The Platform Group (TPG) Q3 2025 earnings summary

Executive summary

• Achieved strong profitable growth in the first nine months of 2025, with revenue up 43% and net profit up 63% year-over-year, and a focus on becoming the leading platform group in Europe.

• Expanded to 36 platforms, 15,931 partners, and 6.7 million customers, with significant organic and inorganic growth, including eleven acquisitions in 2025.

• Entered new industries, notably optics and hearing, and continued to integrate acquisitions efficiently.

Financial highlights

• GMV reached €902.1M (+48% year-over-year); net revenue €531.6M (+43%); adjusted EBITDA €45.8M (+86%); reported EBITDA €59.4M (+49%); net profit €41.7M (+63%).

• Q3 standalone: GMV €250M, net revenue €188M, adjusted EBITDA €12.5M (6.7% margin), reported EBITDA €15.7M (8.3% margin), net profit €8.4M.

• Gross margin improved to 36.7% (+1.3pp); marketing and HR cost ratios reduced.

• Cash reserves at €15.2M; net debt at €54.5M–€122M; leverage 2.23x.

Outlook and guidance

• 2025 guidance: revenue €715M–€735M, adjusted EBITDA €54M–€58M, GMV €1.3B, leverage 1.5–2.3x.

• 2026 midterm guidance: revenue >€1B, adjusted EBITDA €70M–€80M, GMV €1.7B.

• Management optimistic for Q4 and next year, with focus on international expansion and further M&A.