The Platform Group (TPG) Q4 2025 TU & M&A earnings summary

Executive summary

• Achieved record growth in 2025, with revenue up 39% to €728 million and adjusted EBITDA up 65% to €55 million, surpassing twice-raised guidance and driven by organic expansion and 11 acquisitions.

• GMV rose 44% to €1.3 billion, net profit increased 42% to €46.5 million, and EPS up 41% to €2.26.

• Number of partners reached a record 16,610, driven by both organic and inorganic growth.

• Announced major acquisition of AEP, a leading B2B pharmaceutical wholesaler, expected to significantly boost revenue and establish a new independent Pharma segment.

• Divested three small portfolio companies in Q4 2025 to focus on core segments.

Financial highlights

• Revenue increased by 39% year-over-year to €728 million, at the upper end of guidance.

• Adjusted EBITDA rose 65% to €55 million; net profit reached €46.5 million; EPS up 41% to €2.26.

• GMV grew 44% to €1.3 billion; gross margin improved to 36.2% (from 35.3%).

• Organic growth accounted for 63% of total growth in 2025.

• Debt leverage at 2.2x, with plans to reduce further.

Outlook and guidance

• 2026 pro forma guidance (with AEP): revenue €2.0 billion, adjusted EBITDA €90–100 million, GMV €3.0 billion, and over 25,000 partners.

• Standalone 2026 guidance: revenue €1.0 billion, adjusted EBITDA €70–80 million, GMV €1.7 billion.

• Vision 2030: €3.0 billion revenue, €4.5 billion GMV, double-digit EBITDA margins, leverage below 1.8x, and over 40,000 partners.

• Expecting more than 18,000 partners by end of 2026 through organic expansion.

• Continued focus on M&A, international expansion, and AI-driven operational efficiency.