The Platform Group’s 2025 Results Shine, but the Market Remains Unimpressed
08.05.2026 - 14:51:18 | boerse-global.de
The disconnect between The Platform Group’s operational momentum and its stock price has rarely been wider. While the company posted robust growth across all key metrics for 2025, its shares have slumped to a 52-week low of €2.52, marking a decline of roughly 54% from the February high of €5.50. Over the past week alone, the stock shed nearly 15%, and it now sits more than 22% below its 50-day moving average.
A Year of Strong Operational Gains
The 2025 financial year delivered solid results across the board. Gross merchandise value (GMV) jumped 44% to €1.3 billion, while revenue climbed 39% to €728 million. Adjusted EBITDA surged 65% to €55 million, underscoring the company’s successful pivot from pure volume growth toward profitability. The platform now counts over 16,600 partners.
Despite these figures, the market has looked the other way. The stock’s technical picture offers little support, and the gap between operating performance and valuation has become a central talking point for investors.
AEP Acquisition Reshapes the Outlook
The biggest catalyst on the horizon is the acquisition of AEP GmbH, which received clearance from the German Federal Cartel Office in March. The company expects to close the deal by the end of the second quarter, with financing details due by the end of May.
Should investors sell immediately? Or is it worth buying The Platform Group?
Once completed, the transaction will significantly alter the group’s structure. The existing trading segment will be rebranded as “Pharma & Service Goods,” with pro-forma revenue for that division expected to exceed €1.1 billion. On a group level, management projects a pro-forma GMV of €3.2 billion and pro-forma net revenue of €2.0 billion. Adjusted EBITDA is forecast to land between €90 million and €100 million.
Guidance Holds Steady, Update Pending
For 2026, management has maintained its existing targets: GMV of €1.7 billion, net revenue of €1.0 billion, and adjusted EBITDA in the range of €70 million to €80 million. An upward revision will follow once the acquisitions are finalized.
Two key data points are expected by the end of May. First, the company will release its first-quarter 2026 results on May 27, accompanied by an earnings call. Second, the financing structure for the AEP deal will be disclosed. Only after these pieces are in place can management provide a concrete update to its guidance — and give the market a clearer basis to reassess the stock’s potential.
The Platform Group at a turning point? This analysis reveals what investors need to know now.
The company will also present at the Equity Forum in Frankfurt from May 11 to 13, offering another opportunity to engage with investors ahead of the quarterly numbers.
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