The Platform Group AG

Investor Presentation • Nov 22, 2024

THE PLATFORM GROUP

Conference CIC Paris
2024

TPG'S STRATEGY

CLEAR VISION AND ROADMAP TO BECOME EUROPE'S LEADING PROFITABLE PLATFORM GROUP

TPG has defined a clear strategy to achieve its long-term goal in becoming Europe's leading technology enabled platform

WITH TPG SOFTWARE OUR PARTNERS GET ACCESS TO GLOBAL ECOMMERCE - 23 INDUSTRIES COVERED

REVIEW H1 2024 RESULTS CONTINUING OPERATIONS

	H1 2024	H1 2023
GMV	€ 442.5 m	€ 367.3 m
Net revenue (EUR m)	€ 231.5 m	€ 187.5 m
Other revenues (EUR m)	€ 16.4 m	€ 12.8 m
Gross Margin	$35.6 \%$	$35.7 \%$
Marketing Cost Ratio	$6.3 \%$	$6.5 \%$
Distribution Cost Ratio	$7.7 \%$	$7.5 \%$
HR Cost Ratio	$5.4 \%$	$5.6 \%$
Adj. EBITDA (EUR m) (\% margin)	$\begin{aligned} & € 17.6 m \ & (7.6 \%) \end{aligned}$	$\begin{aligned} & € 13.2 m \ & (7.0 \%) \end{aligned}$
Reported EBITDA (EUR m) (\% margin)	$\begin{aligned} & € 30.0 m \ & (13.0 \%) \end{aligned}$	$\begin{aligned} & € 23.9 m \ & (12.7 \%) \end{aligned}$
Net profit (EUR m) continuing operations (\% margin)	$\begin{aligned} & € 21.7 m \ & (9.4 \%) \end{aligned}$	$\begin{aligned} & € 16.4 m \ & (8.7 \%) \end{aligned}$

Takeaways

H1 2024 with better results than internally calculated

• GMV + 20.5\%
• Revenue $+23.5 \%$
• EBITDA adj. $+32.6 \%$
• Net profit $+32 \%$

FROM EBITDA ADJUSTED TO EBITDA REPORTED

THE PLATFORM GROUP: NON-FINANCIAL KPI

	H1 2024	H1 2023
Number of Orders	3.749 .858	3.250 .763
Average order value (EUR)	118	114
Active Customers (LTM)	4.8 m	3.8 m
Number of Employees	794	761
Number of Partners (31.03)	12.547	10.857

Takeaways

Positive development: More partners (12.547) bring more products. More products bring more customers ( 4.8 m ), more customers bring more orders (H1: 3.7m).

Average order value increased to 118€ (2023: 114€), due to less discounts and less campaigns.

Higher staff (794 employees) due to cost efficiency program and reduction in two subsidiaries.

BALANCE SHEET

(TEUR)

ASSETS	30.06.2024	31.12.2023
Non-current assets	128.532	120.178
Current assets	130.474	159.550
Total Assets	259.006	284.340
EQUITY/LIAB.	30.06.2024	31.12.2023
Equity	88.331	81.603
Non-current liabilities	54.641	50.811
Current liabilities	116.034	151.386
Total equity and liabilities	259.006	284.340

Takeaways

Reduction of inventory by - $£ 27 \mathrm{~m}$ (due to car sale activities Cluno/ViveLaCar)

Increase of cash to $€ 15 \mathrm{~m}$, strong reduction of liabilities in H1 2024

Constant level of bank liabilities ( $€ 62 \mathrm{~m}$ )

Equity ratio with positive development (H1: 34\%)

DEBT SITUATION

$(\epsilon \mathrm{m})$

	30.06.2024	31.12.2024 FC
Cash + Cash equivalents	€ 15.1 m	€ 11.3 m
Long term Debt (bank loans)	€ 36.2 m	€ 33.1 m
Short term Debt (bank loans)	€ 32.1 m	€ 27.9 m
Bond	€ 0 m	€ 30.0 m
Net Debt	€ 53.2 m	€ 79.7 m
LTM EBITDA	€ 28.4 m	€ 30.0 m
Leverage	1.87 x	2.65 x

Target Leverage 2025
$1.5-2.3 \times$ LTM EBITDA

CASH FLOW

$(\epsilon \mathrm{m})$

Cash flow from operating activities	€ 21.4 m
Cash flow from investing activities	- € 15.1 m
Cash flow from financing activities	€ 1.4 m
Cash at the beginning of the period	€ 7.5 m
Change in cash in period	$+€ 7.6 m$
Cash at the end of the period	€ 15.1 m

NEW GUIDANCE 2024 (GUIDANCE 09/2024) CONTINUING OPERATIONS

GMV Guidance FY 2024

NEW GUIDANCE 2024 (GUIDANCE 09/2024) CONTINUING OPERATIONS

EBITDA adj. Guidance FY 2024

TPG NEW GUIDANCE (09/2024)

THE PLATFORM GROUP: REVENUE DEVELOPMENT

THE PLATFORM GROUP: ADJUSTED EBITDA DEVELOPMENT

TPG STOCK

RESEARCH / COVERAGE

LATEST UPDATE	INSTITUTION	RECOMMENDATION	PRICE TARGET (EUR)
NOV 05, 2024	FIRST BERLIN	Initiation	16.00 (Initiation)
OCT 28, 2024		Initiation	n/a
OCT 10, 2024	BIN	STRONG BUY (Initiation)	13.60 (Initiation)
SEP 30, 2024	Pareto Securities	Credit Comments	n/a
SEP 30, 2024	WARBURG RESE ARCH	BUY (old: BUY)	16.00 (old: 16.00 )
AUG 26, 2024	ODDO BHF	BUY (old: BUY)	12.50 (old: 12.50 )
AUG 26, 2024	amontega	BUY (old: BUY)	13.00 (old: 13.00 )
APR 08, 2024	HAuCK aUfHÄUSER LAMPE	BUY (old: BUY)	17.00 (old: 17.00 )

2 THE PLATFORM GROUP

Typical Questions :-)

"OUR M\&A TRACK RECORD..."

TPG'S M\&A TRACK RECORD

ÜBER 24 AKQUISITIONEN SEIT 2020

INVESTMENT CRITERIA FOR TARGETS

TPG's seeks to acquire 3-8 platforms annually based on a refined target profile and a follow-through mentality.

M\&A EXECUTION OUR M\&A FUNNEL

AT A GLANCE LEADING MACHINE TRANSACTION PLATFORM IN EUROPE

KEY PERFORMANCE INDICATORS

2016
Foundation

$25$
Employees

€ 30m
Revenue 2024e

Barcelona
Headquarter

500
Logistic partners

$>7.000$
Listed machines

17
Markets

DING MORI

HIGHLIGHTS

SUCCESSFUL DEVELOPMENT WITH TPG'S POST-MERGER APPROACH

IN A NUTSHELL

THE PREFERRED PARTNER FOR ONLINE SALE OF LUXURY SECONDHAND FURNITURE

HIGHLIGHTS

TPG POST-MERGER APPROACH AS A VALUE DRIVER FOR MÖBELFIRST

PARTNERS

AT FIRST SIGHT

THE PLACE TO GO WHEN IT COMES TO LUXURY AND PREMIUM FASHION AND ACCESSORIES

HIGHLIGHTS

FROM PURE ECOMMERCE WITH LOSSES TO PLATFORM WITH PROFITS

PARTNERS

OUR GROWTH CYCLE

Number of Partners 2024 vs. 2023

OUR OPERATIONAL HOLDING

THE PLATFORM GROUP

TPG STOCK / VALUATION

TPG STOCK

IS AMAZON A COMPETITOR?

WE SELL ON MORE THAN 50 CHANNELS

WHY RETAILERS DO NOT MAKE ECOMMERCE BY THEMSELVES?

HOW WE CREATE VALUE FOR OUR PARTNERS

HOW WE CREATE VALUE FOR THE PARTNER

HOW WE CREATE VALUE FOR OUR PARTNERS

HOW WE RAMP UP REVENUES FOR OUR PARTNERS

Typical Point of Sale (POS), fashion

$+27 \%$


$-49 \%$ material
$-17 \%$ HR
$-12 \%$ rents
$-15 \%$ others

$-47 \%$ material
$-6 \%$ HR
$-21 \%$ platform
$-15 \%$ others

11\% Margin
Online revenue

THANK YOUL