The Platform Group Shifts Gears: Slower Deals, Tighter Margins, and a Renewed Focus on Organic Growth
03.06.2026 - 17:05:45 | boerse-global.de
The Platform Group is recalibrating its growth playbook. After years of relying on bolt-on acquisitions to expand its e-commerce platform, management is now waving the caution flag — pulling back on deal-making, leaning harder on operational efficiency, and targeting a meaningful reduction in debt. The message is clear: the era of "buy first, integrate later" is giving way to a more disciplined, margin-conscious strategy.
The shift comes against a mixed first-quarter scorecard. Gross merchandise value jumped to €438.4 million from €356.3 million a year earlier, and net revenue climbed 51% to €243.1 million. On the surface, the top line looks robust. Yet net income slipped to €17.7 million from €18.2 million, while earnings per share eased to €0.85 from €0.90. The stock market has taken note: the shares traded at €2.78 on Wednesday, down 1.07% on the day and 4.79% lower over the past week — a far cry from the 52-week high of €5.50.
Organic Momentum Takes the Spotlight
The quality of that growth is what analysts are zeroing in on. According to NuWays, organic expansion accounted for 71% of the revenue increase — a critical distinction for a company that historically grew through M&A. The platform now counts 17,221 partners and more than 8.1 million active customers, with an average order value of €128. The centralized logistics hub in Gladbeck is emerging as a key lever: 12,000 square meters of warehouse space and a daily capacity of 12,500 parcels allow merchants to store goods and handle returns in-house, cutting external logistics costs.
That hub is central to management’s plan to wring more margin from the model. CEO Dr. Dominik Benner has pointed to shifting conditions since the Iran conflict began, arguing that greater control over logistics and financing terms is now essential. The company is also investing in an "AI-first" program launched late last year, which temporarily raised IT and administrative costs and squeezed the adjusted EBITDA margin. The adjusted EBITDA came in at €21.8 million; reported EBITDA reached €25.1 million. NuWays notes that selling costs as a percentage of revenue improved by 70 basis points to 7.1%, partly thanks to the Gladbeck facility and a favorable verticals mix.
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Analysts Back the New Direction, but Diverge on Valuation
Both NuWays and First Berlin see merit in the strategic pivot, though their price targets reflect different assumptions about risk. NuWays reaffirmed its "BUY" recommendation and a €17 price target on June 1, arguing that the slower acquisition pace reduces a key investment risk. The house models an adjusted EBITDA of €74 million for the full year.
First Berlin is more cautious, raising its weighted average cost of capital assumption to 11.1%. That change shaves €1 off its DCF-based target, bringing it to €19. The message from First Berlin is that growth alone won't cut it when financing costs and distribution expenses are climbing.
AEP Closing in Sight, M&A Pipeline Slimmed Down
The biggest near-term catalyst remains the acquisition of AEP, which management expects to close at the end of the second quarter or the beginning of the third. Several term sheets for financing are already on the table. Once completed, the company plans to combine AEP with its existing pharma assets into a standalone pharma group. On a pro-forma basis, group revenue would swell to roughly €2 billion, with adjusted EBITDA of €90–€100 million.
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Beyond AEP, the acquisition pipeline has been deliberately narrowed to five to six deals, down from a more aggressive pace in prior years. For 2026, the company is guiding for GMV of €1.7 billion, net revenue of around €1.0 billion, and adjusted EBITDA between €70 million and €80 million. The longer-term vision for 2030 sees revenue reaching €3.0–€3.2 billion, double-digit margins, and a partner network exceeding 40,000.
The Market Remains Unconvinced
Despite the operational improvements and analyst targets ranging from €17 to €19 — roughly six times the current share price — the stock continues to trade near €2.80, ignoring the bullish signals. The disconnect reflects a market that wants to see tangible results: lower bank debt, higher warehouse utilization, and proof that the AI program delivers measurable efficiency gains. The next proof point is the AEP closing. If that lands on schedule and debt starts to shrink, the new cost-conscious narrative might finally align with the growth story investors have been waiting for.
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