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Original-Research: The Platform Group AG - from NuWays AG

07.11.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to The Platform Group AG

Company Name: The Platform Group AG
ISIN: DE000A2QEFA1

Reason for the research: Update
Recommendation: Buy
from: 07.11.2025
Target price: EUR 21.00
Target price on sight of: 12 months
Last rating change:
Analyst: Henry Wendisch / Antonio Perez

Q3 review: strong growth maintained and guidance in reach

Yesterday, TPG released its Q3 results, with solid top-line growth and
continued margin improvement. In detail:

TPG's growth cycle remained in full swing. Thanks to a growing number of
partners (+23% yoy), thus a higher product offering, the active customer
base grew even better by 49% yoy to 6.7m. Based on a constant AOV of EUR 127,
GMV grew strongly to EUR 250m (+51% yoy). Mind you, that the figures also
carry the inorganic effects from past acquisitions, it nevertheless show the
growth dynamics of TPG's platform business model.

Accordingly, Q3 sales increased by 35% yoy to EUR 189m, mainly driven by a
strong organic growth of 22% yoy (9M: 26% yoy) and supported by past
acquisitions, explaining the 13% yoy inorganic growth (9M: 17% yoy). On a
segment level, the largest segment Consumer Goods grew by 41% yoy to EUR 112m
(9M: +60% yoy) and explains 61% of group sales. This is followed by strong
growth in Freight Goods (+39% yoy; 16% of sales) and Industrial Goods (+15%
yoy; 12% of sales). For the first time, revenues from the new segment Optics
& Hearing were shown, which came in at EUR 4.9m and a strong 26.5% adj. EBITDA
margin.

Accretive acquisitions and op. leverage fuel profitability. Adj. EBITDA grew
disproportionately by 79% yoy to EUR 12.5m, which implies a 6.6% margin
(+1.6pp yoy). This is mainly attributable to a balanced mix of margin
accretive past acquisitions and increased operating leverage as a result
from the strong organic sales growth in the quarter, visible in further
decline in the HR cost ratio by 0.1pp yoy as well as in the other OpEx ratio
by 6.1pp yoy, according to our calculations.

Guidance well in reach. TPG confirmed its FY'25 guidance of EUR 715-735m in
sales (eNuW: EUR 718m) and an adj. EBITDA of EUR 54-58m (eNuW: EUR 55m), which
should be well achievable, in our view. Furthermore, the company reiterated
its FY'26 targets (Sales: >EUR1bn; adj. EBITDA: EUR 70-80m). For the latter, TPG
guides with a constant adj. EBITDA margin (26e vs. 25e), which might seem
odd at first sight given the strong scale effects mentioned above, however,
the recent acquisitions in the high-volume, low-margin pharma sector (ApoNow
GmbH, Pharmosan Group, and Vamida Versandapotheke, expected sales of EUR 130m
in FY'26), fully explain this effect. In essence, the higher volumes
nevertheless add strong absolute additions to adj. EBITDA, but don't pay
into the group's margin.

Overall, TPGŽs shares appear highly undervalued, as the low multiples (2.7x
FY'26e EV/EBITDA) should not be concurrent with a fast-growth e-commerce
platform, in our view. Therefore, we reiterate our BUY rating with an
unchanged PT of EUR 21.00.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=55ef810f12f589ba3594b65a7fee03ca
For additional information visit our website:
https://www.nuways-ag.com/research-feed

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++

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2225668 07.11.2025 CET/CEST

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