Platform Group Se & Co. Kgaa · XETR:TPG0
Platform Group Se & Co. Kgaa — The Platform Group — Investor Day (January 2025)
126 slides from Platform Group Se & Co. Kgaa's investor day presentation, Jan 31, 2025
Slide 1: Capital Market Day January 31, 2025
CAPITAL MARKET DAY JANUARY 31, 2025 1
Slide 2: Capital Markets Day
CAPITAL MARKETS DAY 11.00 INTRODUCTION TPG / UPDATES 11.30 FINANCIAL / OUTLOOK 12.00 M&A 13.00 SOFTWARE 13.30 PLATFORMS Dr. Dominik Benner Laura Vogelsang 14.00 LUNCH / NETWORK Frederic von Borries Heinrich Traude Christoph Wilhelmy Reinhard Hetkamp 2 Platforms M&A COO CFO
Slide 3: The Platform Group: Introduction & Updates
1 THE PLATFORM GROUP Introduction & Updates 3
Slide 4: Our Management Structure
OUR MANAGEMENT STRUCTURE Supervisory Board Stefan Schütze ▪ Jens Wasel ▪ Dominik Barton (Chairman) ▪ Florian Müller ▪ Dr. Olaf Hoppelshäuser Management Board CFO Dr. Dominik Benner Laura Vogelsang Reinhard Hetkamp CEO Mgmt. Board CFO TPG AG ▪ TPG since 2012 ▪ TPG since 2018 ▪ >20 years experience ▪
Slide 5: Value Creation
VALUE CREATION UNIQUE ECOSYSTEM TO DIGITIZE PARTNERS AND PAVE THE WAY FOR ONLINE COMMERCE 1882 30 originated platforms +13.000 Partners Customers >5m partners customers Duesseldorf 25 headquarter industries KEY FEATURES ASSET LIGHT SOFTWARE ENABLED PROCESS EXCELLENCE PARTNER CENTRIC STRATEGY DRIVEN
Slide 6: TPG Stock Since 12/2022
TPG STOCK SINCE 12/2022 200m€ Market Cap 70% Benner Holding Guidance Update 05/2024 6
Slide 7: TPG Stock 1 Year
TPG STOCK 1 YEAR 200m€ Market Cap 70% Benner Holding Guidance Update 05/2024 7
Slide 8: Research / Coverage
RESEARCH / COVERAGE LATEST UPDATE INSTITUTION RECOMMENDATION PRICE TARGET (EUR) JAN 21, 2025 Warburg Research BUY (old: BUY) 16.00 (old: 16.00) edison research DEC 13, 2024 First Berlin BUY (old: BUY) 16.00 (old: 16.00) ial BNP PARIBAS HAUCK NOv 29, 2024 First Berlin BUY (old: BUY) 16.00 (old: 16.00
Slide 9: Latest Developments (3 Month)
LATEST DEVELOPMENTS (3 MONTH) Acquisition of Acquisition of Acquisition of Lyra Pet GmbH Firstwire GmbH Chronext Group (B2C pet platform) (B2B finance platform) (B2C watch platform) 9
Slide 10: Latest Developments (3 Month)
LATEST DEVELOPMENTS (3 MONTH) Reduction of minority Acquisition of shareholders: Bond with €50m 0815 Austria Simon Profi Technik successful (B2B/B2C platform) (new: 100%) 10
Slide 11: TPG ONE
TPG ONE OUR TPG SOFTWARE ARCHITECTUR SETUP Ai Ai Ai Ai Source(s): Company information 11
Slide 12: TPG's Strategy
TPG‘S STRATEGY CLEAR VISION AND ROADMAP TO BECOME EUROPE‘S LEADING PROFITABLE PLATFORM GROUP No 1 platform in Europe Long-term Above market balanced organic Expansion to 30 organic growth and inorganic industries by 2025 trajectory growth (50/50) Improvement of Continuing Sustained Extension of Furt
Slide 13: The Platform Group: Platforms for success
2 THE PLATFORM GROUP Platforms for success 13
Slide 14: With TPG Software Our Partners Get Access to Global Ecommerce
WITH TPG SOFTWARE OUR PARTNERS GET ACCESS TO GLOBAL ECOMMERCE – 25 INDUSTRIES COVERED Software-solutions for B2B + B2C small- & medium-sized customers business partners Source: Company. Overview of subsidiaries/brands. 2024 acquired: Hood.de and Avocadostore 14
Slide 15: Our Core Competencies
OUR CORE COMPETENCIES Our CORE Competencies Marketing & Software M&A Operations ▪ Own Software: ERP, Backend, Frontend, ▪ Online-Marketing B2C/B2B with all dimenions ▪ Buy & Build Strategy with longterm perspective B2B-Portal, CMS, PIM (SEA, SEO, CRM, Social Media, Affiliate, E-Mail, ▪ Post Merger I
Slide 16: Our Most Beloved Questions
OUR MOST BELOVED 10 QUESTIONS 16
Slide 17: Why Does Retailers Need TPG?
“WHY DOES RETAILERS NEED TPG?” 17
Slide 18: How We Create Value for Our Partners
HOW WE CREATE VALUE FOR OUR PARTNERS UNIQUE BASIS FOR SCALING PLATFORMS AND PARTNERS ALIKE COMPETITIVE ADVANTAGE TECHNOLOGICAL EDGE TPG’s unique software allows it to integrates platforms and thus scale resources and know-how. In addition, partners are effortlessly integrated via standardized interf
Slide 19: How We Ramp Up Revenues for Our Partners
HOW WE CREATE VALUE FOR OUR PARTNERS HOW WE RAMP UP REVENUES FOR OUR PARTNERS Typical Point of Sale (POS), fashion IT Merchandise Product photos mgmt. system Value Chain TPG 200 TEUR additional revenue with +27% 1.4m€ existing inventory Our partner Marketing Shipping can cover (Re-)pricing Payment 1
Slide 20: How We Ramp Up Revenues for Our Partners
HOW WE CREATE VALUE FOR OUR PARTNERS HOW WE RAMP UP REVENUES FOR OUR PARTNERS Typical Point of Sale (POS), fashion 1.1m€ 0.3m€ Local revenue Online revenue -49% material -47% material 200 TEUR additional -17% HR -6% HR revenue with +27% 1.4m€ existing inventory -12% rents -21% platform -15% others -
Slide 21: Why M&A?
“WHY M&A?” 21
Slide 22: Our Decision Funnel for New Industries
OUR DECISION FUNNEL FOR NEW INDUSTRIES TPG decision funnel for entering new industries Value Creation: Control Selection of Industry: Entering Industry: ▪ Our holding is not a financial holding, ▪ Classic make or buy decision we are an operative holding with more ▪ Are more than 150 potential ▪ If t
Slide 23: Without M&A These Companies Would Not Be Big
WITHOUT M&A THESE COMPANIES WOULD NOT BE BIG SOME THOUSAND SOME HUNDRED 23
Slide 24: Constellation Software Inc.
CONSTELLATION SOFTWARE INC. CONSTELLATION SOFTWARE Inc. MARK LEONARD, CEO „One of our directors has been calling me irresponsible for years. His Acquisition and holding of companies thesis goes like this: CSI [Constellation Software Inc.] can invest capital that offer software solutions for specific
Slide 25: How We Acquire Companies
HOW WE ACQUIRE COMPANIES Our Requirements for new M&A Targets Revenue & Status of the Profitability & Strategy & Customers Company Debt IT Revenue range Sufficient Platform Diversified €3-100m No early phase management strategy (or High IT/ERP Customer base investments, levels, no risk of EBITDA adj
Slide 26: Our Statement on Value Creation
OUR STATEMENT ON VALUE CREATION “We do not accept cash burning. Our company never did.” “We have to acquire companies for fair values, meaning badwill is not an exception. And we develop their value over time.” “Our TPG-approach gives us the opportunity to buy highly attractive online-players in nic
Slide 27: We Are Anticyclical
WE ARE ANTICYCLICAL Year 2019 Year 2024 Enterprise Value Enterprise 2x Revenue or Value 8x EBITDA 3-5x EBITDA 20-30 Buyers per After Due Diligence: target Max. 3 Buyers Acquisitions of TPG: Acquisitions of TPG: 0 9 27
Slide 28: Why We Are Focusing on Niche Segments with Profits
WHY WE ARE FOCUSING ON NICHE SEGMENTS WITH PROFITS TPG‘S UNIQUE APPROACH COMBINES HIGH RETURNS AND LOW RISK High acquisition ratio Diversified industry base Above industry return High returns Low risk Moderate leverage Dual growth levers Platform executive ownership Source(s): Company 28
Slide 29: M&A Pipeline Q1 2025
M&A PIPELINE Q1 2025 B2B Finance Software B2C Luxury Platform B2C Optician Platform Platform ▪ 20-30m€ GMV ▪ Located in Germany ▪ >10m€ Revenue ▪ Focusing on vintage goods ▪ Locales Stores and ▪ 40 employees ▪ Located in France Online Platform ▪ Located in Germany Acquisition: Acquisition: Acquisiti
Slide 30: Seems Like a Mix of Many Shops
“SEEMS LIKE A MIX OF MANY SHOPS…” “THEY BUY SMALL, NON RELEVANT COMPANIES…” 30
Slide 31: With TPG Software Our Partners Get Access to Global Ecommerce
WITH TPG SOFTWARE OUR PARTNERS GET ACCESS TO GLOBAL ECOMMERCE – 25 INDUSTRIES COVERED Software-solutions for B2B + B2C small- & medium-sized customers business partners Source: Company. Overview of subsidiaries/brands. 2024 acquired: Hood.de and Avocadostore 31
Slide 32: We Are an Operative Holding – and Scale Growth
WE ARE AN OPERATIVE HOLDING – AND SCALE GROWTH THE PLATFORM GROUP AG THE PLATFORM GROUP GMBH & CO. KG OPERATIONAL TPG DEPARTMENTS CENTRALIZED TPG DEPARTMENTS Software & IT Marketing Marketplace Human Resources Finance Legal & Law TPG Platforms Quality Design & Business Management Videography Intelli
Slide 33: Why Not Just SaaS-Revenues?
“WHY NOT JUST SAAS-REVENUES?” 33
Slide 34: SaaS-Models
SAAS-MODELS YES, we have SaaS-Revenues – but it is not our focus. Why do we NOT focus on SaaS-Revenues? Control Value creation Replaceability We want to have full control on the When we would offer only SAAS-solutions to eCommerce Value Chain. Means: Not just external parties, we would have nice off
Slide 35: How Can You Grow by Stagnating Markets?
“HOW CAN YOU GROW BY STAGNATING MARKETS?” 35
Slide 36: We Grow by Partners, Not by Industry
WE GROW BY PARTNERS, NOT BY INDUSTRY Number of Partners 2024 vs. 2023 13.521 Acquisition of hood.de, Avocadostore, Winkelstraat and 0815/OEGE: +6.500 partners + 4 Mio. Organic growth existing platforms: SKU‘s 5.520 +1.501 partners 2023 2024 36
Slide 37: Is Amazon a Competitor?
“IS AMAZON A COMPETITOR?” 37
Slide 38: We Sell on More Than 50 Channels
WE SELL ON MORE THAN 50 CHANNELS TPG B2B PORTAL Choose your integration mode via Shopsystem ... via API, FTP, EDI via ERP, PIM or Retailer Portals ... via File or manual AI-Powered Product Order & Retourn enrichment & Catalog Management Integration KPI Dashboards Retail Media PayOut Management PayOu
Slide 39: What Is Your Peer Group?
“WHAT IS YOUR PEER GROUP?” “ARE YOU A SOFTWARE, ECOMMERCE OR SERIAL ACQUIRER GROUP?” 39
Slide 40: Why Are You Stock Exchange Listed?
“WHY ARE YOU STOCK EXCHANGE LISTED?” “WHY DO YOU MAKE SEVERAL SMALL CAPITAL INCREASES PER YEAR?” 40
Slide 41: The Platform Group: Financials & Outlook
3 THE PLATFORM GROUP Financials & Outlook 41
Slide 42: Overview FY 2024 / FY 2023
OVERVIEW FY 2024 / FY 2023 CONTINUING OPERATIONS 2023 2024 Guidance / market expectation GMV € 705m € 903m Net revenue (EUR m) € 440.8m € 524.6m GMV-Guidance: € 880-900m → outperformed Other revenues (EUR m) €32.8m €29.1m Gross Margin 31.1% 35.3% Revenue-Guidance: € 500-520m → outperformed Marketing
Slide 43: Overview FY 2024 / FY 2023
OVERVIEW FY 2024 / FY 2023 CONTINUING OPERATIONS 2023 2024 Guidance / market expectation Net profit (EUR m), continuing operations € 33.3m € 35.5m Earnings per share (FY 2024, cont. operations) with €1.7 Net profit (EUR m), not-continuing € -6.4m € -2.8m above expectations. operations Net profit (EU
Slide 44: Strong GMV and Revenue Growth
STRONG GMV AND REVENUE GROWTH CONTINUING OPERATIONS GMV Growth FY Revenue Growth FY € 903 m +28% € 524.6 m +19% € 705 m YoY YoY € 440.8 m 2023 2024 2023 2024 PRO-FORMA PRO-FORMA 44
Slide 45: Profitability as a Key for Sustainable Growth
PROFITABILITY AS A KEY FOR SUSTAINABLE GROWTH CONTINUING OPERATIONS EBITDA adjusted FY EBITDA reported FY € 55.6 m € 33.2 m +47% +17% YoY € 47.4 m YoY € 22.6 m 2023 2024 2023 2024 PRO-FORMA PRO-FORMA 45
Slide 46: Profitability as a Key for Sustainable Growth
PROFITABILITY AS A KEY FOR SUSTAINABLE GROWTH Net profit (total) FY EPS FY € 32.7 m € 1.6 +22% +7% YoY € 1.5 YoY € 26.9 m 2023 2024 2023 2024 PRO-FORMA PRO-FORMA 46
Slide 47: From EBITDA Adjusted to EBITDA Reported
FROM EBITDA ADJUSTED TO EBITDA REPORTED Deferred tax & consolidation effects €1.9m EBITDA €55.6m €22.4m Reported Adjustments €1.9m Purchase Price EBITDA Allocation Adjusted €33.2m Results PPA-Results due to IFRS3 and deferred tax & consolidation effects. 47
Slide 48: The Platform Group: Segment Overview
THE PLATFORM GROUP: SEGMENT OVERVIEW ▪ Higher consumer Consumer Goods Freight Goods confidence in Q3-Q4 ▪ Strong increase in ▪ Acquisition of 0815, Products with simple Products with complex delivery costs in 2024 Chronext, Lyra logistics and focus on transport, logistics and ▪ Acquisition of consum
Slide 49: The Platform Group: Non-Financial KPI
THE PLATFORM GROUP: NON-FINANCIAL KPI 2023 2024 Takeaways Number of Orders 6.2m 7.1m Positive development: More partners (13.521) bring more Average order value (EUR) 114 124 products. More products bring more customers (5.1m), more customers bring more orders (7.1m). Active Customers 4.0m 5.1m Aver
Slide 50: The Platform Group: GMV Development
THE PLATFORM GROUP: GMV DEVELOPMENT € 1.2bn € 903m € 705m € 591m € 504m 2021 2022 2023 2024 2025e Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2025e according to guidance. 2021 TPG/Fashionette combined. 50
Slide 51: The Platform Group: Revenue Development
THE PLATFORM GROUP: REVENUE DEVELOPMENT € 590-610m € 525m € 441m € 387m € 241m 2021 2022 2023 2024 2025e Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2025e according to guidance. 2021 TPG/Fashionette combined. 51
Slide 52: The Platform Group: Adjusted EBITDA Development
THE PLATFORM GROUP: ADJUSTED EBITDA DEVELOPMENT € 40-42m € 33m € 23 m € 12m € 12m 2021 2022 2023 2024 2025e Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2025e according to guidance. 2021 TPG/Fashionette combined. 52
Slide 53: Debt Situation
DEBT SITUATION (€m) 30.09.2024 31.12.2024 31.12.2025 FC Cash + Cash equivalents € 17.2m € 20.3m € 14.5m Long term Debt (bank loans) € 32.3m € 33.1m Short term Debt (bank loans) € 37.8m € 26.1m € 107.6m Bond € 30.0m € 50.0m Net Debt € 82.9m € 88.9m € 91.1m LTM EBITDA € 32.7m € 33.2m € 40-42m Leverage
Slide 54: TPG Guidance 2025
TPG GUIDANCE 2025 (01/2025) 2025 FY Revenue Adj. EBITDA GMV Leverage Partners Industries €590-610m €40-42m €1.2bn 1.5 – 2.3x 15.000 30 54
Slide 55: TPG Guidance 2025
TPG GUIDANCE 2025 (01/2025) Developments 2024 - Relevance for 2025 Consumer confidence is higher, other EU markets and US have turnaround after post covid-decline. Higher forecasts of eCommerce companies (Zalando, MyTher.) Higher profitability due to cost efficiency program (2024) and scalable cost
Slide 56: TPG Midterm Guidance
NEW TPG MIDTERM GUIDANCE (01/2025) MIDTERM GUIDANCE 2026 MIDTERM GUIDANCE (2026) Revenue Adj. EBITDA GMV Leverage Partners Industries €700m 7-10% €1.5bn 1.5 – 2.3x 17.000 35 56
Slide 57: Financial Calendar 2025
FINANCIAL CALENDER 2025 ir@the-platform-group.com 57
Slide 58: M&A as a Key Discipline for Value Generation
4 THE PLATFORM GROUP M&A as a key discipline for value generation 58
Slide 59: TPG's Systematic M&A Approach & Empirical Evidence
TPG‘s systematic M&A Approach & empirical Evidence 59
Slide 60: TPG Is the Systematic Acquirer in E-Commerce
TPG IS THE SYSTEMATIC ACQUIRER IN E-COMMERCE CONTINUOUSLY PURCHASING, OPERATING AND OPTIMIZING E-COMMERCE PLATFORMS Systematic approach of TPG We drive sustainable growth and enhance shareholder value by strategically acquiring profitable, niche platforms with strong financials and value add potenti
Slide 61: M&A Execution
M&A EXECUTION OUR M&A FUNNEL – STATUS 12/2024 REASONS to STOP PRE-DD-PHASE ▪ Industry-specific reasons: 45% M&A ▪ Target-specific reasons: 40% opportunities DECISION (management, valuation, 2024: y/n financials, IT, exit strategy) 1.720 ▪ Lack of synergies: 11% ▪ Others reasons: 4% Pre-Due Diligence
Slide 62: A Private Strategy for Public Markets
A PRIVATE STRATEGY FOR PUBLIC MARKETS STRATEGIZING GROWTH THROUGH PROGRAMMATIC ACQUISITIONS ACQUISITION-DRIVEN COMPUNDERS VS PRIVATE EQUITY INVESTORS Permanent home 5-7 years Investment horizon Stability Unpredictable Continuity of culture Internal Due Diligence Long process Due Diligence Board memb
Slide 63: A Private Strategy for Public Markets
A PRIVATE STRATEGY FOR PUBLIC MARKETS STRATEGIZING GROWTH THROUGH PROGRAMMATIC ACQUISITIONS ACQUISITION-DRIVEN COMPUNDERS TPG APPROACH PRIVATE EQUITY INVESTORS Permanent home 5-7 years Investment horizon Stability Unpredictable Continuity of culture Internal Due Diligence Long process Due Diligence
Slide 64: Analysis of Business Models
ANALYSIS OF BUSINESS MODELS SERIAL ACQUIRERS FUNDAMENTALLY DIFFER IN THEIR APPROACH TO TRADITIONAL INVESTORS TPG AS AGILE SERIAL ACQUIRER VS TRADITIONAL M&A BUYER Sound combination of cash, debt and TPG shares Traditional financing structure Strong incremental return on capital Average incremental r
Slide 65: Identifying Acquirer Characteristics
IDENTIFYING ACQUIRER CHARACTERISTICS PROGRAMMATIC ACQUIRERS FREQUENTLY COMPLETE SMALL DEALS WITH HIGH FREQUENCY TYPES OF ACQUIRERS SHAREHOLDER RETURNS Programmatic acquirers achieved excess total returns to shareholders that were higher high than the median Programmatic Selective Large-deal Organic
Slide 66: What Programmatic Acquirers Do Differently
WHAT PROGRAMMATIC AQUIRERS DO DIFFERENTLY ENHANCING M&A STRATEGY WITH PROGRAMMATIC PRECISION AND ALIGNMENT In M&A strategy and sourcing, respondents at programmatic acquirers are more likely than Companies with a programmatic approach to M&A set go/no-go criteria for each stage of a others to strong
Slide 67: M&A Execution and Post-Merger Integration
M&A Execution and Post- Merger Integration 67
Slide 68: Investment Criteria for Targets
INVESTMENT CRITERIA FOR TARGETS TPG SELECTS TARGETS BASED ON A SPECIFIC PROFILE AND HAS A CLEAR ACQUISITION PLAN COMMERCIAL CRITERIA FINANCIAL CRITERIA OPERATIONAL CRITERIA INDUSTRY € 3-100m MANAGEMENT with proven platform potential revenue p.a. that is capable and broad-based NICHE >10-15% IT & ERP
Slide 69: M&A Execution
M&A EXECUTION QUICK AND EFFECTIVE EXECUTION OF M&A TRANSACTIONS Core M&A process from first contact to signing is executed in 4-8 weeks TARGET MGMT PRE-DUE SITE FINAL DUE SPA POST MERGER IDENTIFICATION MEETINGS DILIGENCE VISITS DILIGENCE NEGOTIATIONS INTEGRATION TPG’s Post Merger 1st analysis (1d) o
Slide 70: Operational Holding Concept - Intro
OPERATIONAL HOLDING CONCEPT - INTRO TPG LEVERAGES SYNERGIES BY ITS DUAL CENTRALIZATION AND DECENTRALIZATION APPROACH THE PLATFORM GROUP AG THE PLATFORM GROUP GMBH & CO. KG OPERATIONAL TPG DEPARTMENTS CENTRALIZED TPG DEPARTMENTS Software & IT Marketing Marketplace Human Resources Finance Legal & Law
Slide 71: Operational Holding Concept - Example
OPERATIONAL HOLDING CONCEPT - EXAMPLE TPG PROVIDES BEST-IN-CLASS INHOUSE SOFTWARE AND SERVICES TO ITS PORTFOLIO COMPANIES DEEP INDUSTRY EXPERTISE TPG employs a designated, highly competent marketing team that supports the portfolio companies in all aspects of online marketing. Marketing is a demonst
Slide 72: Sources of Extraordinary Performance
SOURCES OF EXTRAORDINARY PERFORMANCE TPG RELIES ON THREE PILLARS THAT ENABLE SUPERIOR PERFORMANCE COMPARED TO PEERS SOURCES CAPITAL & SOFTWARE DECENTRALIZATION PEOPLE ALLOCATION Software-integration of Consolidation Decentralized: Entrepreneurship, not High tech skills and target & „Own operators“ o
Slide 73: How We Create Value for Our Partners
HOW WE CREATE VALUE FOR OUR PARTNERS UNIQUE BASIS FOR SCALING PLATFORMS AND PARTNERS ALIKE COMPETITIVE ADVANTAGE TECHNOLOGICAL EDGE TPG’s unique software allows it to integrates platforms and thus scale resources and know-how. In addition, partners are effortlessly integrated via standardized interf
Slide 74: Benefits of Being Part of TPG
BENEFITS OF BEING PART OF TPG IDEAL PARTNER FOR SUSTAINABLE GROWTH OPERATIONAL EXCELLENCE POWERFUL SOFTWARE PRAGMATIC MINDSET FINANCIAL STRENGTH Expertise in core online business Unique software system that Goal oriented approach that Access to vast financial resources functions and the integration
Slide 75: Our Payment Method for Acquisitions
OUR PAYMENT METHOD FOR ACQUSITIONS MIXTURE OF EQUITY, DEBT AND SHARES WITH LOCK-UP: A TYPICAL CASE TPG Shares €8m TPG shares with lock-up period + 31.12.2023: 17,2m shares maximum daily volume after lock-up Earn out (cash paid) 31.12.2024: 20,2m shares → 3 Mio. new shares Debt/bond (a) Lott Fahrzeug
Slide 76: Why We Believe in Our Value Driven Approach
WHY WE BELIEVE IN OUR VALUE DRIVEN APPROACH TPG Software Real Estate Acquisitions Acquisitions Acquisitions Factor: 3-5 Factor: 8-14 Factor: 13-25 ROI: >20% ROI: >9% ROI: >4% 76
Slide 77: Case Study 1: Winkelstraat
Case Study 1: Winkelstraat 77
Slide 78: Case 1: Winkelstraat
CASE 1: WINKELSTRAAT LUXURY PLATFORM IN NETHERLANDS Founded: 2012 Location: Vianen, Netherlands Employees: 34 Customers: 85% locals/Netherlands GMV: €23m (2024) Joost (CEO) Matthijs (CCO) EBITDA: 5% (2024) Partners: 410 Acquired: 2024 (50,1%) PMI: Since September 2024 78
Slide 79: Case 1: Winkelstraat
CASE 1: WINKELSTRAAT LUXURY PLATFORM IN NETHERLANDS 79
Slide 80: Case 1: Winkelstraat
CASE 1: WINKELSTRAAT LUXURY PLATFORM IN NETHERLANDS PMI Project: Sept. 2024 – June 2025 Central functions → cost reduction: (a) Finance (b) HR (c) Risk & Payment Operational functions → revenue increase: (a) Marketing (b) Software (c) Business Intelligence (d) Marketplaces 80
Slide 81: Case 1: Winkelstraat
CASE 1: WINKELSTRAAT LUXURY PLATFORM IN NETHERLANDS Cross-Listing on Fashionette 1 in 2025 (64% of products) 2 Cross-Listing on Brandfield in 2025 (52% of products) 81
Slide 82: Case 1: Winkelstraat
CASE 1: WINKELSTRAAT LUXURY PLATFORM IN NETHERLANDS Start with vintage products 3 with a new TPG platform (2025) 4 Start TPG marketplace project on external MP (27% of products) 82
Slide 83: Case 1: Winkelstraat
CASE 1: WINKELSTRAAT SUCCESSFUL DEVELOPMENT WITH TPG’S POST-MERGER APPROACH Partners GMV (in € m) 720 53 575 410 34 23 pre-TPG 2025e 2026e pre-TPG 2025e 2026e EBITDA-Margin (in %) Products on platform (in thousands, parent products) 162 7,8% ROI Target: 6,7% 131 109 5,0% >30% pre-TPG 2025e 2026e pre
Slide 84: Case Study 2: Chronext
Case Study 2: Chronext 84
Slide 85: Case 2: Chronext
CASE 2: CHRONEXT LUXURY WATCH PLATFORM Founded: 2013 Location: Cologne, Munich Employees: 41 Customers: 70% DACH, 30% EU/Rest of World (60 countries) GMV: >€65m (2025e) EBITDA: >4% (2025e) AOV: €10.686 Frederike Philipp Frederic Acquired: December 2024 (Asset Deal) PMI: Since September 2024 85
Slide 86: Case 2: Chronext
CASE 2: CHRONEXT LUXURY WATCH PLATFORM 86
Slide 87: Case 2: Chronext
CASE 2: CHRONEXT LUXURY WATCH PLATFORM PMI Project: January 2025 – October 2025 Central functions → cost reduction: (a) Finance (b) HR + Payroll (c) Risk & Payment (d) SG&A, Insurance, Rents Operational functions → revenue increase: (a) Marketing (b) Software (c) Business Intelligence (d) Marketplac
Slide 88: Case 2: Chronext
CASE 2: CHRONEXT LUXURY WATCH PLATFORM Inventory (2024) Locations (2024) 88
Slide 89: Case 2: Chronext
CASE 2: CHRONEXT LUXURY WATCH PLATFORM 89
Slide 90: Case 2: Chronext
CASE 2: CHRONEXT LUXURY WATCH PLATFORM High customer loyalty 90
Slide 91: Case 2: Chronext
CASE 2: CHRONEXT LUXURY WATCH PLATFORM The Challenge: Seven (!) different business models in one company (2024) We decided to change this – directly. 91
Slide 92: Case 2: Chronext
CASE 2: CHRONEXT LUXURY WATCH PLATFORM Cross-Listing on Fashionette 1 in 2025 (75% of products) 2 Cross-Listing on Brandfield in 2025 (71% of products) 92
Slide 93: Case 2: Chronext
CASE 2: CHRONEXT LUXURY WATCH PLATFORM Start with TPG software project and 3 implement TPG One → Partner-model to increase platform 4 Cross-Listing on Winkelstraat in 2025 93
Slide 94: Case 2: Chronext
CASE 2: CHRONEXT LUXURY WATCH PLATFORM Average Order Value GMV (in € m) 13.052 113 11.680 10.686 88 65 2025e 2026e 2027e 2025e 2026e 2027e EBITDA-Margin (in %) Products on platform 23.057 6,9% 4,2% 5,8% 15.669 ROI Target: 11.082 >22% 2025e 2026e 2027e Dez 24 2025e 2026e 94
Slide 95: Update Software Development & Operations
5 THE PLATFORM GROUP Update Software Development & Operations 95
Slide 96: Our Development History
TPG | Software Development OUR DEVELOPMENT HISTORY TPG PAY In development Development of own payment solution • Development of a TPG ONE In development standalone payment solution Start of TPG ONE – one ERP for all subsidiaries with full integration of Development of a • Payment App for shops- Secon
Slide 97: Resources and Skill Overview
TPG | Software Development RESOURCES AND SKILL OVERVIEW STRONG DEVELOPMENT RESOURCES MULTIPLE LANGUAGES AND LOCATIONS +20% since last CMD Over 130 Experienced IT Employees Development in 5 Countries Skills Python C C++ Java C# JavaScript PHP Visual Basic Time to Connect a New Company Tools SQL Ruby
Slide 98: Update: TPG ONE & New Features
UPDATE TPG ONE & NEW FEATURES 98
Slide 99: TPG ONE
TPG | Software Development TPG ONE OUR NEW TPG ARCHITECTURE SETUP Ai Ai Ai Ai Source(s): Company information 99
Slide 100: TPG ONE Connector & Cloud
TPG | SOFTWARE DEVELOPMENT TPG ONE CONNECTOR & CLOUD 1. TPG ONE CONNECTOR: - Connection of all major ERP Systems - Connection to all major Shop Systems Ai - Connection to all major Feed-Engines - Option for simple files transfer and upload 2. Ai Data Enrichment: - Ai category mapping - Ai product da
Slide 101: TPG Commerce Engine + Retail Media
TPG | SOFTWARE DEVELOPMENT TPG COMMERCE ENGINE + RETAIL MEDIA 1. Own build high performance ecommerce tools box 2. Integration of parts of the Shopify Check out (fastest in the industry with a guaranteed TPG ONE CLOUD performance of 45.000 check outs per minute) 3. Full integration of a Retail Media
Slide 102: Development Status New Projects
TPG ONE DEVELOPMENT STATUS NEW PROJECTS TPG ONE Connector TPG ONE Cloud (ERP, PIM, Pricer, Commerce Engine) Shop Update TPG Core Shops (Schuhe24, Outfits24…) Shop Update – Merchant of Record Shops Shop Update – Marketplaces Shops TPG PAY 102
Slide 103: Review Jungherz – Fahrrad-Teile.shop
REVIEW JUNGHERZ – FAHRRAD-TEILE.SHOP 103
Slide 104: Jungherz: New Shop Design
JUNGHERZ FAHRRAD-TEILE.SHOP NEW SHOP DESIGN 104
Slide 105: Stable Sales and Uplift Due to Shop Migration to TPG ONE
1 0 5 POC JUNGHERZ STABLE SALES AND UPLIFT DUE TO SHOP MIGRATION TO TPG ONE V1.0 Jungherz shop migration in CW40. - Short sales drop in first weeks - Stable sales after week 2 - Impressive sales uplift from CW44 - Sales increase even during out of season compared to last year - Turnover uplift of ov
Slide 106: Shop Update Preview
SHOP UPDATE PREVIEW NEW OUTFITS24 SHOP 106
Slide 107: TPG Shop Update New Outfits24
TPG | Software Development TPG SHOP UPDATE NEW OLD OUTFITS24 RELEASE OUTFITS24 SHOP FEB. 2025 SHOP (MOBILE FIRST) 107
Slide 108: New TPG Retailer Connection Portal Preview
NEW TPG RETAILER CONNECTION PORTAL PREVIEW UI DEMO OF TPG ONE CONNECTOR 108
Slide 109: TPG New Retailer Portal Release
TPG | Software Development TPG NEW RETAILER PORTAL RELEASE SUMMER 2025 109
Slide 110: TPG Pay
TPG PAY 118
Slide 111: TPG Pay: Pay in All Shops
TPG PAY pay in all shops “GS hoodde © fashioncttc! M% bike-angebot —(e) t.) store WSHNL ouTFitg) SCHUHE © (0815 and all other shops
Slide 112: TPG Payment Solution
TPG PAY TPG PAYMENT SOLUTION 1. Seamless integration of all major payment types others … 2. Internal Risk Check Tool for TPG PAY 3. TPG PAY: - Pay on invoice - Pay in installments - monthly invoice - BNPL 120
Slide 113: TPG Pay Leverages Revenue with Yellow Customers
TPG PAY TPG PAY LEVERAGES REVENUE WITH „YELLOW“ CUSTOMERS • Currently +20% out of 100% of the customers entering the payment stage, having an elevated of all customers +20% entering the credit risk payment stage * • These customers have been rejected in the past • TPG PAY provides a sophisticated ri
Slide 114: TPG Pay in All Our Shops
TPG PAY TPG PAY IN ALL OUR SHOPS 1. Development of a modular payment solution 2. Seamless integration in any kind of e-commerce solutions Shopify Payment App, Shopware Plugin, Woocommerce etc. 3. TPGPAY API will be available for 3rd Parties 122
Slide 115: UX Mock Up
fashionette' TPG | PAY | UX MOCK UP We DEN Warenncore }OFORT KAUFEN MIT TPG PAY
Slide 116: TPG Pay Timeline
TPG PAY TIMELINE Phase Release 1 Release 2 Release 3 Exploration MVP TPG Pay V1.0 TPG Pay V2.0 tbc … Demo-Modus Release Release in 1-2 Shops in all Shops Validate Acceptance Feature Updates & Ongoing Scaling and feature expansion for Test „Legal“ + Technical Results Projectobjectives Optimizations O
Slide 117: Thank You!
THANK YOU! THE PLATFORM GROUP
Slide 118: Scaling E-Commerce via External Marketplaces
5 THE PLATFORM GROUP Scaling E-Commerce via External Marketplaces Unlocking Growth & Synergies through Marketplace Expansion 126
Slide 119: Faster Revenue Generation Through External Marketplaces
FASTER REVENUE GENERATION THROUGH EXTERNAL MARKETPLACES • Fast access to high-purchasing-power customers • Reduction of Customer Acquisition Costs (CAC) • Utilization of marketplace logistics & payment processing • Optimization through middleware & automation • Increase in conversion rate through da
Slide 120: TPG Retailer Portal
S THE PLATFORM GROUP TPG RETAILER PORTAL 2, Choose your integration mode ? = rf | via Shopsystem Taobao.com fashionette® AM ories Tue xMmacys = & nn WSHNL {PayOut Management} (__PayOutManagement _ | vvia API, FTP, EDI @ via ERP, PIM or Retailer Portals SS sumfonia Bomniars woe Meer FaKS “Khumansoft
Slide 121: The First 90 Days – Strategy for Rapid Growth
THE FIRST 90 DAYS – STRATEGY FOR RAPID GROWTH • 1. Technical Integration & Data Optimization • Automated categorization & SEO optimization • Dynamic pricing & competitive analysis • 2. Performance Marketing & Promotions • Leverage sponsored listings & discount vouchers • Participate in marketplace p
Slide 122: International Expansion – India
INTERNATIONAL EXPANSION – INDIA TPG Marketplace - India Merchant of Record Merchant of Record FSNT > Marketplace Client > Local Partner TPG TATA CLIQ AJIO LUXE Customer Order 130
Slide 123: Synergies in Post-Merger Integration (PMI)
SYNERGIES IN POST-MERGER INTEGRATION (PMI) Centralized Marketplace Strategy • Utilization of shared seller accounts • Optimization of logistics & inventory management • Consistent brand representation across marketplaces Operational Implementation • Middleware for centralized control • Harmonization
Slide 124: One Platform as a Core Competency
ONE PLATFORM AS A CORE COMPETENCY 1. Scalability: Expansion to include new products and brands 2. Premium Customer Experience: Exclusive, personalized offers 3. High-Quality Brand Presence: Maximum visibility for premium brands 4. Tailored Product Selection: Curated, target- group-specific products
Slide 125: Revenue Levers Through Marketplaces in the Post-Merger Phase
REVENUE LEVERS THROUGH MARKETPLACES IN THE POST-MERGER PHASE Revenue Growth Levers 1. Faster market entry through existing platforms 2. Scalability via centralized systems 3. Cost efficiency through automated processes 4. Cross-selling & upselling across multiple channels 5. International expansion
Slide 126: The Platform Group
S THE PLATFORM GROUP