Global Blue Group (GB) Q2 2025 earnings summary

Executive summary

• H1 FY24/25 revenue increased 20% year-over-year to €250 million, with Adjusted EBITDA up 36% to €102 million and margin rising to 40.7%.

• Net leverage ratio improved to 2.9x from 4.5x a year ago, on track for a long-term target below 2.5x.

• Share buy-back program increased to $15 million and extended to November 2025, with $2.8 million repurchased as of November 2024.

• LTM Adjusted EBITDA accelerated to €175 million, and FY24/25 guidance is set at €185–205 million.

Financial highlights

• H1 FY24/25 revenue reached €249.7 million (+20% YoY); Adjusted EBITDA €101.7 million (+36% YoY), margin at 40.7%.

• H1 FY24/25 Adjusted Net Income (Group Share) was €26.7 million, up from €16.1 million last year.

• Pre-tax unlevered Free Cash Flow for H1 FY24/25 was €57.1 million, up from €11.7 million year-over-year.

• Net debt at end of September 2024: €515.6 million; cash €94.4 million.

• CapEx for H1: €26 million, mainly for technology.

Outlook and guidance

• FY24/25 Adjusted EBITDA guidance set at €185–205 million, reflecting €5 million accelerated investment in growth initiatives.

• Long-term targets: 8–12% revenue growth, >50% drop-through, CapEx €40–45 million, tax rate 24–26%, net leverage below 2.5x.

• Management expects continued positive travel trends, especially in high-end segments, and plans to open 2–3 new countries in the next 15 months.

• Continued investment in new countries, Japan regulatory changes, and Hospitality Gateway for future growth.