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Original-Research: The Platform Group SE & Co. KGaA - from NuWays AG

28.04.2026 / 09:00 CET/CEST
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Classification of NuWays AG to The Platform Group SE & Co. KGaA

Company Name: The Platform Group SE & Co. KGaA
ISIN: DE000A40ZW88

Reason for the research: Update
Recommendation: BUY
Target price: EUR 17
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr

Final FY25 out, AEP acquisition to transform the group; chg.

TPG closed FY25 with a strong set of results, confirming the January prelims
and coming in above the mid-point of the guidance. To recap: Revenue grew
39% yoy to EUR 728m, supported by broad-based growth across all five segments
and eleven acquisitions completed during the year. GMV increased by ca. 44%
yoy to EUR 1.3bn. Adj. EBITDA rose 65% yoy to EUR 55m, translating into a margin
of 7.6% (+130bps yoy).

Consumer Goods remained the group's growth engine, with revenue up 55% yoy
to EUR 458m and adj. EBITDA up 65% to EUR 35.6m, accounting for 65% of group
earnings. The newly established Optics & Hearing segment, added mid-year,
made an immediately disproportionate earnings contribution, posting a ~25%
adj. EBITDA margin in its first half-year of consolidation. All remaining
segments grew both revenue and earnings yoy.

FY26 guidance confirmed. Management guides for EUR 1.7bn GMV (eNuW: EUR 1.71bn),
EUR 1.0bn revenue (eNuW: EUR 977m) and EUR 70-80m adj. EBITDA (eNuW: EUR 74m).

The more significant story for 2026 is the pending acquisition of AEP GmbH,
a B2B pharmaceutical wholesale platform generating over EUR 1bn in revenue.
Signed in January, the deal received German Federal Cartel Office clearance
at the end of March. Closing is expected by end of Q2 2026, subject to the
completion of outstanding contractual conditions. Financing, to be
structured as a combination of own funds and debt over a 3-5 year horizon,
remains the key outstanding item, with details expected by end of May.

The transformative nature of the deal is hard to overstate. Upon closing,
TPG intends to bundle AEP with its existing pharma assets (ApoNow,
apothekia, Doc.Green) into a standalone Pharma Group with dedicated
management. On a pro-forma basis, the acquisition would lift FY26e group
revenue to ~EUR 2bn, adj. EBITDA to EUR 90-100m, and GMV to ~EUR 3bn. The combined
pharma segment alone is expected to generate revenues in excess of EUR 1.1bn
and adj. EBITDA of >EUR 25m. Once closed, the acquisition would hence put the
company's 2030 targets of EUR 3bn sales well in reach, in our view.

The investment case remains fully intact, yet shares paint a different
picture with an implied valuation on only 2x EV/EBITDA. In our view, the
group is adequately financed and able to comfortably service its debt
obligations. ND/EBITDA remains within the targeted range, op. cash flow is
strong and interest obligation can comfortably be paid by operations.

We confirm our BUY rating with a new EUR 17 PT (old: EUR 21) based on DCF as we
trim estimates to account for the declining consumer sentiment in Germany,
adjust the tax rate and a higher risk free rate.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=1afb540c84664dc5518c230150a9de8a
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Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2316212 28.04.2026 CET/CEST

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