The Platform Group (TPG) Investor Update summary

Financial performance and guidance

• 2025 revenue guidance raised to €715–735 million, with 2026 guidance set at over €1 billion and adjusted EBITDA of €70–80 million; H1 2024 net revenue reached €343 million, up 50% year-over-year, and H1 2025 net profit was €33.3 million, up 54%.

• Gross margin rose to 34.1%, with EBITDA margin at 9.7% and leverage ratio maintained between 1.5–2.3x LTM EBITDA; net debt at €100–100.2 million and equity ratio at 48–50%.

• Organic growth accounts for 60% of expansion, with 40% from acquisitions; ten acquisitions completed in 2024–2025, supporting both organic and inorganic growth.

• Gross merchandise volume for 2026 forecast at €1.7 billion, with product listings expected to rise by over 20% and partner count to exceed 18,000.

• Outstanding put options for minority shares estimated at €10–20 million over the next four years.

Strategic initiatives and segment expansion

• Entered optics and hearing segment in July, combining online platform and local stores, targeting €55–60 million revenue and 25% EBITDA margin in 2025–2026, with plans for 60–70 stores and 500+ opticians.

• Expanded pharma segment with acquisitions of Pharmosan, Apothekia, and Vamida, adding over €130 million in revenue and broadening B2B, B2C, and training offerings.

• Focus on luxury, niche, and profitable segments, avoiding commodity and food sectors to maintain higher margins and low risk.

• Geographic expansion prioritized, aiming to increase international revenue share beyond DACH and Netherlands, with future entry into US and Asia.

• Strategy targets 3–8 acquisitions per year and expansion to 35 industries by 2026.

Technology, AI, and operational efficiency

• Proprietary software platform (TPG ONE) enables rapid integration of new partners and industries, supporting scalable, asset-light growth.

• AI and automation reduce manual workload by up to 80%, boost conversion rates by 15–25%, and enhance catalog, customer service, marketing, and pricing efficiency.

• TPG Pay, an in-house buy-now-pay-later solution, launched internally in 2024 with external rollout planned for 2025, aims to enhance conversion and cross-brand loyalty.

• Centralized shared service center and cost discipline drive operational leverage, with marketing costs below 6% of revenue.