Global Blue Group Holding AG (NYSE:GB) Q1 2025 Earnings Conference Call August 28, 2024 8:00 AM ET
Company Participants
Jacques Stern - President and CEO
Roxane Dufour - CFO
Conference Call Participants
Jacques Stern
Good morning, good afternoon. I am Jacques Stern, the CEO of Global Blue. Today, Roxane Dufour will be with me to present to you the Q1 figure.
So let's start by an executive summary of the presentation. So first and foremost, on the back of the strong Q1 performance, and also a good July, we are confirming today our guidance of €200 million of adjusted EBITDA for the fiscal year '24-'25. Roxane will enter into the detail of Q1, but let me already highlight several key figures.
So first of all, in terms of revenue, you will see that we have delivered a growth of 25% for this Q1, which is somewhat in contrast versus the overall mixed performance reported by a luxury company for the same period, which is a good news.
Second, we are also delivering an adjusted EBITDA of 55%, a drop-through of 65%, and an adjusted EBITDA margin of 37%, which is an improvement of seven point. And this is really reflecting one hand our high operating leverage profile, as you know, but also our constant focus on cost base. Last but not least, we are seeing an acceleration of the annualized adjusted EBITDA to €205 million, compared to previous quarter at €164 million.
So with that in mind, and also in the light of the fact that our operational performance and our robust cash flow generation is still not reflected in the share price, we are today announcing a 10 million share repurchase program, which has been voted by the Board basically yesterday on August 27. I will come back on that.
So a lot on our plate to discuss today. And we will start by the first quarter figures. And for that, Roxane, I'll leave you the floor.
Roxane Dufour
Thank you, Jacques. Good morning, everyone. Good afternoon. I'm Roxane Dufour, the CFO of Global Blue. And I will take you through the financial performance for this first quarter ending on June 30, 2024. Again, a reminder that our financial year runs from April to March. And here this is our Q1 announcements. And you will find all the reconciliation to the nearest IFRS metrics in the appendix.
Let's move to Slide 7 for the adjusted P&L. We are very pleased to report a solid start to the year with significant progress across the business when comparing performance versus the same period last year. Tax Free Shopping Solution and Payments reported Sales-in-Store increased by €1.9 billion, which is an increase of 33%. As mentioned by Jacques, we achieved a Group revenue of €180 million, which is an increase of 25%, driven by a particularly strong performance in Tax Free Shopping Solution, and I will come back on that.