
recognized in respect of this subsidiary The following table summarizes the financial
information relating to MediService AG, before intra-Group eliminations.
in millions of Euros
Year ended 31 Dec 2025
Year ended 31 Dec 2024
Mediservice AG
NCI percentage
49%
49%
Non-current assets
30.5
41.5
Current assets
82.8
84.4
Non-current liabilities
-6.0
-10.2
Current liabilities
-66.4
-62.6
Net assets
40.9
53.1
Net assets attributable to NCI
20.0
26.0
Revenue
566.1
496.2
Profit
-3.5
2.5
OCI
2.0
0.2
Total comprehensive income
-1.5
2.7
Profit allocated to NCI
-1.7
0.9
OCI allocated to NCI
0.9
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "
30. Business combinations during the period.
During the financial year 2025, the Group did not enter into any business combinations as
defined under IFRS 3 Business Combinations. No acquisitions or divestments of
subsidiaries or business operations occurred during the period.
In 2025, Shop-Apotheke B.V. (Netherlands), a wholly owned subsidiary of the Group,
established a branch in the Czech Republic to support the Group\u2019s operational expansion
in Central Europe. The establishment of this branch does not constitute a business
combination under IFRS 3, as no business was acquired.
31. Business combinations completed in prior periods.
Acquisition of Aust Pharma.
In 2024, the Group completed the acquisition of 100% of the shares of Aust Pharma
GmbH (\u201cAust Pharma\u201d), a pharmaceutical wholesaler holding an EU wholesale distribution
authorization for the Austrian market. The acquisition was completed on October 31, 2024
for a cash consideration of EUR 0.3 million. Aust Pharma has been fully consolidated as of
November 1, 2024.
Impact in 2025.
The Group has reviewed whether any adjustments to the acquisition-date fair values are
required under the measurement period defined by IFRS 3 (up to 12 months after the
acquisition date). There are no Final Purchase Price Allocation adjustments identified that
shall be reflected in the 2025 figures in accordance with IFRS 3.45\u201350.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
32. Leases.
The Group leases various properties used for its operations. In accordance with IFRS 16
Leases, all leases other than short-term leases and leases of low-value assets are
recognized in the statement of financial position as right-of-use (ROU) assets and lease
liabilities. As the Group\u2019s material leases all relate to property, a single lease category is
identified.
Movement in right-of-use assets and lease liabilities.
The movements in ROU assets and lease liabilities during the years ended December 31,
2025 and December 31, 2024 are as follows (in EUR million):
in millions of Euros
Right-of-use asset
Lease liability
Balance 1 January 2024
34.7
37.8
Additions
5.8
5.8
Arising on business combination
0.0
0.0
Disposal
-0.7
-0.7
Depreciation charge
-7.0
0.0
Interest expense
0.0
1.2
Cash out lease payments
0.0
-8.3
Currency effects
-0.1
-0.1
Balance 31 December 2024
32.7
35.7
Additions
47.6
47.6
Arising on business combination
0.0
0.0
Reclassification
-2.3
0.0
Depreciation charge
-7.2
0.0
Interest expense
0.0
2.7
Cash out lease payments
0.0
-8.7
Currency effects
0.0
0.1
Balance 31 December 2025
70.8
77.4
Carrying amounts of lease liabilities: current and non-current.
in EUR 1,000
31.12.2025
31.12.2024
Lease liabilities non-current
67.4
27.7
Lease liabilities current
10.0
8.1
77.4
35.8
Lease expenses recognized in the statement of profit and loss.
In accordance with IFRS 16.53, the following lease-related amounts were recognized in
the consolidated statement of profit and loss (in EUR million):
in millions of Euros
2025
2024
Depreciation of right-of-use assets
7.3
7.0
Interest expense on lease liabilities
2.7
1.2
Expense relating to short-term leases
0.0
0.0
Expense relating to low-value leases
0.0
0.0
Variable lease payments not included in lease liabilities
0.0
0.0
Total lease expenses
10.0
8.2
Maturity analysis of lease liabilities (undiscounted cash flows).
The table below shows the undiscounted cash outflows relating to lease liabilities as at
December 31, 2025 and December 31, 2024 (in EUR million):
in millions of Euros
Up to
1 Year
1 - 5
Years
Over
5 Years
Total
As at 31 December 2024
8.2
26.3
3.7
38.2
Movements 2025
2.7
7.3
50.7
60.7
As at 31 December 2025
10.9
33.6
54.4
98.9
Short-term leases and low-value leases.
The Group has elected to apply the recognition exemption for short-term leases (lease
term of 12 months or less), and leases of low-value assets.
Future commitments that fall under these exemptions and are therefore not recognized
as lease liabilities are disclosed in Note 33 \u2013 Contingent liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
33. Contingent liabilities.
Guarantees.
The Group has provided guarantee obligations relating to rental contracts amounting to
EUR 0.3 million (2024: EUR 0.03 million).
These guarantees are not recognized as liabilities as the likelihood of an outflow of
economic resources is considered remote.
Credit facility.
The Group maintains a EUR 25 million credit facility with Deutsche Bank. The facility is
secured by a pledge over assets amounting to EUR 25 million. No drawdowns or
breaches occurred during 2025, and the facility remained fully available to the Group as
at December 31, 2025.
Fiscal unity.
Value-added tax (VAT).
For VAT purposes, the following entities form a fiscal unity and are jointly and severally
liable for VAT obligations of that unity:
Redcare Pharmacy N.V., SA Europe B.V., EuroService Venlo B.V., Shop Apotheke B.V., Shop
Apotheke Service B.V., RC Staff B.V., RC Pharma B.V., EHS Europe Health Services B.V.,
EHSC B.V., Europa Apotheek Venlo B.V. and Europa Apotheek Service Venlo B.V.
Corporate income tax (CIT).
The following fiscal unities exist for CIT purposes:
\u2022 CIT unity 1: SA Europe B.V., Shop Apotheke B.V., Shop Apotheke Service B.V., RC Staff
B.V., RC Pharma B.V. and EuroService Venlo B.V. (jointly and severally liable as from
October 2015).
\u2022 CIT unity 2: EHS Europe Health Services B.V., EHSC B.V., Europa Apotheek Venlo B.V.
and Europa Apotheek Service Venlo B.V.
\u2022 CIT unity 3: MedApp Holding B.V., MedApp Apotheek B.V. and MedApp Nederland B.V.
Under Dutch tax legislation, each entity within a fiscal unity is jointly and severally liable
for the tax obligations of the unity as a whole.
Lease commitments and contractual obligations.
As disclosed in Note 32 Leases, the Group recognizes property leases on the balance
sheet except for short-term leases and leases of low-value assets.
Lease commitments and contractual obligations.
Redcare initiated a large-scale logistics automation program within its existing premises,
with a total budget of approximately EUR 100 million, payable during 2025\u20132027. The
outstanding commitments and contractual obligations as per December 31, 2025
amounts approximately EUR 40 million.
Legal proceedings.
Redcare Pharmacy N.V. and its subsidiaries are involved in various legal proceedings
arising in the normal course of business.
Management believes that the ultimate resolution of these matters will not have a
material adverse effect on the Group\u2019s financial position, profit and loss, or cash flows.
Legal proceedings are inherently uncertain, and it is possible that outcomes could differ
from management\u2019s assessment. Any amounts required in excess of existing provisions
cannot be reasonably estimated at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
33. Contingent liabilities.
Guarantees.
The Group has provided guarantee obligations relating to rental contracts amounting to
EUR 0.3 million (2024: EUR 0.03 million).
These guarantees are not recognized as liabilities as the likelihood of an outflow of
economic resources is considered remote.
Credit facility.
The Group maintains a EUR 25 million credit facility with Deutsche Bank. The facility is
secured by a pledge over assets amounting to EUR 25 million. No drawdowns or
breaches occurred during 2025, and the facility remained fully available to the Group as
at December 31, 2025.
Fiscal unity.
Value-added tax (VAT).
For VAT purposes, the following entities form a fiscal unity and are jointly and severally
liable for VAT obligations of that unity:
Redcare Pharmacy N.V., SA Europe B.V., EuroService Venlo B.V., Shop Apotheke B.V., Shop
Apotheke Service B.V., RC Staff B.V., RC Pharma B.V., EHS Europe Health Services B.V.,
EHSC B.V., Europa Apotheek Venlo B.V. and Europa Apotheek Service Venlo B.V.
Corporate income tax (CIT).
The following fiscal unities exist for CIT purposes:
\u2022 CIT unity 1: SA Europe B.V., Shop Apotheke B.V., Shop Apotheke Service B.V., RC Staff
B.V., RC Pharma B.V. and EuroService Venlo B.V. (jointly and severally liable as from
October 2015).
\u2022 CIT unity 2: EHS Europe Health Services B.V., EHSC B.V., Europa Apotheek Venlo B.V.
and Europa Apotheek Service Venlo B.V.
\u2022 CIT unity 3: MedApp Holding B.V., MedApp Apotheek B.V. and MedApp Nederland B.V.
Under Dutch tax legislation, each entity within a fiscal unity is jointly and severally liable
for the tax obligations of the unity as a whole.
Lease commitments and contractual obligations.
As disclosed in Note 32 Leases, the Group recognizes property leases on the balance
sheet except for short-term leases and leases of low-value assets.
Lease commitments and contractual obligations.
Redcare initiated a large-scale logistics automation program within its existing premises,
with a total budget of approximately EUR 100 million, payable during 2025\u20132027. The
outstanding commitments and contractual obligations as per December 31, 2025
amounts approximately EUR 40 million.
Legal proceedings.
Redcare Pharmacy N.V. and its subsidiaries are involved in various legal proceedings
arising in the normal course of business.
Management believes that the ultimate resolution of these matters will not have a
material adverse effect on the Group\u2019s financial position, profit and loss, or cash flows.
Legal proceedings are inherently uncertain, and it is possible that outcomes could differ
from management\u2019s assessment. Any amounts required in excess of existing provisions
cannot be reasonably estimated at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
Credit facility.
The Group maintains a EUR 25 million credit facility with Deutsche Bank. The facility is
secured by a pledge over assets amounting to EUR 25 million. No drawdowns or
breaches occurred during 2025, and the facility remained fully available to the Group as
at December 31, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
Lease commitments and contractual obligations.
As disclosed in Note 32 Leases, the Group recognizes property leases on the balance
sheet except for short-term leases and leases of low-value assets.
Lease commitments and contractual obligations.
Redcare initiated a large-scale logistics automation program within its existing premises,
with a total budget of approximately EUR 100 million, payable during 2025\u20132027. The
outstanding commitments and contractual obligations as per December 31, 2025
amounts approximately EUR 40 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
35. Subsequent events.
Reference is made to Note 33 for contractual commitments entered into after balance
sheet date.
Bondholders of the 2021/2028 convertible bonds issued by Redcare Pharmacy N.V. with
an initial total par value of EUR 225 million, exercised their rights pursuant to the terms
and conditions of the Convertible Bond to redeem EUR 64.5 million of the bonds on
January 21, 2026.
The EUR 64.5 million redemption was effected by January 21, 2026. It reduced Redcare\u2019s
outstanding current liabilities under the Convertible Bond. As a result of the completion of
this transaction, the remaining nominal amount of the 2021/2028 bonds amounts to EUR
2.6 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "1 This relates to the audit for Group purposes of financial data of a subsidiary by a local audit firm. This audit has been provided by another audit firm.
2 This amount includes EUR 56 thousand relating to the audit 2024.
3 This amount includes EUR 120 thousand relating to the audit 2023.
4 The other assurance engagement relates to the limited assurance engagement into the sustainability reporting in accordance with CSRD regulations.
5 This amount includes EUR 92 thousand relating to the other assurance engagement 2024.
36. Auditor's fees.
The Group\u2019s 2025 and 2024 consolidated financial statements were audited by Forvis
Mazars Accountants N.V. The following auditor\u2019s fees were expensed in the consolidated
statement of profit and loss in the respective reporting periods:
Year ended 31.12.2025
Year ended 31.12.2024
in millions of Euros
Forvis Mazars
Accountants N.V.
Other audit
firms 1
Forvis Mazars
Accountants N.V.
Other audit
firms
Audit of the financial statements
0.62
0.1
0.73
0.1
Other assurance engagements 4
0.35
0.0
0.2
0.0
Total
0.9
0.1
0.9
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } } } }