Global Blue Group Holding AG (GB) Earnings call transcript analyses

Company name

Global Blue Group Holding AG (NYSE:GB) Q1 2024 Earnings Conference Call August 27, 2023 8:00 PM ET

Company Participants

Jacques Stern - President & CEO

Roxane Dufour - CFO

Conference Call Participants

Jacques Stern

Good morning. Good afternoon. I am Jacques Stern, the CEO of the Global Blue, and I will present to you the Q1 figures of ’23-‘24 with Roxane Dufour, the CFO of the Group.

So let me first start by the key takeaway of this Q1 figures. So very pleased to report a very strong performance in Q1, both in terms of top line and profitability. So top line first, so an increase, in terms of revenue of 68% at EUR95 million, and an increase of the adjusted EBITDA of -- more than 300% at EUR28 million. So based on that, and if we annualized the EBITDA, including the seasonality, our Q1 figures on 12 months now reached EUR141 million, which is EUR20 million more than last quarter, or the fourth quarter of ’22-‘23. Obviously, and I will come back in more detail on that.

One of the reason of the acceleration is the, recovery or the start of the recovery of Mainland, China. So we are benefiting from that, but we will continue to benefit from that. It's just the start and just, to give you a sense of that, if we were to reach a 105% of Chinese recovery, we are now only at 38%. As I was mentioning, we were -- we would be able to reach a EUR200 million adjusted EBITDA. I will go to the detail of that, which basically translate that for the next 18 months, with 18 months to 21 months, we still have a very strong tailwind coming from the China recovery. But beside that, we project ourselves post the Chinese recovery. Obviously, we will continue to benefit from long term a growth driver that I will, detail more in this presentation.

So let's start by the beginning and I will let the floor. I will give the floor to Roxanne for the detailed Q1 performance.

Roxane Dufour

Thank you, Jack. Hello, everyone. I'm Roxane Dufour, the CFO of Global Blue, and I will take you through the group's financial performance for our first quarter ended on the June 30, 2023. Again, as a reminder, our financial year runs from April to March. Here this is the Q1 results announcements and all reconciliation to the nearest IFRS metric, are included into the appendix