The Platform Group: Strong Sales, Heavy Legal Baggage, and a Make-or-Break June Deadline
15.06.2026 - 01:23:27 | boerse-global.de
The Platform Group’s first-quarter numbers tell the story of a business firing on all cylinders — revenue surged 51% to €243.1 million and adjusted EBITDA climbed 37% to €21.8 million. Yet the market has priced the stock as if the company is in crisis. Shares closed Friday at €1.52, down nearly 33% in a single session and over 41% for the week, leaving the equity 73% below its 52-week high of €5.60.
The disconnect stems from a perfect storm of legal and financial headwinds that have shattered investor confidence. At the center lies a critical acquisition deadline, multiple creditor actions, and an escalating legal battle with one of Germany’s leading business publications.
Legal crossfire and creditor pressure
The immediate trigger for the sell-off was a manager magazin article alleging that banks are demanding money back from the group. The Landesbank Baden-Württemberg (LBBW) has cancelled loans and is seeking repayment of around €6.75 million, while in April a bailiff from North Rhine-Westphalia tried to collect €1.82 million in tax claims. The company disputes the tax liability, arguing it stems from a terminated tax group with a subsidiary.
On top of that, the Chemnitz public prosecutor’s office is examining a criminal complaint for forgery, fraud and deception in legal transactions. Several subsidiary managers deny having signed joint liability declarations for bank credits, and the BaFin has reportedly been notified.
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The Platform Group rejects all allegations. Its law firm, LHR, has filed for a preliminary injunction to halt what it calls false statements in the manager magazin article, and is preparing a main action suit for damages. The group has previously won similar battles — the Cologne Higher Regional Court prohibited certain reporting formats in February, and the Cologne Regional Court followed suit in March. Management stresses that no direct loan exists with the named “Aktivbank” and that the company maintains relationships with more than 48 banks worldwide.
AEP: the missing piece
The dominant strategic question is the acquisition of pharmaceutical wholesaler AEP, a deal that would add roughly €1.1 billion in annual revenue. The cartel office cleared the transaction in March, but the financing structure — a mix of equity and debt — has yet to be finalized. Management has set end of June as its self-imposed deadline for closing.
If the deal goes through, pro forma GMV could reach around €3.0 billion. Without it, the group’s 2026 outlook remains at €1.7 billion GMV and €1.0 billion revenue — a far less compelling growth story. The acquisition is central to the company’s “Vision 2030” plan, which also includes a new “Pharma & Service Goods” segment and a deliberate slowdown in M&A from eleven deals a year to just five or six, with a focus on integration and debt reduction.
The balance sheet supports that shift. The leverage ratio stood at 2.1x at the end of 2025, and the board aims to cut it to between 1.0x and 1.4x by 2030. But the market is skeptical until the AEP financing is locked in. Net income slipped slightly to €17.7 million (from €18.2 million), and earnings per share fell from €0.90 to €0.85, weighed by higher finance costs and the absence of one-off gains.
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Shareholder meeting looms
The annual general meeting is scheduled for July 1 in DĂĽsseldorf, with the registration deadline on June 24. Management plans to unveil its long-term vision and explain the new segment structure. But the extreme stock decline and the unresolved AEP financing threaten to dominate the proceedings.
The shares are deeply oversold — trading nearly 47% below their 50-day moving average. A recovery, however, remains blocked by the legal uncertainty and the open question of how the AEP acquisition will be funded. With the June 30 closing deadline fast approaching, the next two weeks will determine whether The Platform Group can deliver the catalyst its growth story desperately needs, or whether the narrative will shift from expansion to survival.
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