The Platform Group: A Pivotal AGM Approaches as Legal Fights and a Billion-Euro Deal Hang in the Balance

Shareholders await clarity on €1.1B AEP takeover, bank disputes, and a criminal probe as stock plunges 44% in a week ahead of July 1 AGM.

The Platform Group’s shareholders are heading into a July 1 annual general meeting in Düsseldorf that could determine the company’s next chapter. The agenda includes a “Vision 2030” presentation and plans to create new authorized capital, yet what investors really want is clarity on a messy web of credit cancellations, a criminal inquiry, and the fate of a €1.1 billion acquisition.

The stock has been hammered. At €1.32, it has shed nearly 44% in the past seven days and sits 76% below its February high of €5.60. The selloff reflects a crisis of confidence that goes well beyond typical market jitters.

AEP Deadline Looms Large

The most critical item is the planned takeover of AEP, a pharmaceutical wholesaler with annual sales of roughly €1.1 billion. The Bundeskartellamt gave its blessing back in March, but the financing structure remains unresolved. Management’s self-imposed deadline expires at the end of June. If the deal closes, the board has promised to raise the full-year outlook. If it falls through, it will stand by the existing targets: gross merchandise volume of €1.7 billion, net revenue of €1.0 billion, and adjusted EBITDA between €70 million and €80 million.

The acquisition was announced in January 2026. AEP operates a B2B platform serving thousands of pharmacies across Germany, making it a natural fit for The Platform Group’s “Pharma & Service Goods” segment that CEO Benner plans to unveil at the AGM.

Banks Push Back, Prosecutors Probe

The company is also fighting a rearguard action on multiple legal fronts. Landesbank Baden-Württemberg (LBBW) has terminated a loan and demanded repayment of roughly €6.75 million. The Platform Group insists the debt has already been fully settled. Sparkasse Essen, meanwhile, is reportedly pursuing a claim of about €5.1 million, though the company says a binding repayment agreement is in place.

On top of that, the Chemnitz public prosecutor’s office is reviewing a criminal complaint alleging forgery, fraud, and deception in legal transactions. Several subsidiary managing directors deny having signed joint liability declarations for bank loans. The company has engaged law firm LHR, which has described the allegations as unfounded and launched emergency court proceedings, with a main action for damages in preparation.

War of Words With manager magazin Intensifies

The legal battle extends to the press. On June 12, manager magazin published another critical article under the headline “Banks Want Their Money Back From The Platform Group.” The company disputes the claims regarding tax debts, bank relationships, and subsidiary transactions. LHR has labeled the report inaccurate and is pursuing both an interim injunction and a full lawsuit.

This is a continuation of an existing dispute. The Cologne Regional Court had already issued a temporary injunction on March 24, 2026, prohibiting certain statements from an earlier article — a ruling that manager magazin accepted as legally binding. Despite that, the magazine published again in June, prompting The Platform Group to seek further legal relief. A judicial assessment of the latest piece is still pending.

Operational Strength, Strategic Caution

Amid the turmoil, the underlying business continues to deliver. First-quarter revenue jumped 51% to €243.1 million — about 71% of that organic growth. Adjusted EBITDA rose 37% to €21.8 million. The management team has also tempered its acquisition pace: instead of 11 deals annually, it now targets five to six in 2026, prioritizing integration and debt reduction. Net leverage, currently at 2.1x adjusted EBITDA, is expected to fall to between 1.0x and 1.4x by 2030.

Yet the market is pricing in a far bleaker scenario. The relative strength index stands at 21.3, deep in oversold territory. For the July AGM to restore credibility, the board must provide concrete answers on the credit cancellations and convincingly refute the fraud allegations. Whether the ongoing emergency court proceedings yield a ruling before then — and which way it goes — will likely shape the mood in the room.