Global Blue AG(GB)2025-02-28 06:37Financial Data and Key Metrics Changes - The Group reported revenue of 131 million Euros, a 20% year-on-year increase driven by solid performance across all divisions [11][49] - Adjusted EBITDA increased by 31% to 52 million Euros, resulting in an adjusted EBITDA margin improvement of 3.4 percentage points to 39.7% [12][58] - Group adjusted net income rose by 58% to 14 million Euros compared to 9 million Euros last year [12][50] Business Line Data and Key Metrics Changes - Tax Free Shopping Solutions accounted for 74% of Group revenue, with revenue growth of 22% to 98 million Euros and completed Sales-in-Stores growth of 21% [13][51] - Payments generated revenue of 25 million Euros, representing a 17% year-on-year increase, outpacing the 8% increase in sales installs [16][54] - Post-Purchase Solutions achieved a 26% year-on-year revenue growth with an 8% increase in contribution [19][57] Market Data and Key Metrics Changes - Sales-in-Store for Tax Free Shopping Solutions increased by 1 billion Euros, an 18% increase [48] - Continental Europe contributed 244 million Euros to Tax Free Shopping Solutions, a 21% increase, while Asia Pacific achieved 47 million Euros, a 43% growth [62] - The Group's net leverage ratio improved to 2.6 times from 3.6 times in December last year [36][75] Company Strategy and Development Direction - The acquisition of Global Blue by Shift4 was announced, with a purchase price of $7.50 per common share, representing a 15% premium [2][4] - The transaction is expected to close in the third quarter of 2025, pending regulatory approval [6][45] - The combination with Shift4 is seen as complementary, enhancing Global Blue's position in Europe and APAC [6][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving full-year guidance of 185 million to 205 million Euros in adjusted EBITDA, expecting to reach the top half of this range [39][76] - The strong performance in the first nine months was highlighted, with a significant 20% increase in revenue [74][75] - Management noted the importance of variable cost optimization contributing to improved margins and net income [11][12] Other Important Information - The Group's net debt decreased by 34 million Euros, reaching 488 million Euros as of December 31, 2024 [36][73] - Adjusted D&A increased by 9 million Euros to 36 million Euros, primarily due to increased amortization of capitalized software [31][69] - The Group's pre-tax unleveraged free cash flow reached 123 million Euros, up from 86 million Euros last year [36][73] Q&A Session Summary Question: What is the outlook for the acquisition by Shift4? - Management is looking forward to the closing of the acquisition in Q3 2025, emphasizing the complementary nature of the two companies [6][45] Question: How does the company plan to achieve its EBITDA guidance? - The company expects to achieve its guidance based on strong revenue growth and high operating leverage observed in recent quarters [39][76]