Global Blue Group (GB) Q4 2025 earnings summary

Executive summary

• Achieved 20% year-over-year revenue growth to €508 million for FY24/25, with Q4 revenue up 20% to €127 million.

• Adjusted EBITDA reached a record €202 million, up 36% year-over-year, with margin rising to 39.8%.

• Net leverage ratio reduced to 2.4x from 3.4x, meeting long-term target ahead of schedule.

• Announced acquisition by Shift4 for $2.5 billion, expected to close in Q3 2025.

Financial highlights

• Q4 Adjusted EBITDA grew 43% year-over-year to €49 million; margin expanded by 5.9pts to 38.2%.

• FY24/25 Adjusted Profit Before Tax rose 65% to €97.2 million; Adjusted Net Income Group Share up 104% to €54.9 million.

• Free Cash Flow increased by €34.9 million to €57.3 million year-over-year.

• Net Debt decreased to €487.7 million, with cash and equivalents at €123.8 million.

Outlook and guidance

• FY24/25 results in line with guidance communicated in September 2023 and reiterated in 2024.

• Shift4 acquisition expected to close in Q3 2025, subject to regulatory approvals and minimum tender conditions.