Global Blue Group (GB) Q3 2025 earnings summary

Executive summary

• Shift4 to acquire Global Blue for ~$2.5Bn, a 15% premium to prior share price; boards unanimously approved, closing expected by Q3 2025.

• 9M FY24/25 revenue up 20% year-over-year to €381M; Adjusted EBITDA up 34% to €154M, margin up 4.2pts to 40.4%.

• Reiterated FY24/25 Adjusted EBITDA guidance of €185M–€205M, expecting to reach the top half of the range.

Financial highlights

• Q3 FY24/25 revenue rose 20% year-over-year to €131.4M; Adjusted EBITDA up 31% to €52.2M, margin at 39.7%.

• 9M FY24/25 Adjusted Net Income (Group Share) increased 62% to €40.8M.

• Free Cash Flow for 9M FY24/25 improved to €55.3M from €30.9M in the prior year period.

• Net leverage ratio reduced to 2.6x at December 2024, down from 3.6x a year earlier.

Outlook and guidance

• FY24/25 Adjusted EBITDA guidance reiterated at €185M–€205M, with expectations to achieve towards the top half.

• Additional €5M in fixed costs planned to accelerate growth investments.

• Long-term leverage target remains below 2.5x.