The Platform Group AG

Investor Presentation • Aug 22, 2025

H1 Results 2025

August, 2025

EXECUTIVE SUMMARY

H1 results demonstrates strong position and profitability

Highlights H1 2025

Acceleration in customer growth, partners and AOV

EBITDA-Margin target exceeded / margin expansion Strong EPS development

Positive M&A development in H1

Confirmation of FY 2025 guidance / positive outlook

▪ >47% Growth in GMV (€652m) and revenue (€ 343m)

• EBITDA adj. with €33.3 m highest H1-profitability In company history
• Midterm margin-target of >7% exceeded in H1 2025: EBITDA adj. margin of 9.7%
• Successful results of cost efficiency program net profit of €33.3m / EPS with €1.55 in H1 (H1 2024: €0,9)
• INCREASE OF GUIDANCE 2024 ▪ Strong growth of active customers (+29%) to 6.2m (LTM)
• Strong growth of partners (+26%) to 15.781
• (Guidance 05/2024) ▪ Average Order Value (AOV) with €124 (2024: €118)
• Closing of 4 targets in H1 (Herbertz, JoliCloset, LyraPet, Fintus)
• Additional 3 signings / closings July-August 2025
• Strong development in first 2 months of H2 2025
• Confirmation of FY 2025 guidance: €1.3bn GMV €715-735m revenue, €54m - €58m adj. EBITDA

THE PLATFORM GROUP Key Facts

OUR MANAGEMENT STRUCTURE

Segments

Consumer Goods Freight Goods Industrial Goods Service & Retail Goods

Supervisory Board

Stefan Schütze (Chairman)

Dr. Dominik Benner CEO (board) Bjoern Minnier CFO Sven Hülsenbeck CTO Sven Schumann CPM

• Florian Müller Dr. Olaf Hoppelshäuser
  -

Christoph Wilhelmy COO Frederic von Borries CPO Sarah Millholland CHO

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

WITH TPG SOFTWARE OUR PARTNERS GET ACCESS TO GLOBAL ECOMMERCE – 27 INDUSTRIES COVERED – 4 SEGMENTS

TPG'S GROWTH MODEL OUR GROWTH CIRCLE

WE GROW BY PARTNERS, NOT BY INDUSTRY

Acquisition of We Connect Work (B2B Construction platform)

• B2B platform
• Industry: Construction
• Focus: Germany, Austria, Eastern Europe
• Signing: July 2025
• Closing: August 2025 expected

Next steps:

• Setup additional platform for construction materials
• Integration into TPG structure

Expansion of French luxury platform Joli Closet (B2C luxury platform)

• B2C platform
• Industry: Vintage luxury goods
• Focus: France, Italy, Netherlands, US
• 220k products
• Major brands: Hermès, Dior, Rolex
• Closing July 2025 (done)

Next steps:

• Connecting Fashionette, Winkelstraat and Brandfield
• Shop relaunch Q4 2025
• Integration into TPG structure

Entry into Optics & Hearing (B2C optics/hearing Platform + stores)

• Hybrid model for optics & hearing
• B2C online platform + 30 local stores
• Focus: Germany, Austria, Switzerland
• New segment within TPG FY revenue 2026e: €55-60m EBITDA-Margin: 25%
• Closing July 2025 (done)

Next steps:

• Stores: National coverage (60-70 stores)
• MyGlasses expansion
• Integration into TPG structure

LATEST DEVELOPMENTS (3 MONTH)

New fulfilment center (TPG & partners)

• TPG Fulfillment GmbH
• Location: Gladbeck, Germany
• 12.000 sqm
• Inventory hub for (a) Partners of TPG (fulfilment)
  • (b) Returning processes
  • (c) 3 TPG subsidiaries

New legal structure planned (SE & Co. KGaA)

• AGM: 25th August 2025, Duesseldorf
• Longterm anchor shareholder: Benner Holding
• Advisory: Heuking

Longterm shareholder

SE & Co. KGaA

Operational Group Subsidiaries

Financials

OVERVIEW H1 REPORT 2025 (VS. H1 2024) CONTINUING OPERATIONS

All figures unaudited. Continuing operations refer only to 2024..

	H1 2025	H1 2024
GMV	€ 652.1m	€ 442.5m
Net revenue (EUR m)	€ 343.0m	€ 231.5m
Other revenues (EUR m)	€ 13.0m	€ 16.4m
Gross Margin	34.1%	28.5%
Marketing Cost Ratio	6.0%	6.3%
Distribution Cost Ratio	7.8%	7.7%
HR Cost Ration	4.7%	5.4%
Adj. EBITDA (EUR m) (% margin)	€ 33.3m	€ 17.6m
	(9.7%)	(7.6%)
Reported EBITDA (EUR m) (% margin)	€ 43.7m (12.7%)	€ 30.0m (13.0%)
Net profit (EUR m) continuing operations (% margin)	€ 33.3m (9.7%)	€ 21.7m (9.4%)

OVERVIEW H1 REPORT 2025 (VS. H1 2024) CONTINUING OPERATIONS

	H1 2025
Net profit (EUR m), continuing operations	€ 33.3m	€ 21.7m
Net profit (EUR m), not-continuing operations	€ 0	€ -2.8m
Net profit (EUR m), total	€ 33.3m	€ 18.8m
thereof minorities	€ 1.6m	€ 0.9m
Earnings per share (EUR), total	€ 1.55	€ 0.90
Earnings per share (EUR), continuing operations	€ 1.55	€ 1.09

H1 2024	Takeaways
	Earnings per share with € 1.55 and growth of +77.2%:
	above internal forecast
	Increase of minority results (€1.6m) due to new
	companies in 2024 (OEGE, 0815…)

All figures unaudited. Continuing operations refer only to 2024..

PROFITABILITY AS A KEY FOR SUSTAINABLE GROWTH

Revenue, EBITDA adj. and EBITDA adj.-margin (%) development over 3 years, 2023 pro-forma figures.

STRONG GMV AND REVENUE GROWTH

GMV Growth 6M

06/2024 06/2025

Revenue Growth 6M

06/2024 06/2025

PROFITABILITY AS A KEY FOR SUSTAINABLE GROWTH

EBITDA adj. 6M

06/2024 06/2025

EBITDA reported 6M

06/2024 06/2025

FROM EBITDA ADJUSTED TO EBITDA REPORTED

PPA-Results due to IFRS3 and deferred tax & consolidation effects.

BALANCE SHEET (in m€)

ASSETS	30.06.2025	31.12.2024	Takeaways
Non-current assets	181.1	164.5
			Increase of inventories (+6.6m) due to
Current assets	167.5	158.7	consolidation of new companies
Total Assets	348.6	323.2
			Strong reduction of accounts payable in H1
			2025 (-10.8m)
EQUITY/LIAB.	30.06.2025	31.12.2024	Constant level of bank liabilities (€64.7m)
Equity	168.4	135.1
Non-current liabilities	109.2	102.8	Equity ratio with positive development (H1: 48%)
Current liabilities	71.0	85.3
Total equity and liabilities	348.6	323.2

ASSETS	30.06.2025	31.12.2024	Takeaways
Non-current assets	181.1	164.5
Current assets	167.5	158.7	Increase of inventories (+6.6m) due to consolidation of new companies
Total Assets	348.6	323.2
			Strong reduction of accounts payable in H1 2025 (-10.8m)
EQUITY/LIAB.	30.06.2025	31.12.2024	Constant level of bank liabilities (€64.7m)
Equity	168.4	135.1
Non-current liabilities	109.2	102.8	Equity ratio with positive development (H1: 48%)
Current liabilities	71.0	85.3

DEBT SITUATION (€m)

	30.06.2025
Cash + Cash equivalents	€ 14.5m
Long term Debt (bank loans)	€ 35.4m
Short term Debt (bank loans)	€ 29.3m
Bond	€ 50.0m
Net Debt	€ 100.2m
LTM EBITDA	€ 48.8m
Leverage	2.05 x

30.06.2025

	30.06.2025
Cash flow from operating activities	€ 23.0m
Cash flow from investing activities	- € 31.3m
Cash flow from financing activities	€ 0.6m
Cash at the beginning of the period	€ 22.1m
Change in cash in period	- € 7.6m
Cash at the end of the period	€ 14.4m

CASH FLOW (€m)

30.06.2025

THE PLATFORM GROUP: NON-FINANCIAL KPI

	H1 2025
Number of Orders (period) (in m)	5.3	3.8
Average order value (EUR)	124	118
Active Customers (LTM) (in m)	6.2	4.8
Number of Employees	1,287	794
Number of Partners (30.06)	15,781	12,547

H1 2024	Takeaways
	Positive development: More partners (15,781) bring more products. More products bring more customers (6.2m), more customers bring more orders (H1: 5.3m).
	Average order value increased to 124€ (2024: 118€), due to less discounts, less campaigns and higher product price levels.
	Higher staff (1,287 employees) due to new subsidiaries and additional work forces in AI and software development.

Total growth of revenue H1 2025 / H1 2024: €111.5m (=100%)

OUR GUIDANCE 2025

Developments 2025

2 nd INCREASE OF GUIDANCE 2025 by 31th July 2025 ("Guidance 07/2024")

CONFIRMATION OF GUIDANCE 2025 by today

7 successful acquisitions in 2025, additional 2-4 to come in H2 2025. Strong Post-Merger-Management team (PMI)

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

Our 4 segments grow. Industrial good segment with positive margin development. New segment "Optics & Hearing" since 07/2025 with high potential and 25% EBITDA-Margin.

OVERVIEW 2023 – 2025FC

	2023	2024	2025 FC
GMV	€ 705m	€ 903m	€ 1.300m
Net revenue (EUR m)	€ 440.8m	€ 524.6m	€ 715-735m
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%)	€ 54-58m >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%)

GUIDANCE UPDATE 07/2025

Revenue Guidance 2025e

EBITDA Guidance 2025e

FORECAST 04/2025

FORECAST 04/2025

Segment Development

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 (H1 2025) (in m€)

Consumer Goods: 217.215

Freight Goods: 54.329 Industrial Goods: 38.439 Service & Retail Goods: 33.044

Consumer Goods	H1 2025	H1 2024	Key takeaways
GMV (EUR m)	€456.0 m	€268.0 m	Positive development of higher revenues due to (1)
Net revenue (EUR m)	€ 217.2m	€ 126.1m	more partners and (2) more products and (3) consolidated companies 2024-2025 (OEGE, 0815…).
EBITDA adjusted (EUR m)	€ 23.4m	€ 9.8m	EBITDA adj. margin higher than internal expectations
EBITDA adj. margin (%)	10.8%	7.8%	(Goal: >7.5%).
EBITDA reported (EUR m)	€ 30.2m	€ 18.0m	Increased staff (total: 804 employees) due to consolidated companies, more software developers, AI
EBITDA reported margin (%)	13.9%	14.3%	staff.
Employees	804	369	Luxury verticals along with expectations, market has a high number of overstock.

Freight Goods	H1 2025	H1 2024	Key takeaways
GMV (EUR m)	€74.9 m	€68.1 m	Positive development of higher revenues due to (1) more partners and (2) more products.
Net revenue (EUR m)	€ 54.3m	€ 46.3m
EBITDA adjusted (EUR m)	€ 4.9m	€ 4.3m	EBITDA adj. margin higher than internal expectations (Goal: >7.5%)
EBITDA adj. margin (%)	9.0%	9.3%
EBITDA reported (EUR m)	€ 4.7m	€ 7.5m
EBITDA reported margin (%)	8.7%	16.2%
Employees	158	145

Industrial Goods	H1 2025	H1 2024	Key takeaways
GMV (EUR m)	€73.2 m	€64.0 m
Net revenue (EUR m)	€ 38.4m	€ 32.1m	Positive development of higher revenues due to (1) more partners and (2) more products.
EBITDA adjusted (EUR m)	€ 1.7m	€ 1.4m	EBITDA adj. margin inline with internal expectations (Goal: >4%), room for improvement
EBITDA adj. margin (%)	4.4%	4.4%
EBITDA reported (EUR m)	€ 1.7m	€ 2.4m	High order value and new order pipeline with BEVMAQ
EBITDA reported margin (%)	4.4%	7.5%
Employees	179	187

Service&Retail Goods	H1 2025	H1 2024	Key takeaways
GMV (EUR m)	€47.9 m	€42.4 m	Positive development of higher revenues due to (1) more partners and (2) more products.
Net revenue (EUR m)	€ 33.0m	€ 27.0m
EBITDA adjusted (EUR m)	€ 3.2m	€ 2.0m	EBITDA adj. margin inline with internal expectations (Goal: >4%), room for improvement
EBITDA adj. margin (%)	9.7%	7.4%
EBITDA reported (EUR m)	€ 7.1m	€ 2.2m	New consolidation of Fintus Group/FinOne
EBITDA reported margin (%)	21.5%	8.1%
Employees	146	93

Outlook

TPG: NEW GUIDANCE 2025 (07/2025)

TPG: NEW MIDTERM GUIDANCE (07/2025)

MIDTERM GUIDANCE (2026)

M&A PIPELINE Q3 2025

M&A PIPELINE Q3 2025

3 x B2B Pharma platform

• 3 different platforms with B2B focus (90%)
• Located in EU
• 3 different niche-segments

Acquisition:

• 50,1% Acquisition
• Management remains
• Call-/put options 2028

B2C furniture platform

▪ Located in Germany ▪ Focus on B2C customers ▪ Niche-segment, AOV

-

• 800€

Acquisition:

-

▪ 50,1% Acquisition ▪ Management remains ▪ Call-/put options 2028

B2B bike platform / SaaS

• Located in Germany
• Focus on B2B customers

• 700 bike stores as client

Acquisition:

• 50,1% Acquisition
• Management remains
• Call-/put options 2027

Status:
DD:	done
SPA/Signing:	Sept. 2025 / open

Status: DD: done SPA/Signing: Sept. 2025

Status: DD: done SPA/Signing: open

OUR FOCUS IN PHARMA

ApoNow (since 2021 with TPG)

• 41.500 pharmacies connected
• 350 pharma manufacturers
• 4 countries: Germany, Italy, Austria, Switzerland

OUR FOCUS IN PHARMA

FINANCIAL CALENDAR

DATE	EVENT
	NOV 24, 2025 German Equity Forum 24 - 26 November , Frankfurt/Main
	NOV 14, 2025 Publication Quarterly Statement (call-date Q3)
	SEP 01, 2025 - Fall Conference 1/2 September , Frankfurt/Main
	AUG 25, 2025 Annual General Meeting , Dusseldorf
	AUG 22, 2025 Earnings call on publication of the half-year report - Registration: https://bit.ly/3Vd2wF4
ALL OR OOD ONDE OO A

Bjoern Minnier CFO & Investor Relations

ir@the-platform-group.com

THANK YOU!