DocMorris AG reported adjusted EBITDA of CHF -50 million for fiscal year 2025, which sits inside the previously announced target interval of CHF -48 million to -52 million, according to company figures released on Thursday. Management said it now expects to reach adjusted EBITDA break-even during 2026 as the year advances.
For fiscal 2026 the company guided an adjusted EBITDA range of CHF -10 million to -25 million. The midpoint of that range is described as 13% above consensus analyst estimates. In addition to the EBITDA guidance, DocMorris forecast external sales growth in a band from mid-single-digit to low teens, against a consensus growth expectation of 12%.
Second-half and quarterly performance
In the second half of 2025 DocMorris reported gross profit growth of 18% year-over-year, with a gross profit margin of 22.1%. Adjusted EBITDA for the second half amounted to CHF -19 million, representing a -3.3% margin. That result improved on the prior-year half, when adjusted EBITDA was CHF -28 million, and it was also stronger than consensus expectations of CHF -22 million.
Management noted a sequential improvement in the adjusted EBITDA margin, rising by 200 basis points from the previous period. Cash and cash equivalents at year-end 2025 were reported at CHF 120 million.
On a quarterly basis, external group revenue for the fourth quarter rose 16% year-over-year in local currency and 15% on a reported basis, reaching CHF 331 million. For the full fiscal year 2025 external revenue grew 11% in local currency year-over-year, exceeding the company’s initial target of at least 10% growth.
Revenue mix and competitive context
Prescription drug sales in the fourth quarter were CHF 64 million, an increase of CHF 3 million sequentially but a deceleration compared with the CHF 5 million sequential addition recorded in the third quarter. The 21% year-over-year increase in prescription sales was noted to be below the performance of Redcare Pharmacy, which posted prescription sales of EUR 155 million with 23% quarter-over-quarter growth and 60% year-over-year growth in the same period.
German non-prescription sales advanced 15% year-over-year in local currency and 14% in Swiss francs, described as the strongest quarter for that category in over two years. That compares to Redcare Pharmacy’s 6% growth for the equivalent period.
Outlook and medium-term targets
DocMorris reiterated its objective to reach EBITDA break-even during 2026 and to achieve free cash flow break-even in 2027, driven in management’s view by expanding contributions from prescription drugs and Teleclinic services. Management revised medium-term external revenue growth guidance downward to around 15% from a previous target of 20%.
Capital expenditure guidance was reduced to approximately CHF 30 million from approximately CHF 35 million previously, while the company kept its medium-term EBITDA margin goal at approximately 8%.