Global Blue Group Holding (GB) Q2 Earnings call transcript Nov 22, 2025
1min read Global Blue, a leading player in the tax-free shopping and payment solutions industry, has recently unveiled its H1 financial performance, revealing a robust growth trajectory and strategic initiatives for the future. The company's earnings call, led by CEO Jacques Stern and CFO Roxane Dufour, highlighted significant achievements and set the stage for continued growth in the coming quarters.
Strong Financial Performance in H1
The first half of 2024 saw Global Blue achieve a 20% increase in revenue, translated into a 36% increase in adjusted EBITDA, standing at EUR 102 million. This marked a substantial improvement from the previous year, with the adjusted EBITDA margin increasing by 4.6 points to 40.7%. The company's focus on variable cost optimization and high operating leverage profile played a crucial role in driving these impressive figures.
Divisional Performance: Tax-Free Shopping Solutions and Payments
Tax-free shopping solutions and payments were the key drivers of Global Blue's growth, with sales in store increasing by 14% and 17%, respectively. The tax-free shopping solutions division accounted for 77% of the group's revenue in the quarter, delivering a strong performance despite no pricing pressure in the period. The payments division, contributing 18% to the group's revenue, saw a 16% increase, primarily driven by increased margin on treasury gains.
Financial Guidance and Share Buyback
Global Blue announced an increased share buyback program from $10 million to $15 million, extending it until November 2025. The company also adjusted its financial guidance for the '24-'25 period to EUR 185 million to EUR 205 million, reflecting the positive trend in the travel industry and the implementation of management initiatives to enhance penetration and usage of its solutions.
Trends, Guidance, and Future Growth Drivers
Looking ahead, Global Blue highlighted several growth opportunities, including the expansion into new countries, regulatory changes in Japan, and the expansion of its hospitality gateway in the payment segment. These strategic moves underscore the company's commitment to capitalize on emerging trends and market opportunities.
Conclusion
The strong financial performance and strategic initiatives outlined in Global Blue's H1 earnings call provide a positive outlook for the company's future growth. The focus on operational efficiency, strategic expansion, and a robust financial position underscore the company's resilience and adaptability in a dynamic business environment. As Global Blue navigates the evolving landscape of tax-free shopping and payment solutions, investors and stakeholders can look forward to continued growth and innovation from this leading industry player.
