Last close As at 20/08/2026
EUR1.03
▲ 0.03 (2.50%)
Market capitalisation
EUR22m
Research: Consumer
The Platform Group (TPG) reported a good improvement in adjusted EBITDA in Q226, with significant operating cost reductions offsetting a weak top-line performance with its first ever year-on-year revenue decline, attributed to weakness in one vertical. The higher profitability and lower capital spend fed through to a modest improvement in free cash flow generation on a relative basis, offset by negative working capital, which appears consistent with H125 before it reversed in H225. Management is confident of a strong improvement in trends in H226.
For H126 TPG reported c 21% y-o-y growth in Gross Merchandise Value (GMV) from c 17% growth in the number of orders and c 4% growth in average order value. Revenue grew at a slightly higher rate of c 23%, indicating better revenue conversion versus H125. This implies a significant slowing in revenue trends, with the company’s first year-on-year decline of c 3% in Q226 following mid- to high-teens growth in FY23 and FY24, and growth rates of 27–51% from Q125–26. The key driver is the number of orders that were flat at 2.8m in both Q225 and Q226. Management attributed the revenue decline to the Freight Goods vertical, which was c 16% of H125 revenue and declined by 5% in H126. The vertical includes bicycles and furniture and is therefore exposed to weaker consumer confidence. The other verticals were ahead of or in line with management’s expectations. The gross margin declined by 240bp to 34.1%, continuing the weaker margin trend of H225 when it declined by 190bp. Strong management of operating costs is evident in the Q226 year-on-year declines of c 17% in personnel costs, 7% in marketing and 11% in distribution. This led to a c 9% growth in adjusted EBITDA while reported EBITDA fell by c 16% in Q226. Closing net debt including leases of €127.1m was relatively unchanged from FY25. Relative to revenue, free cash flow before interest improved to 3.3% in H126 from 2.8% in H125, which includes a modest deterioration in operating cash generation more than offset by more favourable capital outflows.
Management’s reiterated FY26 guidance for GMV of €1.7bn and revenue of €1bn requires H226 growth of 40% and c 51%, respectively, a good increase versus H126. Management is confident that organic growth will contribute the majority, over 90% of the required full year growth. The implied H226 adjusted EBITDA margin of 5.9% is consistent with H225’s 5.7% margin.
TPG is trading at large discount to the FY26 peer median EV/EBITDA of 8.0x.
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Historical financials |
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|---|---|---|---|---|---|---|
| Year end | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (€) | EV/EBITDA (x) | P/E (x) |
| 12/24 | 524.6 | 33.2 | 36.3 | 1.60 | 4.6 | 0.6 |
| 12/25 | 728.1 | 55.0 | 49.0 | 2.26 | 2.8 | 0.4 |
| 12/26e | 1,000.0 | 75.0 | - | - | 2.0 | |
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20 Red Lion Street
London, WC1R 4PS
United Kingdom
Research: Industrials
Nabaltec reported H126 revenue of €108.6m, up 1.9% y-o-y, while EBITDA fell 5.1% to €13.8m and EBIT 26.1% to €6.6m, giving an EBIT margin of 6.2% versus 8.4% in H125. Net income fell 25.8% to €4.4m, with EPS of €0.50 versus €0.67 with higher energy costs and scheduled depreciation weighed on profitability. Q2 improved materially on Q1: revenue rose 6.9% y-o-y and 4.0% q-o-q to €55.3m, EBIT increased to €3.8m from €2.7m in Q1 and the margin recovered to 7.2% from 5.2%. Both segments improved sequentially, supported by viscosity-optimised hydrates, recovering boehmites and Specialty Aluminas demand. The order backlog rose to €52.2m from €38.3m and management maintained FY26 guidance for 4–6% revenue growth and a 5–7% EBIT margin. We maintain forecasts and our €19.1/share valuation.