Group 1 - Global Blue Group's shares increased by 17.5% to close at $7.32, following a notable trading volume, contrasting with a 14.7% loss over the past four weeks [1][2] - The stock price rise is linked to the acquisition announcement by Shift4, which is expected to close by Q3 2025, creating a global leader in commerce and payment technologies across over 50 countries [2] - Shift4 will finance the acquisition with cash and a $1.8 billion bridge loan [2] Group 2 - Global Blue Group holds approximately 70% market share in tax-free shopping and has a strong presence in more than 50 countries [3] - The company utilizes a proprietary cloud-based technology platform for seamless payments and transaction processing, maintaining long-standing relationships with top-tier merchants [3] - The upcoming quarterly earnings are expected to be $0.09 per share, reflecting a year-over-year increase of 125%, with revenues projected at $133.59 million, up 13.4% from the previous year [4] Group 3 - The consensus EPS estimate for Global Blue Group has been revised 20% lower over the last 30 days, indicating a negative trend in earnings estimate revisions [5] - Despite the recent stock price jump, a negative trend in earnings estimate revisions typically does not lead to price appreciation [5] - Global Blue Group is part of the Zacks Financial Transaction Services industry, with Repay Holdings being another stock in the same sector, which has shown a decline of 0.8% over the past month [5][6]

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 Performance - H1 FY24/25 - Global Blue achieved strong YoY growth in H1 FY24/25, with revenue increasing by 20% to €250 million[8, 66] - Adjusted EBITDA increased by 36% to €102 million, resulting in a 407% Adjusted EBITDA margin[8, 70, 71] - The company saw a strong improvement in H1 Adjusted EBITDA margin of 46pts to 407% with a 64% drop-through[8, 71] - LTM Adjusted EBITDA accelerated to €175 million, compared to €164 million in the previous quarter[8] Financial Performance - Q2 FY24/25 - Adjusted EBITDA increased by 25% YoY, with a 62% drop-through[18, 28] - Group Revenue increased by 17% to €1320 million[24] Tax Free Shopping (TFS) - Tax Free Shopping solutions revenue grew by approximately 25%, with contribution growth of approximately 27%[79] - Europe TFS revenue reached €1620 million with 209% growth, while APAC TFS revenue reached €310 million with 487% growth[81] Payments - Payments revenue increased by approximately 16% with contribution growth of approximately 13% in Q2 FY24/25[41] - Payments revenue increased by approximately 12% with contribution growth of approximately 9% in H1 FY24/25[83] Guidance and Outlook - The company's financial guidance for FY24/25 is an Adjusted EBITDA of €185 million - €205 million[8, 147] - The share buy-back program was increased from $10 million to $15 million and extended until November 2025[8]

分组1 - Global Blue Group reported quarterly earnings of $0.10 per share, missing the Zacks Consensus Estimate of $0.11 per share, but showing an increase from $0.08 per share a year ago, resulting in an earnings surprise of -9.09% [1] - The company posted revenues of $145.03 million for the quarter ended September 2024, exceeding the Zacks Consensus Estimate by 6.69%, compared to $123.18 million in the same quarter last year [2] - Global Blue Group shares have increased approximately 32.1% year-to-date, outperforming the S&P 500's gain of 24.7% [3] 分组2 - The earnings outlook for Global Blue Group is uncertain, with current consensus EPS estimates at $0.13 for the upcoming quarter and $0.38 for the current fiscal year, alongside revenues of $129.81 million and $516.22 million respectively [7] - The Zacks Rank for Global Blue Group is currently 4 (Sell), indicating expectations of underperformance in the near future due to unfavorable estimate revisions [6] - The Financial Transaction Services industry, to which Global Blue Group belongs, is currently in the top 33% of Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

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].

Core Viewpoint - The market anticipates Global Blue Group Holding AG to report flat earnings of $0.08 per share for the quarter ended September 2024, with revenues expected to rise by 16.6% to $143.57 million compared to the previous year [1][3]. Earnings Expectations - The earnings report is scheduled for November 22, 2024, and could lead to stock price movements depending on whether the actual results exceed or fall short of expectations [2]. - The consensus EPS estimate has been revised down by 12.5% over the last 30 days, indicating a bearish sentiment among analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows a negative Earnings ESP of -62.50% for Global Blue Group, suggesting analysts have lowered their earnings expectations recently [10]. - The company currently holds a Zacks Rank of 3, which complicates predictions regarding an earnings beat [10]. Historical Performance - In the last reported quarter, Global Blue Group was expected to earn $0.06 per share but only achieved $0.03, resulting in a surprise of -50% [11]. - The company has not surpassed consensus EPS estimates in any of the last four quarters [12]. Conclusion - Global Blue Group does not appear to be a strong candidate for an earnings beat, and investors should consider additional factors when evaluating the stock ahead of the earnings release [15].

28 August 2024 Global Blue Financial Update Q1 FY24/25 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, intentions o ...

This quarterly report represents an earnings surprise of -75%. A quarter ago, it was expected that this company would post earnings of $0.07 per share when it actually produced earnings of $0.04, delivering a surprise of -42.86%. Over the last four quarters, the company has not been able to surpass consensus EPS estimates. Global Blue Group, which belongs to the Zacks Financial Transaction Services industry, posted revenues of $114.26 million for the quarter ended March 2024, surpassing the Zacks Consensus ...

[Executive Summary & Key Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Key%20Highlights) Global Blue achieved strong FY23/24 financial and operational performance, marked by significant growth, balance sheet strengthening, and continued Tax Free Shopping recovery, leading to reaffirmed future guidance [FY23/24 Group Performance Highlights](index=1&type=section&id=FY23%2F24%20Group%20Performance%20Highlights) Global Blue reported a strong operational performance for FY23/24, with significant revenue and Adjusted EBITDA growth, improved profitability margins, and a strengthened balance sheet through debt reduction and refinancing. The Tax Free Shopping recovery continued to accelerate, particularly in Asia Pacific, and the company reaffirmed its FY24/25 Adjusted EBITDA guidance FY23/24 Group Performance Highlights | Metric | FY23/24 | YoY Change | | :----------------------- | :------ | :--------- | | Group Revenue | €422m | +36% | | Adjusted EBITDA | €149m | +91% | | Adjusted EBITDA Margin | 35.2% | +10ppts | | Net Leverage Ratio (Mar 2024) | 3.4x | vs. 6.5x (Mar 2023) | | Debt Maturity | 2030 | Extended | - Tax Free Shopping recovery in April/May 2024: Continental Europe at **141%** (vs. 128% in Q4 FY23/24) and Asia Pacific at **223%** (vs. 166% in Q4 FY23/24)[1](index=1&type=chunk) - Reaffirmed FY24/25 Adjusted EBITDA guidance of **>€200m**[1](index=1&type=chunk) [Executive Summary](index=2&type=section&id=Executive%20Summary) The executive summary reiterates the significant improvements in FY23/24 across operational and strategic objectives, highlighting strong financial growth, balance sheet strengthening, continued recovery in Tax Free Shopping, and solid progress in strategic initiatives, all leading to the reaffirmation of future financial guidance - FY23/24 financial results showed significant improvement against operational and strategic objectives[2](index=2&type=chunk) [Strong Operational Performance](index=2&type=section&id=Strong%20Operational%20Performance) The Group achieved substantial year-over-year growth in revenue and Adjusted EBITDA, exceeding short-term guidance and significantly improving its Adjusted EBITDA margin FY23/24 Operational Performance | Metric | FY23/24 (€ million) | YoY Increase (%) | | :---------------- | :------ | :----------- | | Revenue | €422m | 36% | | Adjusted EBITDA | €149m | 91% | | Adjusted EBITDA Margin | 35.2% | 10.2ppts | [Rapid Deleveraging and Solid Balance Sheet](index=2&type=section&id=Rapid%20Deleveraging%20and%20Solid%20Balance%20Sheet) Global Blue significantly improved its net leverage ratio and strengthened its balance sheet by refinancing debt, extending maturity to 2030, and moving towards its long-term leverage target Net Leverage Ratio | Metric | March 2024 (x) | March 2023 (x) | | :---------------- | :--------- | :--------- | | Net Leverage Ratio | 3.4x | 6.5x | - Refinanced debt in December 2023 with a **€610.0m** senior term loan and **€97.5m** revolving credit facility, extending maturity to **2030**[4](index=4&type=chunk) [Tax Free Shopping Recovery Continuation](index=2&type=section&id=Tax%20Free%20Shopping%20Recovery%20Continuation) The recovery in Tax Free Shopping continued to progress strongly in April/May 2024, with significant increases in Issued Sales-in-Store in both Continental Europe and Asia Pacific compared to Q4 FY23/24 Tax Free Shopping Recovery (April/May 2024 vs. Q4 FY23/24) | Region | April/May 2024 Recovery (%) | Q4 FY23/24 Recovery (%) | Increase (ppts) | | :----------------- | :---------------------- | :------------------ | :-------------- | | Continental Europe | 141% | 128% | 13 | | Asia Pacific | 223% | 166% | 57 | [Progress Against Strategic Initiatives](index=2&type=section&id=Progress%20Against%20Strategic%20Initiatives) The Group made solid progress in digitalization, commercial gains, and product development across its Tax Free Shopping Solutions and Payments divisions, leading to increased efficiency, market share, and new business growth - Tax Free Shopping Solutions: Digitalization efforts increased Success Ratio by **4 points to 56%** in FY23/24, contributing an additional **8% growth** in Tax Free Shopping Revenue. Net retention rate of **102.8%** over the last five years[6](index=6&type=chunk)[7](index=7&type=chunk) - Payments: Maintained strong market position with a net retention rate of **104.8%** over the last four years. Hospitality payment gateway initiative signed **5 Acquirers** and rolled out to over **350 hotels** in FY23/24[6](index=6&type=chunk)[8](index=8&type=chunk) [Guidance and Long-Term Targets Confirmation](index=2&type=section&id=Guidance%20and%20Long-Term%20Targets%20Confirmation) Global Blue reaffirmed its financial guidance for FY24/25, targeting over €200m in Adjusted EBITDA, and reiterated long-term targets including revenue growth, drop-through, and net leverage ratio - Reiterated FY24/25 Adjusted EBITDA guidance of more than **€200m**[9](index=9&type=chunk) - Post FY24/25 long-term targets: **8-12% Revenue growth**, **>50% drop-through**, and net leverage ratio **< 2.5x**[9](index=9&type=chunk) [Financial Performance Analysis](index=4&type=section&id=Financial%20Performance%20Analysis) This section details Global Blue's robust Q4 and full-year FY23/24 financial performance, highlighting substantial revenue and Adjusted EBITDA growth across all segments, driven by market recovery and strategic initiatives [Q4 FY23/24 Financial Performance](index=4&type=section&id=Q4%20FY23%2F24%20Financial%20Performance) Global Blue delivered strong Q4 FY23/24 results with significant revenue growth across all business lines and a substantial increase in Adjusted EBITDA, driven by improved revenue and cost management Q4 FY23/24 Key Financials | Metric | Q4 FY23/24 (€ million) | Q4 FY22/23 (€ million) | YoY Change (%) | | :-------------------------- | :-------------- | :-------------- | :------------- | | Revenue | 105.2 | 86.8 | 21% | | Adjusted EBITDA | 33.9 | 21.3 | 60% | | Adjusted EBITDA Margin (%) | 32.2% | 24.5% | +7.7ppts | [Q4 Revenue Overview](index=4&type=section&id=Q4%20Revenue%20Overview) Q4 FY23/24 saw a 21% YoY increase in total revenue, with strong performance across all segments. Tax Free Shopping Solutions benefited from the ongoing recovery, especially in Asia Pacific and Mainland China spend, while Payments and Post-Purchase Solutions also showed robust growth Q4 FY23/24 Revenue by Segment | Segment | Q4 FY23/24 (€ million) | YoY Increase (%) | | :------------------------ | :-------------- | :--------------- | | Tax Free Shopping Solutions | 76.6 | 23% | | Payments | 21.7 | 23% | | Post-Purchase Solutions | 6.9 | 3% | - Tax Free Shopping Solutions: Continental Europe revenue **€62.7m** (**+16% LfL YoY**); Asia Pacific revenue **€13.8m** (**+71% LfL YoY**). Mainland China recovery reached **73%** in Continental Europe and **125%** in Asia Pacific[13](index=13&type=chunk) - Payments: FX Solutions revenue **€9.7m** (**+30% LfL YoY**); Acquiring business revenue **€12.0m** (**+25% LfL YoY**)[14](index=14&type=chunk) - Post-Purchase Solutions: LfL Contribution growth of **31%** despite moderate revenue growth due to strategic exit from low-contribution contracts[15](index=15&type=chunk) [Q4 Adjusted EBITDA](index=4&type=section&id=Q4%20Adjusted%20EBITDA) Adjusted EBITDA for Q4 FY23/24 surged by 60% YoY, reaching €33.9m, reflecting strong revenue growth and effective cost management, leading to a significant margin improvement Q4 FY23/24 Adjusted EBITDA | Metric | Q4 FY23/24 (€ million) | YoY Increase (%) | | :--------------- | :-------------- | :--------------- | | Adjusted EBITDA | 33.9 | 60% | | Margin | 32% | +7.7ppts | - **69%** drop-through rate for Adjusted EBITDA[16](index=16&type=chunk) [FY23/24 Financial Performance](index=6&type=section&id=FY23%2F24%20Financial%20Performance) For the full fiscal year FY23/24, Global Blue achieved substantial growth in revenue and Adjusted EBITDA, driven by strong performance across all business lines and effective cost control, resulting in a positive Adjusted Profit before Tax FY23/24 Key Financials | Metric | FY23/24 (€ million) | FY22/23 (€ million) | YoY Change (%) | | :-------------------------- | :----------- | :----------- | :------------- | | Group Revenue | 422.3 | 311.5 | 36% | | Adjusted EBITDA | 148.7 | 78.0 | 91% | | Adjusted EBITDA Margin (%) | 35.2% | 25.0% | +10.2ppts | | Adjusted Profit before Tax | 59.0 | 4.7 | +€54.3m | [FY Revenue Overview](index=6&type=section&id=FY%20Revenue%20Overview) Full-year revenue increased by 36% YoY to €422.3m, with all segments contributing to growth. Tax Free Shopping Solutions saw significant recovery, especially in Asia Pacific, while Payments and Post-Purchase Solutions also demonstrated strong performance FY23/24 Revenue by Segment | Segment | FY23/24 (€ million) | YoY Increase (%) | | :------------------------ | :----------- | :--------------- | | Tax Free Shopping Solutions | 311.7 | 36% | | Payments | 83.0 | 34% | | Post-Purchase Solutions | 27.5 | 32% | - Tax Free Shopping Solutions: Continental Europe revenue **€264.8m** (**+28% LfL YoY**); Asia Pacific revenue **€46.9m** (**+106% LfL YoY**). Mainland Chinese spend recovery in Asia Pacific reached **100%** vs. calendar year 2019[20](index=20&type=chunk) - Payments: FX Solutions revenue **€40.7m** (**+48% LfL YoY**); Acquiring business revenue **€42.3m** (**+33% LfL YoY**), driven by travel recovery in Australia and new business wins[21](index=21&type=chunk) - Post-Purchase Solutions: **18% organic growth**, with the remainder from the consolidation of ShipUp (acquired Nov 2022)[22](index=22&type=chunk) [FY Adjusted EBITDA](index=6&type=section&id=FY%20Adjusted%20EBITDA) Adjusted EBITDA for FY23/24 increased by 91% YoY to €148.7m, surpassing 2019 levels (excluding the UK) due to significant contribution improvement and fixed costs remaining below 2019 levels on a like-for-like basis FY23/24 Adjusted EBITDA | Metric | FY23/24 (€ million) | YoY Increase (%) | | :--------------- | :----------- | :--------------- | | Adjusted EBITDA | 148.7 | 91% | | Margin | 35.2% | +10.2ppts | - **64%** drop-through rate for Adjusted EBITDA[24](index=24&type=chunk) - FY23/24 Adjusted EBITDA is now ahead of 2019 levels (excluding the UK, considering **€25.4m** impact of UK Tax Free Shopping Scheme abolishment on FY19/20 EBITDA)[23](index=23&type=chunk) [FY Adjusted Profit before Tax](index=6&type=section&id=FY%20Adjusted%20Profit%20before%20Tax) Adjusted Profit Before Tax for FY23/24 significantly increased to €59.0m, primarily driven by the substantial rise in Adjusted EBITDA, partially offset by higher net finance costs FY23/24 Adjusted Profit before Tax | Metric | FY23/24 (€ million) | YoY Increase (€ million) | | :----------------------- | :----------- | :---------------- | | Adjusted Profit before Tax | 59.0 | +54.3 | - Increase in net finance costs by **€13.8m** due to higher interest costs partially offset the EBITDA improvement[25](index=25&type=chunk) [Cash Flow, Balance Sheet & Debt Management](index=8&type=section&id=Cash%20Flow%2C%20Balance%20Sheet%20%26%20Debt%20Management) Global Blue significantly improved its cash flow and balance sheet in FY23/24, achieving positive unlevered free cash flow, reducing net debt, and successfully repricing its debt for future interest cost savings [Cash Flow and Net Debt Position](index=8&type=section&id=Cash%20Flow%20and%20Net%20Debt%20Position) Global Blue achieved positive pre-tax unlevered free cash flow for the first time since FY19/20, significantly reducing its net debt and improving the net leverage ratio to 3.4x by March 2024 Cash Flow and Net Debt (March 31, 2024) | Metric | Amount (€ million) | | :------------------------- | :---------- | | Pre-tax unlevered free cash flow | 95.2 | | Group Net Debt | 522.5 | | Gross Financial Debt | 610.0 | | Cash & Cash Equivalents | 87.5 | | Net Leverage Ratio | 3.4x | - Pre-tax unlevered free cash flow increased by **€100.3m to €95.2m**, marking a return to positive cash flow since FY19/20[26](index=26&type=chunk) [Events After Reporting Period: Debt Repricing](index=8&type=section&id=Events%20After%20Reporting%20Period%3A%20Debt%20Repricing) Subsequent to the reporting period, Global Blue successfully repriced its term loan and revolving credit facility, which is expected to reduce annual interest costs by over €6m - In May 2024, the Group successfully allocated the repricing of its term loan and RCF, expected to close by June 30, 2024[27](index=27&type=chunk) - Interest rate margin reduced by **100ppts** (term loan from **5.00% to 4.00%**; RCF from **4.50% to 3.50%**)[27](index=27&type=chunk) - Expected annualized interest cost savings of over **€6m** from June 2024[27](index=27&type=chunk) [Operational Trends & Strategic Progress](index=10&type=section&id=Operational%20Trends%20%26%20Strategic%20Progress) Global Blue demonstrated strong operational recovery in Tax Free Shopping in early FY24/25 and made significant strategic advancements in digitalization, commercial gains, and product development during FY23/24 [Latest Tax Free Shopping Trends (April/May 2024)](index=10&type=section&id=Latest%20Tax%20Free%20Shopping%20Trends%20%28April%2FMay%202024%29) Tax Free Shopping Sales-in-Store volumes continued to significantly exceed 2019 levels in April/May 2024, with strong recovery across Continental Europe and Asia Pacific, driven by various shopper nationalities, and notable year-on-year growth Tax Free Shopping Sales-in-Store Recovery (April/May 2024 vs. 2019) | Region | Recovery Rate (%) | | :----------------- | :------------ | | Group LfL | 163% | | Continental Europe | 141% | | Asia Pacific | 223% | - Continental Europe recovery driven by US (**319%**), GCC (**298%**), and regional European (**283%**) shoppers. Mainland China recovery at **63%** (below pre-COVID levels)[30](index=30&type=chunk) - Asia Pacific recovery driven by Hong Kong/Taiwan (**601%**) and North East Asia (**352%**) shoppers. Mainland China recovery strengthened to **190%** (vs. 125% in Q4 FY23/24)[31](index=31&type=chunk) Sales-in-Store YoY Growth (April/May 2024) | Region | YoY Growth (%) | | :----------------- | :--------- | | Continental Europe | +22% | | Asia Pacific | +118% | [FY23/24 Strategic Achievements](index=10&type=section&id=FY23%2F24%20Strategic%20Achievements) Global Blue made significant progress in FY23/24 across its strategic pillars of digitalization, commercial gains, and product development, enhancing its market position and driving growth in both Tax Free Shopping Solutions and Payments - Tax Free Shopping Solutions: Digitalization efforts increased Success Ratio by **4ppts to 56%**. Achieved a net retention rate of **102.8%** over 5 years, outperforming competitors in key markets (e.g., France **152%**, Spain **140%**, Italy **125%** recovery on L12M)[34](index=34&type=chunk)[35](index=35&type=chunk) - Payments: Maintained a strong net retention rate of **104.8%** over 4 years. The payment gateway initiative secured **5 Acquirers** and rolled out to over **350 hotels**, generating approximately **€2m** in Adjusted EBITDA[34](index=34&type=chunk)[36](index=36&type=chunk) [Outlook and Corporate Information](index=12&type=section&id=Outlook%20and%20Corporate%20Information) Global Blue reaffirmed its FY24/25 financial guidance and long-term targets, providing essential corporate information, including disclaimers and an overview of its market position [Financial Guidance and Long-Term Targets](index=12&type=section&id=Financial%20Guidance%20and%20Long-Term%20Targets) Global Blue reaffirmed its financial guidance for FY24/25, projecting Adjusted EBITDA of over €200m, and reiterated its long-term targets for revenue growth, drop-through, and net leverage ratio, reflecting confidence in continued business growth drivers - Reiterated FY24/25 Adjusted EBITDA guidance of more than **€200m**[38](index=38&type=chunk) Long-Term Targets (Post FY24/25) | Metric | Target | | :----------------- | :---------- | | Revenue Growth | 8-12% | | Drop-through | >50% | | Net Leverage Ratio | <2.5x | [Additional Information](index=14&type=section&id=Additional%20Information) This section provides details on accessing webcast information, investor relations contacts, disclaimers regarding Non-IFRS Financial Measures and Forward-Looking Statements, and a brief overview of Global Blue's business and market position - Webcast information and supplemental financial data are available via the Investor Relations section of Global Blue's website[40](index=40&type=chunk) - The press release includes Non-IFRS Financial Measures, which may not be comparable to other companies' measures and should not be unduly relied upon[41](index=41&type=chunk) - Forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from expectations[42](index=42&type=chunk) - Global Blue is a business partner for the shopping journey, providing technology and services in Tax Free Shopping, Payments, and Post-Purchase solutions, connecting thousands of retailers, acquirers, and hotels with nearly **80 million consumers** across over **50 countries**[43](index=43&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...