The Platform Group reported strong first-half results for 2026, with revenue increasing 20% year-over-year to EUR 421 million and gross merchandise value (GMV) up 22.6% to EUR 788 million. Adjusted EBITDA rose 23% to EUR 40.8 million, maintaining a 9.7% margin, while net profit reached EUR 33.5 million, up 1% from the prior year.
Gross margin declined by more than two percentage points to 34.1%, though management noted pressure is expected to persist for another six to nine months before stabilizing. Operational cash flow improved 16% to EUR 26.8 million, supported by a 16% reduction in marketing costs to 5.8% of revenue. Leverage, measured as net debt to trailing 12-month EBITDA, fell to 1.8x, the lowest level in three years, with net debt at EUR 130 million and LTM EBITDA exceeding EUR 62 million.
Segment performance varied, with consumer goods and industrial goods posting strong growth in line with forecasts. Pharma and retail goods margins remained broadly stable, while optics and hearing, a newer segment, developed as expected. Freight goods was the weakest performer, with revenue declining 5% and margins under pressure, prompting a strategic shift toward lower-priced products and cost optimization.
Management guided full-year 2026 revenue to exceed EUR 1 billion, with EBITDA projected between EUR 70 million and EUR 80 million and GMV around EUR 1.7 billion. Connected partners are targeted to reach 18,000 or more, while leverage is expected to fall below 2.0x by year-end. A new EUR 80 million financing facility was secured for add-on acquisitions, with the AEP deal slated to close in 2026. Share buybacks remain restricted until 2028 under bond terms.
The Platform Group serves 8.4 million active customers across its platforms, connecting over 17,683 partners spanning 26 industries. The company’s software platform, TPG ONE, integrates more than 50 European marketplaces, with an average order value of EUR 129.
