A strong start to FY26

The Platform Group (TPG) delivered strong growth in revenue, with all KPIs moving in the right direction, although EBITDA margins, both reported and adjusted, were lower in Q126 than in Q125. Ahead of the expected completion of the acquisition of AEP, management has reiterated its financial guidance for FY26 on both an underlying and a pro forma basis. On the conference call, management highlighted the number of acquisitions completed is likely to be lower in FY26 than in FY25; however, we note the scale of the AEP acquisition is significant in a historical context.