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Original-Research: The Platform Group SE & Co. KGaA - from NuWays AG

28.01.2026 / 09:00 CET/CEST
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Classification of NuWays AG to The Platform Group SE & Co. KGaA

Company Name: The Platform Group SE & Co. KGaA
ISIN: DE000A40ZW88

Reason for the research: Update
Recommendation: BUY
Target price: EUR 21
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr

FY25 on a strong growth path, sig. M&A underway; chg.

The Platform Group reported preliminary and unaudited financials for FY25,
showing robust growth and delivery within its guidance range and the company
also announced a significant acquisition from the pharmaceutical wholesale
sector. In detail:

FY25 GMV increased by 44% yoy to EUR 1.3bn, slightly above our EUR 1.23bn
estimate, confirming the group's ability to scale its multi-vertical
platform model across B2B and B2C segments. Accordingly, sales grew by 39%
yoy to EUR 728m (eNuW old: EUR 718m), landing in the upper half of the guidance
range (EUR 715-735m). Note, 63% of growth was organically thanks to an
increased number of partners, an increased product assortment, high growth
in consumer goods subsidiaries and freight goods and improved customer
retention.

Adj. EBITDA improved by roughly 65% yoy to EUR 55m (reported EBITDA of EUR
71.2m), implying a margin of 7.6% (+1.3pp yoy) carried by an improved gross
margin (+0.8pp yoy) due to less discount activities and higher provisions
but also operational leverage and a lower marketing cost ratio. Here, the
company should have begun reaping the gains from its "AI first + cost
reduction program". Bottom line, EPS came in at EUR 2.26 vs. EUR 1.60 in FY24.

The leverage ratio (ND/adj. EBITDA) further decreased to 2.2x, yet absolute
net debt increased to ~ 120m as a result of the company's acquisition
strategy.

A first glance into FY26. For FY26, management expects to increase GMV to EUR
1.7bn, sales to EUR 1bn and adj. EBITDA to EUR 70-80m, while keeping leverage
(ND/adj. EBITDA) within the range of 1.5-2.3x. Importantly, this is largely
in line with our estimates and not yet including the planned acquisition of
AEP.

Milestone acquisition underway. TPG announced its intention to acquire 100%
of AEP GmbH, a Germany-based B2B pharmaceutical wholesaler and platform
operator serving several thousand pharmacies. Subject to approval by the
German Federal Cartel Office, closing is expected in Q2 2026. Following
completion, AEP will be fully consolidated and form the backbone of a newly
established segment, Pharma Group, alongside existing pharma-related
activities such as ApoNow and apothekia. The new segment will feature EUR 1bn
sales and EUR 25m adj. EBITDA. AEP alone should comprise some EUR 1bn sales and
~ EUR 22m adj. EBITDA. At an estimated purchase price of around EUR 75m (eNuW),
this seems like a sensible acquisition, representing a transformational
addition in terms of scale and business mix. If approved, the acquisition
would put the company's 2030 targets of EUR 3bn sales well in reach, in our
view.

We reiterate our BUY rating and maintain our PT of EUR 21.00, based on DCF.
-change of analyst-

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=50e14e9c8ffea11d8b9fe60669769b93
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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
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2267004 28.01.2026 CET/CEST

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