The Platform Group (TPG) Q1 2025 earnings summary

Executive summary

• Achieved strong Q1 2025 growth with GMV up 87% to EUR 356.3M and net revenue up 49% to EUR 160.8M, exceeding expectations and expanding to 26 industries and over 15,300 partners.

• Adjusted EBITDA rose 87% to EUR 16.7M, with reported EBITDA at EUR 19.6M; net profit increased 41% to EUR 18.2M, and EPS reached EUR 0.90, the highest quarterly figure to date.

• Multiple strategic acquisitions completed or announced, including Fintus, Joli Closet, Herbertz Group, and Lyra Pet, expanding platform reach and industry coverage.

• Cost efficiency programs and scalable cost structure drove higher profitability, with stable distribution, marketing, and HR cost ratios.

• Stock performance outpaced DAX and MDAX, with a 50% share price increase year-to-date and strong analyst coverage.

Financial highlights

• GMV: EUR 356.3M (+87% YoY); Net revenue: EUR 160.8M (+49% YoY); Gross margin: 34.8% (down from 37.7%).

• Adjusted EBITDA: EUR 16.7M (15.5% margin, +87% YoY); Reported EBITDA: EUR 19.6M (12.2% margin, +17% YoY).

• Net profit: EUR 18.2M (+41% YoY); EPS: EUR 0.90 (up from EUR 0.55).

• Operating cash flow for Q1 exceeded EUR 16M; cash at period end: EUR 21.3M.

• Marketing cost ratio: 5.9%; Distribution cost ratio: 7.8%; HR cost ratio: 4.6%.

Outlook and guidance

• 2025 guidance: GMV EUR 1.3B, net revenue EUR 680–700M, adjusted EBITDA EUR 47–50M, leverage 1.5–2.3x.

• 2026 targets: GMV EUR 1.6B, revenue over EUR 820M, adjusted EBITDA margin 7–10%.

• Guidance may be updated if further acquisitions occur; focus on 3–8 acquisitions per year and software investment.

• Number of partners expected to exceed 16,000; product count to rise by over 20%.