The Platform Group (TPG) Q1 2026 earnings summary

Executive summary

• Achieved strong Q1 2026 results with revenue up 51% year-over-year to EUR 243.1 million and GMV up 23%, in line with guidance.

• Adjusted EBITDA increased by 37%, reflecting cost efficiencies, AI initiatives, and a scalable structure.

• Net profit slightly decreased to EUR 17.7 million due to a one-time positive effect in the prior year.

• Active customers reached 8.1 million, and the partner network expanded to a record 17,221, mainly through organic growth.

• AI-first strategy implemented to drive further cost efficiencies and margin improvements.

Financial highlights

• Q1 2026 GMV: €438.4 million (+23% YoY); Net revenue: €243.1 million (+51% YoY).

• Adjusted EBITDA: €21.8 million (9.0% margin, +37% YoY); Reported EBITDA: €25.1 million (10.3% margin, +28% YoY).

• Net profit was EUR 17.7 million, down from EUR 18.2 million last year due to a prior one-time gain; EPS at EUR 0.85, down from EUR 0.90.

• Gross margin declined by 0.4 percentage points to 34.4% due to discounting and higher provisions.

• Cost ratios improved: Distribution 7.1%, Marketing 5.8%, HR 4.5%.

Outlook and guidance

• Full-year 2026 guidance confirmed: GMV target €1.7 billion, revenue €1.0 billion, adjusted EBITDA €70–80 million, leverage 1.5–2.3x.

• 2026 pro-forma guidance (with AEP): Revenue €2.0 billion, adj. EBITDA €90–100 million, GMV €3.2 billion, >25,000 partners.

• Vision 2030: Revenue €3–3.2 billion, double-digit margins, >40,000 partners, leverage 1.0–1.4x.

• Number of planned acquisitions for 2026 reduced to five or six.

• Guidance will be updated upon completion of planned M&A transactions.