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 with over 15,300 partners.

• Adjusted EBITDA rose to EUR 16.7M (15.5% margin, +87% YoY); reported EBITDA EUR 19.6M (+17% YoY); net profit reached EUR 18.2M (+41% YoY), with EPS at EUR 0.90.

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

• Launched a centralized logistics hub in Gladbeck and new TPG fulfilment company to improve partner services and cost efficiency.

• Stock outperformed major indices, up 46% YTD and 175% since Dec 2022, with strong analyst coverage.

Financial highlights

• GMV: EUR 356.3M (+87% YoY); Net revenue/sales: 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 exceeded EUR 16M.

• Cash at period end: EUR 21.3M; net debt forecast for 2025: EUR 87.1M.

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, sales at least EUR 820M, adjusted EBITDA margin 7–10%.

• Guidance may be updated if further acquisitions occur; focus on expanding to 30+ industries.