Global Blue Group Holding AG (NYSE:GB) Q3 2025 Earnings Call Transcript February 26, 2025 9:00 AM ET Company Participants Jacques Stern - Chief Executive Officer Roxane Dufour - Chief Financial Officer Jacques Stern Good morning, I am Jacques Stern, the CEO of Global Blue, and I am today by Roxane Dufour, the CFO of Group to present you the Quarter Three of 2024-2025. But before going to the detail of the account, obviously I will walk you through the major event of last week, which has been the announceme ...

Global Blue Group Holding AG (GB) came out with quarterly earnings of $0.06 per share, missing the Zacks Consensus Estimate of $0.09 per share. This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -33.33%. A quarter ago, it was expected that this company would post earnings of $0.11 per share when it actually produced earnings of $0.10, delivering a surprise of -9.09%.Over the last four quarters, ...

UNITED STATES (Translation of registrant's name into English) Zürichstrasse 38, 8306 Brüttisellen, Switzerland +41 22 363 77 40 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of February, 2025 Commission file number: 001-39477 GLOBAL BLUE GROUP HOLDING AG GLOBAL BLUE GROUP HOLDING AG (Address of principal executive office) Indicate by check mark whether the registran ...

Global Blue Group Holding AG (GB) shares rallied 17.5% in the last trading session to close at $7.32. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 14.7% loss over the past four weeks.Global Blue Group's stock experienced a price rise following its acquisition announcement by Shift4, a leader in integrated payments and commerce technology. The deal, expected to close by the third quarter of 2025, will creat ...

Financial Performance - H1 revenue increased by 20% to €250 million, with adjusted EBITDA rising 36% to €102 million [2][11] - Adjusted EBITDA margin improved by 4.6 points to 40.7%, with a 64% drop-through from revenue to EBITDA [2][11] - Q2 revenue grew 17% to €132 million, with adjusted EBITDA up 25% to €58.7 million and a margin improvement of nearly 3 points to 44.5% [5][10] - Net income for H1 increased 66% to €27 million, while Q2 net income rose to €21 million from €14 million last year [5][11] Business Line Performance Tax Free Shopping Solutions (TFS) - TFS accounted for 77% of group revenue in Q2, with revenue growth of 18% to €102 million and sales-in-store growth of 15% [6] - H1 TFS revenue increased 25% to €193 million, with sales-in-store growth of 27% [12] - Contribution margin for TFS remained strong at 86% in Q2 and 85% in H1 [6][12] Payments - Payments revenue grew 16% in Q2 to €23.4 million, outpacing sales-in-store growth of 9% [7] - H1 Payments revenue increased 12% to €43.7 million, driven by higher margin on treasury gains [13] - FX solutions contributed €12 million in Q2 with a 96% margin, while acquiring contributed €1 million with a 10% margin [8] Post-Purchase Solutions - Post-Purchase Solutions revenue declined 1% in Q2 to €6.7 million, with flat contribution growth at €4 million [9] - H1 revenue for this segment fell 6% to €13 million, though contribution growth improved by 7% [14] Market Performance - Europe saw a 12% increase in sales-in-store in October, with Italy and Spain remaining strong, while France recovered to pre-Olympics levels [25] - APAC growth slowed to 29% in October from 40% in Q2, primarily due to Japan's performance [27] - Mainland China contributed 36% of APAC business, with a 50% growth in October, aligning with Q2 figures [27] Strategic Direction and Industry Competition - The company has adapted its financial guidance for FY24-25 to €185 million - €205 million, reflecting strong travel industry trends and management initiatives [28][29] - Investments in new markets, Japan's regulatory changes, and payment solutions are expected to drive future growth [30][31][32] - Long-term targets include 8%-12% revenue growth, 50% drop-through, and a net leverage ratio below 2.5x [33] Management Commentary on Operating Environment and Outlook - The company remains resilient to inflation and recession risks, benefiting from its exposure to high-net-worth individuals and affluent networks [34][35] - The luxury market slowdown has not significantly impacted Global Blue, thanks to its strong positioning in the high-end segment [29] - The company is accelerating investments in future growth drivers, including new country expansions and Japan's regulatory changes [30][31] Other Key Information - Share buyback program increased from $10 million to $15 million, extended until November 2025 [2] - Net debt stood at €516 million, with a net leverage ratio of 2.9x, down from 4.5x last year [21][22] - CapEx for H1 was €26 million, primarily related to technology development [20] Q&A Summary - No specific questions or answers were provided in the transcript [37]

Financial Update Q2 & H1 FY24/25 November 22nd, 2024 Global Blue Disclaimer Forward Looking Statements. This presentation (this "Presentation") contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding Global Blue Group Holding AG's ("Global Blue", "we" or "us") or its management's expectations, hopes, beliefs, in ...

Global Blue Group Holding AG (GB) came out with quarterly earnings of $0.10 per share, missing the Zacks Consensus Estimate of $0.11 per share. This compares to earnings of $0.08 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -9.09%. A quarter ago, it was expected that this company would post earnings of $0.06 per share when it actually produced earnings of $0.03, delivering a surprise of -50%. Over the last four quarters, t ...

Market Position and Operations - Global Blue holds approximately 70% market share in the tax-free shopping segment, significantly larger than its next competitor[16]. - The company operates in over 50 countries, facilitating millions of transactions and providing VAT refunds to international shoppers[16]. Sales and Revenue Growth - Total Sales in Store (SiS) for the three months ended September 30, 2024, reached EUR 8.3 billion, a 13.7% increase from EUR 7.3 billion in the same period of 2023[22]. - Tax-Free Shopping (TFS) SiS increased by EUR 0.8 billion, or 15.2%, to EUR 6.1 billion for the three months ended September 30, 2024, compared to EUR 5.3 billion in 2023[23]. - Payments SiS rose by EUR 0.1 billion, or 9.0%, to EUR 1.7 billion for the three months ended September 30, 2024, from EUR 1.6 billion in 2023[24]. - Post-Purchase Solutions (PPS) SiS increased by EUR 0.1 billion, or 18.0%, to EUR 0.5 billion for the three months ended September 30, 2024, compared to EUR 0.4 billion in 2023[25]. - For the six months ended September 30, 2024, Total SiS was EUR 16.4 billion, up 21.5% from EUR 13.5 billion in the same period of 2023[22]. - Revenue increased by EUR 18.8 million, or 16.6%, to EUR 132.0 million for the three months ended September 30, 2024, compared to EUR 113.2 million for the same period in 2023[30]. - TFS revenue rose by EUR 15.7 million, or 18.2%, to EUR 101.9 million for the three months ended September 30, 2024, from EUR 86.2 million in the prior year[30]. - Payments revenue increased by EUR 3.2 million, or 15.6%, to EUR 23.4 million for the three months ended September 30, 2024, compared to EUR 20.2 million for the same period in 2023[30]. - For the six months ended September 30, 2024, total revenue reached EUR 249.7 million, a 20.2% increase from EUR 207.7 million in the same period of 2023[132]. Profitability and Financial Performance - Profit for the period increased to EUR 16.6 million for the three months ended September 30, 2024, compared to EUR 1.8 million in the same period last year[30]. - Operating profit rose by EUR 17.2 million, or 70.2%, to EUR 41.7 million for the three months ended September 30, 2024, from EUR 24.5 million in the previous year[30]. - Profit for the period increased by EUR 14.8 million, or 829.1%, to EUR 16.6 million for the three months ended September 30, 2024, compared to EUR 1.8 million for the same period in 2023[44]. - Adjusted EBITDA rose by EUR 11.6 million, or 24.5%, to EUR 58.7 million for the three months ended September 30, 2024, from EUR 47.2 million for the same period in 2023[46]. - Adjusted EBITDA for the six months ended September 30, 2024, increased by EUR 26.8 million, or 35.7%, to EUR 101.7 million from EUR 75.0 million for the same period in 2023[46]. - Operating profit for the six months ended September 30, 2024, was EUR 68.43 million, up 40.2% from EUR 48.86 million in the prior year[99]. - Profit before tax for the six months ended September 30, 2024, was EUR 66,276 thousand, compared to EUR 24,286 thousand in the same period of 2023, an increase of 173%[112]. Expenses and Costs - Operating expenses increased by EUR 1.6 million, or 1.8%, to EUR 90.3 million for the three months ended September 30, 2024, from EUR 88.7 million in the previous year[33]. - Adjusted operating expenses rose by EUR 7.2 million, or 10.9%, to EUR 73.2 million for the three months ended September 30, 2024, compared to EUR 66.0 million for the same period in 2023[37]. - Total operating expenses for the six months ended September 30, 2024, were EUR 181,288 thousand, up from EUR 158,797 thousand in the same period of 2023[135]. - Fixed costs for the six months ended September 30, 2024, amounted to EUR 94.8 million, an increase from EUR 84.5 million in the same period of 2023[134]. Cash Flow and Liquidity - For the six months ended September 30, 2024, net cash from operating activities was EUR 63.6 million, compared to EUR 27.0 million for the same period in 2023, reflecting significant operational inflows[59]. - Net cash used in investing activities was EUR 23.6 million for the six months ended September 30, 2024, primarily driven by an outflow of EUR 22.2 million for intangible assets[61]. - Net cash used in financing activities was EUR 33.4 million for the six months ended September 30, 2024, mainly related to interest paid of EUR 16.5 million[65]. - As of September 30, 2024, the Group had cash and cash equivalents of EUR 94.4 million, with additional available liquidity of EUR 101.0 million from a Revolving Credit Facility[58]. - The company believes its cash and cash equivalents, combined with additional available liquidity, are sufficient to meet liquidity needs for at least the next 12 months[58]. Debt and Financing - Global Blue drew down EUR 610.0 million from the Term Loan Facility to fully repay its senior secured term loan and revolver facilities[75]. - As of September 30, 2024, total interest-bearing loans and borrowings amounted to EUR 561.6 million, a decrease from EUR 588.9 million as of March 31, 2024[91]. - The interest rate margin for Facility B was reduced by 100 basis points to a maximum of 4.00% following a successful repricing in May 2024[80]. - The Facility B has a maturity date of December 5, 2030, while the Revolving Credit Facility matures on June 5, 2030[77]. - The Group entered into an Interest Rate Swap for EUR 305.0 million of Facility B, fixing the rate at 2.778% for two years starting January 5, 2024[84]. - The financial covenant associated with the senior term debt requires a Total Net Leverage lower than 8.00x[93]. Shareholder and Equity Information - Global Blue's Board of Directors authorized a share repurchase program of up to USD 10.0 million, with 126,610 shares repurchased for USD 0.6 million during the three months ended September 30, 2024[17]. - The Amended Repurchase Program increased to USD 15.0 million and extended for an additional 9 months until November 30, 2025[17]. - The company issued 1,101,176 series B preference shares during the six months ended September 30, 2024, compared to 847,059 in the same period of 2023[144]. - The closing balance of issued shares as of September 30, 2024, was 251,126,874, an increase from 240,087,730 as of September 30, 2023[144]. - The total number of ordinary shares as of September 30, 2024, was 10,446,467, with a total of 10,446,703 shares including preference shares A[146]. Employee and Operational Metrics - Employee benefit expenses increased from EUR 35,967 thousand in Q3 2023 to EUR 40,468 thousand in Q3 2024, reflecting a rise in the average number of employees from 1,907 to 2,038[137]. - Depreciation and amortization expenses rose to EUR 13,605 thousand in Q3 2024 from EUR 9,998 thousand in Q3 2023, primarily due to increased depreciation of right-of-use assets[137]. - The company maintained a similar level of material merchants and acquirers compared to March 31, 2024, indicating stability in its business operations[126]. Fair Value and Financial Instruments - The Group recognized a fair value loss of EUR 1.4 million associated with warrant liabilities during the six months ended September 30, 2024[167]. - The Group reported a fair value loss of EUR 5.0 million under other comprehensive income for the six months ended September 30, 2024, related to two equity investments[169]. - The fair value of financial instruments not traded in an active market is determined using valuation techniques that maximize observable market data[166].

The market expects Global Blue Group Holding AG (GB) to deliver flat earnings compared to the year-ago quarter on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on November 22, 2024, might help the stock move h ...

Global Blue Group Holding AG (NYSE:GB) Q1 2025 Earnings Conference Call August 28, 2024 8:00 AM ET Company Participants Jacques Stern - President and CEO Roxane Dufour - CFO Conference Call Participants Jacques Stern Good morning, good afternoon. I am Jacques Stern, the CEO of Global Blue. Today, Roxane Dufour will be with me to present to you the Q1 figure. So let's start by an executive summary of the presentation. So first and foremost, on the back of the strong Q1 performance, and also a good July, we a ...