First Berlin Equity Research has published a research update on The Platform Group AG (ISIN: DE000A2QEFA1). Analyst Alexander Rihane reiterated his BUY rating and maintained his EUR 19.00 price target.

Abstract
The Platform Group held a conference call and presented results for the March quarter. Revenue rose 49% to an all-time high of €161m and was slightly above our estimate (FBe: €158m). Organic sales growth (OSG) topped 59% y/y, which is encouraging considering TPG’s mid-term target of a 50/50 mix of organic and inorganic sales growth. OSG was driven in large part by TPG expanding its number of partners (+28% y/y) along with a general uptick in consumer confidence. Adjusted EBITDA of €16m was up 87% y/y and came in 48% above our estimate (FBe: €11m). This is primarily due to a strong Q1 gross margin of ~35%. TPG’s shares have rallied ~40% since the company increased guidance on 28 April on the back of the four acquisitions made in 2025. We believe that the company is well on track to meet its 2025 guidance of €680m – €700m in sales and an AEBITDA of €47m – €50m. An updated DCF model yields an unchanged price target of €19. We maintain our Buy recommendation (upside: 57%).