Global Blue Group Holding Ltd Stock Price, News & Analysis

Global Blue (NYSE:GB) reports strong financial results for 9M FY24/25, with 20% YoY revenue growth to €381m and 34% increase in Adjusted EBITDA to €154m. The company achieved a solid improvement in Adjusted EBITDA margin of 4.2pts to 40.4%.

Key highlights include:

• Q3 FY24/25 revenue reached €131.4m, up 20% YoY
• Net leverage ratio improved to 2.6x from 3.6x year-over-year
• Successfully reduced Term Loan interest rate margin by 50 basis points to 3.25% p.a.
• Company reiterates FY24/25 Adjusted EBITDA guidance of €185-205m, expecting to achieve towards the top half

A significant strategic milestone was announced on February 18, 2025, with Shift4's acquisition of Global Blue at $7.50 per common share, representing a 15% premium. The transaction values Global Blue at ~$2.5 billion enterprise value and is expected to close by Q3 2025.

Shift4 has entered into a definitive agreement to acquire Global Blue for $7.50 per common share, representing a 15% premium to Global Blue's closing share price as of February 14, 2025. The transaction, expected to close by Q3 2025, will create a global leader in commerce and shopping technologies with presence in over 50 countries.

The combined entity will serve several hundred thousand retail and hospitality locations. Global Blue's preliminary Q3 FY24/25 results show strong performance with a 20% YoY revenue increase to €131m and 31% YoY Adjusted EBITDA growth to €52m. Last Twelve Months figures indicate a 20% YoY revenue increase to €486m and 38% YoY Adjusted EBITDA growth to €188m.

The acquisition has received unanimous approval from both companies' boards of directors and will be financed through cash on hand and a 364-day $1,795 million bridge loan facility.

Shift4 (NYSE: FOUR) has announced a definitive agreement to acquire Global Blue (NYSE: GB) for $7.50 per common share in cash, representing a 15% premium and a ~$2.5 billion enterprise value. Global Blue serves over 400,000 premium retail and hospitality locations with tax-refund and currency conversion technology across Europe, Asia, and South America.

The acquisition will enhance Shift4's unified commerce capabilities by integrating Global Blue's merchant solutions into their global payments platform. Key shareholders Ant International and Tencent will explore strategic partnerships with Shift4 and remain shareholders, facilitating the distribution of Alipay+ and Weixin Pay throughout the Shift4 ecosystem.

The transaction, unanimously approved by both companies' boards, is expected to close by Q3 2025, subject to regulatory approvals and a minimum 90% tender of Global Blue's shares. Shift4 plans to finance the acquisition through cash on hand and a $1,795 million bridge loan facility.

Global Blue reported strong Tax Free Shopping growth in January 2025, with worldwide issued Sales in Store increasing by 29% year-on-year. Continental Europe showed a 19% growth, driven by a 24% increase in shopper numbers, despite a 4% decrease in average spend per shopper. US shoppers led spending growth at 34%, followed by European Non-EU (+31%) and GCC shoppers (+30%).

Asia Pacific demonstrated remarkable performance with 46% growth, accelerating from December's 29%. This was supported by a 36% increase in shopper numbers and 7% higher average spend. Mainland Chinese shoppers showed exceptional growth of 87%, with a 113% rise in shopper numbers. Key markets like South Korea (+72%) and Japan (+56%) displayed strong performance.

Compared to 2019 levels, worldwide recovery reached 176%, with Japan showing the strongest recovery at 364%, while Germany remained below pre-pandemic levels at 68%.

Global Blue Group Holding AG (NYSE: GB) has announced it will release its Q3 and nine-month financial results for fiscal year 2024/25 on February 26, 2025, before market opening. The release will be in Form 6-K format, covering the period ended December 31, 2024.

The financial package will include Management's Discussion and Analysis, Consolidated Financial Statements and Notes, press release, and investor presentation. Additionally, an audio commentary on the results will be provided by CEO Jacques Stern and CFO Roxane Dufour. All materials will be accessible through the company's Investor Relations website section.

Global Blue reports strong Tax Free Shopping growth worldwide in December 2024, with issued Sales in Store up 23% year-on-year. Continental Europe saw a 20% increase, driven by a 22% rise in shopper numbers, despite a slight 2% decrease in average spend. GCC shoppers led growth at 41%, followed by US shoppers at 34%.

In Asia Pacific, sales grew 29%, matching shopper number growth, with stable average spend. Mainland Chinese shoppers showed remarkable growth of 54%, driven by an 81% increase in shopper numbers. Key destination markets performed strongly, with South Korea (+64%), Japan (+32%), and Singapore (+6%).

Compared to 2019 pre-pandemic levels, worldwide recovery reached 163%, with Japan showing exceptional recovery at 307%, while Singapore remained below 2019 levels at 77%.

Global Blue Group Holding AG announced successful repricing of its €610 million Term Loan and €97.5 million Revolving Credit Facility. The company reported strong financial performance in H1 FY2024/25, with double-digit growth in revenue and profitability, alongside robust cash flow generation. Net leverage decreased from 3.4x to 2.9x between June and September 2024, moving towards the company's long-term target of less than 2.5x.

Upon closing, expected by December 31, 2024, the interest rate margin will reduce by 50 basis points from 3.75% to 3.25% per annum. Over the past twelve months, Global Blue has achieved significant improvements, reducing net leverage by approximately 2x to 2.9x and the Term Loan margin by 175 basis points to 3.25% p.a.

Global Blue reports positive worldwide Tax Free Shopping growth of +21% in November 2024 compared to the previous year. Continental Europe showed a +16% increase in issued Sales in Store, driven by a +19% rise in shoppers, despite a -3% decrease in average spend. GCC shoppers led with +33% growth, followed by US shoppers at +20%.

Asia Pacific demonstrated strong performance with +30% growth, powered by a +31% increase in shoppers. Mainland Chinese spending surged +54%, with an impressive +84% increase in shopper numbers. Key markets showed robust growth: South Korea (+48%), Japan (+34%), and Singapore (+8%). The data indicates significant recovery compared to 2019 levels, with Japan reaching 296% and Spain 171% of pre-pandemic figures.

Global Blue (NYSE:GB) reports strong H1 FY24/25 results with 20% revenue growth to €250m and 36% increase in Adjusted EBITDA to €102m. The company achieved a significant improvement in H1 Adjusted EBITDA margin of 4.6pts to 40.7%. The Last Twelve Months (LTM) Adjusted EBITDA accelerated to €175m from €164m in the previous quarter. Given the luxury market slowdown and €5m investment in growth initiatives, the company adjusted its FY24/25 Adjusted EBITDA guidance to €185m-€205m. The share buy-back program was increased from $10m to $15m and extended until November 2025.