Global Blue Group Holding (GB) Earnings Call Presentation

Company Overview - Global Blue is a leader in tax-free shopping, operating at the intersection of travel and luxury retail, with a simple revenue model based on a percentage of tax-free spending[12] - The company estimates its enterprise value to be approximately €1.8 billion, calculated from an equity value of ~€1.2 billion plus net debt and other debt-like items of ~€0.6 billion[12, 13] - Global Blue's Tax Free Shopping (TFS) Sales in Store (SiS) completed amounted to €20 billion in FY23/24[15] - The company has a 70% market share in Tax Free Shopping[12, 26] Financial Performance - The company achieved over €200 million in annualized Adjusted EBITDA[11, 36] - Global Blue has historically demonstrated strong cash conversion, with over 80% cash conversion rate[12] - In FY23/24, Global Blue experienced a 36% year-over-year increase in Group Revenue and a 91% year-over-year increase in Adjusted EBITDA[34, 35] - Q1 FY24/25 results show a 25% year-over-year revenue growth and a 55% year-over-year Adjusted EBITDA growth, with an Adjusted EBITDA margin of 37%[37] Growth and Future Targets - The company is targeting long-term revenue growth of 8% to 12%[49, 50] - Global Blue is aiming for a long-term capital structure with net debt to LTM EBITDA ratio of less than 25x[51, 52] - The company is guiding for more than €200 million in EBITDA for the current financial year[49, 50]