Original-Research: The Platform Group SE & Co. KGaA (von NuWays AG): BUY

28.01.2026 / 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 21

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

FY25 on a strong growth path, sig. M&A underway; chg.

The Platform Group reported preliminary and unaudited financials for FY25,

showing robust growth and delivery within its guidance range and the company

also announced a significant acquisition from the pharmaceutical wholesale

sector. In detail:

FY25 GMV increased by 44% yoy to EUR 1.3bn, slightly above our EUR 1.23bn

estimate, confirming the group's ability to scale its multi-vertical

platform model across B2B and B2C segments. Accordingly, sales grew by 39%

yoy to EUR 728m (eNuW old: EUR 718m), landing in the upper half of the guidance

range (EUR 715-735m). Note, 63% of growth was organically thanks to an

increased number of partners, an increased product assortment, high growth

in consumer goods subsidiaries and freight goods and improved customer

retention.

Adj. EBITDA improved by roughly 65% yoy to EUR 55m (reported EBITDA of EUR

71.2m), implying a margin of 7.6% (+1.3pp yoy) carried by an improved gross

margin (+0.8pp yoy) due to less discount activities and higher provisions

but also operational leverage and a lower marketing cost ratio. Here, the

company should have begun reaping the gains from its "AI first + cost

reduction program". Bottom line, EPS came in at EUR 2.26 vs. EUR 1.60 in FY24.

The leverage ratio (ND/adj. EBITDA) further decreased to 2.2x, yet absolute

net debt increased to ~ 120m as a result of the company's acquisition

strategy.

A first glance into FY26. For FY26, management expects to increase GMV to EUR

1.7bn, sales to EUR 1bn and adj. EBITDA to EUR 70-80m, while keeping leverage

(ND/adj. EBITDA) within the range of 1.5-2.3x. Importantly, this is largely

in line with our estimates and not yet including the planned acquisition of

AEP.

Milestone acquisition underway. TPG announced its intention to acquire 100%

of AEP GmbH, a Germany-based B2B pharmaceutical wholesaler and platform

operator serving several thousand pharmacies. Subject to approval by the

German Federal Cartel Office, closing is expected in Q2 2026. Following

completion, AEP will be fully consolidated and form the backbone of a newly

established segment, Pharma Group, alongside existing pharma-related

activities such as ApoNow and apothekia. The new segment will feature EUR 1bn

sales and EUR 25m adj. EBITDA. AEP alone should comprise some EUR 1bn sales and

~ EUR 22m adj. EBITDA. At an estimated purchase price of around EUR 75m (eNuW),

this seems like a sensible acquisition, representing a transformational

addition in terms of scale and business mix. If approved, the acquisition

would put the company's 2030 targets of EUR 3bn sales well in reach, in our

view.

We reiterate our BUY rating and maintain our PT of EUR 21.00, based on DCF.

-change of analyst-

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