Global Blue : Investor Presentation - April 2024

Investor Presentation

April 2024

Disclaimer

Forward Looking Statements. This presentation (this "Presentation") contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A

of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding Global Blue Group Holding AG's ("Global Blue", "we" or "us") or its management's expectations, hopes, beliefs, intentions or strategies regarding the future. The words "anticipate", "believe", "continue", "could", "estimate", "expect", "intends", "may", "might", "plan", "possible", "potential", "predict", "project", "should", "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward looking statements are based Global Blue's current expectations and beliefs concerning future developments and their potential effects on Global Blue. There can be no assurance that the future developments affecting Global Blue will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Global Blue's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These include commercial expectations and other external factors, including political, legal, fiscal, market and economic conditions and factors affecting travel and traveller shopping, including the global COVID-19 pandemic and applicable legislation, regulations and rules (including, but not limited to, accounting policies and accounting treatments), movements in foreign exchange rates and other factors described under "Risk Factors" in Global Blue's Annual Report on Form 20-F for the financial year ended March 31st, 2023 filed with the Securities and Exchange Commission (the "SEC), and in other reports we file from time to time with the SEC, all of which are difficult to predict and are beyond Global Blue's control. Except as required by law, Global Blue is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Intellectual Property. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and Global Blue's use thereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property. Solely for convenience, trademarks and trade names referred to in this presentation may appear with the ® or symbols, but such references are not intended to indicate, in any way, that such names and logos are trademarks or registered trademarks of Global Blue.

Industry and Market Data. This Presentation contains statistical data, estimates and forecasts that have been provided by Global Blue and/or are based on independent industry publications or other

publicly available information, as well as other information based on Global Blue's internal sources. This information involves many assumptions and limitations and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of such data, including those contained in these industry publications and other publicly available information. Accordingly, none of Global Blue nor its affiliates and advisors makes any representations as to the accuracy or completeness of these data. Certain amounts described herein have been expressed in U.S. dollars for convenience and, when expressed in U.S. dollars in the future, such amounts may be different from those set forth herein.

Financial Information. The historic financial information respecting Global Blue contained in this Presentation has been taken from or prepared based on the historical audited financial statements of Global Blue, which have been prepared in accordance with the International Financial Reporting Standards ("IFRS") as adopted by the International Accounting Standards Board ("IASB"), which are not materially different from IFRS as issued by the EU.

Non-IFRS Financial Measures. This presentation includes certain financial measures not prepared in accordance with IFRS, which constitute "non-IFRS financial measures" as defined by the rules of the U.S.

Securities and Exchange Commission. These non-IFRS financial measures include: Adjusted Operating Expenses, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Depreciation & Amortization, Adjusted EBIT, Adjusted Profit Before Tax, Adjusted Income Tax Expense, Adjusted Net Income, Adjusted Net Income (Group Share), Net Financial Debt, Net Leverage Ratio.

Global Blue has included these non-IFRS financial measures because it believes they provide an additional tool for investors to use in evaluating the financial performance and prospects of Global Blue. These non-IFRS financial measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with IFRS. In addition, these non-IFRS financial measures may differ from non-IFRS financial measures with comparable names used by other companies. Note however, that to the extent forward-lookingnon-IFRS financial measures are provided herein, they are not reconciled to comparable historic IFRS measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation.

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Agenda

	International	Global Blue's
Global Blue	short term
shopping
at a glance	guidance &
Latest trends
	long-term target

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INVESTMENT HIGHLIGHTS

ABC

D

E

CLEAR GLOBAL	PROVEN RECOVERY
LEADER	WITH

~70% market share €187M CY2019 EBITDA in Tax Free Shopping(1)

~20% market share	€145M - €165M
FY23/24 EBITDA Guidance
in FX Solutions (DCC)(1)
53 Countries	> €200M EBITDA
with Global Blue	Guidance FY24/25 thanks to
presence across Europe,	the acceleration of Mainland
Asia-Pacific and Americas	China recovery

1. Based on FY18/19. Estimated third-party serviced market share based on Tax Free Shopping SIS
2. Reflects CAGR following the recovery by FY24/25
3. Target FY25/26 and onwards
4. 9M FY23/24
5. Net debt / L12M Adjusted EBITDA

SECULAR GROWTH

DRIVERS

Luxury Market

Dynamics (80% of

underlying TFS market) : Increase of SIS of 10% in the last 10 years

Digitalization : Increase

SIS of 2.2% in the last

10 years

New Market : 7

countries opened in the last 10 years for +2.4%

SIS

NUMEROUS NEW

GROWTH

OPPORTUNITIES

Digital Marketing

Data & Business

Intelligence Solutions

Hospitality & Retail

Gateway

Post-Purchase

Solutions

ATTRACTIVE

BUSINESS MODEL

Solid revenue growth

8% - 12% long-term(3)

Strong operating leverage

Revenue Drop through of

63% in FY23/24(4)

and >50% long-term(3)

Low Capital intensity :

Capex of €40/45M

per year (3)

Rapid deleveraging : Current leverage Ratio of x3.6 with a target of

x2.5(3) (5)

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Global Blue at a glance

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Global Blue is business partner providing integrated technology and services for the shopping journey to enhance experience and drive performance

International Shoppers

Domestic Shoppers

In-Store

B2B technology &	Retailers & brands
(Luxury, premium)
payment solutions

Online

Retailers

Tax Free

Shopping

74%

FX Solutions

11% Data

& Consumer engagement solutions

Post Purchase

Solutions

6%

Integrated

Payments

Solutions

9%

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Q3 FY23/24 Revenue data

Global leader in Tax Free Shopping, with a growing client base, strategically positioned within an established vertical

A	B
Clear global	Low Churn and
leader	Growing portfolio
	of iconic luxury
	brands
~70% market share	99.4%
in Tax Free Shopping(1)	Gross Retention Rate(2)
Non-commoditized	with average relationship
of 20+ years (3)
offering	103.0%
	Net Retention Rate
	over last 4 years

C

Fully integrated

in-house

technology

platform

40+ PSP

integrations

250+ POS

integrations

20+ custom

integrations

13 scheme integrations

D	E
Established,	Highly cash flow
stable regulatory	generative
framework
>40 countries(4)	7%-11%revenue
where Global Blue has	Growth post FY24/25
regulatory expertise	(Guidance)
Established in 1980	~85%
	of contribution
	(Revenue - Variable Costs)

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1. Based on FY18/19. Estimated third-party serviced market share based on Tax Free Shopping SIS. (2) Last 4 years average % SIS.
2. 1. Average tenure based on the top 20 merchants. (4) Tax Free Shopping countries where Global Blue currently operates.

Global Blue's Tax Free Shopping Solutions bring value for all

INTERNATIONAL	RETAILERS	CUSTOMS &	REFUND AGENT
	SHOPPER	AUTHORITIES	AT AIRPORTS
						€70
	PURCHASE
	(including VAT)
	€600
	Purchase:
	€500						€15
	VAT: €100
			Issuing	Export Validation	Refunding
			(Tax free form)	(Goods)	(VAT)
				€15
			In store	At the Airport/Exit points	At the Airport/
					In stores/At home	REVENUE

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Global Tax Free Shopping leader with increasing new clients

Clear Global Leadership (1)

#1 in Tax Free

Shopping

>3x larger than the #2 Tax Free Shopping player (~20%)

Broadest geographic coverage

70%

Market share

Accelerating track-record of wins

103.0%	100.3%
Net retention rate	Net retention rate
prior 4 years	prior 5 years
(FY19/20-FY22/23)	(FY14/15-FY18/19)
Gross Retention Rate	Gross Retention Rate
(prior 4 years):	(prior 5 years):

43 Countries with Global Blue presence

AMERICAS EUROPE, MIDDLE EAST & AFRICA

ASIA PACIFIC

99.4%

96.3%

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Source: International Consulting Firm

(1) Estimated third-party serviced market share based on Tax Free Shopping sales-in-store

Mission-critical partner to a growing portfolio of iconic brands, with most relationships in place for 20+ years(1)

Luxury spend by destination (2019)

	DOMESTIC	OVERSEAS
Europe	15%	15%

APAC	16%	10%
Example:			32%
mainland China
Americas	18%	5%	exposure
			to tourists
Rest
of the 3%	2%
World

Mainland	16%
China

Source: Credit Suisse, EMEA luxury goods, 2022.

(1) On average (2) Only in APAC (3) Only in Spain and APAC.

% of FY22/23 SIS contribution at Group Level

LUXURY FASHION

50%	(2)	(3)

WATCHES & JEWELLERY

17%

DEPARTMENT STORES

12%

FAST FASHION & SPORTSWEAR

7%

ELECTRONICS & OTHER

14%

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