Global Blue : Analyst Presentation - June 2024

Strategic Technology & Payments Partner

for Retailer Effectiveness and Shopper Experience

June 2024

Disclaimer

General. The information contained in this presentation (the "Presentation") is being provided to you for informational purposes only and does not constitute legal, tax, investment, accounting or other advice by Global Blue Group Holding AG ("Global Blue", "we", "us" or the "Company") or any other party and may not be relied upon as such. This Presentation does not constitute an offer to sell or a solicitation of an offer to make an investment in the Company, including the purchase of any securities of the Company. The statements in this Presentation are made as of the date on the front cover of this Presentation, unless otherwise indicated, and shall not be deemed an indication that there has been no change in the business affairs or any of the assets or businesses described herein since such date. The Company does not intend to update or otherwise revise this Presentation (or any of the information included therein) following the date of this Presentation and you should not expect the Company to do so.

Forward-Looking Statements. 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 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", "will", "positioned", "strategy", "outlook" 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 on 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 traveler shopping, including global and regional circumstances 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 31, 2024 filed with the Securities and Exchange Commission (the "SEC") on June 5, 2024 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 TM 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 historical 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"), might differ in material respects from generally accepted accounting principles in other jurisdictions.

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 SEC. These non-IFRS financial measures include: Adjusted EBITDA, Adjusted EBITDA Margin and Net Financial Debt. 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 historical IFRS measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation.

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01 Introduction

02 Investment Highlights

03 Tax Free Shopping Solutions

04 Payments & FX Solutions

05 Additional Growth Solutions

06 Finance

07 Conclusion

A G E N D A

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01

Introduction

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Strategic technology & payments partner

for retailer effectiveness & shopper experience

Solutions

Tax Free

TFSShopping

Core product

Payment

Payments Solutions(1)

Established product

Post Purchase

PPS Solutions(2)

Cross-sold adjacency

Financial snapshot

€78M FY22/23 Adjusted EBITDA €149M FY23/24 Adjusted EBITDA

Over €200M FY24/25 Adj. EBITDA Guidance (3)

Long-term Targets

8%-12% LT Revenue Growth

>50% revenue drop-through into EBITDA

Investment highlights

1	Global leader in TFS
2	Strong recovery
with further uplifts
3	Secular growth drivers
4	Additional growth products
5	Attractive financial model

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(1) FX Solutions + Integrated Payment Solutions. (2) Formerly known as RetailTech Solutions. (3) Potential Public Guidance does not reflect expected contribution from Additional Growth Products

Global Blue is the 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

10%	Data
	& Consumer
	engagement
	solutions

Post Purchase

Solutions

6%

Integrated

Payments

Solutions

10%

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FY23/24 Revenue data

Strategic positioning in retail & travel ecosystem enables continued product development & optionality

SHOPPING

75K Brands & Retailers

300K Stores

37M International shoppers

52M eCommerce shoppers

100+ Airports OTAs & Airlines ~5K Hotels

TRAVEL

Unique advantages of Global Blue's positioning

CONSUMER BRAND RECOGNITION

C-SUITE RETAILER RELATIONSHIPS

UNIQUE DATA INSIGHTS

CONSUMER REACH

REGULATORS

46 Ministries of Finance

• Tourism Customs Authorities

TECHNOLOGY

40+ Acquirers & PSPs(1)

250+ Retail POS

3 Wallets

10 Schemes

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Note: All information as of Mar-24, unless stated otherwise (1) linked to Tax Free Shopping

Global Blue is the most comprehensive integrated network in its category

KEY NETWORK FUNCTIONS

FRONT END										BACK END
									INTEGRATION
INTEGRATION	AFFILIATION						DATA
	CONSUMER		TECH-ENABLED		WITH PAYMENT
WITH POS & PSP
OF				AGGREGATION	PROVIDERS
		BRANDING		PROCESSING
	NETWORK				& ANALYTICS

	CLIENTS	NETWORK EXAMPLES	CONSTITUENCIES
INTERNATIONAL SHOPPERS	Retailers							Refund Agents / Payment Providers
EMPLOYEE BENEFIT	Employers							Restaurants
TRAVEL	Travel Agents							Airlines / Hotels / Car Rentals
TRANSPORTATION	Fleet Operators							Petrol Stations

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02

Investment highlights

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1

2

3

4

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Global leader in Tax Free Shopping and FX Solution (DCC), with increasing new clients, strategically positioned within established vertical

Strong recovery with further uplift

Enduring secular growth drivers

Additional growth products boosting long-term growth

Attractive financial model, delivered by an experienced management team

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