Global Blue : Company Introduction

Company

Introduction

OCTOBER 2023

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.

2

AGENDA

AT A GLANCE		INVESTMENT		GUIDANCE AND
	HIGHLIGHTS		TARGETS

3

Strategic Technology & Payments Partner for Retailer

Effectiveness & Shopper Experience

	SOLUTIONS
TFS	Tax Free Shopping
Core product
AVPS	Added Value Payment
Solutions(1)

Established product

RTS	Retail Tech Solutions
Cross-sold adjacency

FINANCIAL SNAPSHOT

€187M Pre-CovidDec-19 LTM Adjusted EBITDA

€145M - €165M FY23/24 Adjusted EBITDA Guidance Over €200M FY24/25 Adjusted EBITDA Guidance

>50%
Revenue to	Long-term Targets
Adjusted EBITDA
drop-through

INVESTMENT HIGHLIGHTS

1	Global leader in Tax Free Shopping
2	Proven accelerating recovery
3	Secular growth drivers
4	Additional growth products
5	Attractive financial model

4

(1) FX Solutions + Integrated Payment Solutions

Strategic Technology & Payments Partner for Retailer

Effectiveness & Shopper Experience

RETAILERS & BRANDS

(Luxury, Premium)

INTERNATIONAL		DOMESTIC
SHOPPERS		SHOPPERS

FY22/23 Group Contribution (%)

As a percentage of Revenue / Net Revenue (1)

TAX FREE SHOPPING		INTEGRATED PAYMENT
73% / 85%		SOLUTIONS 11% / 1%

IN-STORE	FX SOLUTIONS 9% / 11%

DATA & CONSUMER

ENGAGEMENT SOLUTIONS

ONLINE

RETAILERS

RETAIL TECH

SOLUTIONS

7% / 3%

5

(1) Net Revenue corresponds to Group Net Revenue - Direct Acquirer Costs (VISA/MC costs and interchange which are passing through merchants) and Direct Carriers Costs (shipping costs)

Global Blue offers Tax Free Shopping technology solutions

at every step of the international shopping journey

INTERNATIONAL

SHOPPER

PURCHASE

(including VAT) (1)

€600

Purchase: €500

VAT: €100

RETAILERS	CUSTOMS &	REFUND AGENT
AUTHORITIES	AT AIRPORTS

€70

				€15
Issuing	Export Validation	Refunding
(Tax free form)	(Goods)	(VAT)
In store	At the Airport / Exit points	At the Airport/	€15
		In store / At home

REVENUE

6

(1) Purchase amount including VAT is referred to as TFS Sales-in-Store, in Global Blue reporting

AGENDA

AT A GLANCE		INVESTMENT		GUIDANCE AND
	HIGHLIGHTS		TARGETS

7

Investment Highlights

	Global leader in Tax Free Shopping, with increasing new clients, strategically positioned within an
1
established vertical

2

3

4

5

Proven recovery underway and accelerating in recent periods

Enduring secular growth drivers

Additional growth products boosting long term growth

Attractive financial model, delivered by an experienced management team

8

1 2 3 4 5

Global leader in Tax Free Shopping, with a growing client base,

strategically positioned within an established vertical

A

B

C

D

E

CLEAR GLOBAL

GROWING

FULLY INTEGRATED

ESTABLISHED

CONTINUOUS

LEADER

PORTFOLIO OF

IN-HOUSE

REGULATORY

PRODUCT

ICONIC LUXURY

TECHNOLOGY

FRAMEWORK

INNOVATION

BRANDS

PLATFORM

~70%

99.4% Gross Retention

40+ PSP integrations

>40 countries(5) where

50+ product

market share in Tax Free

Rate(2) with average

250+ POS integrations

Global Blue has regulatory

functionalities in

Shopping(1)

relationship of 20+ years (3)

know-how

innovation pipeline (4)

103.0% Net Retention

20+custom integrations

13 scheme integrations

Rate over last 4 years

(1) Based on FY18/19. Estimated third-party serviced market share based on Tax Free Shopping SIS (2) Last 4 years average % SIS, Gross retention rate: % of existing merchants of N-1 which have been retained in N expressed in SiS ; Net retention rate: % of	9
existing merchants of N-1 which have been retained in N expressed in SiS plus gains of new merchants in N expressed in SiS (3) Average tenure based on the top 20 merchants (4) Refers to innovation pipeline for 2023-2025 (5) Tax Free Shopping countries where

Global Blue currently operates

1

2

3

4

5

A

Global leader in Tax Free Shopping with increasing new clients

CLEAR GLOBAL LEADERSHIP (1)

#1IN TAX FREE SHOPPING

>3x larger than the #2 Tax

Free Shopping player70% (~20%)

MARKET

SHARE

BROADEST GEOGRAPHIC COVERAGE

53 COUNTRIES WITH GLOBAL BLUE PRESENCE

AMERICAS		EUROPE, MIDDLE		ASIA PACIFIC
	EAST & AFRICA

INCREASED TRACK-RECORD OF WINS

103.0% NET RETENTION RATE

PRIOR 4 YEARS (FY19/20-FY22/23) Gross Retention Rate (prior 4 years): 99.4% (2)

100.3%	NET RETENTION RATE
(FY14/15-FY18/19)

Gross Retention Rate (FY14/15-FY18/19):96.3%

Source: International Consulting Firm	10
(1) Estimated third-party serviced market share based on Tax Free Shopping sales-in-store (2) Gross retention rate: % of existing merchants of N-1 which have been retained in N expressed in SiS ; Net retention rate: % of existing merchants of N-1 which have

been retained in N expressed in SiS plus gains of new merchants in N expressed in SiS (3) Last 4 years average % SIS