Global Blue Reports Strong H1 FY24/25 Financial Results With Double-digit Growth in Revenue and Profitability Alongside Continued Deleveraging
- Strong YoY growth in Group H1 Revenue of 20% to €250m with a 36% increase in Adjusted EBITDA(1) to €102m
- Strong improvement in H1 Adjusted EBITDA margin of 4.6pts to 40.7% and a 64% drop-through(2)
- Solid acceleration in LTM Adjusted EBITDA to €175m vs €164m in the previous quarter
- Financial guidance(3) for FY24/25 Adjusted EBITDA between €185m and €205m
- Share buy-back increased from $10m to $15m and extension of the program until November 2025
SIGNY, Switzerland--(BUSINESS WIRE)-- Global Blue Group Holding AG (NYSE:GB and GB.WS) today announces its financial results for the second quarter and six month period ended September 30, 2024.
Global Blue’s CEO, Jacques Stern, commented:
“We are pleased to report a strong H1 performance with 20% revenue growth, significantly outperforming the luxury market, driven by our unique exposure to affluent and high-net-worth international shoppers. This growth, combined with our high operating leverage, led to a 36% increase in Adjusted EBITDA and a 4.6pt increase in margin to 40.7%, resulting in LTM Adjusted EBITDA rising to €175 million from €164 million in the last quarter.
“The macro and microeconomic environment in which Global Blue operates remains highly favourable. The travel industry is experiencing positive trends, particularly in the high-end segment, and we have made strong progress in implementing our management technology initiatives. In that context, and even if we continue to meaningfully outperform the luxury market, considering the broader luxury market slowdown and our decision to accelerate €5 million of investments in future growth initiatives, we have adapted our FY24/25 Adjusted EBITDA guidance to €185 million - €205 million.
“In addition, and in light of the solid improvement in free cash flow generation, we have increased our share buy-back program from $10 million to $15 million and extended the program to November 30, 2025.”
EXECUTIVE SUMMARY
Strong financial performance In Q2 FY24/25, the Group delivered a 17% year-over-year increase in revenue to €132 million and a 25% year-over-year increase in Adjusted EBITDA to €59 million, resulting, for H1 FY24/25, in a 20% year-over-year increase in revenue to €250 million and a 36% year-over-year increase in Adjusted EBITDA to €102 million, with an Adjusted EBITDA margin of 40.7% and drop-through of 64%.
Furthermore, continued strong cash conversion brought the net leverage ratio(4) down to 2.9x at the end of September 2024, from 4.5x at the end of September 2023, and on-track to reach the long-term target of 50% drop-through, and a net leverage ratio of 50% drop-through, and a net leverage ratio of
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.