The Platform Group’s Stock Trades Near a Year Low as Management Races to Finalize AEP Financing

The Platform Group’s leadership spent two days this month pressing the flesh with institutional investors at the Equity Forum in Frankfurt, delivering the growth pitch that the market has so far refused to buy. On May 11 and 12, the chief executive and chief financial officer held one-on-one meetings in the Flemings Selection Hotel, hoping to rebuild confidence at a moment when the share price has been in freefall. The stock closed the prior week at €2.61 after plumbing a new 2026 trough of €2.53 on Thursday, and the rebound has been tentative at best. Wednesday’s session saw the equity slip another 2.15 percent to €2.73.

The disconnect between the company’s operational performance and its market valuation is striking. For the 2025 financial year, The Platform Group reported a 44 percent jump in gross merchandise volume to €1.303 billion and a 39 percent increase in net revenue to €728 million. Adjusted EBITDA surged 65 percent to €55.0 million, while operating cash flow came in even higher at €59.7 million — a sign that profit growth is backed by real cash generation rather than accounting adjustments. Net income rose 42.1 percent to €46.5 million, and the equity ratio improved to 48.4 percent from 41.8 percent a year earlier.

Yet the chart tells a different story. The stock is trading roughly 19 percent below its 50-day moving average of €3.16, and over the past twelve months it has shed 76.47 percent of its value. The relative strength index at 39.6 points to a battered but not yet deeply oversold condition. The distance from the year’s high of €5.50 is vast, and the small bounce from €2.53 has done little to shift the prevailing downtrend.

Should investors sell immediately? Or is it worth buying The Platform Group?

The market’s skepticism centers squarely on a single transaction: the planned acquisition of AEP GmbH. Antitrust approval has been secured, and the closing is expected by the end of the second quarter. What remains unresolved is the financing structure. Management has indicated it will use a mix of debt and equity, but the details have not been disclosed, and the deadline for that communication is the end of May. Until investors see a capital-market-friendly package, the stock is unlikely to escape the gravity of that uncertainty.

Once the deal is complete, The Platform Group projects a pro-forma GMV of €3.2 billion and net revenue of €2.0 billion, with adjusted EBITDA swelling to between €90 million and €100 million. AEP’s operations will be housed in a new segment called “Pharma & Service Goods,” run as an independent unit with its own management team. The acquisition would fundamentally alter the group’s scale, but it also raises the bar for execution.

For the current year, management is sticking to its standalone targets: GMV of €1.7 billion, net revenue of €1.0 billion, and adjusted EBITDA in a range of €70 million to €80 million. Those figures do not incorporate AEP. The next catalyst will come at the end of May, when first-quarter growth numbers land alongside the long-awaited financing framework for the acquisition. A solid update on both fronts could give the operational narrative the credibility it currently lacks in the public markets. A weak or vague financing plan, by contrast, would only deepen the discount that the stock is already carrying.

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