SHOP APOTHEKE EUROPE INH. WKN: A2AR94 ISIN: NL0012044747 Kürzel: RDC Forum: Aktien Thema: Hauptdiskussion

Deutsch wäre schön..

... Let's have a look into the two investments. Very good news on our new site in Pilsen. So, our new site in Pilsen is now operational. Many thanks to our operations team for delivering this on time and on budget. It’s a great job, thank you very much. The first parcel has been dispatched, so now we are starting to scale the site. Please remember, the main targets for Pilsen are really to achieve shortened delivery time, and hence strengthening the customer satisfaction, on the one hand, and, on the other hand, lower cost per order. And with Pilsen, we are adding 15 million capacity, or 15 million orders per year, for our European non-Rx distribution. Please keep in mind, from the Czech Republic, you are not allowed, or we are not allowed, to send Rx products. But for our non-Rx business, we are adding 15 million orders per year for European distribution. If we look into the next slide, you can see our automation project in Sevenum. This is our next generation of intralogistics, and it is fully on track. Just some highlights from our really major investment. With this investment, we will double our capacity. We will double our capacity at the beginning of 2027. Special focus is on our Rx, but the solution also works very well for non- Rx orders. And we will not only increase our capacity, but we will also increase our competitive advantage by reducing labour costs per order by 70%. And with this, we have a great breakeven calculation for this investment. "

hierzu sehr lesenswert aus dem letzten AnalystenCall: ..." But on top of that, we are very happy that we have the opportunity, and we will talk about that later, that we actually have opened Pilsen to add capacity to our European infrastructure, and also major step-change in the automation of our logistics. That is this year leading to a peak and, to a smaller extent, also the coming year. But then, for many years after that, we will have the capacity and a step-change in our efficiency. We can easily finance that with our balance sheet. We also have the option to potentially later decide to lease a large part of the logistics automation. But this, to clarify, that the increase of automation, sorry, the increase of investment that you might have seen in Q2 and Q3 is here on the slide. It is only in 2025 and 2026, because, to the best of our expectations, we believe that we will go back to below the 2% in the years after these investments. Being at around 2% of sales, that means that we are, in my classification, a capital- light business model. Our longer term, mid to longer term, adjusted EBITDA guidance stands, so 8% of sales or more, but only requiring around 2% of sales, even if you include those peaks. If you look at it from a couple of years average perspective. Olaf? That was a lot. Olaf Heinrich: Yes, that was a lot. But thank you very much for giving this update, which clearly shows that our asset-light model is ready to scale, I would say. Jasper Eenhorst: Yes. Olaf Heinrich: And three key messages again, here. First of all, Jasper pointed this really nicely out, we have a strong operating cash conversion from EBITDA to cash. Secondly, already today, in 2025, our operating cash flow that we generate is more than sufficient to finance Rx scaling and, at the same time, to fund the level of our regular investments. In 2025 and 2026, we have a temporary and targeted investment in Pilsen and logistics, and logistic automation, and we will look into that more in the two upcoming slides. But also for this, we are very well funded. So if I look at this, at this picture, I think it's fair to say we have everything we need in our hands. So, over the past years, we have achieved market leadership and a cash-generating business in non-Rx through excellence and execution. And now, we will do the same kind of thing and conquer the Rx market. So therefore, we are on our way, and the initial numbers clearly support that we are in the direction also of scaling the Rx business...

Key Financials investments: Automation and Pilsen in millions of euros für 2025 85 Mio für 2026 35 Mio. RC bezeichnet dies als temporary Investment peak. Stand Oktober 2025

Dann schieß mal los, welche Investitionen meinst du? Der riesige Werbeaufwand für das e-Rezept und das neue Versandzentrum in Pilsen haben Ende 2024/2025 belastet. Worüber sprichst du jetzt?

Die Automatisierung von Sevenum fällt nicht vom Himmel sowie der Ausbau der Kapazitäten.... Diese soll bis 2027 abgeschlossen werden. Des Weiteren muss es doch ein grundsätzliches Verständnis geben, dass ein Unternehmen wie RC nicht einfach über 200 Mio. liquide Mittel hortet um es nicht auszugeben. 120 Mio Investitionen waren für 2025/2026 geplant, wie viel davon bereits abgeflossen sind wird man im März sehen und wie viel liquide Mittel noch übrig sind. Die LV gehen davon aus, dass RC für 2027 sich weitere Finanzmittel organisieren könnte. Dies wird man sicherlich auf der HV sehen, ob an dem Narrativ irgendwas dran ist.

Ich finde es immer wieder beeindruckend, dass es Menschen gibt, die anstatt in passive ETFs zu investieren, einzelne Unternehmen sich nehmen und diese nicht einmal anschauen. Dabei hat RC eine wirklich gute Transparenz sowie eine fantastische Kommunikation mit ihren Investoren.

Peak Investitionen sollen 2025/26 kommen, wobei der größte Teil für 2025 geplant waren

Behauptest du etwa RC hat gelogen mit seinen 35 Mio, welche wahrscheinlich eher in Richtung 40 Mio gehen?

Rc plant für 2026 keine großen Investitionen und für Rc gibt es sowieso keine Konkurrenz…

Nicht wirklich, wir sprechen schließlich ausschließlich vom non rx Markt

Es geht nicht um die Erlangen der Marktführerschaft, es reicht Anteile an dem Markt zu nehmen. Dies bedroht dann bereits die Pläne von RC. RC plant führt 2026 schon massive Investitionen, diese müssen dann weiterhin finanziert werden bei einem schwächeren Non-RX Markt.

Weil dann die Restlichen nichts mehr daran verdient

Wieso zum Glück?

Klar der Kuchen ist groß, Zum Glück hat Amazon noch Kein Interesse daran

Wo kommen die ganzen neuen User her 😂😂