The Platform Group’s Multi-Front Battle: Legal Action, Debt Repayment, and the Race to Close a Billion-Euro Deal
18.06.2026 - 00:00:55 | boerse-global.de
The Platform Group is fighting a war on multiple fronts. A blistering media report, cancelled bank loans, and a stock that has lost over half its value in a month have forced management into a rapid response. The company has now launched a €5 million bond buyback program, effective July 2, 2026, running through year-end on the Frankfurt and Berlin exchanges. The message is unmistakable: it wants to prove the balance sheet is strong enough to withstand the storm.
But the real damage has been to trust. On June 12, the German business magazine manager magazin published an article headlined “Banken wollen ihr Geld von The Platform Group zurück” — banks want their money back. The company reacted sharply, hiring law firm LHR, which has filed for an expedited court order to halt distribution of the disputed passages and is preparing a main action lawsuit alongside CEO Dr. Dominik Benner. The allegations — including claims of unpaid tax debts and disrupted banking relationships — have been “unequivocally rejected” by the company.
Behind the legal firefight lies a concrete cash crunch. LBBW has demanded early repayment of a €6.75 million loan. Sparkasse Essen is also reportedly seeking a seven-figure sum. The company insists these are routine credit reviews blown out of proportion, but the market has clearly been spooked.
The financial results themselves tell a very different story. In the first quarter of 2026, revenues climbed 51% to €243 million, while adjusted EBITDA rose to €21.8 million from €15.9 million a year earlier. The full-year forecast remains unchanged: gross merchandise volume of €1.7 billion and adjusted EBITDA in the range of €70 million to €80 million. But the numbers have been powerless to halt the slide. The stock hit a high of €5.60 in February and has since collapsed 74%. Even Benner’s own insider purchase of shares at €1.88 on the day the article appeared — a volume of around €19,000 — failed to steady the nerves. The current price of €1.44 sits 29% below his entry level.
Should investors sell immediately? Or is it worth buying The Platform Group?
The biggest catalyst for a turnaround remains the acquisition of pharmaceutical wholesaler AEP, a deal that would add roughly €1 billion in additional revenue. Antitrust clearance has been secured, but the closing has been delayed several times. The new target is June 2026, and management is still working out the equity-debt financing structure. If the transaction goes through, the company says it will raise its annual guidance.
In the meantime, the acquisition engine has been put in neutral. The company typically closes around eleven takeovers a year, but for 2026 it plans only five or six. The priority has shifted to integrating existing subsidiaries and paying down debt. The ratio of net financial debt to adjusted EBITDA currently stands at 2.1x, and the goal is to bring that down to between 1.0x and 1.4x by 2030.
All eyes now turn to the annual general meeting, set for July 1 in Düsseldorf. Benner will present his “Vision 2030” strategy and outline a new segment structure focused on pharma and service goods. Also on the agenda are resolutions to create authorized and contingent capital, as well as authorization for convertible and warrant bonds — tools to preserve financing flexibility. A proposed reduction in the size of the supervisory board is aimed at streamlining decisions. But the unresolved loan disputes and the ongoing legal battle are likely to dominate the Q&A.
The Platform Group at a turning point? This analysis reveals what investors need to know now.
The stock managed a modest 3.6% gain on the day, reaching €1.44. Technical indicators suggest a massive oversold condition — the relative strength index stands at around 24. But the €5 million bond buyback remains a small gesture against the company’s total debt load. The far stronger signal would be a clean closing of the AEP deal in June. Until that happens, the narrative around The Platform Group will remain driven by crisis management rather than strategic vision.
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