Global Blue Group Holding AG (NYSE:GB) Q2 2024 Earnings Conference Call November 29, 2023 9:00 AM ET

Company Participants

Jacques Stern - President

Roxane Dufour - CFO

Conference Call Participants

Jacques Stern

Good morning -- good afternoon. I am Jacques Stern, CEO of Global Blue, and I'm with Roxane Dufour, the CFO of the group and we will comment today the Q2 figures for the financial year '23-'24. Before giving the floor to Roxane, let me give you an overview of this presentation.

First of all, you will see that the Q2 and H1 financial results have shown a significant increase, both in terms of growth and profitability. And this is driving a continuous improvement of the annualized quarterly adjustment, EBITDA, to EUR142 million. Roxane will come back in detail on that.

Second, in November, Global Blue have concluded two important capital structure transactions. The first one, whereby Tencent have agreed to invest $100 million in Global Blue, consisting in 50% primary and 50% secondary, for a total stake of 7.6%. This is significant because, one, it validates our leadership. Second, it reflects the confidence in the ongoing travel recovery, in particular from Chinese. And finally, it supports the de-leveraging of the company.

Second transaction is the refinancing of all of our debt, which ends up with a new facility of EUR610 million qualified term loan B and a new RCF of EUR97.5 million. And they're also significant because it extends the maturity of our debt to 2030. Last but not least, following the reporting of Q2, we are pleased to reiterate our financial guidance of the adjusted EBITDA for the fiscal year '23-'24, 245-265. So with this overview in mind, I now give the floor to Roxane for a detailed presentation of the Q2 financial year.

Roxane Dufour

Thank you, Jacques. I'm Roxane Dufour, the CFO of Global Blue, and I will take you through the group's financial performance for the second quarter and half year period, ended on the 30th of September 2023. Again, as a reminder, our financial year runs from April to March. Hence, this is our Q2 and H1 results announcement. Our reconciliation to the nearest IFRS metrics are included into the appendix.

Let's move to slide 8 for the adjusted P&L related to our second quarter. We are pleased here to report a solid start to the year with significant progress against all of our key metrics. TFS and AVPS reported Celsius stores increased by EUR2 billion, an increase of 42% versus Q2 last year. Group revenue increased by 38% to EUR113 million versus the same period last year.