Münchener Kapitalmarkt Konferenz 25. April 2024

THE PLATFORM GROUP Key Facts

OUR MANAGEMENT STRUCTURE

Segments

Consumer Goods Freight Goods Industrial Goods Service and Retail Goods

Dr. Dominik Benner CEO

TPG since 2012
5th generation family business
15 years eCommerce

Laura Vogelsang Mgmt. Board

TPG since 2018
10 years eCommerce & payment
Responsibilities: Risk, Payment, HR

Reinhard Hetkamp CFO TPG AG

▪ >20 years experience in various finance roles inc. various CFO positions

Supervisory Board

Stefan Schütze (Chairman)

▪ Jens Wasel

▪ Florian Müller

▪ Dominik Barton

CFO

TPG GUIDANCE 2024: RECORD YEAR TO BE EXPECTED CONTINUING OPERATIONS

Adj. EBITDA Margin 7-10%

Leverage

1.5 – 2.3x

GMV €1bn

TPG STOCK PERFORMANCE FIRST TPG-LISTING Q4 2023

+26%

First Listing TPG/opening ceremony

TPG STOCK PERFORMANCE PERFORMANCE SINCE ACQUISITION OF FORMER FASHIONETTE AG, DECEMBER 2022

Acquisition of former fashionette AG: Dec 2022

TPG STOCK PERFORMANCE 1 YEAR PERFORMANCE / PEERS

+73%

WITH TPG SOFTWARE OUR PARTNERS GET ACCESS TO GLOBAL ECOMMERCE – 20 INDUSTRIES COVERED

Software-solutions for small- & medium-sized business partners

Financials

(unaudited, preliminary)

OVERVIEW PRO-FORMA FY 2023/FY 2022 CONTINUING OPERATIONS

All Pro-Forma figures for FY 2023 and FY 2022 are based on continued operations. Fashionette AG announced in Q1 2023 and Q2 2023 the closure of the business units of (a) beauty and (b) smartwatches, in Q3 2023 the planned sale of both units was published., sell-off by April 2024 effective. All ratios related to total revenue FY 2023/FY 2022. Market expectations FY2023 are based on current research (Nuways, MMWarburg, Montega). All numbers are unaudited and preliminary.

	2022	2023	Guidance / market expectation
GMV	€ 591m	€ 705m
Net revenue (EUR m)	€ 387.4m	€ 440.8m	GMV-Guidance: € 700m → Achieved / outperformed.
Other revenues (EUR m)	€ 29.0m	€32.8m
Gross Margin	34.8%	31.1%	Revenue-Guidance: € 440m → Achieved / outperformed.
Marketing Cost Ratio	7.4%	5.9%
Distribution Cost Ratio	6.3%	7.5%	EBITDA adj.-Guidance: € 20m → Achieved / outperformed.
HR Cost Ration	6.5%	4.7%
Adj. EBITDA (EUR m) (% margin)	€ 11.9m (3.0%)	€ 22.6m (5.1%)	EBITDA reported: € 47.7m (FY 2023) above expectations.
Reported EBITDA (EUR m) (% margin)	€ 37.0m (9.6%)	€ 47.4m (10.7%)	Net profit: € 33.3m (FY 2023) above expectations.
Net profit (EUR m) (% margin)	€ 24.8m (6.4%)	€ 33.3m (7.6%)

OVERVIEW PRO-FORMA FY 2023/FY 2022 CONTINUING OPERATIONS

All Pro-Forma figures for FY 2023 and FY 2022 are based on continued operations. Fashionette AG announced in Q1 2023 and Q2 2023 the closure of the business units of (a) beauty and (b) smartwatches, in Q3 2023 the planned sale of both units was published., sell-off by April 2024 effective. All ratios related to total revenue FY 2023/FY 2022.. Earnings per share based on number of stocks according to year end (31.12.2023). Market expectations FY2023 are based on current research (Nuways, MMWarburg, Montega). All numbers are unaudited and preliminary.

	2022	2023	Guidance / market expectation
Net profit (EUR m), continuing operations	€ 24.8m	€ 33.3m
Net profit (EUR m), not-continuing operations	€ -3.3m	€ -6.4m	Earnings per share (FY 2023) above expectations.
Net profit (EUR m), total	€ 21.5m	€ 26.9m
thereof minorities	€ 2.1m	€ 1.1m

Earnings per share (EUR), total	€ 1.12	€ 1.50
Earnings per share (EUR), continuing operations	€ 1.31	€ 1.93

THE PLATFORM GROUP: PRO-FORMA GMV DEVELOPMENT

Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2024e according to guidance. 2021 TPG/Fashionette combined.

THE PLATFORM GROUP: PRO-FORMA REVENUE DEVELOPMENT

Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2024e according to guidance. 2021 TPG/Fashionette combined.

THE PLATFORM GROUP: PRO-FORMA ADJUSTED EBITDA DEVELOPMENT

Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2024e according to guidance. 2021 TPG/Fashionette combined.

€ 23 m € 24-28 m

THE PLATFORM GROUP: PRO-FORMA NETPROFIT DEVELOPMENT

Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2024e according to guidance. 2021 TPG/Fashionette combined.

€ 33.3 m

THE PLATFORM GROUP: SEGMENT OVERVIEW

Consumer Goods Freight Goods

Industrial Goods Service & Retail

Products with simple logistics and focus on consumer goods

Sustainable Products
Fashion/Shoe/Luxury
Accessories
Jewelry and
Watches

Products with complex transport, logistics and delivery processes in the area of freight logistics

Furniture
Forest Equipment
Bicycles
E-Scooters
Cars

B2B focus on industrial goods and industrial solutions

Trading with used machines / B2B
Dental equipment B2B
Hairdressing B2B platform
Car/truck parts trade
Industrial supplies

Products and services that are remunerated on the basis of performances

Platform for local pharmacies Platform for pharmaceutical

manufacturers
- Online learning platforms
- Factoring and real estate platform
- Local Stores

Revenues by Segment (FY 2023)

(in m€, pro-forma, continuing operations)

Pro-Forma figures for FY 2023, continuing operations.

THE PLATFORM GROUP: NON-FINANCIAL KPI

Pro-Forma figures for FY 2023/FY 2022, continuing operations.

	2022	2023
Number of Orders	5.437.475	6.185.869
Average order value (EUR)	109	114
Active Customers	3.482.100	4.048.954
Orders New Customers	1.264.803	1.505.718
Number of Employees	751	688
Number of Partners	4.872	5.520

2023	Key takeaways

	Positive development: More partners (5.520) bring more products. More products bring more customers (4.05m), more customers bring more orders (6.2m).

	Average order value increased to 114€ (2022: 109€), due to less discounts and less campaigns.

	Reduced staff (688 employees) due to cost efficiency
	program and reduction in two subsidiaries.

DEBT SITUATION

Cash + Cash equivalents	€ 7.6m
Long term Debt (bank loans)	€ 32.3m
Short term Debt (bank loans)	€ 35.3m
Net Debt	€ 60.0m
LTM EBITDA	€ 22.6m
Leverage	2.65 x

31.12.2023

Pro-Forma figures for FY 2023, continuing operations.

PRO-FORMA CONSOLIDATED CASH FLOW STATEMENT

Consolidated cash flow statement

Adjustments for

	2023
Period result	26.932.008
Result from discontinued operations	6.381.032
Earnings before from continuing operations taxes	33.313.040
Adjustments for
Profit from business acquisitions	(25 .274.443)
Depreciation (+) / write-ups (-) of fixed assets	7.997.879
Gain (-) from the disposal of plant and equipment property,	(2 .146.005)
Increase (+) / decrease (-) in provisions	(1 .582.709)
Increase (-) / decrease (+) in trade receivables and other that assets are not attributable investing or financing activities to	(17 .465.046)
Increase (-) / decrease (+) in inventories	37.120.358
Increase (+) / decrease (-) in trade payables and other liabilities that are not attributable investing or financing activities to	35.830.638
Interest expense (+) / income (-)	6.455.284
expense (+)/income (-) (-/+) Income and deferred and tax tax assets liabilities (+/-)	5.194.987
Taxes paid on income and earnings less refunds (-) ,	(329 .047)
Interest paid (-)	(6 .455.284)
Other non-cash expenses (+)/income (-)	(1 .434.585)
Cash inflow from ongoing business activities	71.225.068
Payments (+) from disposals Payments (-) for investments in fixed assets	(18 .446.580)
Payments (-) for the acquisition of subsidiaries less acquired liquid assets ,	(58 .948.710)
Cash investing activities outflow from	(77.395.290)
Payments (-) for interest and of leasing liabilities repayment	775.060
Incoming (+) taking (-) from loans and of loans payments out repayment	950.804
Cash outflow from financing activities	1.725.864
Cash-effective changes in financial resources	(4.444.357)
Available financial beginning financial the of the resources at year	12.060.478
available period Funds the end of the at	7.616.121

Pro-Forma figures for FY 2023, continuing operations.

FROM EBITDA ADJUSTED TO EBITDA REPORTED

Pro-Forma figures for FY 2023/FY 2022, continuing operations. PPA-Results due to IFRS3 and deferred tax & consolidation effects..

How we achieve value for our shareholders

OUR STATEMENT ON VALUE CREATION

"We do not accept cash burning. Our company never did."

"We have to acquire companies for fair values, meaning badwill is not an exception. And we develop their value over time."

"Our TPG-approach gives us the opportunity to buy highly attractive online -players in niche markets, make a great PMI and achieve long -term cashflow -streams."

" Each year, we see more than 1.500 offered online companies, most of them does not fit to us (industry, losses etc). But when we make the process of M&A, the seller understands our additional value compared to other bidders – and we are not looking for exits. That convinces the seller in many times and management stays on board."

OUR CORE COMPETENCIES

Software

Interfaces Marketing

SAAS-MODELS

Control
We want to have full control on the eCommerce Value Chain. Means: Not just offering software, we make A-Z as a full service for our 11.800 partners. Starting from coding ERP-interfaces, offering excellent software solution, manage the full payment process and take care about tax declarations and customs for our partners, we have full control on the Value Chain.

Why do we NOT make SaaS-Revenues?

Value creation Replaceability

We can achieve higher €-margins when we fully control the eCommerce Value Chain, cover all processes and services for our partners.

When we would offer only SAAS-solutions to external parties, we would have nice %margins, but after 2-3 years (contract time) we always would have a higher risk of being replaced by another software. Because we develop and run our own software solutions for our partners and cover the full Value Chain of eCommerce, our risk of replaceability is low.

OUR DECISION FUNNEL FOR NEW INDUSTRIES

TPG decision funnel for entering new industries

Control Selection of Industry:

Are more than 150 potential platform partners in the industry?
Is the product attractive in terms of margin, average order value and logistics?
Have the industry partners local ERP-systems?

Entering Industry:

players in the industry,

If 3x YES Starting TPG-Strategy

HOW WE ACQUIRE COMPANIES

After 22 acquisitions, we have a strong track record and knowledge in post merger integration + value creation

Our Requirements for new M&A Targets

Revenue & Status of the Profitability & Debt Customers Company			Strategy & IT
Diversified Customer base (>1.000 customers)	Revenue range €3-100m Positive revenue development (>10-15% YoY),	No early phase investments, only proven track record	Sufficient management levels, no risk of single management issues	EBITDA adj. >3% (1st year of PMI)	Debt level <2x EBITDA	Platform strategy (or eCommerce with change to platform strategy)	High IT/ERP knowledge and TPG-software-fit

HOW WE ACHIEVE VALUE

How we achieve VALUE: The case of GINDUMAC

HOW WE ACHIEVE VALUE

How we achieve VALUE: The case of GINDUMAC

	Centralized share services		Entry in new markets
Marketing, accounting, software and ERP inhouse	Full integration of TPG platform software	Entry to Asian and Middle east market in (2021-2023)	US market start in 2025

HOW WE ACQUIRE COMPANIES

Revenue &		Status of the		Profitability &
Customers		Company		Debt
Diversified Customer base (>1.000 customers)	Revenue range €3-100m Positive revenue development (>10-15% YoY),	No early phase investments, only proven track record	Sufficient management levels, no risk of single management issues	EBITDA adj. >3% (1st year of PMI)	Debt level <2x EBITDA	W

Successful cost reduction.		Strong focus on Platform technology		Centralized share services
TPG reduces cost ratios: HR, rents, software, marketing spending	Closing of business division in India	With our software we connect 3rd party players and increase supply level	We quit external software providers and make it inhouse	Marketing, accounting, software and ERP inhouse	Full integration of TPG platform software