The Platform Group (TPG) Q2 2026 earnings summary

Executive summary

• H1 2026 delivered record results with GMV up 21% to €788.6M and revenue up 23% to €421M, driven by an asset-light model, partner expansion to 17,683, and cost efficiencies.

• Adjusted EBITDA rose 23% to €40.8M; net profit stable at €33.5M, while EPS declined to €1.34 due to a higher share count.

• Organic growth accounted for 73% of revenue growth, with a strategic shift toward cost discipline and debt reduction.

• Four out of five segments grew revenue; freight goods declined 5% and saw margin pressure, with corrective actions underway.

• Two acquisitions completed, including Cocoli.com to strengthen the furniture marketplace segment.

Financial highlights

• Gross margin dropped to 34.1% (from 36.5%) due to increased discounts and lower partner take rates, mainly in freight goods.

• Adjusted EBITDA margin was 9.7%; reported EBITDA reached €45.4M.

• Operating cash flow rose 16% to €26.8M; net debt at €113.4M; equity increased to €221.9M with a 55.4% equity ratio.

• Return on equity was 20.8%, and return on capital employed 17.4%.

• Average order value increased to €129; active customers reached 8.4M.

Outlook and guidance

• 2026 guidance confirmed: revenue of at least €1B, adjusted EBITDA €70–80M, leverage 1.5–2.3x, GMV €1.7B, and over 18,000 partners.

• 2026 pro-forma (incl. AEP): €2B revenue, €90–100M adj. EBITDA, €3.2B GMV, >25,000 partners.

• Vision for 2030: revenue above €3.2B, GMV over €4.8B, leverage 1.0–1.4x, and more than 40,000 partners.

• Management expects gross margin to stabilize or improve in H2, with freight goods recovery measures underway.

• Fewer acquisitions planned for 2026; focus on debt reduction and cost efficiency.