Europe’s healthcare challenge and the Dr. Max’s answer

Europe’s healthcare system is under structural pressure. An aging population, with the old-age dependency ratio projected to rise from 34,5% today to 56,7% by 2050, is driving demand for health services at a pace that public systems and traditional care models are struggling to match. Overstretched GP capacity, persistent medicine shortages and the affordability imperative are reshaping where and how people seek care.

In this environment, the pharmacy is emerging as Europe’s most accessible, most trusted, and most scalable frontline healthcare touchpoint. With more than 160 000 pharmacies across the continent (roughly one point of care per 3 245 citizen) the sector is uniquely positioned to fill the growing gap between demand and capacity. But that potential requires a fundamentally different model. Dr. Max has been building that model for two decades and 2025 marks the year that evolution became undeniable.

“European healthcare is under structural strain from aging population and budget pressure. This shifts demand towards self-care and makes pharmacies the most accessible healthcare touchpoint. Dr. Max can capture this with three integrated value engines: higher-margin self-care and private label, seamless omnichannel convenience, and expanding pharmacist-led services where regulation allow.”, Leonardo Ferrandino, President & CEO, Dr. Max Group

Scale with purpose, at the top of European pharmacy

Dr. Max Group closed 2025 with approximately 3 200 pharmacies operating across six core markets (Czech Republic, Slovakia, Romania, Poland, Italy, Serbia) and a presence spanning 18 European countries through its wholesale and sales & marketing operations. With 222 new pharmacies added during the year, Dr. Max has nearly tripled its network over the past decade, growing from 2 180 pharmacies in 2016 to approximately 3 200 today, establishing itself as one of the most significant pharmacy networks on the continent.

The scale of this network is not an end in itself. It is the foundation that enables Dr. Max to negotiate superior conditions with over 1 000 suppliers, invest consistently in modern infrastructure and, most importantly, place trained healthcare professionals within reach of millions of people who increasingly rely on accessible care.

By the close of 2025, Dr. Max is approaching a landmark position in the European pharmacy landscape. With close to 3 200 pharmacies, the Group is approaching a leading position in Europe by network size. A milestone that reflects not just commercial ambition, but two decades of community trust and responsible growth.

Digital & Omnichannel: health access wherever people are

Dr. Max continues to strengthen its digital capabilities as a core part of modern healthcare delivery. In 2025, the Group’s e-commerce platforms processed more than 14,9 million online transactions (+16% YoY), generating €447 million in revenue (+23%), supported by five operational e-shops across Europe and steadily growing customer adoption.

Digital services are fully integrated with the physical pharmacy network, creating a seamless omnichannel experience for patients and customers. More than 55% of online orders were collected directly in pharmacies, reflecting strong demand for convenient ordering combined with trusted in-person care. The same model supports online reservations of both prescription (RX) and over-the-counter (OTC) medicines, enabling faster service and improved availability while maintaining professional pharmacist oversight.

Mobile integration continues to accelerate this shift. The Dr. Max mobile application surpassed 1 million installations in 2025, becoming an important gateway for customers to manage prescriptions, access personalized offers and connect with pharmacy services in everyday situations.

Digital development is increasingly focused on smarter operations and more personalized care. Advanced analytics and AI-supported tools are primarily applied in back-office and operational processes, helping teams work more efficiently and freeing up pharmacists’ time to focus on patient care and personal interaction. In 2025, CRM-driven personalization generated more than €37 million in incremental revenue, representing a 30% increase compared to 2024, demonstrating the tangible business impact of data-enabled customer engagement.

Together, these capabilities reflect a clear shift from digital as a sales channel to digital as a healthcare access platform, connecting online convenience with local professional care, ensuring support is available wherever and whenever people need it.

A decade of consistent growth, demonstrating a proven and scalable long-term mode

Dr. Max Group generated revenue of €6,3 billion in 2025, representing growth of +14,7% versus the prior year. Like-for-like growth of +8,7% confirms that the performance is driven by genuine customer demand and operational excellence, not expansion alone.

Beyond the strong annual result, Dr. Max’s performance reflects a decade of consistent growth. Since 2016, the Group has scaled its business at a CAGR of around 20%, demonstrating the strength and resilience of its integrated pharmacy model across markets.

Key financial highlights for 2025:

• Revenue: €6,3bn (+14,7% vs. 2024), like-for-like growth +8,7%
• EBITDA: €365m (+17,0% vs. 2024), the fourth consecutive year of double-digit growth
• E-commerce revenue: €447m (+23% vs. 2024)
• Own label portfolio: more than 1 440 SKUs, 8,4% market share

This growth trajectory reflects a model that works across economic cycles: a resilient pharmacy retail base anchored by prescription medicines, expanding omnichannel & digital capabilities, complemented by a fast-growing own label portfolio and disciplined cost management.

Pharmacists as frontline care providers: the model in action

The most meaningful shift in Dr. Max’s 2025 story is not financial. It is structural and role-driven. The Group’s pharmacists are no longer only dispensing medicines. They are becoming the first point of contact in healthcare for hundreds of thousands of people across Europe, filling a growing gap that primary care systems cannot close alone.

This is the pharmacy model evolving in real time: from a point of transaction to a point of care. In 2025, Dr. Max pharmacists delivered 364 000 preventive care services, up +349% year-on-year, including screenings such as HbA1c and blood glucose testing, cholesterol blood screening, CRP rapid diagnostics and skin and melanoma analyses. Community programs supported elderly residents, families, and women’s health, with initiatives ranging from bone densitometry and SIDS (Sudden Infant Death Syndrome) prevention to menopause awareness campaigns.

These are not pilot programs. They are a systematic expansion of the pharmacy’s role: one that addresses real gaps in primary care access and builds the kind of trust that no advertising campaign can manufacture. The Group’s NPS score of 85,3 and 96% patient satisfaction rating for pharmacist approach and over 600 000 daily customer contacts (+7,1% YoY) are the evidence.

Behind the scenes: 22 000 professionals, one company

Dr. Max’s ability to deliver on its healthcare ambitions rests on its people. The Group ended 2025 with more than 22 000 employees (+9,6% YoY), of whom approximately 17 500 work directly in pharmacies. Employee turnover fell sharply to 11,5% (-5,3pp YoY) and to 10, 4% at pharmacy level (-4,6pp YoY). These figures reflect a working environment where people feel both the weight and the value of what they do. The Group invested significantly in workforce development, digital tools and process redesign to give pharmacists more time for the interactions that matter most.

The Group also continues to integrate ESG principles into its operations, focusing on responsible sourcing, safe and accessible healthcare, and ethical business practices across all markets.

Dr. Max brand equity grew by an average of 2,0 percentage points across the Group in 2025, reaching 24,5% at Group level. The brand holds the #1 position in Czech Republic, Slovakia, Romania and Italy and ranks in the top three in Poland and Serbia.

The Group’s loyalty program now counts more than 13,2 million active members (+6% YoY), with loyalty-driven revenue representing over 77% of total Group revenue.

About Dr. Max Group

Dr. Max Group is one of Europe’s leading pharmacy networks, operating approximately 3 200 pharmacies across Central and Eastern Europe and beyond. Founded in 2004 in the Czech Republic and backed by Penta Investments, the Group serves millions of patients daily across Czech Republic, Slovakia, Romania, Poland, Italy and Serbia, with pharmaceutical distribution reaching 18 European countries. With more than 22 000 employees, over 1 300 own-label products, a growing suite of pharmacist-led health services and an online pharmacy offering convenient access to over 30 000 products, Dr. Max is redefining the pharmacy as a frontline healthcare partner - accessible, affordable and trusted. For more information, visit www.drmax.eu.