The Platform Group (TPG) Investor Update summary

Financial performance and guidance

• Revenue guidance for 2026 raised to at least €1 billion, with 2025 guidance confirmed at €715–735 million and H1 2025 revenue at €343 million, up 48% year-over-year.

• Adjusted EBITDA guidance for 2026 is €70–80 million, with 2025 guidance at €54–58 million and EBITDA margin at 9.7%.

• Net profit for H1 2025 reached €33.3 million, a 54% increase, and gross margin rose to 34.1%.

• Leverage ratio targeted at 1.5–2.3x, with net debt at €100.2 million and equity ratio improving to 48–50%.

• GMV forecast for 2026 raised to €1.7 billion, with product listings expected to rise over 20% and partner count to exceed 18,000.

Growth strategy, M&A, and segment expansion

• Ten acquisitions completed in 2025, including three pharma platforms and ongoing negotiations in optics & hearing, with future targets expected to be larger.

• Pharma segment expanded with acquisitions of Pharmosan, Apothekia, and Vamida, expected to add over €130 million in revenue.

• Optics & Hearing segment launched in July 2025, integrating online and offline channels, targeting 60–70 stores, and expected to deliver €55–60 million revenue with 25% EBITDA margin in 2026.

• Balanced approach between organic and inorganic growth, targeting 30–35 industries by 2026 and focusing on niche, profitable segments.

• M&A valuations remain at 3–5x EBITDA, with most acquisitions financed through cash, minor share issuance, and diversified funding.

Technology, AI, and operational efficiency

• Proprietary TPG ONE software and TPG One Cloud enable rapid integration, centralize product data, and leverage AI for automation and enrichment.

• AI and automation reduce manual workload by up to 80%, boost conversion rates by 15–25%, and support product tagging, customer service, and marketing.

• TPG Pay, a proprietary buy-now-pay-later solution, is being rolled out internally and will be available to external partners next year.

• Centralized marketing and IT functions, shared service centers, and group-wide contracts drive cost reductions and operational improvements.