The Platform Group's Blistering Q1 Growth Fails to Lift Stock as Iran War Costs and AEP Delay Bite

Strong Q1 results with 51% revenue growth and rising GMV fail to lift The Platform Group stock, as investors focus on cost pressures from the Iran-Iran war and a delayed acquisition closing.

Investors are giving The Platform Group a cold shoulder despite a blockbuster first quarter. The Düsseldorf-based operator of online marketplaces posted revenue of €243.1 million for the three months to March, a 51.2 percent surge from the €160.8 million reported a year earlier. Yet the stock continues to drift lower, reflecting mounting unease about cost pressures and a delayed acquisition closing.

The gross merchandise value — the total value of transactions flowing through its platforms — climbed 23 percent to €438.4 million, underlining the deepening engagement of both buyers and sellers. Active customers swelled 42.1 percent to 8.1 million, while the number of affiliated merchants rose 12.2 percent to 17,221. Orders processed jumped 36 percent to 3.4 million, and the average basket size edged up 2.4 percent to €128. The company also processed more than 17,000 partner relationships, evidence that its network?effects engine is firing on all cylinders.

Profitability kept pace with the top line. Adjusted EBITDA advanced 37.1 percent to €21.8 million, already a meaningful chunk of the full?year target range of €70 million to €80 million. But net profit slipped to €17.7 million from €18.2 million, dragged down by the absence of a one?time gain that had boosted the prior?year comparison. Earnings per share stood at €0.85.

The cloud over the stock has a clear source: the fallout from the Iran?Iran war. Chief Executive Dominik Benner openly acknowledges that higher interest and logistics costs triggered by the conflict have forced a strategic pivot. The company is now prioritising integration over new acquisitions, tightening its focus on profitability and shoring up its balance sheet. Net debt stood at 2.1 times adjusted EBITDA at the end of 2025, and management aims to slash that ratio to between 1.0 and 1.4 times by 2030 through a more conservative financing mix of long?term bank loans, equity, a bond and active working?capital management.

The M&A agenda has also suffered a setback. The closing of the planned acquisition of AEP, originally expected earlier, has been pushed back to June 2026 because conditions precedent have yet to be satisfied. On a pro?forma basis including AEP, annual revenue would approach €2.0 billion. That milestone — now just weeks away — will be the next major test of management’s ability to execute.

Despite the headwinds, the board left its full?year outlook untouched. The company continues to target gross merchandise value of €1.7 billion, net revenue of €1.0 billion and adjusted EBITDA of €70?80 million. Beyond that, the Vision 2030 roadmap calls for revenue of €3.0?3.2 billion, double?digit margins and a partner network of more than 40,000 businesses.

Analysts at mwb research remain upbeat, reiterating a buy rating with a target price of €19.50. They note that the first?quarter numbers ran ahead of their internal forecasts. But that bullish call rings hollow in the market today. The stock changed hands at €2.87 on Thursday, down 1.03 percent on the session and 6.82 percent lower over the past week. That leaves the share price nearly 50 percent below its 52?week high of €5.50 set back in February.

The disconnect between operational momentum and share price performance is stark. The Platform Group is generating real growth, but until investors see convincing evidence that costs are under control and the AEP deal closes without further delay, the scepticism is likely to linger.