The Platform Group (TPG) Q4 2024 earnings summary

Executive summary

• Achieved record results in 2024, with revenue and EBITDA growth exceeding guidance and internal expectations.

• GMV grew 28% YoY to €903m; net revenue rose 19% YoY to €524.6m.

• Strategy centers on building a leading European digital platform, expanding into new industries via organic and inorganic growth.

• Continued expansion through multiple acquisitions and software innovation, strengthening platform capabilities.

• Software and platform scalability enable rapid integration of new partners and industries.

Financial highlights

• Revenue increased by 20% year-over-year; EBITDA grew by over 40%.

• Adjusted EBITDA was €33.2m (+47% YoY); reported EBITDA €55.6m (+17% YoY), with adjustments mainly from bond-related one-time effects.

• Earnings per share reached €1.7 (continuing operations) and €1.6 (total), both above expectations.

• Return on equity was 26.4%, and return on capital employed 19.8%, both above internal guidelines.

• Operating cash flow reached €58m; cash at year-end €22.1m, fully reinvested in software and M&A.

Outlook and guidance

• 2025 guidance raised: revenue €680–700m, EBITDA €47–50m, GMV €1.3bn, 16,000 partners, 30 industries.

• Midterm (2026) guidance: revenue >€820m, GMV €1.6bn, EBITDA margin 7–10%, 18,000 partners.

• Expect 15–20% organic growth, with additional upside from further acquisitions.

• Higher consumer confidence and scalable software expected to drive further growth and margin improvement.

• M&A pipeline remains strong, with fair valuations and multiple targets in negotiation.