The Platform Group (TPG) Q2 2025 earnings summary

Executive summary

• Achieved record H1 2025 results, surpassing internal targets with strong organic and acquisition-driven growth, and a focus on transparency and open Q&A through regular Capital Markets Days and AGMs.

• Customer and partner growth accelerated, with active customers up 29% to 6.2M and partners up 26% to 15,781 compared to H1 2024.

• Seven acquisitions completed or signed in 2024/2025, with ongoing integration and further M&A expected, supporting positive momentum.

• International expansion advanced with entries into the Netherlands, France, and new Optics & Hearing segment, plus plans for Southern and Eastern Europe.

• Software and platform scalability, cost discipline, and AI adoption drove profitability to new highs.

Financial highlights

• GMV grew 47% year-over-year to €652.1M; revenue up 48% to €343.0M in H1 2025.

• Adjusted EBITDA reached €33.3M (9.7% margin), up 90% year-over-year; reported EBITDA €43.7M.

• Net profit from continuing operations rose 54% to €33.3M; EPS increased 77% to €1.55.

• Cash flow from operating activities was €23.0M; net debt at €48.8M, leverage at 2.05x LTM EBITDA.

• Equity ratio improved to 48.3% as of June 2025; total assets at €348.7M.

Outlook and guidance

• FY 2025 guidance confirmed: GMV €1.3B, revenue €715–735M, adjusted EBITDA €54–58M.

• Midterm (2026) guidance: revenue >€860M, adjusted EBITDA margin 7.5–10%, GMV €1.6B, and 35 active sectors.

• Guidance raised in July 2025, reflecting strong scalability and robust M&A pipeline.

• Further internationalization and platform expansion planned, with a risk-averse, stepwise approach.