The Platform Group AG

Investor Presentation • May 23, 2025

EARNINGS CALL Q1 2025

THE PLATFORM GROUP Introduction & Updates

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

Reinhard Hetkamp CFO TPG AG

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

Management Board

Supervisory Board

Stefan Schütze (Chairman)

• Jens Wasel
• Florian Müller
• Dominik Barton
• Dr. Olaf Hoppelshäuser

CFO

Marcus Vitt Mgmt. Board

• TPG until 05/2025

• 30 years banking

• Responsibilities: Risk, Payment, HR, IR

VALUE CREATION UNIQUE ECOSYSTEM TO DIGITIZE PARTNERS AND PAVE THE WAY FOR ONLINE COMMERCE

TPG is a software enabled group of e-commerce platforms that connects countless partners and customers in niche segments

TPG STOCK SINCE 12/2022 – 05/2025

TPG STOCK SINCE 01/2025 - TODAY

RESEARCH / COVERAGE

		Current	Research Coverage

LATEST DEVELOPMENTS (4 MONTH)

Acquisition of Fintus GmbH → Closing 05/2025 (B2B SaaS platform)

Acquisition of Joli Closet, Paris → Closing 06/2025 expected (B2C luxury platform)

Progress of project TPG PAY (payment/software project)

LATEST DEVELOPMENTS (4 MONTH)

Acquisition of Herbertz Group –> Closing 03/2025 (B2B/B2C outdoor platform)

Acquisition of Lyra Pet GmbH → Closing 03/2025 (B2C pet platform)

New TPG fulfilment company and logistic hub in Gladbeck (Full-Service for our partners)

THE PLATFORM GROUP Platforms for success

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

No 1 platform in Europe

Extension of partnerships, products and services offering

Improvement of TPG platforms via operational and software capabilities

Further geographical expansion outside Germany

Long-term balanced organic and inorganic growth (50/50)

Expansion to 30 industries by 2025

TPG'S GROWTH MODEL OUR GROWTH CIRCLE

WE GROW BY PARTNERS, NOT BY INDUSTRY

WITH TPG SOFTWARE OUR PARTNERS GET ACCESS TO GLOBAL ECOMMERCE – 26 INDUSTRIES COVERED

THE PLATFORM GROUP Financials & Outlook

Q1 2025 REPORT / Q1 2024

. All figures unaudited. Ratios related to net revenue.

	Q1 2024	Q1 2025
GMV	€ 190.6m	€ 356.3m
Net revenue (EUR m)	€ 107.9m	€ 160.8m
Other revenues (EUR m)	€9.8m	€10.6m
Gross Margin	37.7%	34.8%
Marketing Cost Ratio	6.3%	5.9%
Distribution Cost Ratio	7.9%	7.8%
HR Cost Ration	4.7%	4.6%
Adj. EBITDA (EUR m) (% margin)	€ 8.5m (7.9%)	€ 15.9m (9.9%)
Reported EBITDA (EUR m) (% margin)	€ 16.7m (15.5%)	€ 19.6m (12.2%)
Net profit (contin. op. EUR m) (% margin)	€ 12.9m (12.0%)	€ 18.2m (11.3%)

Q1 2025

GMV +87% → outperformed expectations

Guidance / market expectation

Gross Margin development in line with consolidated portfolio companies (2024) with high GMV and low revenue (Avocadostore, Hood…)

Revenue +49% → outperformed expectations

EBITDA adj. +87% → outperformed expectations

EBITDA +17% → marginal increase due to lower Purchase Price Allocation-Effects (PPA). One-time effect of pos. depreciation in Q1 2025 due one consolidation effect.

Net profit +41% → outperformed expectations

Q1 2025 REPORT / Q1 2024

	Q1 2024	Q1 2025	Guidance / market expectation
Net profit (EUR m), continuing operations	€ 12.9m	€ 18.2m
Net profit (EUR m), not-continuing operations	€ -1.5m	-	Earnings per share (EPS) with 0.9€ above expectations
Net profit (EUR m), total	€ 11.4m	€ 18.2m
thereof minorities	€ 0.4m	€ 0.8m	Strong increase in cashflow: +93%
			Cash with €21.3m by end of March 2025 + sufficient
Earnings per share (EUR), total	€ 0.55	€ 0.90	Bank facilities
Earnings per share (EUR), continuing operations	€ 0.65	€ 0.90
Cashflow from operating activities (EUR)	€ 9.4m	€ 18.2m
Cash at the end of period (EUR)	€ 12.3m	€ 21.3m

Q1 SUMMARY

Consumer confidence is higher, other EU markets and US have turnaround after post covid-decline. Higher forecasts of eCommerce companies (Zalando, MyTher.)

Developments Q1 - Relevance for 2025

After 8 quarters with increasing distribution costs: Change in development, stable cost ratio – actions work

Higher profitability due to cost efficiency program (2024-2025) and scalable cost structure

Excellent conditions for new M&A acquisitions in 2025 with fair values

Increased scalability of our TPG One Software allows us to connect partners faster and enter new industries within <4 month

Q1 2025 higher than forecast / expectations

Our 4 segments grow. Industrial good segment with positive margin development in 2025.

STRONG GMV AND REVENUE GROWTH

GMV Growth Q1

Revenue Growth Q1

2024 2025

PROFITABILITY AS A KEY FOR SUSTAINABLE GROWTH

EBITDA adjusted Q1

EBITDA reported Q1

2024 2025

OVERVIEW 2023 – 2025FC

	2023	2024	2025 FC
GMV	€ 705m	€ 903m	€ 1.300m
Net revenue (EUR m)	€ 440.8m	€ 524.6m	€ 680-700m
Other revenues (EUR m)	€32.8m	€29.1m
Gross Margin	31.1%	35.3%
Marketing Cost Ratio	5.9%	6.4%
Distribution Cost Ratio	7.5%	7.8%
HR Cost Ration	4.7%	5.4%
Adj. EBITDA (EUR m) (% margin)	€ 22.6m (5.1%)	€ 33.2m (6.3%)	€ 47-50m >7%
Reported EBITDA (EUR m) (% margin)	€ 47.4m (10.7%)	€ 55.6m (10.6%)
Net profit (EUR m) (% margin)	€ 33.3m (7.6%)	€ 35.5m (6.8%)

RETURN ON EQUITY / CAPITAL EMPLOYED

		Takeaways
		Return on Equity (ROE) with 26.4% above
		Guideline of >20%
		Retrurn on Capital Employed (ROCE) with
		19.8% above Guideline of >15%
2021
		Among the highest ROE in our industry
		Further increase to be expected in 2025

		Takeaways
		Return on Equity (ROE) with 26.4% above
		Guideline of >20%
		Retrurn on Capital Employed (ROCE) with
		19.8% above Guideline of >15%
2021
		Among the highest ROE in our industry
		Further increase to be expected in 2025

THE PLATFORM GROUP: SEGMENT OVERVIEW

Consumer Goods Freight Goods

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

Forest Equipment Bicycles E-Scooters

Cars

Industrial supplies

Products and services that are remunerated on the basis of performances

Platform for local pharmacies

Platform for pharmaceutical manufacturers

Online learning platforms Finance and real estate

platforms

Local Stores

• Higher consumer confidence in Q3-Q4
• Acquisition of 0815, Chronext, Lyra Pet, Aplanta, Avocadostore
• EBITDA > 7%

• Strongest revenue increase in 2024

• After poor margin development in 2023, actions have been implemented

• EBITDA > 3%
• Acquisition of Wehrmann Group (wood machines)
• Strong increase in delivery costs in 2024
• Acquisition of Jungherz
• EBITDA > 6%

• Strongest revenue increase in 2024

• Higher revenues due to more customers and higher AOV

• EBITDA > 4%
• Acquisition of Firstwire (B2B finance platform) and Fintus

THE PLATFORM GROUP: NON-FINANCIAL KPI

	Q1 2024
Number of Orders	0.9m	1.5m
Average order value (EUR)	115	125
Active Customers (LTM)	4.4m	5.7m
Number of Employees (31.03)	758	1.145
Number of Partners (31.03.)	11,987	15,348

Q1 2025	Takeaways
	Positive development: More partners (15,348) bring more
	products. More products bring more customers (5.7m), more customers bring more orders (1.5m).
	Average order value increased to 125€ (2024: 115€),
	due to less discounts and delisting of low price-products.
	Higher staff (1,145 employees) due to acquired companies.

Total growth of revenue (+49%) Q1 2025 / Q1 2024: €52.9m (=100%)

TPG GUIDANCE 2025 (04/2025)

2025 FY

TPG MIDTERM GUIDANCE (04/2025)

MIDTERM GUIDANCE (2026)

Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2025e according to guidance. 2021 TPG/Fashionette combined.

2025e

Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2025e according to guidance. 2021 TPG/Fashionette combined.

Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2025e according to guidance. 2021 TPG/Fashionette combined.

DEBT SITUATION (€m)

	31.12.2024	31.12.2025 FC
Cash + Cash equivalents	€ 22.1m	€ 16.4m
Long term Debt (bank loans)	€ 33.1m
Short term Debt (bank loans)	€ 26.1m	€ 122.5m
Bond	€ 50.0m
Net Debt	€ 87.1m	€ 106.1m
EBITDA	€ 33.2m	€ 47-50m
Leverage	2.6 x	2.3 x

Figures for 31.12.2025 are Forecast

FINANCIAL CALENDER 2025

DATE	EVENT	MAY 23, 20
NOV 24, 2025	German Equity Forum 24 - 26 November , Frankturt/ Main	MAY 14, 20
NOV 14, 2025	Publication Quarterly Statement (call-date Q3)	MAY 09, 2
SEP 01, 2025	Fall Conference 1/2 September , Frankfurt/Main	APR 11, 202
AUG 27, 2025	Hamburg Investors Days 27 / 28 August , Hamburg	APR 11, 202
AUG 22, 2025	Publication Halt-yearly Financial Statements	APR 01, 201
JUN 26, 2025	Annual General Meeting , Dusseldort	FEB 12, 202
JUN 11, 2025	Warburg Highlights Conference 11 / 12 June , Hamburg	FEB 05, 20

2025	Publication Quarterly Statement (call-date Q1)
025	HAIB Stockpicker Summit 14 - 16 May , Hamburg
2025	Publication Annual Financial Statements
25	Preliminary results FY24 based on consolidated figures
25	Earnings call on the preliminary results for FY 2024
025	Metzler Small Cap Days 2025 1/3 April , Frankfurt/Main
125	ODDO BHF Small & Mid Cap Conterence 12/13 February , Frankfurt/Main
025	HIT Hamburg Investors Days 5/6 February , Hamburg

THANK YOU!