Global Blue Group (GB) Investor Presentation summary

Business overview and market position

• Provides integrated technology and payment solutions to luxury retailers and brands, operating at the intersection of travel and luxury shopping with a simple revenue model based on a percentage of tax-free spending.

• Holds approximately 70% market share in tax-free shopping, serving over 75,000 retailers and 300,000 stores, with more than 15 million shoppers annually from 200 nationalities.

• Operates in a resilient, growing niche supported by long-term travel and luxury market trends, with travel passenger growth at 6.2% (2009-2019) and luxury market growth at 6.7% (2009-2019).

• Maintains long-standing relationships with iconic brands, with most partnerships exceeding 20 years, and 50% of sales in store (SIS) linked to luxury.

• Differentiated by digitalization, tailored data-driven approach, and compliance expertise across 46 countries, with a broad physical presence and scalable technology.

Financial performance and profitability

• Achieved 11% top-line CAGR and 18% adjusted EBITDA CAGR from FY09/10 to CY19, with 87% cash conversion and strong operating leverage.

• FY23/24 saw group revenue grow by 36% and adjusted EBITDA increase by 91%, with cash conversion at 64% and adjusted EBITDA margin at 35%.

• H1 FY24/25 reported 20% year-on-year revenue growth to €250M and a 36% increase in adjusted EBITDA to €102M, with a net leverage ratio of 2.9x.

• FY24/25 adjusted EBITDA guidance is €185M–€205M, reflecting positive travel trends and ongoing investment in growth initiatives.

• Long-term targets include 8–12% revenue growth, >50% revenue-to-EBITDA drop-through, and leverage below 2.5x.

Growth strategy and competitive advantages

• Reinvests continuously to reinforce tax-free shopping leadership, expand into new markets, and pursue adjacent opportunities such as FX solutions, acquiring, digital marketing, and data.

• Opened around 10 new markets in the last decade, with digitization contributing 8% to FY23/24 revenue growth and new adjacencies like Hospitality Gateway and post-purchase solutions being actively developed.

• Maintains high net retention rates (102.8% FY19/20–FY23/24) and consistently outperforms competitors in recovery and pricing.

• Resilient business model indexed to luxury price increases, with proven performance through economic downturns and inflationary periods.

• Management and board are focused on driving liquidity and optimizing capital structure, including a $15M buyback and ongoing assessment of strategic actions.