Global Blue : Q3 Financial Statements Undefined

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-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-looking non-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.

AGENDA

Q3 & 9M

FINANCIAL PERFORMANCERECOVERY SCENARIO

AGENDA

RECOVERY SCENARIO

FINANCIAL PERFORMANCE

Global Blue's financial year ends on March 31st.

This report focuses on Q3 and 9M performance, from April 1st to December 31st, 2020.

#1

COVID-19 has SIGNIFICANTLY DISRUPTED the Travel Retail industry, leading to a -90% drop in Global Blue's revenues in 9M 2020/21.

#2

Global Blue Management have implemented a WIDE-RANGING SAVINGS PROGRAM to mitigate the revenue decrease.

The Fixed Adjusted Operating Expenses have been reduced by -54% IN 9M.

#3

Total liquidity stands at €290M, consisting of €209M cash and €81M additional liquidity.

The current liquidity level implies that FIXED EXPENDITURES ARE COVERED WELL

INTO CALENDAR YEAR 2022.

#4

Q3 performance presented the same pattern as in H1. Revenue decreased by 87% in Q3 vs. 91% in H1.

5

Note: Adjusted Operating Expenses is a Non-IFRS Financial Measure, see the appendix for a reconciliation to the nearest IFRS financial measure

AGENDA

Q3 Adjusted P&L

€M	Q3 2019/20	Q3 2020/21	 M€
Total Revenue	109.8	14.2	(95.6)
Adjusted Operating Expenses	(66.3)	(23.1)	43.2
Adjusted EBITDA	43.4	(8.9)	(52.3)
Adjusted Depreciation & Amortization	(10.1)	(10.1)	(0.0)
Adjusted EBIT	33.4	(19.0)	(52.4)
Net Finance costs	-8.4	-5.4	3.0
Adjusted Profit Before Tax	24.9	(24.4)	(49.4)
Adjusted Income Tax Expense	(4.7)	3.5	8.2
Adjusted Net Income	20.3	(20.9)	(41.2)
Non controlling interests	(1.5)	0.0	1.5
Adjusted Net Income Group Share	18.8	(20.9)	(39.7)

Note: Adjusted EBITDA, Adjusted Depreciation & Amortization, Adjusted EBIT, Adjusted Profit Before Tax, Adjusted Income Tax Expense, Adjusted Net Income, Adjusted Net Income Group Share are Non-IFRS Financial Measures, see the appendix for a reconciliation to the nearest IFRS financial measures

Q3 Adjusted Operating Expenses

52% reduction of Fixed Adjusted Operating Expenses in Q3 2020/21

Q3 Adjusted Other Costs

ADJUSTED DEPRECIATION & AMORTIZATION

NET FINANCE COSTS

D&A remained stable in Q3. The ramp-up of investments in technology has now stabilized and is reflected in the current levels of depreciation and amortization.

Finance costs decreased by 36% mainly due to the more favourable interest conditions on the new financing facility of senior debt entered on 28 August 2020.

(€M)

(€M)

(3.0)

AGENDA

9M Adjusted P&L

€M	9M 2019/20	9M 2020/21	 M€
Total Revenue	337.5	34.2	(303.2)
Adjusted Operating Expenses	(192.8)	(62.6)	130.2
Adjusted EBITDA	144.7	(28.3)	(173.0)
Adjusted Depreciation & Amortization	(27.8)	(31.3)	(3.5)
Adjusted EBIT	117.0	(59.6)	(176.6)
Net Finance costs	(24.6)	(17.2)	7.4
Adjusted Profit Before Tax	92.3	(76.8)	(169.2)
Adjusted Income Tax Expense	(21.2)	11.7	32.9
Adjusted Net Income	71.1	(65.1)	(136.2)
Non controlling interests	(5.2)	1.1	6.3
Adjusted Net Income Group Share	65.9	(64.0)	(129.9)

9M Adjusted Operating Expenses

54% reduction of Fixed Adjusted Operating Expenses in 9M 2020/21

9M Adjusted Other Costs

ADJUSTED DEPRECIATION & AMORTIZATION

NET FINANCE COSTS

D&A increased by 13%, primarily due to the increased investment in technology in the prior financial years, consistent with the management team's focus on digital innovation.

Finance costs decreased by 30% driven by lower interest costs due to the lower leverage leading to better margin, more favourable interest conditions on the new financing facility of senior debt entered on 28 August 2020 and better monitoring and management of FX risks compared to same period last year

(€M)

+3.5

27.8

9M 2019/20A

31.3

9M 2020/21A

(€M)

(7.4)

24.6

9M 2019/20A

9M 2020/21A

17.2

9M Net Financial Debt Variance Analysis

€M

9M 2019/20

Adjusted EBITDA

144.7 (28.3)

Capital Expenditure

(25.7) (16.5)

Adjusted EBITDA - Capex

119.0 (44.9)

Changes in working capital

Income tax (paid)/received

23.6 9.3

(23.5) (3.1)

Interests paid

(18.7) (9.9)

Lease Payments

(12.1) (10.9)

Dividend paid to non-controlling interests

Translation difference and other

Net Financial Debt Variation before Exceptional items

Exceptional Items (1)

Net Financial Debt Variation

(4.8) 0.0

(2.3) 3.8

81.2 (55.7)

(12.8) (60.3)

68.4

(1) In 9M 2020/21 Exceptional Items mainly include €(48.5)M related to the combination with FPAC and €(9.8)M related to business restructuring Note : Net Financial Debt is a Non-IFRS Financial Measure, see the appendix for a reconciliation to the nearest IFRS financial measure

9M 2020/21

(116.0)

Net Financial Debt as of December 31st, 2020

New covenants conditions

◼ On 3 February 2021, Global Blue obtained a covenant waiver from its lenders under the Senior Facilities Agreement

• ▪ The waiver provides that the semi‐annual total net leverage financial covenant not be tested on the first two test dates, which would have been 30 September 2021 and 31 March 2022

• ▪ Consequently, the first testing date of the total net leverage financial covenant will be 30 September 2022

◼ In connection to the terms of the waiver, Global

Blue agreed to ensure that the liquidity(1) available shall not be less than €35.0M

• ▪ Condition shall cease to apply if the revenues of the Group for any calendar month return to 40% of pre‐COVID revenues

(1) The liquidity is the aggregate amount of cash and cash equivalents of the Group and the aggregate amount available to

Global Blue Group on a committed or uncommitted basis for utilisation under any facilities or other debt or equity financing.

€M

FY 2019/20

9M 2020/21A

 M€

Senior Debt

Revolving Credit Facility

Gross Financial Debt

Cash & Cash equivalents

Net Financial Debt

630.0

630.0 0,0

0.0

99.0 99.0

630.0

729.0 99.0

(226.1)

(209.2) (17.0)

403.9

519.8

116.0

Liquidity Analysis as of December 31st, 2020

Current liquidity implies fixed expenditures to be covered well into calendar year 2022

(1) Committed Supplemental Liquidity Facility of $75M or €62M, uncommitted local credit lines of €18M, and RCF availability of €1M

AGENDA

RECOVERY SCENARIO

Tax Free Shopping recovery expected in 5 phases

REGIONAL BORDERS

REOPENINGINTERNATIONAL BORDERS REOPENING

END OF THE PANDEMIC

ESTIMATED % TAX FREE SPEND VS 2019

Asia

The figures above represent assumptions used in management's long-term targets and do not constitute guidance. Recovery may not occur linearly. Borders and stores may close, and travel may be curtailed again depending on how the pandemic continues to develop. This is forward-looking information - see Disclaimer. Source: Company Information.

< 5%

10 - 20%

< 5%

10 - 20%

20 - 40%

60 - 80%

Given the recovery scenario expected and the Savings Program executed from April 2020, what will be the impact on Global Blue's long-term profitability ?

Implement at the end of government support schemes, long-term headcount reduction, while preserving core knowledge and assessed business resumption scenarios.

Yearly Proforma Fixed Adjusted Operating Expenses Structure after savings program implemented from April 2020

Note: The figures above represent assumptions used in management's long-term targets and do not constitute guidance

(€M)

VARIABLE

FIXED non personnel

FIXED personnel

(1) €80M 12 months run-rate on short-term actions in line with the €64M reduction in 9M 2020/21

Illustrative EBITDA at various potential revenue recovery levels

(1) Jan-2020 LTM EBITDA presented assuming bonus normalization. Source: Company Information.

Note: Simulation based on illustrative assumptions and should not be relied upon as being indicative of future results. This is not a forecast. This is forward-looking information - see Disclaimer.

% Adjusted EBITDA Margin

CONCLUSION

The recent COVID-19 vaccine roll-out open the possibility for a

GRADUAL RECOVERY OF GLOBAL BLUE'S BUSINESSES

FUNDAMENTAL GROWTH DRIVERS REMAIN INTACT

APPENDIX

IFRS Consolidated Income Statement and Balance Sheet Reconciliations with non-IFRS financial measures

IFRS Consolidated Income Statement

€M	2019/20	2020/21	2019/20	2020/21
Total Revenue	337.5	34.2
Operating Expenses	(98.8)	(60.6)	(289.3)	(414.6)
Operating Profit	48.2	(380.4)
Finance income	2.8	0.2	3.6	1.7
Finance costs	(28.2)	(18.9)
Net Finance costs	(8.4)	(5.4)	(24.6)	(17.2)
Profit Before Tax	23.5	(397.6)
Income Tax Expense	4.4	8.0	(4.6)	24.5
Net Income	18.9	(373.1)
Profit attributable to:
Owners of the parent
5.5	(43.8)	13.7	(372.0)
Non-controlling interests
1.5	0.0	5.2	(1.1)

Three Months ended December 30,

109.8

14.2

11.0

(46.4)

(11.2)

(5.6)

2.6

(51.9)

6.9

(43.9)

Nine Months ended December 30,

Balance Sheet

€M	FY 2019/20	9M 2020/21	€M	FY 2019/20	9M 2020/21
Equity attributable to owners of the parent	63.1	(86.9)
Non-controlling interests	8.4	6.1
Shareholders Equity	71.5	(80.7)
Property, plant and equipment	51.4	39.6	Loans and borrowings	624.6	721.2
Intangible assets	631.0	576.1	Other long term liabilities	34.6	23.2
Deferred income tax asset	12.3	26.8	Deferred income tax liabilities	34.6	22.0
Investments in associates and joint ventures	2.9	3.5	Post-employment benefits	8.0	8.3
Other non-current receivables	15.2	9.4	Provisions for other liabilities and charges	2.2	2.2
Non Current Assets	712.8	655.5	Non Current Liabilities	704.0	776.9
Trade receivables	141.3	41.9
Other current receivables	33.8	31.9	Trade Payables	237.3	158.4
Derivatives financial instruments	0.7	0.1	Other current liabilities	45.2	28.6
Income tax receivables	1.6	1.2	Accrued liabilities	41.8	35.5
Prepaid expenses	7.9	4.1	Current income tax liabilities	23.2	24.2
Cash and cash equivalents	226.1	209.2	Loans and borrowings	1.1	1.0
Current Assets	411.4	288.3	Current Liabilities	348.7	247.7
TOTAL ASSETS	1,124.2	943.8	TOTAL LIABILITIES	1,124.2	943.8

Adjusted Operating expenses

Three Months ended December 30,Nine Months ended December 30,

€M

Operating expenses (289.3) (414.6)

(98.8)

(60.6)

Exceptional items

2019/20

2020/21

2019/20

2020/21

3.8

8.8

13.0 264.9

Amortization of intangible assets acquired through business combination

18.6

18.6

55.8 55.9

Adjusted Depreciation and Amortization

Adjusted Operating expenses

10.1

10.1

(66.3)

(23.1)

27.8 31.3

(192.8) (62.6)

Adjusted Depreciation & Amortization

Three Months ended December 30,Nine Months ended December 30,

€M

Depreciation & Amortization

Amortization of intangible assets acquired through business combination

Adjusted Depreciation & Amortization

2019/20	2020/21	2019/20	2020/21
(28.8)	(28.7)	(83.6)	(87.2)
18.6	18.6	55.8	55.9
(10.1)	(10.1)	(27.8)	(31.3)

Adjusted EBIT and EBITDA

€M

Operating Profit

Exceptional items

Three Months ended December 30,

2019/20

2020/21

Nine Months ended December 30,

2019/20

2020/21

11.0

(46.4)

48.2 (380.4)

3.8

8.8

13.0 264.9

Amortization of intangible assets acquired through business combination

18.6

18.6

55.8 55.9

Adjusted EBIT

33.4

(19.0)

117.0 (59.6)

Adjusted Depreciation and Amortization

Adjusted EBITDA

10.1

10.1

43.4

(8.9)

27.8 31.3

144.7 (28.3)

Adjusted Profit Before Tax

Three Months ended December 30,Nine Months ended December 30,

€M

Profit Before Tax

Exceptional items

2019/20

2020/21

2019/20

2020/21

2.6

(51.9)

23.5 (397.6)

3.8

8.8

13.0 264.9

Amortization of intangible assets acquired through business combination

Adjusted Profit Before Tax

18.6

18.6

24.9

(24.4)

55.8 55.9

92.3

(76.8)27

Reconciliations (3/4)

Adjusted Income Tax expenses

€M

Income Tax expenses

Income Tax expenses related to Amortization of intangible assets acquired through business combination

Tax impact of exceptional items

Three Months ended December 30,

2019/20

2020/21

Nine Months ended December 30,

2019/20

2020/21

4.4

8.0

(4.6) 24.5

(3.8)

(3.8)

(11.3) (11.3)

0.0

(1.2)

(1.2) (2.9)

Exceptional income tax expenses

(5.2)

0.5

(4.2) 1.4

Tax effect adjustments

Adjusted tax expenses

(9.0)

(4.5)

(4.7)

3.5

(16.6) (12.8)

(21.2) 11.7

Adjusted Profit / (Loss) attributable to the owner of the parent

Three Months ended December 30,Nine Months ended December 30,

€M

Profit / (Loss) attributable to the owner of the parent

Exceptional items

2019/20

2020/21

2019/20

2020/21

5.5

(43.8)

13.7 (372.0)

3.8

8.8

13.0 264.9

Amortization of intangible assets acquired through business combination

18.6

18.6

55.8 55.9

Tax effect adjustments

Adjusted Profit / (Loss) attributable to the owner of the parent

(9.0)

(4.5)

18.8

(20.9)

(16.6) (12.8)

65.9 (64.0)

Net Financial Debt
€M	FY 2019/20	9M 2020/21	 M€
Cash & Cash Equivalent	(226.1)	(209.2)	17.0
Borrowings repayable after one year	624.6	622.2	(2.4)
Revolving credit facility	0.0	99.0	99.0
Lease liabilities - repayable within one year	14.0	12.6	(1.4)
Lease liabilities - repayable within after year	27.8	20.4	(7.4)
Bank Overdraft	1.1	1.0	0.0
Net Debt	441.3	546.0	104.7
Lease liabilities - repayable within one year	(14.0)	(12.6)	1.4
Lease liabilities - repayable within after year	(27.8)	(20.4)	7.4
Bank Overdraft	(1.1)	(1.0)	0.0
Capitalized financing cost	9.7	7.8	(1.9)
IFRS9 loans modification impact	(4.3)	0.0	4.3
Net Financial Debt	403.9	519.8	116.0