The following is a summary of the Global Blue Group Holding AG (GB) Q2 2025 Earnings Call Transcript:

Financial Performance:

• H1 revenue increased by 20% year-on-year, achieving €250 million.

• Adjusted EBITDA grew by 36% to €102 million, with adjusted EBITDA margin expansion of 4.6 points to 40.7%.

• Net income improved 66% year-on-year to €27 million, showing a strong profitability enhancement.

• The company adapted financial guidance for full-year adjusted EBITDA to a range of €185 million to €205 million.

Business Progress:

• Global Blue reported a significant increase in revenue and profitability, particularly highlighted by strong performance in Tax Free Shopping Solutions and Payments.

• The company announced an increase in their share buyback program from $10 million to $15 million and extended it until November 2025.

• Investment in future growth drivers was accelerated, particularly in new country entries and enhancements in Japan regulation changes expected by 2026.

Opportunities:

• Positive trend in the travel industry, particularly in the high-end segment, aligning well with Global Blue's consumer base of affluent and high-net-worth individuals.

• The upcoming changes in Japan's tax regulation present a significant growth opportunity, potentially increasing service uptake among Japanese consumers.

Risks:

• Global luxury market slowdown, although Global Blue has not yet been affected, indicates potential future impacts on the company's performance.

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