The Platform Group (TPG) Q2 2024 earnings summary

Executive summary

• Achieved strong growth in H1 2024, with GMV exceeding €442.5 million (up 20.5% year-over-year) and revenue rising to €231.5 million (up 24%), supported by platform and software expansion across 22 sectors.

• Adjusted EBITDA reached €17.6 million, a 33% increase with a 7.6% margin, surpassing internal targets.

• Net profit from continuing operations was €21.7 million (up 32%), with consolidated net profit at €18.8 million and EPS from continuing operations at €1.09.

• Customer base grew 26.3% to 4.8 million, and average order value increased to €118.

• Multiple acquisitions closed or signed in H1 2024, fueling further expansion and sector diversification.

Financial highlights

• GMV grew from €367 million to €442.5 million (+20.5%), and revenue from €187.5 million to €231.5 million (+24%) compared to H1 2023.

• Adjusted EBITDA up 32.6% to €17.6 million; reported EBITDA up 26% to €30 million, driven by purchase price allocation effects from acquisitions.

• Net profit from continuing operations was €21.7 million; total net profit €18.8 million; EPS from continuing operations up 33% to €1.09.

• Operating cash flow was €21.4 million; cash and cash equivalents at period end were €15.1 million.

• Gross margin stable at 35.6%; marketing and distribution cost ratios slightly improved.

Outlook and guidance

• Full-year 2024 guidance confirmed: GMV €840–870 million, revenue €480–500 million, adjusted EBITDA €26–30 million.

• Mid-term (2025) targets: GMV €1.1 billion, adjusted EBITDA margin 7–10%, leverage ratio 1.5–2.3x.

• Targeting leverage ratio not exceeding 2.3x next year, with long-term goal of 1.5–2.3x.

• Expecting continued organic and inorganic growth, with 3–8 acquisitions per year and expansion into new markets and sectors.