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 reported H1 results and held a conference call. Sales were up 48% y/y at €343m (FBe: €337m). 59% of the sales growth was generated organically. Adjusted EBITDA rose some 90% y/y to €33m (FBe: €27m), with the AEBITDA margin widening by two percentage points to 9.7%. The margin expansion was driven by a higher gross margin and by revenue growth outpacing personnel and marketing costs. The company also outlined its plans for the second half of 2025, which include two to four more M&A deals and a potential tap of the 2024/2028 bond to finance them. After the AGM held on 25 August, TPG also announced that it received 99% approval to change its legal structure from an AG to an SE & Co. KGaA. A strong Q2 prompts us to nudge our estimates toward the midpoint of TPG’s revenue guidance (€715m – €735m). An updated DCF model yields an unchanged price target of €19. We maintain our Buy recommendation (upside: 100%).