technology and payments provider empowering …

October 2020

TECHNOLOGY AND PAYMENTS PROVIDER EMPOWERING

GLOBAL MERCHANTS

DisclaimerForward Looking Statements. This presentation (this “Presentation”) may contain 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 (“Globla 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 pandemics and applicable legislation, regulations and rules (including, but not limited to, accounting policies and accounting treatments) and movements in

foreign exchange rates, 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 EBITDA, Adjusted EBITDA Margin, Cash Flow Conversion, FCFE, Adjusted EBIT, Unlevered Net

Income, Adjusted Net Income, Adjusted Net Income (Group Share), Adjusted Profit Before Tax, Adjusted Income Tax Expense, Leverage Ratio and Adjusted Operating Expenses.

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.

2

1. BUSINESS OVERVIEW

2. TRANSACTION UPDATE

3. INVESTMENT HIGHLIGHTS

4. APPENDIX

3

INTERNATIONAL SHOPPERS

Worldwide Luxury Revenue20-30%

(1)

A strategic technology and payments partner empowering merchants to capture the growth of international shoppers

TAX FREE SHOPPINGTECHNOLOGY SOLUTIONS

SMART DATA& BUSINESS INTELLIGENCE

TARGETED MARKETING SOLUTIONS& INTELLIGENT SALES TECHNOLOGY

ADDED-VALUEPAYMENT SOLUTIONS

MERCHANTS

Note: (1) When limiting luxury revenue to that in Tax Free Shopping countries (instead of worldwide), international shoppers represent 40-50% of luxury revenue (company estimate based on a sample of merchants in Tax Free Shopping countries).

Source: Company Information.

Tax Free Shopping Merchant Stores+300K

4

13MGB international

shoppers

35MGB transactions

x

€18.5BGB sales in store

(SiS)

€70Baddressable

market(2)

€26Baddressed

market(2)

~70% GB market

share(3)

16MGB international

shoppers(1)

31MGB transactions

€4.4BGB sales in store

(SiS)

€28Baddressed

market(4)

~20% GB market

share(5)

€455Baddressable

market(4)

Global Blue at a glance

Added-Value Payment Solutions (AVPS)Tax Free Shopping Technology Solutions (TFS)

~85% of revenue ~15% of revenue

Note: Figures refer to the fiscal year ending 31 March 2020 (2019/20A), except where noted. See “Non-IFRS Financial Measures” above in the Disclaimer and Appendix for further information and a reconciliation of all historic non-IFRS financial measures included in this presentation. (1) Company

estimate, extrapolated from GB sample set; (2) Addressable market estimate refers to total eligible SiS (excluding cross-border Tax Free Shopping, government-run Tax Free Shopping schemes, ineligible transactions, and countries without VAT) as at 2018/19A; addressed market as at 2018/19A refers to

the sub-segment addressed by VAT refund operators, excluding SiS not issued and refunded and SiS related to in-house VAT refund merchants; neither gives effect to the impact of COVID-19 on such market; (3) Estimated third-party serviced market share based on Tax Free Shopping SiS as at 2018/19A;

(4) Addressable market estimate refers to addressable cross-border card spend on POS and ATM (excluding multi-currency processing market) as at 2018/19; addressed market as at 2018/19A reflects market-wide DCC penetration and acceptance rates; neither gives effect to the impact of COVID-19 on

such market (5) Estimated market share based on DCC revenue as at 2018/19A; Global Blue AVPS SiS as percentage of the addressed market equals 16% as at 2018/19A. (6) Adjusted EBITDA less Capital Expenditures divided by Adjusted EBITDA. Source: Company Information.

REVENUE

€420M(2019/20A)

ADJUSTED EBITDA

€171M(2019/20A)

ADJUSTED EBITDA MARGIN

41% (2019/20A)

CASH FLOW CONVERSION(6)

78% (2019/20A)

5

Purchase:

€1,000

VAT: €200

Tax Free Shopping Technology Solutions

INTERNATIONAL SHOPPER


VAT REFUND

€140

MERCHANTREVENUE

€30

GLOBAL BLUE

SOLUTIONS

SoftwarePayments Processing,

SoftwareSoftware €30

VAT: €200

REFUND AGENT

Issuing(Tax free form)

Refunding(VAT)

MERCHANTCUSTOMS &

AUTHORITIES

Export Validation(Goods)

PURCHASE (including VAT)

€1,200

A win-win value proposition for merchants, international shoppers, customs & authorities, and Global Blue

REVENUE

Note: This overview is presented for illustrative purposes only and not as a representation of actual amounts involved in the Tax Free Shopping process. Actual amounts may vary depending on a number of factors, including the revenue share split set out in

agreements with merchants and market trends. Source: Company Information.

6

REVENUE GROWTH DRIVERS(2)

Global Blue is the most comprehensive INTEGRATED NETWORK in its category

Employers

Fleet Operators

Retailers

EMPLOYEE BENEFIT

TRANSPORTATION

INTERNATIONAL SHOPPERS

CLIENTS

Restaurants

Petrol Stations

Refund Agents / Payment Providers

CONSTITUENCIES

BACK END

INTEGRATIONWITH PAYMENT

PROVIDERS

KEY NETWORK FUNCTIONS

v

AFFILIATION OF

NETWORK

CONSUMER

BRANDING

TECH-ENABLED

PROCESSING

DATA

AGGREGATION

& ANALYTICS

FRONT END

INTEGRATIONWITH POS & PSP

NETWORK EXAMPLES

7Source: Company Information.




4. APPENDIX

8

Business combination update

9

The transaction with Far Point Acquisition Corporation closed on August 28, 2020

The post-closing public company is incorporated in Switzerland and listed on the NYSE (GB and GB.WS), and maintains the Global Blue name

Prior to the closing of the transaction, the selling shareholders took a number of unilateral actions to enhance public shareholder value:

◼ Waived €154M dividend entitlement and the right to a post-close make-whole ◼ Committed to $75M Supplemental Liquidity Facility funded through the holdback of sponsors’ proceeds◼ The selling shareholders committed to convert €50M of convertible preferred shares into common stock

Debt refinanced with a new €630M 5-year term loan (starting margin of 2%) and RCF of €100M (drawn as a precautionary measure)

At closing, Global Blue had a cash position of €265M and could access an additional ~€80M of liquidity, if needed

Selling parties received ~$200M of capital from PIPE investors, primarily from Ant Group, Third Point, and one smaller investor◼ Additional PIPE investors who had committed to subscribe for in aggregate $110M did not consummate their subscriptions◼ Global Blue and SL Globetrotter LP (an affiliate of Silver Lake) have commenced litigation with such investors for breach of contract

Global Blue board consists of the Chairman, the Global Blue CEO, two Silver Lake representatives, one Partners Group representative, one Ant Group representative, and two independent board members


Detailed business combination overview

See “Non-IFRS Financial Measures” above in the Disclaimer and Appendix for further information and a reconciliation of all historic non-IFRS financial measures included in this presentation. Capitalisation presented as at closing (28-Aug-2020), (1) 2019/20 EBITDA of €170.7M, (2) Corresponds to SL

Globetrotter L.P., (3) Corresponds to Global Blue Holding LP (which is controlled by Silver Lake) of 22.2% and shares directly held by Partners Group 1.4%. Source: Company Information.

10

€MxAdjusted

EBITDA(1)

Revolver Credit Facility 99 0.6x

Term Loan (Principal Value) 630 3.7x

Gross Financial Debt 729 4.3x

Cash (265) (1.6x)

Net Financial Debt 464 2.7x

Lease liability (current and non-current) 37 0.2x

NET FINANCIAL DEBT & LEASES 501 2.9x

% Ownership

Silver Lake and Affiliates(2) 57.4%

Partners Group and Affiliates(3) 23.7%

Ant Group 6.5%

Third Point 5.4%

GB Directors, Executive Management & Other Employees 5.2%

Other Shareholders 1.7%

TOTAL 100.0%

CAPITALISATION OVERVIEW (August 2020) POST-TRANSACTION ECONOMIC OWNERSHIP (%)




4. APPENDIX

11

Investment highlights

12

POWERFUL MACRO

DRIVERS OF GROWTH

1

CLEAR

MARKET &

TECHNOLOGY

LEADERSHIP

2

BUSINESS

STRATEGY

CREATING VALUE

3

SHORT-TERM

ACTIONS PAVING

WAY FOR THE

FUTURE

5

ATTRACTIVE

TRANSACTION-BASED

BUSINESS MODEL

4

PROOF POINTS GROWTH DRIVER

Strong macro driven historical growth expected to continuein the long term

Next ~5 years expectation post COVID normalisation(7)

Note: This is forward-looking information – see Disclaimer “Forward Looking Statements”. (1) R-squared of the regression between arrivals into Global Blue markets (implied by emerging markets middle class growth, based on a regression calculated between 2000/01 to 2018/19) and Global Blue

Tax Free Shopping transactions, calculated between 2009/10 and 2018/19; (2) Calculated from 2009/10 to 2018/19, based on a consistent set of Global Blue countries with digital validation and non-digital validation at the start and end date of the calculation; (3) Extra-regional personal luxury

market growth in countries with VAT refund schemes and countries without, calculated from 2009/10 to 2018/19; (4) Forecast period is based on 5 years post COVID normalization (5) Forecast period is based on 3 years post COVID normalization; (6) Subject to decisions of the respective

governments and as such may or may not eventually occur; (7) Normalization refers to travel demand returning to pre-COVID levels. Source: Company Information.

EMERGING MARKETS +9%CAGR(4)

Arrivals of EM shoppers into Global Blue’s markets

97%correlation(1)

EM middle class vs. Tax Free Shopping transactionsA

VAT DYNAMICS>10

additional countries(6)

1.4xfaster(3)

Luxury sales growth in VAT refund vs. non-VAT refund countries

Countries adopting a VAT refund scheme C

DIGITALIZATION 54% to 89%% of transactions digitally validated

2.0xhigher(2)

Success ratio increase in digital vs. non-digital countriesB

(5)

13

1 2 3 4 5

Global Blue’s clear competitive differentiation

Note: Figures refer to 2019 / 20A. Fiscal year ending 31 March. (1) Estimated third-party serviced market share, based on Tax Free Shopping SiS; (2) Last 6 years average % SiS. (3) Tax Free Shopping countries where Global Blue currently operates. (4) Average tenure based on the top 20 merchants


>3x market share vs.

next Tax Free Shopping

competitor

40+ PSP integrations

200+ POS integrations

18 customs integrations

13 payment partners

Low gross churn(2): -3%Positive net churn(2):

+0.4%70%

market share in

Tax Free Shopping(1)

PORTFOLIO OF ICONIC

LUXURY BRANDSGLOBAL LEADERSHIP

FULLY INTEGRATED

IN-HOUSE TECHNOLOGY

PLATFORM

DEEP DOMAIN EXPERTISE

IN COMPLIANCE

Avg. tenure (years)(4): >20

>40Tax free shopping countries(3)

where GB has deep

regulatory know-how

Longstanding relationships

with iconic luxury brands

14

1 2 3 4 5

REVENUE GROWTH DRIVERS(2)

LONG TERM VOLUME GROWTH MACRO DRIVERS

MANAGEMENT INITIATIVES TO BOOST VOLUME GROWTH

3 VOLUME GROWTH MACRO DRIVERS

VOLUME GROWTH DRIVERS

REVENUE GROWTH DRIVERS

Business strategy creating value

INTELLIGENCE

Eye-Opening advisory to identify opportunities

for growth

MARKETING

Data-driven solutions to increase footfall

SALES

Techniques and technology to convert footfall

to revenue

EXPERIENCE

Personalized customer journey to enhance

performance

VAT DYNAMICS DIGITALIZATIONEMERGING MARKETS

TAX FREE SHOPPING TECHNOLOGY SOLUTIONS

Increase penetrationIncrease market share

Expand market

ADDED-VALUE PAYMENT

SOLUTIONS

Increase DCC penetrationCross-sell payment solutions

STRATEGIC PARTNERSHIPS TO ENHANCE VALUE CREATION

15

1 2 3 4 5


Ant Group partnership

16

PARTNERSHIP OVERVIEW

Technology: Jointly develop digital TFS solutions and products to reduce friction, achieve paperless TFS and enhance the user experience for Alipay users

Marketing: Jointly develop a comprehensive marketing solution leveraging on Alipay’s Marketing platform

Commercial: Promote acceptance of Alipay and its Ecosystem Companies in Global Blue’s network of Merchants

EASY REFUND PRODUCT (EARLY 2021 LAUNCH)

BRAND MINI-PROGRAM WITH CASH BACK OR EXTRA

REFUND COUPON (EARLY 2021 LAUNCH)

1 2 3 4 5


TRACK RECORD OF GROWTH OPERATING LEVERAGEHIGH CASH FLOW

CONVERSION

EXCEPTIONAL TOTAL

SHAREHOLDER RETURNS

GROWTH PROFITABILITY CASH FLOW CONVERSION EARNINGS POWER

Powerful financial model delivering earnings growth and cash flow generation

Note: Fiscal year ending 31 March. Adjusted EBITDA defined as earnings before interest, taxes, depreciation and amortization, excluding other income and expense items that the Company considers as not related to ordinary business operations. Unlevered adjusted net income defined as

earnings before interest and taxes less unlevered tax expense, before deducting non-controlling interest. See “Non-IFRS Financial Measures” above in the Disclaimer and Appendix for further information and a reconciliation of all historic non-IFRS financial measures included in this

presentation. (1) Adjusted EBIT defined as earnings before interest and taxes, excluding amortisation from purchase price allocation related to acquired assets, predominantly related to the 2012 LBO. Source: Company Information.

36

171

2009/10 2019/20

23% 41%

+17% CAGR

Adjusted

EBITDA

margin %

160

420

2009/10 2019/20

132

102(30)

Adjusted EBIT Tax Unlevered Adjusted Net

Income

Adjusted EBITDA, €MRevenue, €M €M, 2019/20

Adjusted

effective

tax rate:

22-23%

(1)

Last 3 Years Average (2017/18 – 2019/20)

(2009/10 and 2019/20 – Fiscal years

ended in March. The year 2019/20 refers

to 1 April 2019 to 31 March 2020)

[(7%)]

17

100%

81%(19%)

Adjusted EBITDA

Capex Adjusted EBITDA -

Capex

1 2 3 4 5

COMMENTARY

LTM performance prior to COVID in line with long-term trends

LAST 10 YEARS LAST 5 YEARS LTM-JAN 20

(PRE-COVID)

SALES IN STORE

14%

7%9%

REVENUE

11%

4%

9%

ADJUSTED EBITDA

17%

8%

18%

Structural long-term growth

underpinned by macro drivers

Last 3-5 years impacted by FX

and geopolitical volatility

LTM-Jan 20 (pre-COVID)

growth reverting to the long-

term growth trajectory

Fiscal years ended in March

1818

1 2 3 4 5

See “Non-IFRS Financial Measures” above in the Disclaimer and Appendix for further information and a reconciliation of all historic non-IFRS financial measures included in this presentation. “Last 10 Years” refers to 2009/10 to 2019/20 and “Last 5 Years” refers to “2014/15 to 2019/20”


EXPOSED TO EMERGING MARKETS

~70% of Tax Free Shopping SiS generated by international shoppers from emerging markets

DIVERSIFIED BUSINESS MODEL

across destination markets, origin of international shoppers and merchants

STRATEGIC POSITION IN APAC

enabling company to capture the growth in the region

Diversified business

MERCHANT

BASE(2)

INTERNATIONAL

SHOPPER’S ORIGIN

69%

16%

2%2%2%2%6%

Tax Free Shopping Revenue, % total

Other

Merchant 1

36%

6%

15%

12%

7%

8%

17%

Developed

markets

~30%

Emerging

markets

~70%

Tax Free Shopping SiS, % total

China

Other DM

GCC

USA

Other EM

SEA &

India

Russia

Merchant 2Merchant 3Merchant 4Merchant 5

Merchants

6-20

Top 20

~30%

INTERNATIONAL

SHOPPER’S

DESTINATION

Other APAC

13%

14%

14%

7%

8%

17%

16%

9%

3%

APAC

~30%

Europe(1)

~70%

Tax Free Shopping SiS, % total

France

UK

Italy

Germany

Spain

Other EMEA

& Americas

Japan

Singapore

19

1 2 3 4 5

Note: Figures refer to the financial year ending 31 March 2020 (2019/20) (1) Includes EMEA and Latin America (2) Refers to Tax Free Shopping revenue split by individual merchants


International

borders reopening

STRICT SANITARY CONTROLS

Regional borders

reopening

End of the pandemic(treatment, vaccine

or WHO declaration)

Tax Free Shopping recovery expected in 5 phases

20

NORMALGRADUAL RETURN

TO NORMAL

LONG-HAUL FLIGHTS RE-START

INTRA-REGIONAL

TRAVELS RE-START

BORDERS CLOSEDSTORES OPEN

PHASE 1 PHASE 3 PHASE 4PHASE 2 PHASE 5

ESTIMATED % TAX FREE SPEND VS 2019

< 5%

< 5%

10 - 20%

10 - 20%

20 - 40%

60 - 80%

60 - 80%

90 - 100%

95 - 105%

100 - 110%

WHERE WE STAND

TODAY

1 2 3 4 5

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.

Asia

Europe

Group TFS financial performance

21

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Week 15 Week 17 Week 19 Week 21 Week 23 Week 25 Week 27 Week 29 Week 31 Week 33 Week 35

16% EUROPE

8% APAC

14% GRAND TOTAL

% ISSUED TAX FREE SPEND vs. Last Year April – Sept 2020

MAY JUNE JULY AUGUSTAPRIL SEPTEMBER


1 2 3 4 5

Management’s strategy during COVID

22

As COVID-19 spread and led to travel bans and lock-down,

management undertook several cost initiatives, with a

particular focus on the core business and adopting the best

alternative to scale back operations as activity resumes

Management adopted two cost savings plans:

• Short Term Action Plan

o Usage of government support (furlough or partial employment

schemes) in countries where such schemes exist

• Long Term Action Plan

o Evaluated and sized long-term headcount reduction, while preserving

core knowledge and assessed business resumption scenarios

o These long term plans were launched for all countries without

government support and implemented at the end of support schemes

in other countries (replacing the short term plans)

2 B2B MARKETING INITIATIVES B2B marketing activities remained relevant to client during COVID

Global Blue Observatory

Webinar for merchants

Coronavirus Weekly Update

Newsletter

1 PRODUCT INITIATIVES

• Mobile Self-Issuing

• Alipay Easy Refund

• Mobile Self-Refunding

Enhancements

MOBILE FIST

Despite budget decrease, several new products are ready for pilot or roll-out

• Drive to Store

Campaign Manager

• Alipay Mini-program

with Cash Back

Coupon

• Data warehouse

MARKETING & INTELLIGENCE

1 2 3 4 5

PERSONNEL & NON-PERSONNEL SAVING PLAN

Tender won (Aug-2020)

3 COMMERCIAL INITIATIVESService valuable clients and win new business


EBITDA expenditures cost actions

23

VARIABLE

FIXEDnon personnel

FIXEDpersonnel

SHORT-TERM COST REDUCTION€80M Savings

leveraging available government programs & limited volume

€50M of Long-term actions (12 months run-rate)

160

250

110

LONG-TERM COST REDUCTION€50M Savings redundancies

& resumed volume

A

B

FIXED OPEX

EBITDA Expenditures

Volumes drivencost reduction

Total fixedcosts

Short term actions(12 months run-rate)

Cost base post short term

actions

Reduced cost saves(12 months run-rate)

Cost base post long term

actions

Note: Figures refer to the financial year ending 31 March 2020 (2019/20). EBITDA Expenditures relate to Operating expenses (excluding exceptional items and depreciation and amortization), as defined and reconciled in the Appendix. Short and long-term cost actions are estimated, thus should not be

relied upon as being indicative of future results. This is not a forecast. This is forward-looking information – see Disclaimer. See “Non-IFRS Financial Measures” above in the Disclaimer and Appendix for further information and a reconciliation of all historic non-IFRS financial measures included in this

presentation. As we continue to refine the cost take-out assessment and as various governments modify their programs, the numbers herein are subject to change. Source: Company Information.

1 2 3 4 5

(€M)

Illustrative EBITDA at various potential recovery levels

24Note: 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. See “Non-IFRS Financial Measures” above in the Disclaimer and Appendix for further information and

a reconciliation of all historic non-IFRS financial measures included in this presentation. (1) Jan-2020 LTM EBITDA presented assuming bonus normalization. Source: Company Information.

% Adjusted

EBITDA Margin 52.3%

42.3%

ILLUSTRATIVE TOP-LINE RECOVERY RANGE (% OF PRE-COVID REVENUE)

Future re-hires for positions deemed

semi-fixed, which are made redundant today

COST TAKE-OUT ADJUSTED EBITDA

1 2 3 4 5

(1)

€6.7M

€2.1M

€1.0M

€1.2M€11.0M

€2.5M €13.5M

EBITDA (1)

Expenditure

Capex

LeasePayments

Interest(2)

Short-term (4)

Fixed Monthly Total

Incremental (1)

Long-termExpenditure

Long-term (1)

Fixed Monthly Total

Short-term fixed cash expenditures and liquidity

25

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

Source: Company Information. These amounts are estimates and are forward-looking information – see Disclaimer. As we continue to refine the cost take-out assessment and as various governments modify their programs, the numbers herein are subject to change

(1) Monthly expense implied from 12 month run-rate based on the Short-term Actions (€80M annual cost take-out). As Global Blue transitions to the Long-term Actions the monthly expenses would increase to €9.2M; (2) Reflects impact of refinancing based on margin at closing; (3) Committed

Supplemental Liquidity Facility (funded by certain selling shareholders) of €63M, uncommitted local credit lines of €18M, and RCF availability of €1M; (4) Expenditures presented herein exclude monthly change in net working capital and monthly variable expenditure.

POST-ACTIONS FIXED MONTHLY EXPENDITURES(4)(before taxes) LIQUIDITY BUILD (August 2020)

Cash

€265M

Additional liquidity (3)

€82M

€347M

Average Mar-Aug monthly

cash savings ~€11M

1 2 3 4 5

Conclusion

26

Long-term drivers

remain intact,

despite COVID-19

impact

1

Competitive

differentiation

represents a strong

asset

2

Clear strategy to

create value

3

Short-term measures

supporting recovery

and enhancing

margin when

volumes return

5

Transaction-based

model delivering

earnings growth

and cash flow

generation

4

26




4. APPENDIX

- Additional company materials

27

International management team with relevant expertise

Average 10+ years at Global Blue(1)

Note: (1) Based on the average tenure of the executive committee (defined as the management team presented herein), including experience of acquired companies. Source: Company Information.

Years at Global Blue

PR

OD

UC

TS

Tomas Mostany

Tax Free Shopping Technology Solutions

Damian Cecci

Added-value Payment Solutions

MA

RK

ET

S

Laurent Delmas

Europe South

Pier F. Nervini

Europe North, Central and Global

Accounts

Greg Gelhaus

APAC

IT &

OPER

AT

ION

S Jeremy Taylor

Operations

Fabio Ferreira

Technology

Jacques Stern

Chief Executive Officer

Loïc Jenouvrier

Chief Financial Officer

SU

PPO

RT

J. Henderson-Ross

Legal

Jorge Casal

New Markets, Public Affairs & Americas

16 4 5 17 16 5 21

5 21

5

X

4

28

VAT refund regulatory framework

VAT: Value-added Tax is an indirect tax on the domestic consumption

of goods and services, except those that are zero-rated (such as food

and essential drugs) or are otherwise exempt (such as exports).

VAT refund scheme: International shoppers can claim a refund on the

VAT they have paid in destination countries on eligible goods while

exiting the country/region of purchase(1)

Eligible beneficiary• Usually: All non-residents of the country/region• Example of countries where domestic purchaser exporting

goods are eligible to Tax Free Shopping: Japan/Australia

Eligible goods• Specific list for each country• Example of countries where alcohol or tobacco are not eligible

for Tax Free Shopping: Czech Republic, Greece, Lithuania, Belgium, France, Morocco, Russia, Slovenia and South Korea

VAT

Minimum purchase amount• Specific to each country• France: €175.01, Italy: €154.95, Spain: €0, UK: £0,

Japan: JPY 5,000

%VAT rate• Ranges between 15-25% in European countries(2)

and 5-10% in Asian countries

Note: (1) The EU VAT Directive also requires all EU member states to operate a VAT refund scheme for non-EU residents; A unanimous decision from all EU member states for any change to the EU VAT Directive; (2) The EU VAT Directive provides that each EU member state must

apply a standard VAT rate of at least 15% and there is no maximum rate that can be set. Source: Company information.

WHAT IS VAT & VAT REFUND SCHEME? PARAMETERS OF THE VAT REFUND SCHEME

29

Positive VAT dynamics are a strong driver of luxury sales growth

Number of countries and territories with VAT

1

73

1979/80 2018/19

20

180(1)

1979/80 2018/19

Note: (1) Includes territories with different VAT rules than sovereign countries, that are counted as separate countries.

Source: Company information, OECD.

INCREASING NUMBER OF COUNTRIES ARE ADOPTING VAT VAT REFUND COUNTRIES EXHIBIT HIGHER LUXURY SALES GROWTH

INCREASING NUMBER OF COUNTRIES ARE ADOPTING VAT REFUND

SCHEMES

Number of countries operating a VAT refund scheme

+160

+72

~5%

~7%

~10%

Domestic Non-TFS countries TFS countries

Extra-regional luxuryPersonal

luxury

Luxury market growth (CAGR 2009/10 – 2018/19)

+3ppts

30

0%

5%

10%

15%

20%

25%

30%

1992/9

3

1993/9

4

1994/9

5

1995/9

6

1996/9

7

1997/9

8

1998/9

9

1999/0

0

2000/0

1

2001/0

2

2002/0

3

2003/0

4

2004/0

5

2005/0

6

2006/0

7

2007/0

8

2008/0

9

2009/1

0

2010/1

1

2011/1

2

2012/1

3

2013/1

4

2014/1

5

2015/1

6

2016/1

7

2017/1

8

2018/1

9

2019/2

0

Finland

Netherlands

UK

Italy

SpainGermany

Japan

Singapore

Increasing VAT rates drive growth of Tax Free Shopping environment

EUROPE

ASIA

France

Source: Company information. (1) Chart excludes temporary VAT movement implemented by governments during COVID

LONG-TERM(1) VAT EVOLUTION ACROSS MAJOR DESTINATION MARKETS

77% of European OECD members

increased their VAT rate since 2006

• Germany: 16%-19% (2007-2008)

• Spain: 16%-21% (2010-2013)

• Italy: 20%-22% (2011-2015)

DEVELOPMENTS

31

UK Tax Free Shopping scheme - situation overview

On Sept. 11th, the UK Government announced its decision to abolish, from Dec.31st, 2020, the VAT Retail

Export Scheme (VAT RES) which allowed international visitors to the UK to reclaim the VAT paid on goods

purchased, but not consumed in the UK

▪ Not extend Tax Free Shopping benefit to

EU Shoppers (in the context of Brexit)

▪ Remove an implicit subsidy to London

(government considered Tax Free Shopping

to favour London over the rest of the UK)

Customs unable to manage additional volume

from Tax Free Shopping to EU shoppers

(as, unlike other countries, the UK has not

digitalized its paper-based customs system)

▪ Save £500M per annum in refunded VAT

to non-EU shoppers

▪ Avoid offering refunds to EU citizens

(in the context of Brexit)

POLITICAL OPERATIONALFINANCIAL

Note: Information presented herein portrays the UK government’s published rationale and not Global Blue’s view.

Source: Company information.

32

UK Tax Free Shopping scheme – impact and action plan

Source: Company information. Survey run to 40K+ Tax Free Shoppers around the world (between Sept. 14th and 16th). (1) GVA: Gross Value Added measures the total direct & indirect revenue generated from tourists’ spending

33

Tax Free Shopping ecosystem executing on strategy to convince the UK government to reverse their decision

POLITICAL

OPERATIONAL

FINANCIAL

▪ Tax Free Shopping benefits extend beyond London

▪ Merchants / Other UK cities engaging with their elected officials regarding negative impact of decision

▪ Demonstrate financial arguments are incorrect

▪ Evidenced by economic study and survey

▪ GB proposed a transition period

▪ After the transition period, the UK would digitize its customs systems (companies within the Tax Free Shopping ecosystem have offered to finance the cost)

Economic study highlights the negative impact on the UK from the government’s decision

Survey indicates shoppers less likely to shop and spend in UK following the government decision

FINANCIAL

62%of respondents

will be less likely to visit the UK

95%would spend less

on shopping in the UK

93%would considerchanging where

they shop overseas

Respondents indicated that they would shop in other EU countries

(where GB is present)

Abolishing Tax Free Shopping

Scheme

Extending Tax Free Shopping

Scheme to EU residents

Variation in number of tourists (5.0)M +1.0M

Variation in tourist spendings (in £) (6,000)M +740M

Impact on GVA(1) (in £) (9,300)M +1,100M

Impact on tax revenues (in £) (3,500)M +180M

Impact on number of jobs (140)K +20K

Retailers, airports, and tax-free shopping ecosystem all believe that the decision to eliminate the scheme is misguided and are working together to convince the government to reverse the decision

Additional countries may implement VAT refund schemes

HIGH TO MEDIUM PROBABILITY MEDIUM TO LOW PROBABILITY

Countries currently with VAT or GST and no VAT refund scheme

Countries currently with VAT or GST and with VAT refund scheme managed by the government

Countries currently with no VAT or GST and no VAT refund scheme

Note: (1) Subject to decisions of the respective governments, as such may or may not eventually occur; (2) Global Blue supports Australia government scheme through back-office Tax Free Shopping processing. As such, Australia is included in both Global Blue countries and

government-run schemes. Source: Company information.

COUNTRIES LIKELY TO ADOPT VAT REFUND SCHEMES IN THE NEXT 5 YEARS(1)

Brazil IranUSA

India Canada Venezuela New ZealandPhilippines

ThailandAustralia(2) Azerbaijan

34

Kuwait

Serbia IndonesiaColombia Sri Lanka

Saudi ArabiaPeru Kazakhstan Chile Costa Rica

P

P

PCountries recently

approved

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiXo82w2M3kAhXE8-AKHTyeDykQjRx6BAgBEAQ&url=https://www.worldatlas.com/articles/what-do-the-colors-and-symbols-of-the-flag-of-costa-rica-mean.html&psig=AOvVaw3w_QkwGAJpQjQc7yAPxiLa&ust=1568460360290984

Eye-Opening advisory to identify opportunities for growth

We use data to help merchants understand the international shopper opportunity

BENCHMARK TAX FREE

SHOPPING SOLUTIONS

PERFORMANCE

IDENTIFY INTERNATIONAL

SHOPPER TRAFFIC OR

SPEND OPPORTUNITIES

ADAPT PRODUCT

ASSORTMENT TO LATEST

INTERNATIONAL TREND

ADAPT TACTICAL DECISIONS

BASED ON SHORT-TERM

FUTURE OUTLOOK

Source: Company information.

35

DIGITALIZATION OF PAYMENTS69% of transactions are digital(3)

VAT DYNAMICSIncreasing number of VAT refund schemes and increasing rates

DIGITALIZATION54% of Global Blue export validations are digital(2)

EMERGING MARKETS70% international shoppers from emerging markets

A

B

C

D

Macro drivers directly tied to Global Blue’s growth equation

Note: Figures refer to 2018/19. (1) Presented on a transaction basis, which translates to 49% on a SiS basis; (2) SiS in countries with digital export validation as % of total Global Blue SiS; (3) Refers to percentage of payments that are card / electronic (non-cash). Card transactions

include consumer payments from charge cards, credit cards, debit cards, and pre-paid cards and excludes electronic direct and automated clearing house transactions. Based on Consumer Payment Transaction Volume in select markets; based on China, Japan, Australia, Canada,

USA, France, Germany, Greece, Italy, Netherlands, Portugal, Spain, and the UK; (4) Defined as the difference in retail price, of the same product, between the origin and destination country, before having the VAT, that is included in the destination country retail price, refunded;

(5) Global Blue SiS acceptance rate calculated on SiS basis.

Source: Company Information, Euromonitor International (Consumer Finance Edition 2020, based on September 2019 estimates).

TAX FREE SHOPPING ADDRESSABLE MARKET: €70B SALES IN STORE

DYNAMIC CURRENCY CONVERSION ADDRESSABLE MARKET: €455B SALES IN STORE

Success Ratio

39%(1) currently

C

• Awareness

• Ease of issuing, export validation and refunding

Number of traveller trips

A

• Emerging market (EM): Middle class wealth growth

• Developed countries: GDP growth

Average spendper trip

& per shopper

B

• Purchasing power in local currency

• Extra-regional price differential(4)

Acceptance Rate 28% currently(5)

Addressable digital payments

D% of merchants

offering DCC

D

36

Strong operating leverage as a result

of the cost base being ~60% fixed

Variable costs tied to specific financial KPIs,

not simply Group revenue

COST BREAKDOWN(1) (AS OF 2019/20A)

KEY TAKEAWAYS

DEFINITIONS

Group cost structure drives operating leverage

VARIABLE

▪ Issuing & Validation: Costs related to tax free form

issuance and validation

▪ Acquiring: Costs related to financial processing business

▪ Refunding: Fee paid to agents and airports

▪ Processing: Transaction processing costs

▪ Variable costs benefit from operating leverage

FIXED

▪ Refunding / Processing: personnel costs

▪ Sales & Marketing: Cost of sales force

▪ Technology Operating Costs: Costs related to IT

▪ G&A: Includes management, product, finance, office

costs, etc.

▪ Fixed costs generally evolve in line with or slightly above

inflation

Adjusted operating costs indexed to 100

Total Costs59%

G&A

19%

Sales &

Marketing

21%

Issuing & Validation

(Transactions)

7%

Processing

(Transactions)

2%

Processing

3%

Fixed Costs

64%

Refunding

(VAT refund)

19%

Refunding

9%

Technology

Operating

Costs

11%

() = Driver

Variable

Costs

36%

Acquiring

(Processing volumes)

9%

Source: Company Information. See “Non-IFRS Financial Measures” above in the Disclaimer and Appendix for further information and a reconciliation of all historic non-IFRS financial measures included in this presentation.

Note: (1) Calculated on the basis of adjusted operating expenses, i.e. operating expenses excluding depreciation and amortization, and other operating income and expenses (2) Adjusted operating expenses as a percentage of revenue.

(2)

Adjusted

EBITDA

41%

37

CAPEX€M

D&A€M(1)

7.3 6.7

27.8 26.6

33.4

37.7

5.2 6.6 8.511.9

15.322.8

15.2

16.330.5

Well-invested business to support future growth

2014/15 2015/16 2016/17 2017/18 2018/19

Note: (1) Excludes the amortization of intangible assets acquired through business combinations


€15-16M depreciation

related to the right of use

asset, as a result of the

adoption of IFRS 16

Fiscal years ended in March

38

2019/20

39.1

High Adjusted EBIT to Adjusted Net Income conversion

driven by efficient organizational & capital structure

KEY TAKEAWAYS

ADJUSTED EBIT TO ADJUSTED NET INCOME (GROUP SHARE) BRIDGE COMMENTARY

Adjusted EBIT to Adjusted net income (group share) bridge

I Other depreciation and amortization exclude

amortization of intangible assets acquired through

business combinations

II Net finance costs include interest expenses related to

interest bearing debt, lease liabilities interest, net FX

gain/loss, finance income and other finance expenses

III Adjusted tax rate of ~23%

IV Mainly attributable to JV in Japan, a country that has the

potential to grow faster than the Group

170.7

(39.1)131.6

(31.8) 99.8

(22.6) 77.2

(5.2)

71.9

AdjustedEBITDA

Other D&A AdjustedEBIT

Net financecosts

AdjustedPBT

AdjustedIncome

Tax

AdjustedNet Income

MinorityInterest

AdjustedNet Income

(GroupShare)

2019/20, €M

III

31.3% 23.7% 18.4% 17.1%As % of

revenue

Note: See “Non-IFRS Financial Measures” above in the Disclaimer and Appendix for further information and a reconciliation of all historic non-IFRS financial measures included in this presentation.


39

I

II

IV

40.6%

Resilient business performance during global financial crisis

TRAVEL INDUSTRY LUXURY INDUSTRY GLOBAL BLUE

Resilient performance during economic downturn with less compression vs. the travel & luxury markets, as well as

a stronger reversion / “catch-up” growth thereafter

100

84

100

2008A 2009A 2010A

Reversion to the mean

with SiS growth

“catching up” when

the concerns diminish

Passenger revenue, rebased to 100(1) Personal luxury goods market, rebased to 100 Tax Free Shopping sales in store, rebased to 100(2)

CAGR:

0%CAGR:

2%CAGR:

17%

Resilient during

downturns, with flat

YoY performance

during financial crisis

(16%)(8%)

(0%)

Global financial crisis

100

92

105

2008A 2009A 2010A


100 100

136

2008A 2009A 2010A


Note: (1) Estimated revenue of the global passenger airline industry (2) Refers to calendar year (December year end)

Source: IATA, Altagamma, Company Information.

40

Relative FX rates (origin vs. destination) impact

international shoppers’ Tax Free Shopping

demand,

particularly for EM shoppers

Tax Free Shopping demand adjusts instantly to FX

Brexit-driven GBP-depreciation

impacted demand on the same day

KEY TAKEAWAYS

FX impact felt instantly

TOTAL UK TAX FREE SHOPPING SIS DEVELOPMENT POST BREXIT

REFERENDUM

6%

36%

28%

43%44%

Jun 2016 Jul 2016 Aug 2016 Sep 2016 Oct 2016

Brexit Referendum

YoY growth

~18%(1)

USD/GBP depreciation post Brexit referendum

Note: (1) Refers to USD/GBP change between 23 June 2016 and 23 October 2016


41

(15%)

0%

15%

30%

(50%)

0%

50%

100%

Apr 2014 Feb 2015 Dec 2015 Oct 2016 Aug 2017 Jun 2018 Apr 2019

FX CNY/EUR, YoY growthChinese Tax Free Shopping SiS in Eurozone, YoY growth

Chinese SiS (YoY % growth) FX CNY/EUR (YoY % change)

(40%)

(20%)

0%

20%

40%

(60%)

(30%)

0%

30%

60%

Apr 2014 Feb 2015 Dec 2015 Oct 2016 Aug 2017 Jun 2018 Apr 2019

FX RUB/EUR, YoY growthRussian Tax Free Shopping SiS in Eurozone, YoY growth

Russian SiS (YoY % growth) FX RUB/EUR (YoY % change)

Strong correlation between FX movements and SiS with high elasticity for Chinese Shoppers

CHINESE DEMAND IS HIGHLY ELASTIC VIS-À-VIS FX MOVEMENTS

THOUGH STABLE AND GROWING AT ~10%(1) OVER THE LONGER-TERM

Relationship between Chinese SiS in Eurozone and FX CNY/EUR

RUSSIAN MACRO VOLATILITY RESULTING

IN LIMITED IMPACT DUE TO LOWER ELASTICITY

Relationship between Russian SiS in Eurozone and FX RUB/EUR

+3.0Elasticity

+1.3Elasticity

Correlation = 0.92(2) Correlation = 0.94(3)

Note:

(1) 5 year SiS 2013/14 - 2018/19 CAGR (2) Methodology: regression analysis using the least squares method between YoY change of FX and YoY change of SiS (CNY versus EUR, and Chinese SiS in the Eurozone)

(3) Methodology: regression analysis using the least squares method between YoY change of FX and YoY change of SiS (RUB versus EUR, and Russian SiS in the Eurozone); Source: Company Information.

(YoY growth) (YoY change) (YoY growth) (YoY change)

42

Dynamic Currency Conversion Solution

A win-win value proposition for acquirers, merchants, international shoppers, and Global Blue

GLOBAL BLUE

SOLUTION

€10

ACQUIRERFEE

€10

MERCHANTREVENUE

€10

PURCHASE

AMOUNT:

£900


FEES: €30€1,000 + €30 FeesCurrency decision:

£900(1) / €1,000

Software SoftwareSoftware

International shopper prompted in local or

home currency

Issuing bank debits shopper

in home currency

International shopper selectshome currency

Note: This overview is presented for illustrative purposes only and not as a representation of actual amounts involved in the DCC process. Actual amounts may vary depending on a number of factors, including the revenue share split set out in agreements with acquirer and merchants,

expected DCC acceptance rates and market trends. (1) FX fees charged by the issuing bank for the conversion of the £900 purchase amount is equal to or greater than the Global Blue dynamic currency conversion fees. Source: Company Information.

REVENUE

43

Terms of Global Blue’s new credit facilities

44

Term Loan Revolving Credit Facility

Borrower Global Blue Acquisition B.V. Global Blue Acquisition B.V.

Issue Term Loan Revolving Credit Facility

Use of ProceedsRefinancing of existing debt in connection with the

transaction

Financing or refinancing of working capital and/or general

corporate purposes

Amount €630M €100M

Currency EUR(1)

Security / Ranking Senior Secured Senior Secured

Maturity 5.0-yr (bullet repayment) 5.0-yr (revolving facility)

Margin

Ratchet

Total Net Leverage

> 4.00x

≤ 4.00x > 3.50x

≤ 3.50x > 3.00x

≤ 3.00x > 2.50x

≤ 2.50x > 2.00x

≤ 2.00x > 1.50x

≤ 1.50x

2.75%

2.25%

2.00%

1.75%

1.50%

1.25%

1.00%

2.50%

2.00%

1.75%

1.50%

1.25%

1.00%

0.75%

Floor 0.00%

Commitment Fee N.A. 30% of relevant Margin

Financial Covenants

Covenant will be tested semi-annually. Total Net Leverage to not exceed 5.00x in the 1st test, 5.00x in the 2nd test,

4.75x in the 3rd test, 4.75x in the 4th test, 4.50x in the 5th test, 4.50x in the 6th test, 4.25x in the 7th test, 4.25x in

the 8th test, 3.50x in the 9th test and test thereafter

Note: (1) In the case of the Revolving Facility, optional currencies include GBP, USD, SEK, CHF, NOK or DKK and in the case of a Letter of Credit, GBP, USD, SEK, CHF, NOK, DKK, SGD, LBP, AUD or PLN. Source: Company Information.

First covenant test in Sep 2021

TLB maturity extended from

2022 to 2025

Starting margin reduced from

~350bps in prior facility




4. APPENDIX

- Financials and reconciliations

45

Simplified capital structure(31/08/2020)

Source: Company Information, Bloomberg. EUR/USD Exchange Rate 1.186. (1) Table presented on an as converted-basis, assuming €50M of Series A Preferred Shares converted as per initiative announced by the selling shareholders in July 2020. Excluding the impact of this conversion (currently ongoing),

Global Blue has 167.8M total Ordinary Shares and 23.7M total Series A Preferred Shares. (2) Share price as at closing on August 31, 2020; (3) Series A Preferred Shares presented at par value.

Total Securities

(M)(1) Price ($) Value ($M) Value (€)

Ordinary Shares 173.8 9.77 1,698 1,432

Series A Preferred Shares 17.8 10.00 178 150

Total Equity Value 1,876 1,582

Term Loan 747 630

Drawn RCF 118 99

Capitalized Leases 44 37

Cash (314) (265)

Total Adjusted Net Debt 595 501

TEV 2,471 2,083

46

(2)

(3)

Non-IFRS adjusted income statement


FY ended in March, €M FY 2017/18A FY 2018/19A FY 2019/20A

Total Revenue 421.4 413.0 420.4

Adjusted operating expenses (250.4) (239.4) (249.7)

Adjusted EBITDA 171.0 173.5 170.7

Other depreciation and amortization (11.9) (30.5) (39.1)

Adjusted EBIT 159.1 143.0 131.6

Net finance cost (32.1) (28.7) (31.8)

Adjusted profit before tax 127.0 114.3 99.8

Adjusted tax expenses (28.9) (26.3) (22.6)

Adjusted net income for the period 98.1 88.0 77.2

Adjusted net income attributable to:

Owners of the parent 94.3 83.5 71.9

Non-controlling interests 3.8 4.5 5.2

47

Reported IFRS income statement

CONSOLIDATED INCOME STATEMENT


Total revenue 421.4 413.0 420.4

Operating expenses (361.6) (354.4) (379.2)

Operating profit 59.9 58.5 41.2

Finance income 2.4 2.8 5.3

Finance costs (34.5) (31.5) (37.2)

Net finance costs (32.1) (28.7) (31.8)

Profit before tax 27.7 29.8 9.4

Income tax expense (8.3) (23.0) (7.7)

Profit for the period 19.5 6.9 1.7

Profit attributable to:

Owners of the parent 15.7 2.4 (3.5)

Non-controlling interests 3.8 4.5 5.2


Balance sheet

€M 3/31/2019 3/31/2020

Property, plant and equipment 56.2 51.4

Intangible assets 695.6 631.0

Deferred income tax assets 10.9 12.3

Investments in associates and joint ventures 2.4 2.9

Other non-current receivables 12.7 15.2

Non-current assets 777.8 712.8

Trade receivables 249.3 141.3

Other current receivables 49.2 33.8

Derivative financial instruments – 0.7

Income tax receivables 3.6 1.6

Prepaid expenses 15.0 7.9

Cash and cash equivalents 104.1 226.1

Current assets 421.3 411.4

Assets 1,199.2 1,124.2

€M 3/31/2019 3/31/2020

Equity attributable to owners of the parent 78.5 63.1

Non-controlling interests 8.4 8.4

Total equity 87.0 71.5

Loans and borrowings 622.4 624.6

Other long-term liabilities 39.2 34.6

Deferred income tax liabilities 49.4 34.6

Post-employment benefits 5.1 8.0

Provisions for other liabilities and charges 1.7 2.2

Non-current liabilities 717.8 704.0

Trade payables 263.7 237.3

Other current liabilities 61.0 46.3

Accrued liabilities 40.0 41.8

Current income tax liabilities 29.8 23.2

Current liabilities 394.4 348.7

Total equity and liabilities 1,199.2 1,124.2

CONSOLIDATED STATEMENT OF FINANCIAL POSITION



Profit for the period 19.5 6.9 1.7

Net finance cost 32.1 28.7 31.8

Income tax expense 8.3 23.0 7.7

Depreciation and amortization(1) 86.7 105.1 113.6

Exceptional items(2) 24.4 9.9 16.0


Other depreciation and amortization (11.9) (30.5) (39.1)

Adjusted EBIT 159.1 143.0 131.6

Reconciliations (1/4)


Note: (1) Depreciation and amortization consist of (i) amortization of intangible assets acquired through business combinations and (ii) other depreciation and amortization. (2) Exceptional items consist of items which Global Blue does not consider indicative of its ongoing

operating performance, not directly related to ordinary business operations and which are not included in the assessment of management performance.

ADJUSTED OPERATING EXPENSESFY ended in March, €M FY 2017/18A FY 2018/19A FY 2019/20A

Operating expenses (361.6) (354.4) (379.2)


Amortization of intangible assets acquired through business combinations 74.8 74.6 74.5

Other depreciation and amortization 11.9 30.5 39.1

Adjusted operating expenses (250.4) (239.4) (249.7)

ADJUSTED EBITDA RECONCILIATION

50



Note: (1) Exceptional items consist of items which Global Blue does not consider indicative of its ongoing operating performance, not directly related to ordinary business operations and which are not included in the assessment of management performance. (2) The exclusion

of exceptional items and amortization of intangible assets acquired through business combinations mechanically implies an increased tax payment. There are certain exceptional income tax expenses, which are not related to the financial year and, as such are excluded.

(3) Based on Effective Tax Rate calculated as Adjusted Income Tax divided Adjusted PBT.


Profit before tax 27.7 29.8 9.4

Exceptional Items(1) 24.4 9.9 16.0


Adjusted profit before tax 127.0 114.3 99.8


Operating profit 59.9 58.5 41.2

Exceptional Items(1) 24.4 9.9 16.0


Adjusted EBIT 159.1 143.0 131.6

Unlevered tax(3) (36.1) (32.9) (29.9)

Unlevered adjusted net income 122.9 110.2 101.7

UNLEVERED NET INCOME

ADJUSTED PROFIT BEFORE TAX and ADJUSTED NET INCOME


Profit attributable to owners of the parent 15.7 2.4 (3.5)



Tax effect of adjustments(2) (20.6) (3.4) (14.9)

Adjusted net income (Group Share) 94.3 83.5 71.9

51


CASH FLOW SUMMARYFY ended in March, €M FY 2017/18A FY 2018/19A FY 2019/20A


Capital expenditure(2)(26.6) (33.4) (37.7)

Adjusted EBITDA – capital expenditure 144.4 140.1 133.0

Cash Flow Conversion Rate (%) 84.5% 80.8% 77.9%

Interest paid (26.8) (24.5) (24.6)

Income taxes paid (24.7) (28.3) (28.1)

Principal elements of lease payments – (14.2) (15.3)

Dividends paid to non-controlling interests (3.5) (3.9) (4.8)

Free Cash Flow to Equity (Group Share) 89.4 69.2 60.3


Note: (1) Exceptional income tax expenses relate mainly to the tax audit of Global Blue’s Italian Subsidiary. (2) Capital expenditure is defined as purchase of tangible and intangible assets.


Income tax expense (8.3) (23.0) (7.7)

Income tax expenses related to amortization of intangible assets acquired through

business combinations(15.1) (15.1) (15.1)

Tax impact of exceptional items (8.3) (2.8) (1.2)

Exceptional income tax expenses(1) 2.7 14.5 1.3

Tax effect of adjustments (20.6) (3.4) (14.9)

Adjusted tax expenses (28.9) (26.3) (22.6)

ADJUSTED INCOME TAX EXPENSE

52



Note: (1) Local credit facilities are available in certain jurisdictions. None of these local overdraft facilities were committed in nature.

LEVERAGE RATIO

NET DEBT


Principal value of non-current loans and borrowings 630.0 630.0 630.0

Current lease liabilities – 13.7 14.0

Non-current lease liabilities – 32.4 27.8

Cash and cash equivalents (50.7) (104.1) (226.1)

Adjusted net debt 579.3 572.0 445.6

Adjusted EBITDA (on a rolling 12-month basis) 171.0 173.5 170.7

Leverage ratio 3.4x 3.3x 2.6x


Adjusted net debt 579.3 572.0 445.6

Capitalized financing costs (17.2) (13.4) (9.7)

IFRS 9 loan modification impact – 5.8 4.3

Other bank overdraft(1) 3.0 2.1 1.1

Net debt 565.1 566.6 441.3

53

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