GB - Earnings call transcript Q2 2025 | Global Blue Group Holding AG

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Jacques Stern

Good morning, good afternoon, everyone. I am Jacques Stern, the CEO of Global Blue, and I am today with Roxane Dufour, the CFO of Global Blue, and we will present you the H1 figures.

Let me first start by the key takeaway of this first half.

So very strong delivery. H1 revenue has shown a 20% increase, translated into a 36% increase of the adjusted EBITDA at EUR 102 million. revenue gearing, EBITDA happy to margin a of operating increase report XX.X% our XX%. drop-through the of of of the to we to are an and Thanks EBITDA to X.X points

As a a a of EUR million adjusted will the all XXX XXX detailed we moment. million coming Roxane EUR previous quarter be solid of quarter from and acceleration EBITDA this of consequence it, noted versus in in by the that

financial guidance XXX our EUR XXX come We to EUR adapted have in to million and million. back also will I the that later presentation.

And mind, to on an $XX I'll floor, Roxane. let we XXXX. the increased million the communicated and November $XX of you extension the from finally, this million program are in share that morning until buyback With

Roxane Dufour

Good second and Thank take I and afternoon, September through the performance good Global end the Roxane group's mentioned Jacques, XXXX. everyone. period will of CFO of Dufour, by quarter morning, financial you, the the Jacques. X-month the ending Blue, at you as through, I'm for

our As March. April to runs from reminder, financial year a

QX our is appendix. metrics all the announcement included HX the nearest this So IFRS the reconciliation are into and to and

the adjusted to Let's start quarter. related with second our P&L

XXX of solutions in XXX sales significant reported pleased increased a in another very solutions performance last store and EUR revenue EUR period to performance We are versus same payments the million, increase strong progress quarter by report million, delivered driven XX%. business with across an the payments. comparing of shopping when year. and Tax-free shopping a group XX% increase tax-free both solid by The

operating EUR XX% million, EBITDA XX.X% XX.X an EBITDA of in increase, X leverage group Then revenue business. by resulted in high improvement margin drop-through. XX% to with focus delivered the a XX% strong on EUR reflecting our optimization, a adjusted the an the This profile variable nearly group growth a and contribution a strong points of the of XXX Given delivered million, adjusted increase. cost

versus we million Finally, year. the for million EUR XX net EUR XX adjusted an last recorded income group of

detail with performance now revenue the store our Starting performance. completed EUR the division a XX% growth XXX strong group sales to shopping to accounting Turning XX% of of in growth of solution, divisional of revenue delivered in with quarter. for the The tax-free XX% million. and

growth can that in You growth. first here see our the we ahead sales revenue reporting time, are of for store

First, which XX% Asia the somewhat several versus by lower effects Then past. pleasing store we at mix been been around sales Europe, similar the has in at revenue drivers and mix to Those XX% increased of is versus XX% and in offset And growing revenues, very pressure case our Asia is has is positive X%. the VAT have note, than this year. has by Pacific in first growth additional rate in negative period, X%, the there to pricing in quarter, Europe. never were no continental a the with because TFS Pacific faster overall which last XX% much

cost. variable revenue contribution, moving to less Then which is

both costs. we variable the XX% XX% Asia a mainly improvement delivered strong a TFS to costs Pacific. EUR with to related a of with contribution in Europe Here, airport increase margin strong million, refunding XX has and

the million, to Turning in due mainly sales ahead now a delivered to XX% of of Overall payment. the revenue increase Payments margin X% on payments a revenue quarter. in XX% accounted growth of XX.X treasury group for in increased EUR gains. store,

has a is margin Then payment have then EUR of million, a X XX which level of over just X.X you look margin And acquiring at EUR of from margin integrated strong EUR with contribution million contribution the contribution XX of from the million, solution contribution with we is EUR million FX if Then solutions a XX%. XX%. business, XX%.

to now solutions. Turning post-purchase

business of flat quarter. the growth revenue slight with This the line business million. X of for a X% saw at decline line EUR a contribution in with Here, X% here the revenue group EUR of accounted X.X million

Turning adjusted now EBITDA. to

said impact XX of the XX of high with year, significant were group earlier, contribution increase in an quarter X of of the increase the leverage points led XX drop-through. XX.X%. additional margin in business then EUR million, improvement XX% fixed revenue, the a adjusted business, and with at adjusted FX I and lines EBITDA from coming the all in of As a delivered together EUR profile adjusted this with with million EBITDA EUR EBITDA in and cost nearly to the to XX% an the we operating X EUR Last million quarter, million, exchange

detail now to half performance. first the Turning

a Here, we of EUR group billion, of the XX%. with the increase revenue performance increased by same The the for showing million, solid adjusted driven second store year-on-year, particular see in year. XX% XXX so again, sales are tax-free quarter. first a of P&L, shopping And half positive the the as trends delivered EUR solutions. shopping and recorded X.X solutions increase strong payments we by in Tax-free

given strong optimization, on XXX.X focus As variable EUR the of the million, a increase cost contribution XX% a year-on-year. mentioned, group I delivered

Turning to adjusted EBITDA.

a group, we the XXX nearly And increase strong the boosted here EUR X year-on-year. with with improvement for drop-through. XX% points XX Another an of up achieved EUR to million. XX% XX.X% EBITDA net of million adjusted finally, XX% by This significant a margin to income

million, of increase shopping Starting division growth XX% EUR the million, divisional an XX% EUR achieved of Europe in in a a up solid sales delivered to an Asia The while solutions shopping performance year-on-year. remarkable Pacific impressive EUR strong contributed performance. increase, XXX million tax-free Turning revenue, with increase of now to revenue driven million. and EUR strong Continental in SIS solution. a in store a Tax-free completed revenue XX% XX delivered performance. with by XXX XX% XXX XX% an

of the completed mix in some of again, very effect highlight, no in And growth is XX%. SIS slight XX% positive and difference due trends been XX%. strong of focus growth and by of to here the negative a the X%. X%. cost additional pricing You has continental we can million this to mix offset pressure optimization, delivered strong revenue EUR see in contribution margin contribution in given period. of revenue XXX important the increase to on This variable and Then XX% a This

increase, and the Turning treasury reflecting now EUR increase in primarily XX% X.X a higher versus business EUR revenue million last was the Payments generated gains. revenue, year-on-year. EUR a a grew by the payment XX% growth this revenue EUR solutions sales year, margin of to million, in payments. while in integrated year-on-year X% growth. revenue, on of XX% delivered XX% store XX.X a solid solutions million to driven achieved Acquiring XX.X XX million, FX up outpacing solid

Here, we a X.X%. of strong delivered growth an with across contribution average the all business lines

post-purchase to solutions. now Turning

X% revenue business of million, a year-on-year XX EUR decline. the line Here, delivered

While revenue the away decisions cost of contribution was X%. impacted ] growth contributions is carrier after to solid by the low from at variable contracts, move certain segment management [ exact

Turning now EBITDA. to adjusted

adjusted The and So from last EUR HX. strong delivered growth group year, XX%, XX to in an X impact double-digit the of XX increase EBITDA of increased high XX.X%. million. we adjusted reflecting contribution business operating delivered million, of points and EUR the with FX nearly of EBITDA EUR XX million additional cost margin revenue and fixed line year Then XXX a Consequently, all million of this the profile leverage by EUR the business.

to now Turning EBITDA. adjusted

mainly million last over This can The to is the in in the years. breakdown EUR you development X amortization factors: D&A. there the software, increased see million. increase reflects period has in Here, to our increase EUR XX the X of of First, was two due and which EUR by related D&A capital adjusted X a CapEx the software million to

of with million, which due X EUR leases to accounting lease increased IFRS XX a in to depreciation Second, in standards. X by include accordance million related short-term change EUR

of following investment should reminder, spend. in software annual years, software coming in As CapEx, a CapEx the annual amortization CapEx the ramp-up the with software converge the

the net costs. Turning finance now to

looking year. costs to X.X% is increase interest increase same X the in Here, This we an versus X.X% due finance EUR the mainly senior includes the of million, cost last the expected are the saving debt showing is rates net the was XX.X the which debt, senior period same EUR And period debt. X which period million 'XX-'XX, for to of half a on of versus from the senior last in in full a million year EUR Euribor on year. in swap

to the now slide. Turning next

from X million there months has XXX are EBITDA the adjusted quarters. million, been And see last can XX months the quarter. EUR in EBITDA the over introductions, here, a previous in by last you solid in the as up mentioned the acceleration Jacques XX XXX EUR we Here, showing to last adjusted

in EUR related adjusted an After of flow. cash it's XXX period the the the essentially and was of detail to million level development. technology CapEx million, now Turning EBITDA EUR XX to

in a XX.X parallel, the XX improvement last flow XX EUR million. EUR less delivered versus reached XX improvement normalization million, In capital of year-on-year group million working free solid cash EUR adjusted of expenditure pre-tax the reflecting So EBITDA unlevered capital, million a EUR of year.

in been million next in an has debt increase there propose X to slide. I Finally, the that analyze net EUR of

improvement of September equivalents in XXX leverage million. the X.Xx from gross of is is year. 'XX, debt resulting in Group of last reached and cash a financial XX end the of which cash EUR X.Xx, debt net EUR significant At consisting and XXX net million, ratio of million September This EUR a

Turning now the to key takeaways.

Here, main are to sections, highlights. the financial conclude the here

EUR a half of increase in to XX% with to a XXX strong revenue pleased very report of million. very significant first year First, the

EUR with our operating to which Second, in XX% a strong up we and of the QX EUR adjusted over has reported Then high quarters, X leverage year quarter. that reflecting EBITDA, million XXX a in million, the drop-through. business, continuous there strong EUR the months an revenue a XX% million the XXX and increase of last of reaching last XX if growth XXX been the we adjusted now is improvement profile EBITDA look improvement delivered last at from

net we'll improvement last below X.Xx X.Xx. strong the same being leverage in a reiterate objective and our period X.Xx the delivered we Finally, of to versus ratio in year,

So and the hand now this section, Jacques guidance and financial long-term over to drivers will to latest I the trends, concludes the for present business. growth the

Jacques Stern

Roxane. Thanks,

the Let's second the trend. by latest part start

we figures very APAC, issued by we minute, will the that. in this XX% slightly in I the increase, which have October where a our have you are a in for slide, increase reporting we detail come similar If in a QX. versus than QX. down And on we start XX% XX% see Europe, really slowing a of in QX, versus SIS minute so 'XX, very have you So that similar. back are

Europe. on focus a make we If

during while So time. to had strong XX%, and the coming Spain remain impact a QX, was We only Olympics a Olympics Italy the into growth that increase the back see XX% translated negative year. France versus this October figures previous very during X% with at previous

the is in we the are noticing the regional, China, the main which represents the October last The QX. And a XX% the of the that see October strong versus for switch Europe, with the in at XX% there by resident right during with will in we line contribute U.S. XX% which on If increase XX% comment XX% the with in XX% increase of of in business October. looking is side contribution probably non-EU I total nationality, are have all double-digit very slide, grown at and still in XX% nationality you XX% European do Europe the QX.

slightly which Europe, ahead XX%, remained performance digit, So of in QX. strong, overall, double

linked If was straightening linked ] versus a They versus of to Japanese growth have XX% the I yen. performance slowdown XX% at as the in EPU we Japan XX% of to [ move XX% mostly a to mentioning, mostly with QX, to we with the China performance, seen China if growth is also, XX%. We of this XX% October, less strong look see world, main XX%. we the the a with QX part contributor which in of the is the more in or very nationality with figures Mainland line in of APAC,

XXX EUR XXX start short-term where now will by adapted context. guidance to target. guidance million have the guidance long-term to and of I Let's the 'XX-'XX, million our the following we with the EUR to turn

very still travel the Blue. So trend Global a positive the benefited we -- high-end segment in which see industry, particular, in has in from to

our of plane XX% around to order abroad know, you and shop a in take go abroad. consumer As

strong, indicator very travel So us. that industry for the a remains is fact good the

solution progress the We strong usage initiative, into versus incremental usage the are of report more in management our in pleased also translate clients translate implementation by and which to customers, improvement by our which of an and the just growth. penetration market in growth

last retail market Blue, you, slowdown. the been case of the the Blue said to the is you but all that for comparison can clearly have luxury the would Global high-net-worth Having obviously, see say, noticed and a said has to that This reported figures figures, for sure showing has thanks that, between affluent this are you quarter I I'm This not X and in luxury from mainly not individuals, and are that, quarters. we market Global last the having totally our exposure market. immune which

also decided future accelerate mind, additional growth year, to impact the had with EUR fact impact of investment during we So million in the in have but driver, that on some which an X fixed cost. that

to XXX million. XXX EUR EUR this to We million have guided

will will where able further in in back next mention, X therefore, just this are the we to field. open Coming on future, to and X we is accelerating this to healthy XX our And believe we second be providing which pipeline be countries. X very new months, next a the initiative, country new investment in -- three growth the in that to X the where

a biggest. Japan, government where the and one you the Second decided where country receive in the of validation world, in to a to will volume, refund. Europe, consumer know, is, in to be the Japanese be will after the like the change to the we store will of the having one there as system that of terms able pay we most regulation in like it's is that, their has no believe will, VAT Thanks that XXXX, mind increase lowest and in validation Japan, there from take-up validation, where where the system in is which going in in of

outside XXXX. So also translate we which years are real opportunity with the bring mind, will of investment, there but opportunity we it's sizable that developed ramping in into in very for order are some XX that really organization, have a our know-how of in growth therefore, a Japan sizable us. to into for for Japan which expertise up all And means us and

little new And potential side, XX that a last in rolling hotel in speed hospitality in least, terms up the bit payment the but of with the growth there out about took market lot we next And in a months. a our have perspective. of a of not already growth traction there also have gateway, in the

EUR EUR have to EBITDA an that guidance mind, as all in mentioned, with So we million adjusted of XXX XXX million.

say would showed I target, no long-term the change. For it

cash and of we to capital remain million flow X.Xx below to X% growth XX target (sic) So And to objective of of [ and XX%, Roxane, in of million, before terms committed revenue XX%. XX% leverage. by with EBITDA long-term XX% EUR drop-through terms a net working a of this tax ] of debt with remain we mentioned and XX% CapEx in between XX between rate versus be terms neutral to net as EUR XX% in

Blue inflation is or recession not that Global all to remind us but hedged this Last well which I'd risk. least, slide finish like of by against

underlying that of years, which increased bracket last is was have remind versus luxury that to price and Global X been only revenue this the Just indexed which business, XX% the that. by increase, on our the in from luxury therefore, price benefit Blue we which XX%, inflation, means has you

resilient travel say, this mentioned, network, really affluent shock. SIS to more I've other seen capable On The economic luxury reason that which negative at in individuals resilient already was high-net-worth Global growth on are, XX%. very post Blue I being that and we have to was are for particular X% XXXX XXXX market any by Europe, would skewed side, in the we the the that in main case, the to market time recession flat that while being by as and

not in resilient to So recession. and summary, sensitive inflation a to

million for think program our I So EUR a to go very run very in last $XX year, the with to reach our have EUR to capability from to guidance. Thank I million as decided is conclusion, the will million introduction, figures. XX million which very the will the share EBITDA our much increase months mentioned, acceleration not And indicator full good strong November EUR HX XXXX. listening. we for which until at million, on detail, XXX buyback of but you $XX as XXX is to XXX

Global Blue Group Holding (GB) 22 Nov 242025 Q2 Earnings call transcript