The Platform Group (TPG) Q3 2026 earnings summary

Executive summary

• 9M 2026 GMV rose 19.4% to €1,076.9m and net revenue rose 17.1% to €622.7m, with growth described as almost entirely organic.

• Adjusted EBITDA increased 16.4% to €53.3m; leverage declined to 1.7x, its lowest level since 2022.

• Strategy emphasized consolidation, debt reduction, AI-led efficiency and active portfolio management; FY 2026 guidance was reaffirmed.

Financial highlights

• 9M net revenue was €622.7m vs €531.6m; GMV was €1,076.9m vs €902.1m.

• Adjusted EBITDA was €53.3m, up 16.4%, with an 8.6% margin; reported EBITDA was €57.5m vs €59.4m.

• Net income rose 6.5% to €44.4m; EPS fell 16.7% to €1.69 from €2.03, reflecting an increased share count.

• Gross margin declined to 35.0% from 36.7%; discounting and lower partner take rates in Freight Goods contributed to pressure.

• Other revenue was €12.0m vs €16.3m; PPA effects were €3.3m vs €12.6m.

Outlook and guidance

• FY 2026 guidance excluding AEP was reaffirmed: €1.0bn revenue, €70–80m adjusted EBITDA and €1.7bn GMV.

• Guidance also includes more than 18,000 partners and leverage of 1.5–2.3x; AEP closing conditions remain pending.

• Pro forma guidance including AEP is €2.0bn revenue, €90–100m adjusted EBITDA, €3.0bn GMV and more than 25,000 partners.

• FY 2026 M&A plan calls for 5–6 acquisitions and 2 divestments; net debt/adjusted EBITDA target is 1.0–1.4x by 2030.

• Optics & Hearing is expected to generate €55–60m revenue in 2026 at a 25% EBITDA margin.