The Platform Group AG

Latest Results (02.09.2026):

The Platform Group AG — Q2 2026 (covering H1 2026): The company reported a strong first half of 2026 with record H1 operating performance: GMV and revenue rose ~21%–23%, adjusted EBITDA increased ~22.5%, consolidated net income was stable, and the equity ratio improved materially to 55.4%. Management confirmed its FY2026 guidance (GMV €1.7bn; net revenue €1.0bn; adjusted EBITDA €70–80m) and announced tighter acquisition, debt-reduction and cost-discipline measures.

Key top-line figures

GMV: €788.6m (+20.9% YoY). Total net revenue: €421.0m (+22.7% YoY). H1 growth was broad-based with Consumer Goods up 29.4% to €281.1m; Freight Goods down 5.0% to €51.6m; Industrial Goods +5.6% to €40.6m; Pharma & Retail +15.6% to €38.2m; Optics & Hearing contributed €9.5m (new).

Profitability

Reported EBITDA: €45.4m (+3.9% YoY). Adjusted EBITDA: €40.8m (+22.5% YoY) — the highest adjusted EBITDA the Group has achieved in a first half. Adjusted EBITDA margin: 9.69% (roughly flat YoY); reported EBITDA margin: 10.78% (down ~1.96 pp vs prior year).

Net income and EPS

Consolidated net income: €33.5m (+0.5% YoY). Earnings per share: €1.34 (down 13.5% YoY), reflecting share-count and other adjustments described in the report.

Cash flow and financing

Operating cash flow: €26.8m (+16.3% YoY). Cash flow from investing activities: -€17.8m (improved vs -€31.3m prior). Cash flow from financing activities: -€11.3m (versus €0.6m prior). Management plans further debt reduction (target net debt / adjusted EBITDA well below 2.0) including loan repayments and bond repurchases.

Balance sheet and liquidity

Total assets: €400.9m. Cash & equivalents: €11.6m (down from €13.9m at YE 2025). Equity: €221.9m (up from €184.0m); equity ratio improved to 55.4% (from 48.4%) — the highest in company history to date.

Operational metrics and M&A

Active customers (LTM): 8.4m (vs 6.2m). Orders in period: 6.2m (vs 5.3m). Average order value: €129 (vs €124). Partners: 17,683 (vs 15,781). Two acquisitions closed in H1 2026; planned acquisition of AEP GmbH remains in process. Management expects fewer acquisitions in 2026 but will exploit attractive targets and may sell 1–2 portfolio companies for active portfolio management.

Segment note and outlook

All five segments contributed positive EBITDA; Freight Goods was the only segment with a slight decline in revenue and earnings and corrective measures are underway. Management confirmed the FY2026 forecast: GMV €1.7bn, net revenue €1.0bn, adjusted EBITDA €70–80m.

Share and market data

Xetra closing price (30 Jun 2026): €1.04; market capitalization: €26.0m. Management highlighted that market valuation lagged operating performance and reiterated focus on profitable, scalable platform expansion.