Dr. Max reports 20% revenue growth, continues EU market expansion.

Completing a key acquisition in Italy, expansion of pharmacies in core markets, and investments in brand equity drove outstanding performance in 2023.

Dr. Max, a market leader in the European pharmacy operation industry, strengthened its position as the continent's second-largest pharmacy chain with 20% year over year growth, represented with €4.6 billion in revenue in 2023. The results demonstrate the company's strong brand presence and popularity among customers.

Since its founding in the Czech Republic in 2004, the company's focus on transforming the pharmaceutical sector has led to successful expansion across multiple European markets, including Romania, Slovakia, Poland, Serbia, and Italy. This increased footprint has dramatically boosted market share and consumer preference.

Key highlights of Dr. Max's recent achievements include:

• Dr. Max's overall operational scale is extensive, covering 17 European countries, with almost 3 000 pharmacies (within 6 core markets), a dedicated workforce of 20.000 employees recognized for their professionalism and consumer-centricity and one of the most widely recognized loyalty programs, boasting more than 10.6 million active members.
• Dr. Max significantly enhanced customer experience by introducing new pharmacies in the Czech Republic, Slovakia, Italy, Serbia, Poland and Romania, expanding their service offerings and portfolio, adding over 600 new locations since the end of 2022.
• Strategic acquisition of Neo Apotek S.p.A. in Italy achieved 210 pharmacy locations and in the same year Dr. Max established a centralized 14,000 sqm distribution center in Telgate, where new automation investments are planned for 2024. This expansion underlines the company's commitment to a best-in-class supply chain through enhanced process automation and referential efficiency.
• The AMR (Autonomous Mobile Robots) solution, deployed in Bucharest for Dr. Max Romania, won the Supply Chain Excellence Awards 2023 in the category Healthcare and Pharmaceutical Supply Chain.
• Dr. Max achieved a remarkable 55% YoY increase in e-commerce revenue in 2023, propelled by their leading online position in Czech Republic and Slovakia, reaching +40% market share as well as Romania, where Dr. Max e-shop was recognized among the top 5 growing e-Pharmacies worldwide in 2022.
• Dr. Max measured market leading brand equity among European consumers, with top positions in the Czech Republic, Slovakia, and Romania. The brand's strength is attributed to factors like high trustworthiness, the professionalism of pharmacists, customer-centric services, and a broad range of products that cater to diverse consumer needs.
• The company plans to pursue their focus on enlarging the customer centric services with an omnichannel approach, further optimization of their state of the art e-commerce platform, and expansion of their in-pharmacy service offerings for health and wellness across the European footprint.

Dr. Max reinforced their commitment to putting people first with their Oath of Care program - a brand communications platform designed to inspire people inside and outside the organization with the brand's vision to be at the centre people's wellbeing, whether partners, patients, current and future employees, or valued customers.

About Dr. Max Group

As the largest pharmacy network in Central and Eastern Europe and the second-largest in all of Europe, Dr. Max Group is one of Europe's strongest players in pharmacy management. With almost 3,000 physical outlets, more than 20,000 employees, and pharmaceutical distribution in 17 European countries, Dr. Max is recognized for its extensive range of high-quality products available at affordable prices, all while prioritizing people and clients.