Global Blue : 03 September 2021 - Q1 2021/22 - Investors Presentation.pdfUndefined

Financial

Update

Q1 2021/22

September 2021

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 prospectus dated October 13, 2020 filed with the Securities and Exchange Commission (the "SEC") pursuant to Rule 424(b) of the Securities Act of 1933, as amended, on October 15, 2020, 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-IFRSFinancial 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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Q1 2021/22 FINANCIAL

PERFORMANCE

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FINANCIAL PERFORMANCE

Global Blue's quarterly performance to June 30th

#1

#2

#3

COVID-19 has SIGNIFICANTLY DISRUPTED the Travel Retail industry, leading to a -83% drop

in Global Blue's revenues in Q1 2021/22 vs. Q1 2019/20, and a +119% increase vs Q1 2020/21.

Global Blue Management have implemented a WIDE-RANGINGSAVINGS PROGRAM to mitigate the revenue decrease. Fixed Adjusted Operating Expenses(1) have been reduced by -50%

OVER THE PERIOD.

Total liquidity stands at €217M, consisting of €135M cash and €82M additional liquidity. The current liquidity level implies that FIXED EXPENDITURES ARE COVERED WELL INTO CALENDAR YEAR 2022.

Note: Adjusted Operating Expenses is a Non-IFRS Financial Measure, see the appendix for a reconciliation to the nearest IFRS financial measure	4
(1) Excluding scope effect of ZigZag.

€M

Total Revenue

Adjusted Operating Expenses

Adjusted EBITDA

Adjusted Depreciation & Amortization

Adjusted EBIT

Net Finance costs

Adjusted Profit Before Tax

Adjusted Income Tax Expense

Adjusted Net Income

Non-controlling interests

Adjusted Net Income Group Share

Q1 Adjusted P&L

Q1 2019/20

Q1 2020/21

Q1 2021/22

100.5 7.616.7

(61.0)(22.5)(27.4)

39.5 (14.9) (10.7)

(9.3)

(10.8)

(10.0)

30.2 (25.7) (20.7)

(7.1)

(7.3)

(6.5)

23.0 (33.0) (27.1)

(5.7)

2.0

3.1

17.4 (31.0) (24.0)

(1.9)

0.8

0.0

15.5 (30.2) (24.0)

	€M	 €M vs.
19/20

vs. 2021/21	(Pre-Covid)

9.1 (83.7)

(4.9)33.6

4.2 (50.2)

0.8(0.7)

5.0 (50.8)

0.90.7

5.8 (50.2)

1.18.8

6.9 (41.4)

(0.7)1.9

6.2 (39.5)

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