Strong Revenue Growth
Global Blue reported a 20% year-on-year increase in revenue for the third quarter, reaching 131 million Euros, driven by solid performance across all divisions.
Significant Increase in Adjusted EBITDA
The company achieved a 31% year-on-year increase in adjusted EBITDA, reaching 52 million Euros, with an improvement in adjusted EBITDA margin by 3.4 points to 39.7%.
Impressive Performance in Tax Free Shopping Solutions
Tax Free Shopping Solutions accounted for 74% of Group revenue in the quarter, with revenue growth of 22% to 98 million Euros and a contribution margin of 87%.
Positive Developments in Payments Segment
Payments segment revenue increased by 17% year-on-year, driven by a mix effect in the acquiring business and a higher proportion of international cards.
Strong Nine-Month Financial Performance
For the first nine months, Global Blue reported a 20% increase in revenue to 381 million Euros and a 34% increase in adjusted EBITDA to 154 million Euros.
Decrease in Net Debt
Net debt decreased by 34 million Euros to 488 million Euros, resulting in a significant improvement in the net leverage ratio to 2.6 times from 3.6 times last year.
Positive Outlook and Reiterated Guidance
The company reiterated its guidance for the full year 2024-2025, expecting to achieve towards the top half of the range of 185 million to 205 million Euros in adjusted EBITDA.
Acquisition by Shift4
Global Blue announced its acquisition by Shift4, valuing the company at an enterprise value of $2.5 billion, with a 15% premium on common shares.