The Platform Group AG

Regulatory Filings • Aug 23, 2024

THE PLATFORM GROUP

H1 Results 2024
23 August, 2024

EXECUTIVE SUMMARY

Highlights H1 2024

H1 results demonstrates strong position and profitability

EBITDA-Margin target achieved / margin expansio

Acceleration in customer growth and AOV

Positive M\&A development in H1

Confirmation of FY 2024 guidance / positive outlook

• $>20 \%$ Growth in GMV ( $€ 442.5 \mathrm{~m}$ ) and revenue ( $€ 231.5 \mathrm{~m}$ )
• EBITDA with $€ 17.6 \mathrm{~m}$ - highest H1-profitability in company history
• Midterm margin-target of $7 \%$ achieved in H1 2024: EBITDA adj. margin of $7.6 \%$
• Successful results of cost efficiency program - net profit of $€ 18.8 \mathrm{~m}$
• Strong growth of active customers ( $+26.3 \%$ ) to 4.8 m (LTM)
• Average Order Value (AOV) with €118 (2023: €114)
• Closing of 2 targets in H1 (Hood, Avocadostore)
• Additional 4 signings / upcoming closings till July 2024
• Strong development in first weeks of H2 2024
• Confirmation of FY 2024 guidance: €840m - €870m GMV $€ 480$ - €500m revenue, $€ 26 \mathrm{~m}-€ 30 \mathrm{~m}$ adj. EBITDA

THE PLATFORM GROUP

Key Facis

OUR MANAGEMENT STRUCTURE

Keyments

Consumer Goods
Freight Goods
Industrial Goods
Service and Retail Goods

LATEST DEVELOPMENTS (3 MONTH)

Acquisition of

OEGE GROUP

(B2B platform company)

Acquisition of

Winkelstraat B.V.
(platform for luxury fashion)

Acquisition of

Aplanta GmbH
(platform for flowers)

LATEST DEVELOPMENTS (3 MONTH)

WITH TPG SOFTWARE OUR PARTNERS GET ACCESS TO GLOBAL ECOMMERCE - 22 INDUSTRIES COVERED

Financials

OVERVIEW H1 REPORT 2024 (VS. H1 2023 PRO-FORMA) 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 Ration	$5.4 \%$	$5.6 \%$
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 Growth +20.5\% / Revenue Growth +23.5\%: both higher increase compared to internal forecast

Distribution cost ratio with $7.7 \%$ above internal cost target-line (due to carrier cost increase) $\rightarrow$ actions in Q2

EBITDA adj. $+32.6 \%$ / EBITDA reported $+25.7 \%$ shows high effectiveness of cost reduction program

Net profit $+32 \%$ : above internal forecast.

OVERVIEW H1 REPORT 2024 (VS. H1 2023 PRO-FORMA) CONTINUING OPERATIONS

	H1 2024	H1 2023
Net profit (EUR m), continuing operations	$€ 21.7 \mathrm{~m}$	$€ 16.4 \mathrm{~m}$
Net profit (EUR m), not-continuing operations	$€-2.8 \mathrm{~m}$	$€-2.8 \mathrm{~m}$
Net profit (EUR m), total	€ 18.8m	€ 13.5m
thereof minorities	$€ 0.9 \mathrm{~m}$	$€ 1.8 \mathrm{~m}$

Earnings per share (EUR), total	€ 0.90	€ 0.59
Earnings per share (EUR), continuing operations	€ 1.09	€ 0.82

Takeaways

Earnings per share with $€ 1.09$ and growth of $+33 \%$ (continuing operations): above internal forecast

Reduction of minority results ( $€ 0.9 \mathrm{~m}$ ) due to share buy program (Lott, ApoNow, Moebelfirst, ViveLaCar)

STRONG GMV AND REVENUE GROWTH CONTINUING OPERATIONS

GMV Growth 6M

PROFITABILITY AS A KEY FOR SUSTAINABLE GROWTH CONTINUING OPERATIONS

EBITDA adj. 6 M
EBITDA reported 6 M

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.

OUR GUIDANCE 2024

Developments H1 2024

Better H1 2024 results than internal forecast

Higher profitability / strong EBITDA development due to cost efficiency program (2023-2024)

Positive market tailwinds: B2B + B2C spending grow

Excellent conditions for new acquisitions in 2024 with fair values and badwill expectations

Seven acquisitions (01-08/2024) will boost GMV, revenue and EBITDA/net profit

INCREASE OF GUIDANCE 2024

by 29 May 2024 ("Guidance 05/2024")

CONFIRMATION OF GUIDANCE

2024 by today

GUIDANCE 05/2024 CONTINUING OPERATIONS

GMV Guidance FY 2024

Revenue Guidance FY 2024

GUIDANCE 05/2024 CONTINUING OPERATIONS

EBITDA adj. Guidance FY 2024

GUIDANCE 01/2024

GUIDANCE 05/2024

THE PLATFORM GROUP: GMV DEVELOPMENT

THE PLATFORM GROUP: REVENUE DEVELOPMENT

THE PLATFORM GROUP: ADJUSTED EBITDA DEVELOPMENT

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	$<21.4 \mathrm{~m}$
Cash flow from investing activities	$-€ 15.1 \mathrm{~m}$
Cash flow from financing activities	$€ 1.4 \mathrm{~m}$
Cash at the beginning of the period	$€ 7.5 \mathrm{~m}$
Change in cash in period	$+€ 7.6 \mathrm{~m}$
Cash at the end of the period	$€ 15.1 \mathrm{~m}$

THE PLATFORM GROUP: SEGMENT OVERVIEW

Consumer Goods

Products with simple logistics and focus on consumer goods
Sustainable Products
Fashion/Shor/Luxury
Accessories
Jewelry and
Watches

Financial Goods

B2B focus on industrial goods and industrial solutions
Trading with used machines / B2B
Dental equipment B2B
Hardnessing B2B platform
Car/fruck parts trade
Industrial supplies

Freight Goods

Products with complex
transport, logistics and delivery processes in the area of freight logistics
Furniture
Forest Equipment
Bicycles
E-Scooters
Cars

Service \& Retail

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 (B)

Revenues by Segment (H1 2024)

(in m€, continuing operations)

SEGMENT REPORT PRO-FORMA H1 2024 / H1 2023 (PRO-FORMA) CONTINUING OPERATIONS

Consumer Goods	H1 2023	H1 2024
GMV	€217.1 m	€ 268.0 m
Net revenue (EUR m)	€ 102.1 m	€ 126.1 m
EBITDA adjusted (EUR m)	€ 7.8 m	€9.8m
EBITDA adj. margin (\%)	$7.6 \%$	$7.8 \%$
EBITDA reported (EUR m)	€ 15.0 m	€ 18.0 m
EBITDA reported margin (\%)	$14.7 \%$	$14.3 \%$
Employees	355	369

Key takeaways

Positive development of higher revenues due to (1) more partners and (2) more products.

EBITDA adj. margin higher than internal expectations (Goal: $>5.0 \%$ )

Increased staff (total: 369 employees) due to more software developers and shift in consumer support

Luxury verticals along with expectations, market has a high number of overstock

SEGMENT REPORT PRO-FORMA H1 2024 / H1 2023 (PRO-FORMA) CONTINUING OPERATIONS

Freight Goods	H1 2023	H1 2024
GMV	$€ 60.8 \mathrm{~m}$	$€ 68.1 \mathrm{~m}$
Net revenue (EUR m)	$€ 36.7 \mathrm{~m}$	$€ 46.3 \mathrm{~m}$
EBITDA adjusted (EUR m)	$€ 2.5 \mathrm{~m}$	$€ 4.3 \mathrm{~m}$
EBITDA adj. margin (\%)	$6.8 \%$	$9.3 \%$
EBITDA reported (EUR m)	$€ 5.2 \mathrm{~m}$	$€ 7.5 \mathrm{~m}$
EBITDA reported margin (\%)	$14.2 \%$	$16.2 \%$
Employees	130	145

Key takeoways

Positive development of higher revenues due to (1) more partners and (2) more products.

EBITDA adj. margin higher than internal expectations (Goal: $>7.0 \%$ )

Increased staff force due to positive development at DentaTec and other subsidiaries

Strong development of Bike-Angebot (bike platform) and new acquisition of Jungherz (bike parts)

SEGMENT REPORT PRO-FORMA H1 2024 / H1 2023 (PRO-FORMA) CONTINUING OPERATIONS

Industrial Goods	H1 2023	H1 2024
GMV	€ 53.8 m	€ 64.0 m
Net revenue (EUR m)	€ 26.0 m	€ 32.1 m
EBITDA adjusted (EUR m)	€ 1.2 m	€ 1.4 m
EBITDA adj. margin (\%)	$4.6 \%$	$4.4 \%$
EBITDA reported (EUR m)	€ 1.9 m	€ 2.4 m
EBITDA reported margin (\%)	$7.3 \%$	$7.5 \%$
Employees	185	187

Key takeaways

Positive development of higher revenues due to (1) more partners and (2) more products.

EBITDA adj. margin below internal expectations (Goal: $>4.0 \%) \rightarrow$ actions ongoing since 03/2024

Staff unchanged, strong development due to BEVMAQ

SEGMENT REPORT PRO-FORMA H1 2024 / H1 2023 (PRO-FORMA) CONTINUING OPERATIONS

Service\&Retail Goods	H1 2023	H1 2024
GMV	€ 35.6 m	€ 42.4 m
Net revenue (EUR m)	€ 22.7 m	€ 27.0 m
EBITDA adjusted (EUR m)	€ 1.8 m	€2.0m
EBITDA adj. margin (\%)	$7.9 \%$	$7.4 \%$
EBITDA reported (EUR m)	€ 1.9 m	€ 2.2 m
EBITDA reported margin (\%)	$8.4 \%$	$8.1 \%$
Employees	91	93

Key takeaways

Positive development of higher revenues due to (1) more partners and (2) more products.

EBITDA adj. margin higher with internal expectations (Goal: $>2.5 \%$ )

Stable staff level ( 93 employees) due to cost efficiency program in 2023

TPG GUIDANCE 05/2024 CONTINUING OPERATIONS

M\&A PIPELINE Q3 2024

B2B eCommerce

• €60m Revenue

• 40 employees
• Located in EU

Acquisition:

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

Status:
DD:	ongoing
SPA/Signing:	Sept. 2024

B2B Forest specialist

• €2m Revenue
• 8 employees
• Located in Germany
• Acquisition with existing subsidiary Simon-ProfiTechnik / additional acquisition to scale business in niche segment

Acquisition:

• Asset Deal / 100\%

Status:
DD: done
SPA/Signing: Aug.-Sept. 2024

B2C Consumer goods

• $>€ 20 \mathrm{~m}$ Revenue
• $>100$ employees
• Located in Germany

Acquisition:

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

Status:
DD: ongoing.
SPA/Signing: Oct. 2024

OUR FUTURE STRATEGY

LEADING POSITION	POWER OF SCALE NEW MARKETS	CONTINUED M\&A EXPANSION	GEOGRAPHICAL EXPANSION
Becoming the No. 1 Platform in Europe	Expanding into 30 industries by 2025	3-8 Acquisitions per year	Increasing geographical footprint outside of Germany
Organic growth higher than market		Long-term goal of $50 \%$ organic / $50 \%$ inorganic growth	Near-term France and Italy, long-term U.S. and India

THANK YOUL