Investor Presentation • Oct 2, 2025
Investor Presentation
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Bjoern Minnier CFO
Nathalie Richert Investor Relations





| 1 1 .00 11.15 AM |
|---|
| --------------------- |
11.45 - 12.15 PM UPDATE: SEGMENT OPTICS & HEARING BJOERN MINNIER (CFO) / DR. DOMINIK BENNER (CEO)







| KEY FACTS | ||
|---|---|---|
| Founded: | 1882 | |
| Employees: | 1,492 | |
| Headquarter: | Duesseldorf, Germany |
|
| Sector: | eCommmerce, Software |
|
| Industries: | 28 | |



| Supervisory Board | ||||
|---|---|---|---|---|
| Stefan Schütze (Chairman) |
Florian Müller ▪ |
▪ Dr. Olaf Hoppelshäuser |
||
| Management Board & C-Level | ||||
| Segments |
Dr. Dominik Benner CEO (board) Bjoern Minnier CFO
Sven Hülsenbeck
CTO
Sven Schumann CPM
Christoph Wilhelmy COO
Frederic von Borries CPO


Sarah Millholland CHO
Operating Divisions 113 people
Central Divisions 26 People
Opticts & Hearing

1. Strategy

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


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



▪ We entry 3 - 6 new industries with our software approach each year ▪ M&A as most efficient way to acquire industry expertise & entry as a platform model in each industry ▪ Asset light-model with high profitability and high return on equity (RoE)
| FOCUS | ||
|---|---|---|
| 1 | E-commerce Specialist |
> 15k local partners with > 6m customers ▪ |
| 2 | Platform Pioneer |
|
| 3 | Software Company |
Proprietary, flexibly and capable tech stack ▪ |

▪ Proprietary connectors to most relevant systems (ERP/WMS/MP) in 28 industries ▪ 55 software-experts support upscaling and transformation via TPG technology / TPG ONE








WINKELSTRAAT & Brandfield (Fashion & Jewelry)





PRODUCTS
More partners bring more products
15,781 +26% vs. 12,547 in H1 2024
More products attract more customers
6.2 mn +29% vs. 4.8 m in H1 2024
More customers generate more orders
5.3 mn +39% vs. 3.8 m in H1 2024
More per order, more for growth
124 € +5% vs. 118€ in H1 2024
lew subsidiaries & Al/software expansion
1,287 +62% vs. 794in H1 2024
Strong increase in H1 2025
+111.5 mn to €342.6m (+48% vs. H1 2024: €231.1m)





Our proprietary Platform Software enables stationary and online retailers to "plug'n grow"


▪ Located in Germany ▪ Focus on B2C customers ▪ Niche-segment, AOV
800€
Acquisition:
▪ 50,1% Acquisition ▪ Management remains ▪ Call-/put options 2028
700 bike stores as client
Acquisition:
| Status: | |
|---|---|
| DD: | done |
| SPA/Signing: | Sept. 2025 / open |
Status: DD: done SPA/Signing: Sept. 2025


Status: DD: done SPA/Signing: open



Share ISIN/ Ticker: DE000A2QEFA1 / TPG No. of shares (m): 20.5 Market cap EUR m: 185 Freefloat MC EUR m: 54 Ø daily Trad. Vol.: 814,179
Trading venue: XETRA, XFRA, Tradegate, gettex Index: Scale All Share, Scale 30 Segment: Scale, Frankfurt Stock Exchange


| Latest Update / |
Institution / Price |
Target (EUR) |
|---|---|---|
| AUG 29 |
nuways | 19.00 (BUY) |
| AUG 29 |
First Berlin |
19.00 (BUY) |
| AUG 25 |
ODDO BHF |
16.00 (OUTPERFORM) |
| AUG 25 |
Warburg | 17.50 (BUY) |
| AUG 25 |
P. BNP Paribas |
21.00 (STROG BUY) |





| Diagrammtitel | ||||
|---|---|---|---|---|
| 2500 | ||||
| 2000 | ||||

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 (9.7%) |
€ 17.6m (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%) |

| 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..



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

2 nd INCREASE OF GUIDANCE 2025 by 31th July 2025 ("Guidance 07/2024")
INCREASE of 2026 Guidance with EUR 1.0bn revenue + €70-80m EBITDA
10 successful acquisitions in 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- 2026 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.
| 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 |





| 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 | ||
|---|---|---|



Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2025e/2026e according to guidance. 2021 TPG/Fashionette combined.



Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2025e/2026e according to guidance. 2021 TPG/Fashionette combined.














TPG Group has four key players to cover the full value chain for pharmacies and become relevant partner + further acquisitions in 2026















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13


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


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Enterprise Value 3-5x EBITDA
Max. 3 Buyers

Enterprise Value 2x Revenue or 8x EBITDA
20-30 Buyers per target

Year 2019
Acquisitions of TPG:
0

Acquisitions of TPG:
9-11





















FORECAST 04/2025



FORECAST 04/2025









| DATE | EVENT |
|---|---|
| NOV 24, 2025 | German Equity Forum 24 - 26 November , Frankfurt/Main |
| NOV 14, 2025 | Publication Quarterly Statement (call-date Q3) |
| NOV 13, 2025 | Münchner Kapitalmarkt Konferenz (MKK) , Munich |
| OCT 07, 2025 | Quirin Privatbank SME Conference , Paris |
| OCT 02, 2025 | Strategy and Update Session / Registration for virtual participation: htt |
| OCT 02, 2025 | Strategy and Update Session / Registration for in-person attendance (p and media representatives): https://bit.ly/3KO7ar3 , Frankfurt/Main |


www.the-platform-group.de TPG on LinkedIn Sign in - IR Newsletter



Pricing Layer with live Re-Pricer
Own build Order Management System for retailers
Own build internal ERP for orchestration of all orders of all TPG shops


Versand Versandzeit 2-4 Werktage |
|||
|---|---|---|---|
| Neuigkeiten und Angebote via E-Mail erhalten | |||
| Zahlung Alle Transaktionen sind sicher und verschlüsselt. |
|||
| Kreditkarte | VISA 1 1 +2 | ||
| PayPal | P PayPal | ||
| Rechnung mit Klarna | Klarna. | ||
| TPG PAY (Rechnung & Ratenzahlung) | PAY | ||
| "Bestellung überprüfen" leitet dich zu TPG PAY weiter. Dort kannst du deinen Einkauf sicher abschließen. |
|||
| Rechnungsadresse | |||
| Jetzt kaufen | |||





Go Live
Version 1

| 2025 | 2026 | |||||
|---|---|---|---|---|---|---|
| Q2 | Q4 | |||||
| TPG PAY Account external partners | ||||||
| Additional Payment Development | ||||||
| Ui Update |

| ுறி OUTFITS24 249,95 € Bestellübersicht v Schließe deine Bestellung ab Andern [email protected] Andern Liefern an Mustermann, Hauptstraße 1, 55120 Mainz, Deutschland Versandart Standardversand · KOSTENLOS Keine anderen Methoden verfügbar Zahlungsmethode Andern O Rabatt hinzufügen Gesamt 1 Artikel EUR 249,95 € € inkl. 39,91 € MwSt Jetzt kaufen |
|||
|---|---|---|---|
| TPG Hauptstraße 1, 55120 Mainz, Deutschland |
|||
| Widertufsrecht Versand Datenschutzerklärung AGB |
✓ Device Fingerprinting ✓ AI-powered pattern recognition ✓ Partner / Network integrationen ✓ Multisource / Historical Analyses ✓ Real-time Risk Scoring


Register once, shop anywhere across TPG Group. Single identity for invoicing and installment payments creates seamless customer experience.
Cross-selling and loyalty measurement across all group brands. Network grows stronger with each additional customer.
Scalable Infrastructure
Open platform supporting wallet, A2A, and card payments. Built for flexibility and future payment innovations.

Platform extends to external partners and shops, focusing on specific target groups and shopping baskets for optimal results.


TPGPAY

Invoice and installment options are proven conversion boosters in DACH markets, directly impacting basket sizes and purchase completion rates.

Lower PSP dependency means reduced fees, greater control over settlement processes, and elimination of lengthy onboarding procedures for new shops.

Payment behavior, risk scoring, and customer lifetime value data remains within TPG ecosystem for enhanced marketing and business intelligence.

New shops launch immediately with full payment capabilities, enabling rapid scaling across markets without technical barriers.









| Area | AI Use Case | Impact |
|---|---|---|
| Product Data / Catalog Management |
AI image recognition → tag generation, category assignment, automated product descriptions |
-80% manual workload, faster merchant onboarding |
| Customer Service | AI-powered auto-replies & ticket routing, AI co-pilot for agents |
-50% Level 1 tickets, faster response times |
| Logistics & Returns | Return probability scoring, anomaly detection (lost parcels, fraud) |
Reduced operational cost & risk |
| Pricing & Promotions | Dynamic pricing based on demand / competition |
Margin protection + revenue uplift |
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| Area | AI Use Case | Impact |
|---|---|---|
| Site Search & Navigation | Semantic / AI-driven search (understands intent, not just keywords) |
+15–25% conversion in search sessions |
| Cross-Sell & Recommendations | Vision AI → "Shop the Look / Similar Items / Complementary Products" |
Higher Average Order Value (AOV) |
| CRM & Email Marketing | AI-generated content & optimal send-time prediction |
+20–30% open/click rates |
| Landing Page & Campaign Creation | AI-generated variants and localizations | Faster campaign production & scaling |





Scalability without headcount growth New brands plug into existing dev & marketing teams
Faster time-to-market Product data, campaigns & marketplace listings launched within days
Cost leverage Group-level carrier, PSP & software contracts reduce OPEX by 10– 20%
Data intelligence shared across all brands Learnings from one company directly improve the others

| Shared Service Domain |
Dedicated Team | Value for Portfolio Companies |
|---|---|---|
| Technology & Development | 60+ developers across backend, frontend, integrations, automation |
Fast feature rollout, marketplace integrations, cross-listing engine |
| Marketing & Growth | Central performance, CRM, SEO & content teams |
Hands-on execution of acquisition & retention campaigns |
| Commercial & Procurement | Group-level contracting for logistics, PSPs, SaaS tools |
Significant cost savings through consolidated negotiations |
This document has been prepared by The Platform Group AG (TPG) solely for informational purposes. This disclaimer shall apply in all respects to the entire presentation, including any oral presentation of the slides by the representatives of the Company (or any other person on behalf of the Company), any questions-and-answer session that follows an oral presentation as well as any additional materials distributed at, or in connection with, this presentation (collectively, the "Presentation").
The Presentation may not be reproduced or redistributed in whole or in part without the prior written consent of the Company.
None of the Company, its affiliates or any of their respective board members, directors, officers, employees, agents or any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of the Presentation or its contents or otherwise arising in connection with the Presentation. The information and opinions contained in this Presentation do not purport to be comprehensive, are provided as of the date of the document and are subject to change without notice. The Company is not under any obligation to update or keep current the information contained in the Presentation.
The Presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue, or the solicitation of an offer to purchase, subscribe to, or acquire, securities of the Company or its affiliates, or an inducement to enter into investment activity in the United States or in any other country. No part of this Presentation, nor the fact of its distribution, should form the basis of, or be relied on by any person in connection with, any contract or commitment or investment decision whatsoever.
Certain industry, market and competitive position data contained in this Presentation come from official or third-party sources. Third-party publications, studies and surveys generally state that the data contained therein has been obtained from sources believed to be reliable but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of the publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein, and the Company assumes no responsibility whatsoever in respect of the accuracy and completeness of any such data. In addition, certain industry, market and competitive position data contained in this Presentation come from the The Platform Group own research and analyses and certain estimates are based on the knowledge and experience of the TPG´s management in the markets in which the TPG operates.
While the Company believes that such research, analyses and estimates are reasonable and reliable, they, and their underlying methodology and assumptions,have not been verified by any independent source for accuracy and completeness and are subject to change without notice. Therefore, the Company also assumes no responsibility whatsoever in respect of the accuracy and completeness of any such research, analyses and estimates.
Certain information in the Presentation, including, inter alia, statements regarding the possible or assumed future performance of the Company and its affiliates or its industry or other projections, constitute forward-looking Statements/ Guidance 2026. These statements reflect the Company's current knowledge and expectations and projections about future events. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of the Company. Such factors include, but are not limited to, changes in economic conditions and industry-specific conditions, the competitive as well as the political situation, changes in national and international law, interest rate or exchange rate fluctuation, legal disputes and investigations, and the availability of funds.
These factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no assurance is given that such forward-looking statements are correct,complete or accurate. They speak only as at the date of the Presentation and the Company undertakes no obligation to update these forward-looking statements.
The financial information of TPG included in the Presentation should be read in conjunction with the relevant audited annual financial statements, reviewed half-year financial statements and unaudited quarterly inancial statements. In addition to figures prepared in accordance with IFRS, the Presentation also includes certain alternative performance measures. These alternative performance measures have been included because the Company believes that investors may find them helpful to assess the TPG's performance. However, these alternative performance measures should be considered only in addition to, but not in isolation or as a substitute for, the information prepared in accordance with IFRS. Alternative performance measures are not subject to IFRS or any other generally accepted accounting principles, and other companies that report similarly named measures may define or calculate these performance measuresin different ways.
Due to rounding, numbers presented in this Presentation may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.


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